May 5th, 2016
Decision-making is an essential leadership skill. All Leadership types are faced with numerous decisions that need to be made on a daily basis. Decision making skills equips you with the right tools to make successful choices in today’s dynamic business environment. (more…)
October 19th, 2013
What keeps you awake at night? Is it PTSD from the crisis of ’08? A potential U.S. default next week? Clients clamoring over huge draw-downs in their portfolios? These are all terrifying outcomes that make even the most seasoned professionals cringe. But have you given some serious thought about what could happen when your marketing efforts go haywire?
Of course, systemic risks aren’t exactly things you can (and should) easily shrug off. But, let’s face it, there’s really no point in worrying too much about things that you have little to no control over. Besides, if anyone can help people navigate through uncertainties, it’s definitely you.
While the risks that come with your marketing projects aren’t as dire when compared to, say, fallout from a market collapse, the consequences of poor marketing planning and execution are all too real to be ignored. That’s why, whether you’re promoting your own professional practice or working for an institution, you have to be ‘wary of the scary’ things that could happen in financial services marketing like the following:
1. Getting left behind. You’re in an industry where Darwin’s laws are very much at play. An increasing number of your peers are dropping out as competition in the sector reaches boiling point. That’s why being left behind is an unthinkable scenario. If your marketing approach isn’t evolving, you’ll lose a lot of opportunities to the competition, and you know where that eventually leads to.
2. Mishandling objections. If you’re like many advisors, then you’re probably not a big fan of cold calling. But most people are afraid to ring up new prospects for the wrong reason — they’re scared stiff of rejection. But it’s not the objection itself that’s unpleasant; it’s the inability to deal with it that really stings. And you don’t just encounter objection in teleprospecting. It’s lurking in every marketing channel you use.
3. Missing your numbers. There’s nothing as paralyzing as the fear of missing your monthly or quarterly targets. This specter haunts both independent and institutional advisors alike, and it’s really just one symptom of a problem that can be traced back to your marketing efforts. Constantly missing your numbers will surely end in disaster.
4. Being misinterpreted. This is something that happens to people who act more like a salesman than an advisor. When your sole objective in prospecting is purely to land a new client, your marketing messages are most likely going to be geared toward selling and, as a result, tend to be ambiguous rather than clear. In such a setup, you’re prone to setting the wrong expectation for your prospects, and it’s only going to be a matter of time before you fail to meet what they had expected.
5. Negative word-of-mouth. Advisors know all too well that word-of-mouth is the most powerful marketing tool in the shed. What’s frightening, though, is that it works both ways. It only takes one dissatisfied client to start a marketing nightmare that’s going to plague you for a long time.
6. Tripping over regulations. Marketing in this industry means dealing with a complex web of regulatory minefields every step of the way. While the details for regulatory compliance is beyond the scope of this post, the consequences for noncompliance are so serious that you really have to know and live by the rules at all costs!
Being fully aware isn’t exactly the same as simply being afraid. Now that you know the frightening possibilities which are part of your job, it’s time for you to take the steps to minimize their chances of ever happening. That’s the only way you’ll sleep soundly tonight.
February 6th, 2013
Telemarketing is an age-old marketing tool. A lot of marketers still trust it today; however, more are becoming even more reluctant to make use of it in their marketing campaigns. Who could blame these people? After all, there has been a lot of kerfuffle surrounding telemarketing and its use in selling both to business prospects and general consumers.
A lot of people are criticizing the way that the phone is used in generating business leads and has led to the idea of telemarketing being dead. Also, the rise of social media and with email marketing becoming even more prevalent have made this marketing tool seem even less of use in helping a business grow. (more…)
January 29th, 2013
It is important that every business today understand the value that having a financial services lead generation program brings to their company. You will be able to attract new business to your company through your own efforts, thus increasing the revenue you make. Such a thing though would require a large investment. As such, not all businesses are able to allocate the needed budget towards such a program.
Luckily, you have the option of outsourcing to a third party service provider. The problem here though is if your company is a good match with outsourced lead generation services. Not all businesses will benefit from having a third party handling their campaign so it is wise to know beforehand as to what the best choice is in regards to the matter. (more…)
January 25th, 2013
Marketing financial services and generating business sales leads is a difficult tasks that many companies within this industry face. Due to the fact that it is a service that deals with money though, it is often sought after by many businesses that need a helping hand in financial affairs. Even with a much sought after service, financial services lead generation is still a difficult task and many financial services firms often need to go to great lengths just to market their companies.
When it comes to selling services related to finances, deals are usually done over a long amount of time. A single proposal could be looked at for months on end before a company decides to either go with the services offered by one company or to seek out another potential provider. One thing is for certain though and that is that generating leads cannot be achieved through common marketing tactics executed by other businesses across other industries. (more…)