Tips to Improve Marketing
Marketing a Financial Planning Business
The value and earning capacity of a financial planning business largely depends on the quality of its marketing efforts. But great marketing takes a lot more than hanging a shingle and hoping for the best.
For every financial planning business success story, there multiple financial planning businesses that never got off the ground.
Common sense and practical decision making are part of the marketing equation. However, the most visible brands are always on the lookout for the marketing tactics competitive financial planning businesses have incorporated into their marketing plans.
Broadcast Advertising
No doubt about it, the Internet has had a dramatic impact on TV and radio advertising. Rather than tuning in for information, many buyers now prefer to get their news and entertainment through online sources. However, it would be a mistake to discount broadcast advertising entirely. Many financial planning businesses continue to find ways to attract audiences to their brand through broadcast media. Best practices for the use of broadcast advertising require businesses to evaluate their target audience's listening or viewing patterns and then tailor their media purchases to specific media outlets rather than blanketing the geography with brand messaging. When broadcast strategies are applied to financial planning businesses, the target audience is almost always local or regional. For broader reach, you'll likely need to look beyond broadcast venues and explore other online and offline marketing vehicles.
Customer Awareness
Top financial planning businesses go out of their way to maintain clear channels of communication with their customers. Since disconnection with the marketplace isn't an option, it's important to create mechanisms to monitor market trends. Why? Because without a thorough understanding of buyer mindsets, it is impossible to accurately predict which tactics will deliver results. By improving market awareness, small companies can often establish more meaningful customer connections than their competitors.
Market Segmentation
In today's environment, it's impossible to market a financial planning business to the entire marketplace. Although segmentation can be based on a variety of criteria, it's most commonly used to identify geographic or demographic groups within the marketplace.
For segmented mailing lists, we recommend using a proven partner with the experience to assist in the execution of your segmented financial planning business market agenda.
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