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1. Pick up the
phone. I have yet
to find a better way of
"marketing oneself" then
speaking with a prospect on
the phone -- it's way better
than direct mailings and
cheaper too. Looking for
folks to call? Try
whitepages.com or do a
search on neighborhoods --
it's free.
2. Referrals.
My best marketing
plan is this: Friends
telling friends of my
services and products. 3. Identify your target customers. Create a three-tier or dartboard approach to profiling sales prospects. The top tier or bull's-eye of the dartboard represents the prime target audience. Spend the most time with the tier in the bull's-eye and the least amount of time with the third tier. The marketing strategy should focus on a message to address the needs of each group. 4. Establish and understand your primary geographical market area. Identify your geographic area by zip code, county, neighborhood or other parameter and understand the prospects who live there. Then develop marketing campaigns to promote relevant product offerings based on life triggers and other events that may be happening in your community, including new homebuyers, births, marriages within this area and target products and services to the event. 5. Develop a "drip" list. Create a list of your best prospects that you contact on a monthly (even weekly) basis with key information. Keep your name out in front of your target audience. 6. Sponsor or organize high-profile events. Invite your first and second tier prospects to speaking engagements, which highlight industry leaders. Often organizations sponsor quarterly or bi-annual speaking engagements with industry leaders from your organization. By inviting your best prospects, you establish credibility and show them that you appreciate them. 7. Use newsletters. Newsletters create credibility and stimulate interest in your products/services. 8. Create a bio sheet. Use a professional photo and share both your professional resume as well as personal information on what makes you unique within the industry and why prospects should work with you. 9. Develop an integrated marketing strategy. Contact your prospects through a number of marketing channels including direct marketing, Web site information, email, telemarketing and, of course, personal meetings. For example, you can use direct mail to drive traffic online to your Web site for product information, rate calculators and financial goals worksheets. Promote your online resources with direct mail and in other print media. 10. Have a true
marketing plan.
Develop a contact strategy
consisting of direct mail,
telemarketing, newsletters
and special events such as
seminars and other
educational formats that is
designed to build a
relationship with their
prospects over time. 11. Get published
or speak. If there
is a way to either author an
article in a local
publication or newspaper or
participate in a speaking
engagement - do it. Nothing
creates credibility faster
than getting published or
speaking. 12. "Don't Miss
the Boat" event.
One of the most successful
strategies I've seen for
raising the awareness of
referrals and bringing in a
stream of new business is
called the "Don't Miss the
Boat" event. Yes, it may be
a little gimmicky, but this
is an event we've never seen
fail -- it has consistently
produced referrals and
results. This event is
similar to a client
appreciation event, however
the only people that are
invited to this event are
clients that have referred
others to your firm. 13. Buying lists
of people turning 65 to 66.
Many people are confused
that even though the age for
full benefits under social
security has risen to 66,
this year the age to join
Medicare A & B is still 65.
A lot of people are
continuing to work and pay
higher-than-necessary costs
for health coverage due to
this confusion. A quick call
to offer to mail info
regarding the real deal, and
then a follow-up call to
explain, has proved
invaluable in gaining access
to people's lives at a time
when so many needs are
changing. 14. An insider's view: The Asian market For the last 30 years of my sales career, I have sold aviation services. One thing I learned is it takes time to earn the Asian population's trust but once you have, they are truly loyal customers who are quick to refer you to other potential customers. While I have only been selling FIAs for just over one year, I have begun earning that trust in this field as well. Living in the San Francisco Bay area, we have a heavy Asian population attending my seminars. These attendees are slow to commit and required patience in appointments as they are very diligent in their research. Consider selling to
ethnic specific markets and
you will find a tight knit
community that will follow
recommendations from their
friends and family. 15. Radio, radio.
I host and produce a live,
weekly financial radio
program. This has enabled me
to establish credibility and
define myself as a financial
resource. It has also been a
platform to advertise my
financial workshops. In
addition, it has provided a
forum for people to ask
questions and for listeners
to call and arrange for
individual consultations. 16. Upsell.
When an applicant
is approved at the top rate,
make the suggestion that he
take advantage of increasing
the amount because he has
qualified for the very best
rate. Point out that he may
not be able to qualify again
for this rate in the future
and that the premium for a
greater amount is quite a
bit less on an overall basis
because there is no
additional policy fee, and
higher amounts are banded
resulting in a lower cost
per $1, 000. 17. Knocking on doors. When I started in this business, I ran out of my initial market within 60 days. I decided to cold call and began knocking on business doors. I would also send out a letter that focused on the magic of tax deferral with current rates. I discovered that, in some cases, by following up with a phone call to inquire the receipt of the mailing ultimately gave me a few daytime appointments. Today, 60 percent of my
new business comes from my
existing clients that
introduce me to their
friends, family and business
associates. 18. Referrals are
priceless... By
making yourself known,
either through local
organizations or just by
being an active member of
your community, people tend
to ask, "What is it that you
do?" From there you will
receive not only clients,
but an endless supply of
referrals. People want to do
business with someone local.
This is what has driven me
to qualify as an MDRT
member. 19. The ad
approach. I use a
statement in my
advertisements and materials
that says: "Financial
planning? Long term care may
be the only asset you own
that affords you the ability
of never going to a nursing
home. What asset are you
missing in your portfolio?" 20. Biography.
Develop a strong biography
and fact sheet that
describes your
accomplishments and
experience. 21. Networking Recently, I was invited to join the local Chamber of Commerce. Much of what we accomplish is by marketing and networking and these organizations offer great opportunities for us as financial professionals to meet more people and promote our services. 22. Don't spend your entire marketing budget at once. Marketing works on repetition. The more a consumer sees your ad, the greater the chance that consumer will buy your product or service. And understand that advertising is salesmanship. When you create an advertisement, it must sell just as a salesperson would. Use conversational language and words. 23. Write and distribute a press release at least four times a year. The media, particularly your local media, is always on the lookout for a great story, so write one for them. Use these stories to tell customers why you are different, and why that difference is a benefit. This must be done in every aspect of your marketing. 24. Speed networking. The local Chamber of Commerce recently hosted a speed-networking event. As a result, there were several alliances that appear to be in development for me including an estate planning law firm that wishes to employ my services on behalf of their clients and a large property and casualty, multi-office group that wishes to allow me to offer financial workshops. 25. Keep plugging away. We must continuously market and introduce ourselves and display to others the enthusiasm and dedication that we share for the important work that we do. 26. Suitability
spotlight Don't try
to make your client fit a
product. Find a product to
fit your client. Too many
agents have a favorite
product due to its
commission structure, bonus
opportunity or crediting
style. Then, they try to
make each client fit into
that product. Yes, you can
have a favorite and if it
fits, sell it. But many
times, the client will tell
you what they want. Don't be
afraid to search out a
product that most closely
resembles what they want
without sacrificing what you
believe they need. 27. Co-op your
talents. For those
of us that offer financial
workshops or would like to
start doing so and may have
limited funding, offer to
stage a workshop at a local
Council on Aging. If you can
convince the council
director that you are
sincere and knowledgeable,
he or she will be very
grateful to allow you to
offer a valuable
informational service to
their senior community. This
way you will not have the
need for any cost involved
except for refreshments. 28. Building a nest. It pays to know your territory, or more specifically the large-scale employers in your area. Very often these entities will have at the very least a 401K plan and sometimes a traditional, defined contribution/benefit plan as well. Obtaining a favorable
appointment with a handful
of employees nearing
retirement can yield big
dividends. Also, obtaining
referrals to co-workers will
not require much effort and
will provide an ongoing
stream of prospects. 29. The magic of the Web. I started doing online Web site marketing many years ago and, very truthfully, did it all wrong. Now, I clearly see the future in my practice has to be one that places my electronic business card, photo, information and ideas in front of people on the other end who are searching for me. Finally, clients and I
started to meet over the
Web, even doing business
world wide in some cases,
and having never personally
met many of my clients who
find me on the Internet. 30. Speak the language. Poor communication leads to poor sales. Understand your clients, know what motivates them and speak to that end. 31. Use daily newspapers. Ask the publisher what day of the week most seniors read the paper. That's the day you want to advertise. 32. Avoid the
junk trap. If it
looks like junk mail, it's
headed for the garbage.
Avoid the junk mail trap by
sending mail in plain white
window envelopes with a
first-class stamp. 33. Dinner time
An idea that has worked out
extremely well for our firm
is taking our best clients
at least once a year out to
dinner along with the
spouses. The clients meet my
wife and this has taken our
relationship to a new level.
Now when I speak to these
clients, their first comment
is usually, "How is Linda?"
Furthermore, it seems that
this process involving the
spouse has opened up new
sources of referrals. The drip approach 35. Send an email blast regarding recent tax changes. In fact, we do a lot of marketing toward tax season with many different types of direct mail flyers. 36. We also hold client appreciation parties with our clients and their friends throughout the year, which include a seminar. 37. During the summer months we organize a golf tournament and give a short seminar before the event. 38. We are always getting our image branded (building brand name recognition). The image for our logo is something I feel the seniors can relate too. 39. We also host a monthly educational dinner 2-3 times per month for new prospects. 40. The
most important thing to
remember is that you always
need to be marketing. Berry' best 42. Change is good. We are always willing to try new things. For example, an invitation that worked well for you over the past three years may not work well for you in the fourth. 43. Although change is good, make sure your changes are tested and that there is a review process to determine if the change was beneficial. 44. Make your own confirmation calls for seminars. Although most direct mail marketing firms provide a confirmation call service, you may want to make them yourself. 45. Tax
check Just ask each client
to review their form 1040
with you to uncover who's
needlessly paying taxes on
money they aren't using. An
annuity may be an ideal
solution for these clients. 47. Use what you know best to become the local expert on that subject. Use that knowledge to write a column in at least one local senior publication. Many of the free senior newspapers that are available outside discount and grocery stores will let you write an article if you purchase a small ad. 48. Plan to prospect. Pick a time each week where you schedule appointments, don't accept incoming phone calls and can't be interrupted. 49. Learn to use the computer. I know it sounds trite, but using the technology available to you is important. Research and communication are the two primary areas to focus on, but being computer-savvy may just save you a case or two because of your ability to quickly get the information the client needs. 50. Find a niche and position yourself within it. If you know a lot about one thing compared to a little about a lot of things, you will be more focused and most likely, more successful. 51. Practice, practice, practice. After years in this business, it is easy to become complacent. Prepare your presentation, prepare your close and prepare your follow-up. 52. Review your sales call ... both good and bad. Too many times we play the "ones that got away" over and over in our minds. But what about the sales calls that go right? We can learn as much from them as from those unsuccessful calls. 53. Stay current on the issues affecting your clients. Follow trends in the industry by faithfully reading leading industry publications and learn what others are doing in the market. 54. Be creative! Your senior clients will remember the little things that you do if they are original and creative. For example, a monthly calendar of local events is a good way to stay in touch. It can be mailed or emailed, depending upon the client. 55. Solidify the
sale. Don't just
deliver the policy you
wrote. Reinforce the reasons
your client trusted you
enough to part with their
money and choose you over
the other advisors who have
tried before you. 56. Maintain a database of the people attending your seminars. This information can be very useful in determining whether a registrant needs to be removed from your mailing list. 57. Use queries in your database to determine which locations are providing you with the greatest or lowest returns on your marketing investments and then increase or decrease expenditures accordingly. 58. Have a client appreciation dinner for the purpose of building rapport with your clients. 59. Use
client referral dinners to
provide opportunities for
clients to send referrals. A committee approach The key is finding the
right professionals to team
up with: You need an
attorney, an accountant, an
insurance professional and a
financial advisor to start.
We now have four attorneys,
three accountants, one asset
manager, three financial
advisors, an IRA specialist,
two long term care agents,
three annuity specialists
and various other
professionals. 61.The Electronic
database. It's very
important to get email
addresses from all your
clients, with their
permission to accept your
information from
time-to-time. Use this to
send them tips and solutions
up to twice per month. The
info can be directly related
to a product or service you
wish to offer, or totally
unrelated. This serves both
to keep your name in front
of them and also to maintain
a "trusted advisor" status. Dobkinisms 62. The most valuable tool in marketing at the lowest cost is a letter. Write one business-getting letter every day. 63. The best formula for creating headlines in marketing is: "New product offers benefit, benefit, benefit." Use this to create the headline of your press releases and advertisements, etc. 64. The most valuable single sheet of paper you can create in marketing is a press release. You should be sending press releases every month. 65. When
you are having a tough time
writing, just start writing
anything, then go back and
cross out your first
sentence. 66. Follow up serious inquiries and sales leads with more than one piece of mail. 67. The 11 most valuable words to get any press release published are: "Are you the person I should send this press release to?" Before sending any important press release, call the magazine or newspaper editor and say those words. 68. Create a letter series in advance to get new business. Mail one letter a month. 69. Always acknowledge when something nice is done for you with a thank-you letter. No, a call is not the same. 70. Before you start to write any business communication, always write your objective first. Knowing this objective gives your writing more focus. 71. If you'd really like a response from a personal letter, include a return envelope in it with a live stamp on it. It'll either increase your response or it'll drive them nuts. 72. Anytime you run a successful long-term direct mail campaign, test the variables in subsequent mailings.� Testing price is the most important; higher prices may sell better. 73. Take your time writing. No one will ever know the one-page letter they received took you three weeks to write. Just make sure when you send it, it's perfect. 74. In a
direct mail solicitation,
don't be afraid to ask for
the order several times. If
the recipient doesn't call
or send an order, the piece
fails. For best results, be
very explicit and tell the
reader exactly what you want
him to do twice in the body
copy, and again in the PS. 75. Be a joiner. The more you get your name out there the better. Join clubs and organizations. Belong to the local Chamber of Commerce. Put yourself and your company in the Yellow Pages. Some inexpensive, even free ways of getting your name noticed are to send in your picture along with a short letter about what you do to the business briefs section of the Sunday newspaper. Most papers have this and most are free. 76. Gas station
approach. Also,
make up some flyers with
pull tabs on them with your
name and phone number and
ask every 7-11, convenience
store, gas station etc. that
you can find if you can hang
one on their bulletin board;
most will let you. Do as
many of these as you can and
you will start getting
calls. 77. Pay it
forward. Pay others
in complimentary businesses
a finder's fee to give you
business. 78. Brown bag it. My best marketing idea so far has been a monthly program called Women and Investing Brown Bag Lunches. One day each month I hold a free, no-sales meeting for women only, who want to learn more about investing, in my office conference room. They bring their own lunches and we meet for an hour on a specific topic that I briefly "teach" and then we all discuss. It's very interactive. They bring their real life examples and questions. It's easy to put
together, it's low-cost and
helps the public view you as
an expert. I never know how
many I will have but since
it,s in my office, that's
OK. The women bring their
friends and help with
spreading the word. 79. Back to the
Yellow Pages. Have
defunct companies' phone
messages refer customers to
your business (with you
paying the balance of the
Yellow Pages fee in return). 80. Card-carrying
marketer. I started
carrying a few cards for
people I meet who do not
have a business card. They
fill it out with their name,
address and phone, and I can
write what they are
interested in on the back. 81. The rotation
method. If you are
in the seminar marketing
business you must work a
"rotation" of venues to keep
it successful. Working one
market over and over will
saturate rapidly and reduce
your results. 82. Customer >
Computer. Use your
IMO to create technical
analysis and illustrations
for each case you work so
you can stay focused on your
business and your customer
relationships. Don't get
stuck in front of the
computer grinding out
numbers; stay in front of
your customers. Tips for the Web
83. Put the accent on visitor experience, not traffic. Traffic is useless if you can't convert it into paying customers. A visitor experience optimized Web site with 500 visits/day can bring you twice the income than an un-optimized one with 10,000 visits/day. 84. Suggest related Web sites in your own Web site's information area. That will bring some traffic. 85. Use sitemap services on Google, Yahoo and MSN. Not only will it provide you with invaluable server and Web site data, but it will get your pages in their index faster. 86. Use a pen and paper. Always have an agenda and a pen around. Jot down every crazy idea you think of ... most of us have truly great subjects to write about, but during the day we forget as we get busy with other issues. 87. For
a business not to advertise
is like winking at a girl in
the dark. You know what you
are doing but no one else
does 88. Don't be a copycat. Don't write news or posts just to have something for the big Google. Nowadays, duplicate-content filters are continuously evolving, and even if you gain something on the short term you will lose it later. Try to be innovative. From the vault 89. You
can have brilliant ideas,
but if you cannot get them
across, your ideas will not
get you anywhere. 90. A
brand for a company is like
a reputation for a person.
You earn reputation by
trying to do hard things
well. 91. Your
premium brand had better be
delivering something
special, or it's not going
to get the business. 92.
Google actually relies on
our users to help with our
marketing. We have a very
high percentage of our users
who often tell others about
our search engine. 93.
Early to bed, early to rise,
advertise, advertise,
advertise. 94. Now
we understand that the most
important thing we do is
market the product. We've
come around to saying that
Nike is a marketing-oriented
company, and the product is
our most important marketing
tool. Suitability spotlight 96. Next
to doing the right thing,
the most important thing is
to let people know you are
doing the right thing. 97.
Financial advisors must
follow the legal rules that
apply to marketing to
seniors as well as promoting
financial instruments. We
are legally required to meet
these standards. 98. It
is time in the
insurance/investment
business for advisors to
stop focusing on making
money for themselves and
start focusing on the
client. Sales is simple if
you do the right thing for
all of your clients. If you
focus completely on helping
a client without worrying
about the commissions, you
will build your practice
better. 99. I tell clients that I diagnose financial ailments. I explain that people� self-administer their financial health as they do their own health. I further explain that I look at all the "over-the-counter" products they have purchased and see if any are in opposition to another, and if they work in harmony with company and government benefits. I say there can be a
misdiagnosis that needs to
be addressed by a
professional. I ask if they
want their physician to
prescribe a medication
without hearing their
symptoms. I then request an
appointment to review their
financial concerns, as I
feel prescription, without
diagnosis, is malpractice. 100. Using your
tool box Find out how your clients
and prospects understand
things and use these
analogies. | Published June 1, 2008 From the June 2008 Issue of Senior Market Advisor Magazine
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