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Market Planning -- Getting The Word Out
By Bill Willard
“There are those who get things done and those who think about getting things done.”
--Col. Wesley L. Fox, USMC (Ret)
Marketing cannot be hit or miss; it must be part of your business model. Formal market planning systematically addresses getting profitable new business while maintaining and increasing the profitability of your current business (busy people often overlook opportunities that are right in front of them).
That means, if selling is reaping the harvest, marketing is sowing the seeds.
Some SBOs and independent professionals try getting by with an unfocussed, transactional approach; the savviest among them zero in on well-defined, validated market segments with good numbers and other favorables, not the least of which are clear-cut needs for their products and services. By intensifying their resources and expertise in these areas and adopting market-appropriate strategies, systems and tactics, they achieve dominance in their targeted groups.
In short, they have a marketing vision and follow that vision until it’s a reality.
But that’s not all.
Developing a marketing plan also inspires SBOS and professionals to focus on the big-picture need for planning and productivity throughout their practices, especially their roles in engineering their own success.
Successful men and women research, strategize, plan, and act (mostly on revenue-generating activities). Then they manage their resources so they can spend as much time and energy as possible on the bottom line: doing what they do best!
About Your Marketing Vision
Marketing “vision” means looking at everything you do from a personal marketing perspective so that everything you do is true to your vision. Think of it as your conceptual framework for offering your products and services—and yourself—to prospective clients over the long term:
• What are your best markets?
• What makes them tick?
• How to position yourself most competitively?
• How to make the most of what you already have?
• How to build your name recognition and reputation, and stand out in the competitive traffic jam?
• How to approach qualified prospects and make them want to see you?
• What should you say; what should you sell?
• How to service your business profitably?
• How can you get clients to refer you to others in their group?
• When will you review your market planning to be sure it’s getting you where you need to go?
When you do business this way and are responsive to the language of your marketplace, special things start to happen. Your prospects and clients feel good about doing business with you. You begin selling more effectively and efficiently and, over time you’ll achieve deeper market penetration, more profit, more referrals and a larger client base.
But remember: Your vision is only as good as your ability to implement and sustain it. When financial services professionals get ahead of themselves by setting the bar too high, they can find it difficult to meet their clients’ raised expectations, as well as their own.
Like a marketing strategy, your vision should be progressive but realistic.
In following a vision, a bit of reality always helps.
The way you do business, market planning included, has to adapt to changing market forces, emerging technologies, new information. The quicker you change when change is called for--or as opportunities arise--the more likely you’ll thrive in a volatile, competitive marketplace.
There may be no better way to demonstrate that kind of resiliency and business savvy than by embracing technology, especially the Internet and specifically a personal website, which can become your “marketing HUB” and swiftly shift your productivity into high gear.
Try This: Create a Web presence. For established SBOs and independent professionals, that means developing your own website, and promote your email and Web addresses on all marketing and communications materials.
It Can and Does Pay Off!
For example, according to the American Interactive Consumer Survey from Dieringer Research, 63% of people who researched personal finance products and services online actually applied for such products offline. However, the remaining 37% applied for these products online, says Dieringer. Specifically, as reported by eMarketer, The E Business Research Source, the Consumer Survey determined that 9.9 million applied online for credit cards, 5 million applied online for mortgages, 4.2 million applied online for loans and 4 million applied online for insurance products.
It is important to note that the people who applied online could have applied for more than one product.
Want More? Send questions and comments to w.willard3@knology.net
About the Author
Bill Willard has been writing high-impact marketing and sales training for the financial services industry for over 30 years. Through interactive, Web-based "Do-While-Learning™" programs, e-Newsletters and straight-talking articles, Bill helps agents and advisors get the job done: profitably improving performance, skipping expensive mistakes, and making the journey to success faster, smoother, easier. And fun!
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