From Adviser Guide:
Selling Your Brand
Q: How can I market my business?
There are a wide range of marketing methods that could be effective for advisory businesses.
It is very important to recognise different methods work best for different marketing tasks, according to David Shelton, independent consultant and author of The Business of Advice.
The latter can be split into three:
2) Client acquisition.
3) Client retention.
It is important to get the mix right between these three tasks before getting into detailed campaigns and marketing activity, Mr Shelton said.
Mature businesses need to concentrate on retention, he said, whereas new businesses will focus on awareness and acquisition.
For awareness, Mr Shelton said the best marketing methods are:
3) Public relations.
5) Corporate brochure.
For acquisition, Mr Shelton said an adviser should use:
1) Professional introducers.
3) Client seminars.
4) Direct marketing.
For retention, Mr Shelton said the following work best:
2) Targeted emails.
3) Website client area.
4) Service calls.
Mr Shelton said: “There will be overlap between these but choosing the right method for the job in hand will give you a much better chance of success at lower cost.”