Marketing should be embraced, not feared by intermediaries who are seeking to further scale their business according to William Todd.
The chief marketing officer at Hampshire-based Adviser Breakthrough Group said the first step to take when it came to devising a marketing strategy was to outline specific goals – such as brand awareness or “to generate more inbound inquiries”.
He added: “Once you have a desired outcome, it is paramount to assess what you currently have. Is your website up to date? Do you have all the correct information available to the public in order for them to contact you? Do you have updated profiles across all of your chosen social media channels?
“This task shouldn’t take too much time, especially if you began the project from point zero. Understanding what you currently have and where you are starting from will allow you to be more productive with the little time you have to do performing your own marketing duties.”
The next step requires advisers to identify areas of their business that are in need of development. An adviser who aims to bolster their firm’s online presence will benefit from allocating half an hour each day for a week to update their company’s profile on social media websites, Mr Todd said.
Those who seek to improve brand awareness are likely to benefit from promoting their practice website or producing content to distribute online through their blog, he added.
He said: “The ‘I don’t really have time’ obstacle can be overcome quickly when you have established where you currently are. There are some marketing tasks which are a necessity and many which are not.”
Mr Todd acknowledges that some advisers opt not to implement a marketing strategy because they are satisfied with their status quo.
He added: “For the majority of advisers I meet who say they don’t really do anything, the reasons are varied but usually come down to two things: ‘I don’t know how’ or ‘I don’t have time’.
“The don’t-have-time camp have been dealt with, but the don’t-know-how camp are easier to help as marketing tools can be taught and used effectively by anyone.”
Alan Chan, director and chartered financial planner of London-based Wealth & Pensions, said: “It’s important to have a marketing strategy and identity; you’ve got to know who your target audience is. Our focus right from the start has been small business owners – we’re not targeting the larger corporates.
“We don’t do much online advertising, but we do face-to-face networking and meeting people. Financial advice is a very personal, face-to-face type of business.”
