Wednesday, August 7, 2013

Two Wealth Management Marketing Strategies That Will Change The Way You Do Business

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Wealth management marketing has become increasingly complex. On any given day, the average consumer is bombarded with too many advertisements to effectively process. Structuring your campaigns around common jargon and overused strategies will only cause you to get buried beneath the efforts of your competitors. After a while, all providers in this industry can start to sound much they same. Rather than regurgitating old ideas and promises, professionals in the wealth management industry have to employ entirely new tactics.

Send Your Messages Directly To The Very People You Want To Work With

The first and most important aspect of any wealth management campaign is simply defining the unique aspects of your services. Some consumers want to retain a fair amount of control over their money and their investment decisions. Others want to place trusted professionals at the helm and let these individuals grow their wealth while they nurture other business endeavors. In order to succeed in this market, many companies are finding it necessary to make their operations niche-specific.

While you may not be ready to pare down your services just yet, you can target a specific set of prospects with your marketing efforts. Rather than advertising and educating consumers on the entire range of service options that you offer, you can focus on those aspects that you most enjoy doing. Taking a niche-specific focus when promoting will allow you to dig a lot deeper in these areas than your competitors are. You can supply prospects with more valuable information and can start targeting keywords and key-phrases in your online campaigns that informed individuals are already researching. This will help you draw in a lot more qualified prospects who are already ready to convert. You may even be able to capitalize on the shortcomings of your competitors in certain areas.

Client Retention

Efforts to retain clients can actually be the most effective form of wealth management marketing out there. Most professionals are so focused on improving their bottom lines by attracting new prospects, that they fail to recognize the inherent value of the clients they already have. A stable customer base is the surest ticket towards a thriving and robust customer base. This is because more satisfied people are taking their opinions and service experiences to the web. The Internet as a whole has vastly altered the power and meaning of word of mouth advertising. With the right educational tools, follow-up and client appreciation efforts, you can essentially start letting your existing customers do your promotions for you.

In this respect, nurturing the clients that you already have is just as important as outreach. Hosting customer appreciation and educational events, distributing newsletters and creating e-mail follow-up campaigns, customer focus groups and advisory boards are all great ways to start luring others in. Prospective clients are far more likely to listen to their colleagues and friends when they mention these benefits, than they are to actually pay attention and respond to more cookie-cutter wealth management marketing strategies.

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