An Alaskan outdoorsman recently survived a brown bear attack by lying still. He suffered a nasty head wound as the bear pounced on him, but owes his very existence to a wilderness survival technique of dropping to the ground and playing dead. Some advisors must have had the same Boy Scout training — the way they allow their personal marketing efforts to play dead against the Big Bear. The problem is there is no upside in hiding from the bear of the latter sort.
Hiding from the bear translates to inactivity, loss of control and yes, loss of accounts.
Many clients become dissatisfied with their providers during extended downturns. An investment went wrong. A declining position was never sold. The advisor never called. Or he didn’t seem to have much to offer. You recognize the crossroads where dissatisfied clients become ripe for a change. The thing is, without marketing, how will they know about you? If you lie low, you may miss the opportunity to gain ground against your competition.
Everyone knows about relationships under stress. Performance runs from fair to poor and it is hard to compensate with good service. This is no time for “business as usual”. This IS the time to increase activity, visibility and creativity. Here are five common sense marketing moves for uncertain times.
Refine your course. It’s time to become more purposeful in managing activities that will generate business and gain advantage. Say yes to the nonprofit board, advise your spouse to make plans to attend the club’s soiree and go ahead with the seminars you may have put on the back burner when the market turned. Ramping up your time in the community is the first step.
Stay close to your clients – they hold the key. This is a good environment to clarify what clients need most from you – ask them. Whether it is as simple as a periodic call or as significant as a reduction in portfolio volatility, chances are they can give you a beat on how to serve them better.
Chill out – but don’t freeze. The Pavlovian response is to freeze spending, hold off client entertainment, defer investment initiatives. But competitive advantage is relative. React smartly, spend wisely and gain competitive ground in a slow business climate. For example, this may be the year to invest in your favorite charity sponsorship, gaining notice in a year when others pull back.
Reach out to prospects – they may be dissatisfied. Prospects with accounts at troubled companies may be ready to hear from you. The prospect who fell off after your last meeting may have time for lunch. When you set a tone of compassion, stability and confidence, you stand in contrast to a defensive and disgruntled advisor at another firms.
This is no time for unconditional surrender. Use the slowdown as an opportunity to revisit your marketing plan, tweak your brand message and refresh your website. When times are good, you tell me you don’t have time to prospect. Now that you have the time – why hold back?
You can demonstrate leadership by lengthening your time horizon when you discuss the road ahead. Business will improve and the market will recover. Use the business slowdown to reflect on business opportunities and position your practices for success. Besides, it sure beats getting eaten by the bear!
Congratulations on the new sites.