Chapter 1
Develop a Practical and Realistic Marketing Plan Part 1
The first step is to build your strategic marketing plan. Now, just like your overall business plan, your strategic marketing plan, it's a roadmap for your team to follow and to implement.
Transcript
So the first step is to build your strategic marketing plan. Now, just like your overall business plan, your strategic marketing plan, it's a roadmap for your team to follow and to implement. This plan keeps your team on target, and it really should be in line with the overall mission of your business. It is not just a game plan of what you want to accomplish, but also, it projects your hopes for the future. The very first element of your marketing plan should be creating your marketing mission and vision statements. Consider what you want to achieve over the next year, two years, even five years. Write it down. An example could be increasing awareness of our practice with ultra high-net-worth clients and increase assets under management 15%. The next step is to set realistic goals. And the key to this is to set a measurable goal along with a realistic timeline. For example, increase your brand awareness with physicians by 15% in the next 12 months. Once you've thought about these goals, you should identify exactly what is your competitive advantage. You know, it's the thing or things that set you apart from other advisors or teams. One way to do this is to look at an advisor or team that you think is doing a great job growing their book using effective marketing. Take note of everything they do and then determine what you do that's different. For example, that team and you, you're both doing great with retirement, trust, and estate clients, but their growth, it's off the charts compared to yours. What can you learn from them? Your competitive advantage can help you with the next step, which is to identify your target markets. If your competitive advantage is, let's say, just trust in states, then you may want to focus on marketing to attorneys and accountants. It's so important to brainstorm this and figure out the best way to penetrate these markets.