Wasting Your Money

Wednesday, April 23, 2014 01:31
Wasting Your Money

Tags: Advisor businesses | advisor websites | client acquisition | client referrals | client retention | client satisfaction | marketing

How do you spend your marketing dollars? If you are like most advisors, you probably spend a fair amount of money on current clients, with outlays for:

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  • Client seminars
  • Client appreciation events
  • Season tickets to sports teams or cultural activities 
  • Holiday gifts
  • Newsletters
Although these expenditures might provide happy experiences for your clients, they won't keep your clients nor will they bring in new clients. However, cutting this spending could cause your clients to feel disconnected and under appreciated - which could lead to losing clients. It's kind of like a business card and a website. If you don't have them, it will cost you clients. But having them will not generate client loyalty or bring in bunches of new clients. 
Knowing that we must shell out for at least some of these various client perks, there are more efficient and beneficial ways to do it. Here are some suggestions:
  • Invite referral sources to seminars and other client events.
  • Encourage clients to bring guests to seminars and other client events. 
  • Give gifts to clients when they refer someone. 
  • Send newsletters to referral sources and prospects in addition to your current clients.  
  • Invite referral sources and potential clients to games and cultural events.
  • Instead of sending holiday gifts, make charitable donations to local organizations in your clients' names.


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