Boosting your image

It is funny how, in times of recession, marketing budgets are often the first to get cut. Clearly when times are tough, companies have no need to evolve their proposition; understand their customers; or generate new sales leads. Brand loyalty is the last thing that is required when sales are dropping; and of course targeted communications with high response rates are no use to anyone who is busy wondering where their next bit of business might come from.

That sounds cynical, but it does sometimes feel like people lose faith in marketing when they need it most. This may be down to a lack of belief, knowledge or even know-how, but it is probably more that when money is tight the last thing anybody wants to do is spend it. It is a shame, because in reality marketing has the ability to transform any organisation and make a positive difference to the bottom line - and (contrary to popular belief) it does not have to cost the earth.

Across the Financial Services industry more people are starting to appreciate the benefits of marketing and are using it to successfully boost their business. From small adviser firms to large corporate organisations, there has never been a better time to get involved.

It sounds obvious, but before kicking off any marketing initiatives, it is vital to have a plan. Too many ideas fall by the wayside because they have not been thought through or because they do not fit into an overall business strategy. Simple things like setting specific objectives, targets and measurements can make a huge difference to the outcome of a campaign, if for no other reason than they help to maintain a clear focus and act as a reference point throughout the process.

It also pays to keep things simple - it is too easy to fall into the trap of over-engineering an idea until it snowballs out of control. Working with small bite-size chunks helps to keep things manageable so that the marketing can be measured, adapted and evolved at a sensible pace.
Finally, it is good to stick to what you know. Often the best insights and opportunities originate from an existing customer base, so it is worth taking the time to examine the profiles and trends of these people before trying something new. Simple ideas like cross-selling products to existing customers can prove quite profitable, while understanding the profiles of people who currently use your service will help when targeting new customers.

Ten marketing ideas for IFAs

It is the simple marketing ideas that tend to be the most effective - here are ten quick and easy suggestions that could make a big difference:

Offer clients a ‘recommend a friend' incentive - word of mouth is often the best way to grow your business, so why not encourage it with a small incentive such as high street vouchers, or a couple of bottles of wine?
Develop a bank of case studies and testimonials from your existing client base - while it is easy to tell people how good you are, it always sounds better coming from someone else.
Speak to local press publications and offer an advice column - often this would be welcomed by editors. Not only does it position you as an expert in your field, it doubles as free advertising.
Find a reason to contact existing customers - staying in regular contact with clients will help keep you front of mind.
Segment your client database - there will be plenty of opportunities within your existing client database. Look at the profile of your customers in terms of things like age, family status and occupation to seek out up-sell and cross-sell opportunities.
Develop affinity partnerships - there are plenty of businesses (such as, accountants and will writers) that would be grateful if you passed on potential clients, and who would gladly do the same for you.
Make your website useful - do not be restricted to talking about your own business. Offer useful links, facts and statistics that will keep people coming back. Also try and use your website as a communication tool, encouraging people to respond.
Contact lapsed customers - clients lapse their policies for a number of reasons, but circumstances change. There is no reason they will not come back if you remind them you are still available to help.
Set up a competition - whether it is online or via direct mail, competitions are a good way of engaging people and reminding them that you may be able to help. Prizes do not need to be expensive but will always be appreciated.
Customer satisfaction surveys - remember to ask your customers what they think. As well as being a reason to get in touch they can offer some useful insights about your service.

Timing can make or break a marketing plan. Making sure communications do not clash with key events or seasonal trends is good advice, although if approached in the right way these things can also be used as tools to help engage potential clients - whether it is the World Cup or Christmas, adding a topical theme to a communication can sometimes have a positive impact.

There has never been a better time to introduce marketing to your business plan - it just needs the right degree of thought and preparation. Plus, if the objective is always to make money rather than spend it, as strategies go it really is a no-brainer.

Advisers interested in adding a marketing strategy, but who do not know where to start, can find a number of guides on many provider websites offering tips and advice, including Royal Liver's.

Aidan Dewhurst is marketing manager at Progress from Royal Liver