How To Develop Your Marketing Strategy

Tuesday, September 20, 2011 15:10
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How To Develop Your Marketing Strategy

The best marketing plan is designed with an end in mind. You should start your journey knowing where you want to be and at what time you will be there. Creating a marketing strategy provides an excellent opportunity for you to define and launch initiatives to capture a greater share of retirement plan business in your marketplace. By using these five steps in implementation, you will have greater vision and focus in the coming months.

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Determining Your Current Position

In order to decide where you want to go, you must first know your starting position. By examining your dangers, opportunities and strengths, you can create marketing objectives that align with your business. First, identify the dangers, or the elements that are preventing you from achieving your goals. Next, select the opportunities on which you can focus to create success. Finally, describe your strengths as an individual and as an organization. These strong points can help you achieve your marketing goals in the shortest amount of time.

 

Targeting the Market

The next step in creating your strategy is to define your target market and analyze the type of clients you want to attract. Select an industry, such as manufacturing, service, retail, healthcare, etc. By focusing on one or two specific industries, you can specialize your practice, refining your expertise. Next, select the types of plans you would like to work with, as well as the plan size, assets and average account balance. Finally, determine the company size and the distance you are willing to travel. After compiling this information, you will have a complete profile of your target market.

 

Building You Database

One of your most valuable assets is your database: The more people on your list, the more potential business. However, quantity is nothing without quality. In order to assemble your database, first select a source for leads. This could be an existing list or one that you’ve paid for from Judy Diamond, Larkspur, 401k Exchange, etc. Next, evaluate the list to eliminate existing clients and prospects that don’t qualify. Clean the list by fixing mistakes and calling to update contact information. Your database will become your target audience for marketing.

 

Creating Marketing Initiatives

After you have built your database, it’s time to plan your marketing activities. Pre-approach letters to prospects establish your credibility and explain how your services may be helpful. Webinars are an inexpensive and easy way to increase your exposure to prospects. There are a variety of topics, including Department of Labor, fiduciary issues, fee disclosure, etc., that can help you attract a wide variety of potential clients. Other marketing mediums include newsletters, surveys and articles. There are several resources, such as Constant Contact, SurveyMonkey and Go to Webinar, which can make your marketing initiatives run smoothly and efficiently.

 

Delegating Your Marketing Plan Tasks

Now that you have successfully created a list of marketing ideas, it’s time to delegate the tasks. Create a worksheet that contains your targeted audience for the project, the type of project and who is responsible for each stage. Make sure to include a budget and follow-up date. Effectively delegating your projects to your staff will take some of the pressure off you so that you can focus on the big picture.

 

By following these steps, you can grow your firm exponentially. In carefully preparing and implementing your strategy, you can create a thriving marketing campaign. Planning your success provides a great path to achieving your goals.

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