|November 1, 2021||Comments Closed|
If you’re struggling to produce solid organic growth every year, consider creating your own proprietary marketing network.
Financial services marketing falls into three categories:
One-dimensional traditional marketing. The focus is on short-term tactics for client acquisition
Two-dimensional relationship marketing. The focus is on client retention, achieved by building long-term relationships
Three-dimensional proprietary marketing. The focus is on proactive management of your five key relationship categories.
Average performers use a haphazard combination of marketing options #1 and #2 – often with mixed results. Achieving organic growth is a constant struggle for them.
They are unable to generate enough new business to offset falling retention rates.
I once encountered a firm that had a 50% retention rate; business was coming in one door and going out the other just as quickly.
Top performers who produce superior organic growth results and outperform their competitors achieve this by employing option #3: they build their own proprietary marketing networks and they take a coordinated approach to the management of key relationships.
Managing key relationships is the key to producing superior performance and organic growth, regardless of the economy or market conditions.
It’s also a breakthrough approach that your competitors cannot easily duplicate.
5 Tips To Help You Create a Proprietary Marketing Network
If you’ve been struggling to jump-start your growth, and you want to create and maintain a proprietary marketing program and better manage your five key relationships, then try these five tips:
1. Do this daily: proactively manage your top 20% clients
These are the clients that generate 80% of your revenues. Develop service and continuation plans that incorporate several contacts with each client during the year.
This will guarantee 80% of your revenues and quickly generate high-quality referrals.
2. Do this weekly: nurture colleagues and team members
No one works effectively or achieves success in isolation.
Whether you work for a big firm or you are a solo professional, reach out to your peers and colleagues to brainstorm, exchange ideas, practise new approaches and hold each other accountable.
3. Do this monthly: develop prospect relationships
This represents the future of your business. Prospects in your sales pipeline need to be nurtured through the various stages of your sales process.
For a large key target account, this can take months, sometimes years.
I once worked on key account that took six years to close. Actively manage your prospect relationships with newsletters, phone calls and follow-ups. Make sure you stay on their radar screen.
4. Do this quarterly: build referral relationships
Your non-client referral sources provide referrals and introductions to help keep your pipeline filled with quality prospects.
Put together a contact plan to meet your referral sources quarterly. Update them on your plans and the types of clients you’re looking for. Most importantly, explore ways you can help them achieve their goals.
Three referrals from ten non-client referral sources each quarter will produce 120 high quality leads.
5. Do this half-yearly: strengthen relationships with strategic partners
Your strategic partners include suppliers and those with whom you have other professional relationships. Update them on the direction and plans for your business, new clients you’ve gained and any other successes you’ve had.
Strategic partners are also an excellent source of leads and opportunities. They will help provide a competitive advantage when you need to put something together to help you close the deal.
Proactive management results in a strong marketing network, and long-term, trusting, win-win relationships. These, in turn, lead to growth and profits.
And that’s what it’s all about.