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Client Event Marketing: Here's How It Works |
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Creating a social or educational event to strengthen existing client relationships -- and, in the process, attract highly qualified prospects -- falls under the umbrella of client event marketing. This powerful tool works because it capitalizes on five immutable forces of sales and marketing:
The Power of Target Marketing. Target marketing is the only way to insure your business consists of ideal clients who are both profitable and enjoyable to work with. Client events are targeted by definition. The new business that develops will be exactly the kind of business you are seeking.
Allowing your target market to determine your client event enhances your relationship with that target market and attracts more of what you are seeking. The best example of this was demonstrated by the financial planner in New Jersey who came from a particular area of India. His client event was conducted in his home. Clients and prospects from this same area of India were invited to a home-cooked meal consisting of dishes unique to this area.
The Power of Efficiency. There are only a few marketing approaches that can yield clients. Broker display advertising of a general nature rarely produces returns commensurate with its cost. Cold-calling works, but it is not a very efficient use of your time and resources. Seminar selling produces results but it attracts an unpredictable mix of prospects.
Client events are the most efficient marketing system. Where 250 cold calls yield 20 prospects and one to three clients, and seminars require an investment of $5,000 to $6,000, client events can cost as little as $500 or $600 and can be arranged quickly -- how long does it take to buy tickets to the opera? Client event marketing is a duplicatable marketing system that is targeted, efficient and cost-effective. The administration of the event and other functions are elements you can delegate, leaving you free to concentrate your energies where they are most valuable: creating and building long-term profitable relationships.
The Power of “Painless” Referrals. Obviously, the most effective strategy for building your business is receiving referrals from satisfied clients. On the other hand, we know that most financial advisors are uncomfortable asking for referrals. Client event market eliminates the pain of asking. Your clients are motivated to invite qualified prospects because it makes them look good. Because you are giving away something of value, both you and your client are relating to the referral process in a whole new way.
The Power of Adaptability. Client event marketing works equally well because it is so flexible. A successful event -- meaning one that translates into more business -- can take place in a wide variety of settings, can include any client demographic or psychographic profile, and does not hinge on your personality or your business model. Even if you are not an eloquent speaker, a proficient seminar leader or a social butterfly, you can choose an event that is perfect for your geographic area and the time of year. Client events adapt perfectly and will work for every financial advisor.
The Power of the Third-Party Endorsement. Client event marketing employs one of the most effective sales strategies: the third-party endorsement. It’s one thing for you to tout your financial services, but it is far more persuasive when you have a room full of happy clients endorsing you. The third-party endorsement is most effective because it is implicit and never spoken. The smile on your client’s face as they enjoy the event is the stamp of approval of your relationship. Rarely do participants of client events have anything but good things to say about you.
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