5 Ways to Use Marketing to Make Your Practice Soar

September 27, 2012 11:28 AM

5 Ways to Use Marketing to Make Your Practice Soar

Many advisory firms turn to marketing to expand their practice, but few firms are able to develop an effective strategy. Here are five ways to leverage marketing for optimal growth, according to the 2012 FA Insights Study of Advisory Firms: Growth by Design.

1. Define Your Target Market

Who are you trying to reach? This is a critical first step. By shaping your firm to the client, the effect of the marketing message is increased, and economies of scale is also achieved

Source: The 2012 FA Insight Study of Advisory Firms: Growth by Design

2. Define Your Perfect Client (and Stick with It)

By placing certain conditions over what clients your firms should accept, marketing strategy becomes more focused and clients are better served.

Source: The 2012 FA Insight Study of Advisory Firms: Growth by Design

3. Remember: Less is More

The best firms do not necessarily spend the most money on marketing. In fact, larger firms spend less money in relative comparison to smaller firms. Instead, they tend to dedicate more time in allocating their resources and on marketing planning.

Source: The 2012 FA Insight Study of Advisory Firms: Growth by Design

4. Keep Clients Close at Heart

Sustainable growth firms are more apt to develop an annual marketing plan, and have strategies for client retention. These firms realize that clients are the most direct and critical long-term driver of growth, whereas most other firms tend to set goals related to revenue or AUM to satisfy short-term goals.

Source: The 2012 FA Insight Study of Advisory Firms: Growth by Design

5. Price it Right

There is no perfect way to price a firm's services, but it can be optimized. Sustainable growth firms tend to let the value of their advice delivered drive pricing. This value increases as market demand increases for their services.

Source: The 2012 FA Insight Study of Advisory Firms: Growth by Design