Financial services professionals constantly look for ways to stand out among their competitors. Consider the following idea this Valentine’s Day to reach out to your clients. Some of your best clients are widows and widowers. What do these people not get anymore? Flowers and candy on Valentine’s Day. Make an impact – and do something really nice – this Valentine’s Day. Send something to these clients and show them someone cares. Will you get business or referrals from this? Maybe or maybe not, but do it anyway; it’s the right thing to do.

Good selling!

Mayo Clinic is the largest integrated, not-for-profit group medical practice in the world. More than 3,300 physicians, scientists and researchers and 46,000 allied health staff work at Mayo Clinic, which has sites in Rochester, Minn., Jacksonville, Fla., and Scottsdale/Phoenix, Ariz. Collectively, the three locations treat more than half a million people each year.  In 2008, Mayo treated over 338,000 patients in 1.5 million outpatient visits. So how does one of the world’s preeminent medical groups get their patients?

In a presentation given by Lee Aass, Communications Manager at Mayo Clinic and social media guru, he shares some interesting data concerning patient acquisition.  Most people assume Mayo’s patients result exclusively from physician referrals, but 84% of Mayo’s patients are influenced to choose Mayo as a medical services provider as a result of  word-of-mouth advertising!

Sources of Information Influencing Preference for Mayo Clinic

Word of Mouth                  84%
Stories in the media          57%
MD Recommendation         44%
Advertising                       27%
Internet/Websites             26%
Mailings to Home              18%

The implications are huge for provider of professional services. Word-of mouth advertising offers a powerful, cost-effective means of attracting business. With social media tools like Facebook and LinkedIn, word-of-mouth offers tremendous potential. Consider these questions:

• What are your clients saying about you?
• How can you manage word-of-mouth messaging for your business?
• Can Word-of Mouth be a part of your business development strategy?

Like any marketing, you must be strategic when crafting your word-of-mouth marketing. Consider these five steps to grow your business:

1. People love to share memorable experiences – good and bad.  How do you create a memorable experience for your clients? Make a list of what you do for people that makes you memorable. If you wonder what your clients think, send them an email asking them why they choose to work with you.
2. Craft a defining statement of 25 words or less that is benefit-focused, conversational and repeatable. A defining statement is not an “Elevator Speech.” Elevator speeches are too long in today’s world. You don’t have 30 seconds to get people’s attention – they make a decision about whether or not to listen in six to eight seconds. If you lose them, good luck regaining their attention.  Use the defining statement with clients – frequently.
3. Train your team to use the defining statement in client conversations. This includes phone greetings, service calls, and routine client interaction.
4. Incorporate this defining statement into all of your collateral sales and marketing materials.
5. Utilize social media tools to help spread the word about you and your business. Many resources exist that make word-of-mouth advertising easy. Consider outsourcing your social media marketing to a team member or social media service vendor.

Make it easy for your clients to tell others about your services. It certainly works for Mayo Clinic!

Good selling!

On I-94 near Jackson, Michigan, there stands a massive yellow billboard with the following line in huge black letters:

“Free Land for Industrial Development”

This definitely attracted my attention, but my first thought was that these people are desperate. After all, the September 2009 unemployment rate in the state is 15.3%. Michigan continues to hemorrhage jobs. You continually hear people lament about how bad the economy is statewide. However, while a large workforce is available, a question prospective businesses might ask is, “What’s the catch?”

Several years ago I was doing some work for Commercial Federal Bank in Omaha, Nebraska, which was acquired by Bank of the West in 2005. They displayed large promotional posters offering “FREE Financial Planning.” In a meeting with a (very young) marketing officer, I asked a fill-in-the-blank question.

“You get what you…”

She almost shouted the answer.

“Deserve!”

Oh well; she just didn’t get it.

Everything has a price. Consumers want and expect value for their hard-earned dollars, but when you position your services as free, you immediately place cost as the primary determining reason to buy, in addition to making the client suspicious. People understand the concept of ,“No such thing as a free lunch.” Certainly you want to justify the cost of doing business, but do so with statements of value, as opposed to being cheap. Tell clients how they benefit from your services, and how you can help them reach their goals. Paint a vivid picture of how clients achieve their financial objectives, and you will attract more clients.

You are too good to be free!

Good selling!