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Posts Tagged ‘Social Media’

Why I Don’t Link/Connect/Friend Everyone

Posted By Michael Roby | Friday, March 6th, 2015

connection 150x150 Why I Don’t Link/Connect/Friend EveryoneIn today’s world relationships and connections become challenging. We are all so busy. We find it difficult to pick up the phone or meet people for coffee or lunch. In the past we wrote to people…on PAPER. Then in 1993 an idea became reality, and it changed our world forever: Email!

Electronic Mail made it EASY to reach out to others, and as you built your email address list, you could send the same message to many people at the same time!

May 2003 saw the birth of LinkedIn, and in February 2004, Mark Zuckerberg launched Facebook. These social media sites now serve hundreds of millions of members. Now we had the power – and I mean power – to connect, link, and friend people we knew. People took the next logical step.

Connect With EVERYBODY!

This strategy can be counterproductive at best and creepy at worst.

Facebook started out as family and friends. You shared news and pictures. We were told to NOT connect with everyone. LinkedIn is different. While LinkedIn is all about business networking, it was more information and professional connection driven. Different people share different – and often valid – opinions regarding connection. A common thought is you should connect with EVERYONE.

Some people have a tactical connection strategy, in particular those who mass-market. For me, I choose to not connect with everyone, unless we have some prior connection or relationship, or common interests. I choose to be more strategic in my networking strategy. Here’s the good news about connection:

You don’t have to connect with everyone if you use a Strategic Referral Relationship System™.

By building organically through referrals, you build a business that is built for exponential growth, and is perfect for networking. It calls for a slightly tighter focus. But by being INTERESTED in others and meeting their needs, your network will grow. It cannot help but do so. When you DO connect, do your best to have a PERSONAL exchange with that person to see how you might learn more about them and provide value.

By all means, always feel free to send a connection request, but don’t feel slighted if I want to know a little more! I just want to know if I can provide some value to YOU by connecting, and not just have another name in the database. In addition, PLEASE reach out if you believe I can help you in any way!

Work Hard & Have Fun!™

Four Strategies To Improve Financial Advisor Marketing

Posted By Michael Roby | Wednesday, June 6th, 2012

Distribution is one of the Seven Silos Of Practice Management™. The two major aspects of Distribution are:

  • Selling
  • Marketing

Most financial advisors excel at selling, but they could dramatically improve their business by improving their marketing. While selling is knee-to-knee, marketing is to the masses. Most advisors have one or two assistants. The four basic responsibilities of assistants are:

  1. Office Administration
  2. Sales Administration
  3. Client Service
  4. Marketing

For some reason, marketing always falls to the last line in to-do lists. As a result, teams are so consumed in selling and servicing marketing suffers to the point that the entire team focus is on creating the “next” sales. Marketing proves to be more long-term in nature, and doesn’t have the sizzle and excitement needed for the advisor to designate it as a priority, but for a business to grow to its maximum potential, marketing truly makes a difference. There are four main ways to manage advisor marketing, going from least to most effective, as well as the lowest to highest outlay.

  1. Assign Marketing To An Assistant As Part Of Their Role.
  2. Hire A Virtual Assistant To Assist With Marketing.
  3. Engage A Marketing Company To Run Your Marketing.
  4. Hire A Dedicated Marketing Assistant.

Each have advantages and disadvantages.

Assign Marketing To An Assistant As Part Of Their Role:

  • Advantages – No Additional Staff To Hire,Familiar With The Operation
  • Disadvantages – Reduces Focus On Other Responsibilities, Lack Of Total Marketing Focus

Hire A Virtual Assistant To Assist With Marketing

  • Advantages – Reasonable Cost, You Can Hire Marketing Expertise, Can Possibly Be Supervised By Staff
  • Disadvantages -Oversight Might Be A Challenge, Other Challenges Relating To Team Involvement, Lack Of Dedication

Engage A Marketing Company To Run Your Marketing

  • Advantages – Specialized Focus, Expertise, Experience, Monthly Retainer With Limited Commitment
  • Disadvantages – Challenges Relating To Team Involvement, Possible Changes In Marketing Company Staff, Possible Cookie-Cutter Solutions

Hire A Dedicated Marketing Assistant

  • Advantages – Control In Hiring & Supervision, Team Integration, Total Focus & Responsibility
  • Disadvantages – Additional Staffing, Highest Outlay, Possible Fringe Benefit & Insurance Costs

Many times advisors will work through a profession of these solutions, but early on you can customize a solution to the needs of your business.

Work Hard & Have Fun™

The Role Of Word-Of-Mouth Advertising: Five Steps To Grow Your Business

Posted By Michael Roby | Friday, December 11th, 2009

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!