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Posts Tagged ‘Social Media’

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!

10 Rules For Reps Who Use Electronic & Social Media

Posted By Michael Roby | Saturday, September 19th, 2009

In case you had not heard, FINRA regulates what financial advisors can and cannot do and say on social media sites such as Facebook, LinkedIN, and Twitter. Of course, this relates to business, not your love of Kentucky Basketball and fishing, or whatever else you do for fun. In the true spirit of regulatory agencies, the FINRA web “page” on this topic has…

  • 5 Pages
  • 2,235 Words
  • 12,298 Characters

…not including links, headers, banners, and footnotes.

Some of the highlights include:

  1. Know the rules.
  2. Tell the truth; don’t exaggerate, state past performance, or predict the future.
  3. If you are advertising, get it approved BEFORE you post. Keep copies for three years.
  4. It doesn’t matter if you send email or post from home or a mobile device; it counts.
  5. If you send something or make something available to 25 or more people, it is advertising.
  6. A Chat Room is no different than a seminar.
  7. Make sure you list the name of your firm, and keep your contact information current
  8. Treat electronic communications as you would any other written or verbal contact; DISCLOSE ALL MATERIAL FACTS.
  9. Be careful about linking to other websites; check with your firm before creating links.
  10. Check with your individual firm for guidance regarding state registration issues.

A few comments are in order. Websites and social media are tools, not a religion. They support your business development and client service efforts; they do not replace them. Be reasonable about what you do and say electronically, just as you would face-to-face or hard copy. If you are reasonable and your firm is not, don’t roll over and make your case. In the end YOU are their client, but you must abide by the final decisions of the compliance department.

Electronic and social media can make a huge difference in your client relationship development and marketing. Resources are everywhere on electronic marketing and relationship development. Learn all you can, apply what you learn, and use electronic and social media wisely.

There you have it, in…

  • 1 Page
  • 342 Words
  • 1,716 Characters

Good selling!

(NOTE: As always, know the regulations, as well as your B-D’s rules. Click here to see the FINRA Regulations.

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