Do you want your Marketing to Work? Get the Brief right!

Many Financial Brokers are now starting to turn their attention towards 2015 and as part of this, some are reviewing their marketing material.

There are probably two ways to approach this. The first is to appoint a marketing professional (cough, cough – such as myself!) to remove the headache and to deliver the particular project for you. The alternative approach is to roll up the sleeves, write the content and arrange the design and production yourself. Irrespective of which path you decide to follow, I suggest that one of the main determinants of success is the quality of the brief that you give to anyone who you engage in this process, such as a consultant, a graphic designer, advertising or PR agency etc.

This might not appear to be the most exciting topic in the world, but if you don’t want to waste your marketing budget, it’s a really important process to get right. So what should a strong marketing brief contain?

Clear Objectives

First of all, you need to set out in crystal clear fashion what are the objectives of the particular marketing project. Are you looking to raise brand awareness, to sell a product or to educate etc.? Don’t assume that any 3rd party involved in the process will instinctively know what you trying to achieve. Instead, remove any doubt and set out clearly your objectives.

Target Audience

Who are you trying to reach with your marketing communication? Think about this across a range of demographics;

  • Males or Females
  • Age groups
  • Geographical areas
  • Socio-economic groups
  • Occupational groups or sectors of the economy

The clearer you are about who your communication is aimed at, the better the chances of it actually getting picked up and noticed by that group. Because people will engage with it if they believe that it is specifically aimed at them.

Tone of voice

Think through the tone of voice that the audience are likely to best connect with. Should the communication be written in corporate style language or should it be written in informal “folksy” language? This needs to be considered carefully as the wrong tone of voice will immediately alienate the audience.

Their current perceptions of the product or service

It is always a good idea to capture the current perceptions of the product or service that is being marketed among the target audience. If you can clearly demonstrate that you know what the audience think of your product today and build your message from this position, this will help to build your audience’s engagement.

The desired perception of the product or service

This is where are you trying to get to. Is it a position of the audience seeing improvement, in building greater levels of trust, in seeing you as the best in the marketplace? Be realistic about your desired perceived positioning and then capture it clearly so that everyone understands where you’re trying to move the audience to.

Clarify the benefits of the product or service

These are obviously required, but spend time capturing these in detail. There may be an “angle” in one of the more obscure benefits that a creative person might spot as a great hook for your target audience. So list these out and explain in detail why the target audience values the benefits.

Design

First of all and similar to the tone of voice, some design styles will land better with your target audience that others, so clearly identify whether you are looking for a sophisticated, corporate design or something less formal and potentially even humorous for example.

The other area to consider in relation to design is the linkage back to your own brand. Provide all of the necessary assets – your logo and contact details are obvious ones. But also provide any colour schemes that you generally use and of course if you actually have brand guidelines, provide these.

Audience Reaction

The next question to consider is what you want your audience to think and feel as a result of your communication. Should they be enlightened? Should they be scared by some stark facts you’ve put out there? Should they be questioning their existing approach to the problem at hand, maybe questioning the approach that they are currently taking to their investment portfolio?

Calls to Action

And finally, what do you want the audience to do? Are you aiming that they will ring you, or visit your website or download some information? Maybe you’re looking for them to sign up to a newsletter or other communication? It’s really important to be crystal clear in your call to action, to give yourself the very best chance of success.

These are the areas that will make up a very strong brief for a 3rd party working on your behalf. Put the time into getting the brief right, it will pay back many times over in the long run.

Adding lots of value to your clients? Tell them about it!

A lot of advisers today are really starting to effectively demonstrate their value to new clients in their initial meeting. Using powerful presentations or other marketing material, they are setting out their advice processes and how these processes are really valuable to the clients.

However many advisers still struggle with reminding their clients of the ongoing value that they are adding, year after year. They’re providing great ongoing advice, adding value to the clients throughout the year but the clients just don’t seem to see it – they don’t realise the value added… So how can you keep reminding your clients of the tremendous value that you continue to add?

Here are two ways that I think are really important.

Have brilliant review meetings

This is a very obvious one, but there are some financial brokers who consider it a “win” if the client says they don’t need a review meeting! The review meeting going ahead is certainly not a win. Yes it might give you an extra few free hours, but the opportunity cost of reinforcing your value is significant.

Of course there is the “hard yards” in review meetings of reviewing a client’s portfolio, getting up to date values and potentially even writing a short review report. But this is balanced with the business opportunity of potential top-ups, a review of protection benefits and policies and new financial products needed. However the real opportunity to demonstrate your value on an ongoing basis to clients rests outside of the traditional review meeting agenda. Why not take a little extra time and set out for your clients some financial benefits that you’ve delivered to them such as;

  • The growth in actual euros of their investment portfolio
  • The tax saved as a result of their pension plan and any other tax efficient policies
  • The actual money saved in euros and cents as a result of a protection review you carried out previously.

 Now your ongoing fee / trail commission starts to look very small! However there’s still a lot more you can do at these review meetings to demonstrate further value to you clients.

  • Help your clients with their household budgeting. Trust me (as a consumer), this can add huge value to your clients!
  • Talk to them about their broader financial needs where you don’t provide the solutions. You can add value by tapping them into your network of solicitors (for their will or enduring power of attorney), tax advisers (tax advice) or accountants. Now you’re the person pulling all of the strings!
  • Obviously if you carry out future cashflow planning with your clients, this is an exceptionally valuable exercise every year.

Client Calendars

There are lots of activities that you carry out on behalf of your clients during the year. The challenge is getting them to notice the work that you’re doing on their behalf and then reminding them about it in an engaging and memorable way. One of the ways that you can do this is by providing your client with their own calendar of your services every year. Obviously you would create a nicely presented version of this, but the main content for your key clients might look something like this, if presented at the end of each year;

  • January: Client newsletter,
  • February: Investment rebalancing
  • March: Annual Review Meeting, client newsletter
  • April: Investment seminar, update on major market movements
  • May: Investment rebalancing, client newsletter
  • June: Golf outing
  • July: Client newsletter
  • August: Investment rebalancing, meeting with your accountant
  • September: Half Year check-in, client newsletter
  • October: Budget update, tax deadline review
  • November: Investment rebalancing, client newsletter
  • December: Christmas lunch

Now the client sees you working for them throughout the year, not just at a single point in time at the review meeting

If you’re delivering both of these supports in a structured and engaging way, how likely is your client to start arguing over your trail commission?