When you get beat up emotionally and financially day after day for months at a time, the tendency is to contract. Even though you haven’t lost many clients, it feels safest just to nurture current relationships; to wait out the storm by protecting what’s already there.
Here are four reasons to consider doing just the opposite…
1. Investors are changing firms in record numbers. Some advisors have decided to wait 90 days, or six or 12 months to proactively market. By that time, investors currently on the streets will already be committed to another relationship. The best defense is a good offense: a proactive referral process that articulates a compelling value proposition in comparison to other firms.
2. There’s only one way to coast. New client relationships offer fresh intellectual stimulation. Their challenges cause your firm to innovate - identifying new opportunities that extend to other relationships. As professionals and entrepreneurs, if we aren’t actively seeking growth, we’re inherently sliding backwards.
3. Lean economic times warrant a proactive system for keeping in touch with centers of influence. If a firm pulls back, other firms will rise up to become more visible. When the clouds part and the dormant firms are ready to market again, competitors will have seized your central position.
4. More than ever before, this is a time to demonstrate leadership to our clients and our profession. Leadership is about proactivity, confidence and visibility. It’s about refreshing perspectives. When we demonstrate leadership, opportunities follow. When we are stagnant or pull inwards, the opportunities flow elsewhere.
In thriving economic times, the only thing a good firm needs to do is show up and tell the truth. Prospects are strongly referred and their tendency is to believe what they hear. Today’s consumer mindset is altogether different. The truth at face value isn’t satiating their thirst.
Prospects want to know why your claims are true. Your message must be clear, compelling and well-supported. It must cut to the heart of your unique value proposition and differentiate you from other firms who claim to do what you do. Surf the web and check out your competitors’ marketing materials. How well do you stand out in the crowd?
As always, feel free to contact us with your branding or referral related questions or quandaries.