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Word-of-Mouth
Marketing Can Be Done With A Little Thought
by Martin R. Baird |
I was talking with an
advisor recently and he asked a simple question that
has a terribly complex answer. He asked, "How
do I get that word-of-mouth market? How do I get people
to talk about me so I get more clients?"
What could be simpler
than that, right? Well, the reason the answer is more
complex than the question is because the question has
many answers.
For example, getting people
to talk about you in a positive way requires many things.
It's not enough to do one thing well. You must
have many positive attributes before people will freely
share the good word. People are stingy when it comes
to telling others that something is good or that they
should try it. When one person suggests that someone
try something, it's an implied endorsement. They're
saying that it's good, so it's their reputation
on the line.
Now add in the money factor.
People would rather talk about anything but money. Our
culture teaches us not to share thoughts on money. So
how would I ever mention my financial advisor to anyone?
Here are a few answers
to the challenging question of getting that great word-of-mouth
marketing going.
One of the first things
you want to do is create believers. You want people
who, when they talk about you or your services, truly
believe what they're saying. Other people can
tell if they believe.
Here's a personal
example. I was fighting a very bad sinus infection recently
and had to fly to California on business. On the flight,
my wife mentioned to our attendant that I wasn't
feeling well. As we were getting ready to land, the
attendant was an absolute believer that as soon as we
were on the road, we needed to stop and buy a product
called Airborne Formula. Her sister had told her about
it and said it was the best thing ever for a cold.
The first stop we made
was at a chain drug store. I walked to the counter and
asked if they had Airborne. The clerk showed me where
to find it.
The next point
you want to focus on is exceeding people's expectations.
The clerk at the drug
store said that she has never had a person come back
to the store who didn't say how wonderful the
product was. She was surprised at how great people think
it is and how it has helped them.
This says a lot because
many people are jaded and they don't take platitudes
very well. They hear about all these wonder solutions
but know that very few, if any, work. Exceeding people's
expectations is very hard to do.
Airborne did help, so
it fulfilled my next point - deliver as
promised. Delivering as promised is not as
easy to do as it sounds. Your clients may have a very
different idea about what you've promised. What
a person hears and what you actually say aren't
always the same. Thus, sometimes they feel like you
didn't deliver. This comes back to good old-fashioned
communication. The more clearly you define what you're
going to do for them and when you are going to do it,
the easier it is to be perceived as delivering what
your clients want.
My final two points
are very simple but often overlooked.
If you want people to
think of you, make it in their best interest to do
so. For example, reward people for mentioning you
or your services. You could give them free tickets
to a sports event or some other perceived reward.
The value is usually not as important as the recognition
for what they've done for you.
Finally, make it easy
to tell people about you. I think one of the reasons
people know about this cold product is its name. For
those of us who are frequent fliers, airborne is a
very common word that is easy to remember.
If word-of-mouth marketing
is important to you, I don't think it will take
enormous effort to get it going. You just need to give
it careful thought. It can lead to great things.
What can you do today
to make it easier to get your word-of-mouth marketing
campaign started?
Martin R. Baird is
president of Advisor Marketing and author of "The
7 Deadly Sins of Advisor Marketing," a book that
offers easy-to-implement marketing ideas for financial
advisors. Advisor Marketing is a full-service marketing
management firm that provides a variety of services
to financial advisors to help them improve their marketing
methods and increase revenues, including seminars and
conference speaking engagements on such topics as referrals,
marketing, client communication and transitioning to
fee. The company also provides a service that tests
multiple variables of a marketing campaign simultaneously
so advisors will quickly know which elements of a marketing
effort offer the best opportunity for success before
they launch the campaign.
The firm's Web site, www.advisormarketing.com,
is the premiere Internet-based source for marketing
advice, information and tools for self-driven, success-oriented
financial advisors who are demanding information that
helps them market their practice, meet the needs of
their clients and increase sales. It offers such services
as a free weekly electronic newsletter and reports on
how to conduct different kinds of marketing. Advisor
Marketing may be reached at 480-991-6421.
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