Why Relationship. Marketing Is Vital to. Accelerate Growth in. Your Practice

Transcription

1 Why Relationship Marketing Is Vital to Accelerate Growth in Your Practice Learning Segment #1-1 -

2 Self Analytical Instrument Why? Directions: Read the questions listed below and rate yourself on each of the characteristics using the following scale: Always= Almost Always= Sometimes= Rarely= 4 pts 3 pts 2 pts 1 pts Responses Do you seem so busy running/learning the practice you don t have time to grow it? Do you always achieve your annual goals? Do prospects typically see you as a valued resource? Do you regularly get prospects calling you out of the blue? Are you constantly increasing the quality of your prospects? Do you ever feel like you need to know more of the right people? Do you wonder how you can focus your efforts and work more effectively? Do you constantly focus on building relationships with your prospects? Do you see yourself as product-oriented more than people-oriented? Where there is an open mind there is a frontier Unknown - 2 -

3 Why Target and Work in Vertical Markets? The State of the Financial Services Industry Financial products and services have become a in the eye of the consumer. They are viewed all pretty much the same, meaning no distinct perceived value, one firm, product, or service, over another. Why has this happened? For years the industry has merchandised products and services, and have continually promoted products and services as the reason to do business with them, but now, because of the consumer s skepticism and desire for a relationship with their providers, they must become marketers. What is the difference between merchandisers and marketers? Merchandisers focus on &. Marketers focus on &. Contrary to what many merchandisers say, think, or practice, markets are people not products. In addition to commoditization, the affluent and wealthy marketplace is less than ever: Gated communities Voice mail Cell phones only Do not call lists Do not mail lists TIVO through the advertising Private SPAM blockers - 3 -

4 What do the people who are the focus of your marketing efforts, both the affluent and high net worth, really want? They want an individual or team who: 1. is willing to take a in them as an individual, as a family, and their goals, dreams and aspirations. 2. is committed to delivering in communication for the long-term. 3. has a willingness to to what they want and be a sounding board for them. 4. is able to be a for them so they can discover the right answers to make the right decisions. As a result, to reach the affluent and high net worth people and to overcome the commoditization and to deliver what people want requires: and of the sales and marketing process. Remember the three reasons people see and buy from you: 1. They you or know about you. 2. They you. 3. They recognize for their money. How can Prospects in This Environment Come to Know You and Trust You? Through

5 What is Vertical Relationship Marketing? the marketplace into segments or groups of people so you can identify the groups to whom you relate and then connect with them. What is a Vertical Market? A definable segment or group of affluent and wealthy people who and with one another. This makes it easier for you to create visibility, gain access and build personalized, long-lasting relationships with them. How Do People Network and Communicate With One Another? Three Ways: 1. Where and what they do for a. 2. Where and what they do for. 3. Where and what their are, i.e.: Cultural Ethnic Religious Family Charitable Etc. Essentially these are the real neighborhoods in our communities. People do not group together based on demographic profiles. Many don t even know their next door neighbors. Thus, there is even greater demand that you segment people based upon commonality and then take a personal interest in them

6 An example of vertical markets could be: Do For A Living Do For Recreation Small Professionals Occupations Health Clubs Garden Clubs Business Auto Dealers Chiropractors Plumbers Country Clubs Bowling YPO Orthodontists Welders Swim & Tennis Clubs Wally Byam Travel Club Print Shops Professors Advertising Executives Running Clubs Senior Travel Clubs Special Interest Ethnic Organizations Young Family Groups/Activities Older Family Groups/Activities Charitable Organizations Religious Affiliation Cultural Organizations NAACP PTA/PTO AARP Red Cross Protestant/ Arts & Crafts Catholic Sons of Italy Private School Grandparents Clubs MS Society Jewish Audubon Society NCLR Little League Young Old Timers Cancer Society Muslim Symphony Supporters What are the benefits to you of Targeting Your Best Vertical Markets and Building Visibility and Long-Term Relationships? 1. Work with people with whom you and are interested in serving. 2. Make your prospecting and more enjoyable. 3. Increase your business growth. 4. Increase your level. 5. It kindles a true sense of. As a result, you grow your business on purpose versus under pressure

7 To Execute Relationship Marketing Brilliantly It Requires That You Understand the Process of Penetrating a Market, Building Relationships and Delivering a Great Client Experience Step 1 your efforts and select good vertical markets. Select groups of people with whom you relate. You cannot be all things to all people. Step 2 that your markets are solid through good research and lead identification. Step 3 to the people in your chosen market(s) with sound networking techniques, personalized correspondence, and appropriate communication skills. To connect, it is vital you take a personal interest in them. Step 4 the relationships for the long-term by knowing about them, and delivering distinctive service and the ultimate client experience for them. To execute this, of course, you must have a clear Marketing Plan and a process to execute. Thus, as a result of this program, you will create a Marketing Plan for each vertical market and energize it with a unique 90-Day planning approach, to ensure your success penetrating your best vertical markets and building long-term relationships with your best clients

8 To Integrate Vertical Marketing & Relationship Building Into Your Business Key Implementation Tips: 1. Make a to yourself to improve your marketing, prospecting and relationship building skills. 2. Be sure to complete this educational series. Avoid skipping segments. 3. Take by filling in the blanks using the participant workbook. 4. Study the provided in this workbook and utilize all marketing tools available to you through your company and strategic relationship sources. 5. Be sure to your action steps at the end of each educational segment on your Master Marketing Plan. 6. Put together a study group of your and meet monthly to discuss ideas and encourage one another. 7. Watch and this educational series. 8. Run your business by utilizing sequential - day plans. Finally: If not this, what? If not now, when? Doing nothing is not an option. The affluent and wealthy do not want to do business with financial professionals who are too busy for them too busy being all things to all people! They want people who are willing to take a personal interest in them! - 8 -