The “5M” Approach to Turn Volatile Markets into Your Marketing Advantage
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Volatile markets hijack the attention and time of advisors and investors.
Right here, right now, is the time to activate five too-often overlooked opportunities to turn choppy or down markets into your marketing advantage.
A recent survey by my company revealed that the typical advisory firm has a limited marketing plan for volatile markets. Primarily, the firm dedicates its attention towards current clients. To reach them it calls on a few extra conversations, newsletters, blog articles and social posts with a “stay calm, stay invested” approach.
This appeal is marginally effective in keeping current clients and ineffective at finding new opportunities or prospects.
In contrast, I helped one advisor during the 2007-2009 meltdown unleash a full marketing offensive to both prospects and clients alike. The outcome: In 36 months he doubled his assets under management.
Another small firm has already added $10 million in assets in 2018, its best year for growth in a decade.
Here is my “5M” approach that:
- deepens client relationships;
- stimulates new referrals; and
- attracts new prospects during volatile markets.
The prime ingredients are market, message, multi-steps, multi-media and a proactive marketing plan.
1. Broaden your target market to encompass prospects, influencers, centers-of-influence (COIs) and clients for referrals
Do not limit the scope of your volatile markets communications to clients only. Look beyond those relatively few clients who may need extra hand holding during market plunges.
Activate communications targeted more broadly and designed specifically to convert market uncertainty into your marketing advantage.
With your greater reach you can engage current and potential prospects on your lists and also your social connections, and influencers along with your clients.