Five Smart Investments You Can Make in Your BusinessFive Smart Investments You Can Make in Your Business
The more time and money you invest in your business and investing in the right marketing activities, the more business you will bring in.
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“What percentage of your production do you reinvest in your marketing?” asked a participant in one of our workshops. This question was directed at a panel of advisors who were among the best in their firm at bringing in new business. The first answer came from an advisor who brought in an additional $600,000 in new production last year—wow. He replied, “I’ve always told people—you can’t save your way to sales.”
You may not currently have this panel’s production numbers, but studying and matching their marketing efforts provides the quickest path to matching their results. It was interesting that these panelists looked at their marketing budget a little differently than most. To these advisors, “marketing” money is set aside as much for current clients as it is for new clients. They understand that relationship management and relationship marketing must work together. Current clients, whether you have 5 or 500, will be the primary driver of your new business.
As many of you are starting to plan for 2019, we thought it might be helpful to highlight some of the smartest investments we think you can make in your business. The amount you plan to spend is totally up to you, but the more time and money you invest in your business and investing in the right marketing activities, the more business you will bring in.
As you think about your marketing plan for 2019, start thinking about a specific budget for your relationship management/relationship marketing campaign. Setting a specific budget in advance makes certain you don’t over- or under-invest in your marketing. You’ll deepen client relationships and build your business at the same time. Again—you can’t save your way to sales.
@StephenBoswell is President of The Oechsli Institute and Co-author of Best Practices of Elite Advisors. @KevinANichols is the Chief Operating Officer for The Oechsli Institute and Co-author of The Indispensable LinkedIn Sales Guide for Financial Advisors.
