I’ve been spending a lot of time this month updating the web page for my financial planning business.  I’ve decided to move it completely across to WordPress using the Headway theme.  This should help me with the SEO, and makes it a lot easier for me to add extra pages when I need to.

I’ve also been speaking with a couple of other financial planners about web sites.  Usually the conversation goes something like this:

• They start off by telling me they have an existing web site but they don’t like it.  Usually this is a templated web site provided by the financial planning business they’re associated with.
• They want to build a web site that’s more personalised.
• If they do this, they’ll magically get more clients overnight.

I then have to explain to them that it’s not that easy!

I’ve learnt a lot over the past three years about marketing on the internet.  I’ve set up a few blogs, and worked hard to get my financial planning website ranking well for certain keywords. But getting traffic to your site is only one piece of the puzzle.

When people come to your site, what do you want them to do?

This comes back to the post title – What is the purpose of your web site? When I ask planners this question, many of them can’t answer it.

When it comes to my financial planning website, I know exactly what the purpose of the site is and what I want people to do.

The web site exists for two reasons:

1. To stay connected with existing clients and pass on information to them.
2. To provide potential new clients with enough information on our business so they pick up the phone and call me to make an appointment.

So when people come to our website, our phone number is very prominently displayed on every page.  At the end of every article is a call to action, suggesting that they call us to make an appointment.  The website message is geared around providing information, but encouraging people to take the next step and contact me.

That’s Plan A. Plan B comes into play of people don’t want to pick up the phone at that point. If people don’t want to make an appointment, that’s fine, but I’d like to be able to keep in touch with them.  To do this I have a sign-up box on every page for our Aweber email list. When people sign up we’ll send them regular, topical information that helps them learn more about our business. As they learn more about us, hopefully they’ll get in touch with us when they’re ready to get financial advice.

But the important thing is that the web site provides relevant content to our readers. And they can see that it’s updated regularly so they need to come back.

So when I speak with financial planners about their websites, I want to know what the purpose of their site is. A site built to generate leads could look very different to one that’s aimed at existing clients.

So what’s the purpose of your web site?

Are you blogging because you enjoy it, and just want to share information with people.  Profit may not be your main goal.

On the other hand are you trying to make a living from blogging and marketing on the internet?  The purpose of your web site may be quite different.

There’s no one ‘right’ answer – it’s whatever is right for you.  The important thing is to take the time to decide on why your website exists.

Leave a comment below and let me know what the purpose of your website is.

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Last week I watched a presentation from Ben Self at the Australian Financial Planning Association’s national conference.  Ben was the man behind Obama’s marketing and social media strategy during the election period.  In his presentation he mentioned a number of ideas for marketing, but the comment that stuck out the most was “people like to hear great stories”.

He used a few examples from the Obama campaign where they focussed on an everyday person and told their story.  He challenged the financial planners to consider using stories more in their marketing.

I’ve also been reading a few articles online about marketing services, and they suggest the same thing.  Use examples of people to build ’social proof’.

This made me think about how I could do it in my financial planning business in Adelaide.  I’ve now made plans to use more case studies on our web site and blog.  In the past where I may have written about a strategy, I’m now trying to write about it using an example of a client.

I’ve also decided to ask some clients for some testimonials.  I haven’t done this much in the past, but I’m making a bigger effort now to make sure my clients can see the value of the advice I’m providing.  Last week I reminded one lady that we’d saved her around $4,000 in tax in the last financial year.  She’d forgotten that if she didn’t seek advice, she would have had a larger than expected tax bill.  She’s a great example of the type of work we do for people.  I need to blow my own trumpet a bit more.

I’m also looking to introduce some podcasts next year for the financial planning business where we can focus on one or two strategies and speak about some case studies.

I’m interested in other ideas.  How do you tell stories to your clients?  How can a financial planner tell stories that inspire their clients?

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Session 1 – It’s all about postcards

The adviser who spoke at this session has had a lot of success by using postcards to communicate with his client base.

He’s designed a couple of postcards with simple images on them and a quick message that may say something like “We haven’t seen you for a while. It’s time for a review”.  He posts these out to his clients at regular intervals.

He says he gets a reasonable response rate from his clients from the mailings.  His staff also make phone calls to those clients who don’t respond, and book extra appointments as a result.

He has a few different cards he uses, with some different messages.

Session 2 – Don’t write – just call

In this session I heard from an adviser who has been reviewing all his C and D class clients who he hasn’t had much contact with.  He meets with them to review their insurances and investments, and makes recommendations on how they can improve things.

This adviser doesn’t write to his clients.

He just calls them.

No letters.  No postcards.

He just picks up the phone and calls.  Cold.

And it works.

He made it very clear that he doesn’t see any benefit in writing to his clients asking for a review.  He believes it’s better to call them.

So which one is right?

I spoke with a few different advisers after these sessions.  Most advisers enjoyed the messages and were motivated to prospect more regularly when they returned to their offices.  Not many commented on the apparent contradictory nature of the two sessions.

The thing they both have in common is they’re getting in front of people they haven’t seen for a while, conducting a review and finding opportunities for new business. 

They differ in how they do it.

One swears there’s no point in writing.  Phoning is the most effective option to him.

The other believes that sending the postcards works and helps warm his clients up.

And they’re both right.  They’ve both found a method that works for them.  Importantly, they make sure they do the activity necessary to get results.  Whether it’s calling, or posting and then calling, they’re making the effort to get clients in.

I learnt a long time ago to take ideas that appeal to me and use them.  When I’m at conferences I’ll pick out ideas that I like.  I may not agree with 100% of some-one’s talk, but I can usually find something that I can use.

What about you?  What prospecting methods work for you and help you get more clients?

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I’ve been a fan of Don Connelly for a while.  I’ve read a lot of his articles and he’s always got some great ideas about how to communicate with clients.  He’s not into pushy sales tactics (neither am I) – he’s very good at using analogies and stories to help clients understand what they’re doing.

I’ve just had a look at his You Tube channel and I found this video which is ideal for financial planners who have clients who still want to deal with a couple of planners rather than just one.

If you’re receiving this by email, you can view this blog article online here.

What do you think?  Leave your comments below.

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I’ve been working through Middleton’s InfoGuru Manual this past week and he’s got one section about creating your core marketing message.  This article gives some great examples.  You can find out more about Robert Middleton and Action Plan Marketing on this page.

So, from February 2007, here’s Robert Middleton with Marketing Messages That Work.

In my current Fast Track To More Clients Program, this week’s assignment was to create an effective marketing message based on the following four steps:

1. Your target market or ideal client.
You need to identify who you work with so that your prospect will know immediately if your message is for them or not.

2. The problem this client is dealing with.
This gets the prospect’s attention by hitting a nerve and letting them know you understand their situation.

3. The outcome that resolves this problem.
Declaring the kind of outcome they can expect makes them want to know more about your services.

4. Story or example that proves you can do it.
Telling a story makes your services real to the prospect. If you helped someone else, you can help them as well.

I’d like to share some of the better messages with you. Use them as a template to help you create your own messages. Stick to the four steps and you’ll have a much more powerful and attention-getting message.

Example #1 – Healthcare Consultant

We work with healthcare organizations, who struggle with hiring and keeping really good people.We help them reduce turnover by up to 70% and hire employees that are more productive.

A good example is one client that was really disappointed by the work ethic of new employees and struggled with 65% turnover. We were able to significantly raise the bar on employee work ethic and reduce turnover by 70%.

Example #2 – Financial Planner

I help people with a six figure incomes who are getting clobbered by taxes, staring at college and retirement and wondering how in the world they’re going to pay for it all.I show them how to send their kids to private college for about the same cost as public colleges, maintain their lifestyles at the same time and fund retirement.

A typical example is a couple that came to me who have two children that will attend college. They didn’t know how much college would cost, how much they should save and how much they were going to need to retire. I showed them how to save over $18,000 in taxes oriented around college funding by finding new ways to save on income taxes. I call these savings a “Tax Scholarship.” That might mean an additional $200,000 for retirement or a more expensive college for their kids.

Example #3 – Management Consultant

I work with CEOS of small to medium sized businesses who are experiencing a steady decline in productivity with their management teams and employees and are finding training programs ineffective. Lack of personal accountability and self-management skills has led to something that looks like procrastination and productivity loss.We increase self-management and personal accountability through practical, easy-to-administer tools that develop leadership growth not only in a local setting, but with remote team members.

One of my clients was a commercial construction firm that had tried several times (and several years) to implement a strategic planning process. However, the CEO had difficulty following up with the many goals that were set and holding the executive team accountable for all the steps and due dates. We implemented an online solution that gave the CEO a bigger picture of what was happening with the strategic plan and gave him the means to follow up quickly with team players that were falling behind. I advised him to move more into a coaching role with the team through this process. It resulted in the company implementing for the first time in 10 years all the goals they had set in their strategic plan. This had a very important impact on the bottom line in a depressed commercial construction market. While their competitors were struggling, they were doing well and did not have to lay off any employees.

Example #4 – Life and Relationship Coach

I work with individuals who have been unsuccessful in finding their ideal partner and with couples who struggle to keep their marriage intact.I help them to understand themselves more fully as individuals and I introduce them to concepts, exercises and skills that will increase their chances for a meaningful and lasting partnership.

I worked with a couple who was planning to get married but they argued incessantly. One of the partners had serious doubts about moving forward. I helped them identify the real underlying problems and taught them to see “the relationship” as a priority. They learned many things such as how to create a mutually satisfying partnership through respect, responsibility, and good communication. Their fighting stopped and they were able to resolve their stuck areas. They ended up getting married and three years later they are happy and expecting their first child.

Example #5 – Retail Consultant

I work with independent retailers who are frustrated with trying to get shoppers to buy.I help them create the kind of shopping experience that gets people to come inside AND buy.

A used music store that I worked with that was struggling to get people to stop and come in the store instead of just walking by. I helped them transform their dark, unappealing window, into a dynamic storefront that would get their customers’ attention.

Example #6 – Management Consultant

We work with busy entrepreneurs and business owners of successful small and medium companies who are frustrated because they are leaving money on the table because they are not getting important back-burner projects completed.We help them get a laser beam focus on what will move their business off the plateau and get those key projects completed and producing results for them, not gathering dust on the shelf.

We recently worked with a 150 year old manufacturing company. In order to bid bigger projects, they needed a higher level of certification in their industry. They had a history of knowing what they needed to do but failing to execute it because they were so busy manufacturing their product. We helped them develop an easy, step-by-step plan so they could see how it was possible. Now they are certified and able to track their inventory, bid more profitable projects and keep their customers happy. Just as important for them was the pride and accomplishment of working together as a team as achieving the goal.

 You’ll note that all of these marketing messages have adhered to the four steps. It’s clear who the service is for, why the service is needed in the first place, what the service actually delivers and proof that they have achieved tangible results with clients.

It doesn’t get much more complicated than that. If your marketing message is not getting results for you, use this formula to increase its impact.

The More Clients Bottom Line: Your marketing message is the foundation of your business. Create a good one and reap the rewards for years to come!

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I’ve been working through a couple of the books that form part of the toolkit, and I haven’t been dissappointed.  There’s some great material in the Toolkit, and it was well worth the price.

The good news is, they’re re-opening the offer for a limited time only later this week, on the 8th and 9th of July.  All the information is below – this is a great offer and I encourage you to have a look at the web site and buy it.  Even if only a couple of the products are useful, you’ve save a lot of money.

If you could get your hands on 20 business-building products for a fraction of the cost, would you leap at the opportunity?

Later this week, 20 business-building experts are coming together in a “radical experiment.” They’re practically giving away their premium products and programs to help you grow your business and increase your personal mastery.

It’s called the Ultimate Entrepreneur Toolkit, and you can find out more here:

Take a look at what’s included:

- Andrea Lee’s Pink Spoon Marketing gives you a detailed step-by-step roadmap for creating multiple revenue streams and marketing funnels that attract paying customers to your business
- Nancy Marmolejo’s Quick and Easy Social Networking is a proven 3-Part System to boost your visibility and expand your network using Facebook and Twitter
- David Wood’s Explode Your Practice (6 CDs of material) is chock full of essential strategies and practical how-to information for building a 6-figure coaching practice
- Brad Fallon’s “Stomping the Search Engines 2″ is a cutting-edge video training program that will teach you how to use Search Engine Optimization to bring free traffic to your web site
- Patricia Fripp’s “Become a Masterful Speaker” includes 4 audio training products that will teach you how to become a masterful speaker with superior sales and presentation skills
- Brad Smart’s “World-Class Interviewing and Hiring” video training course will show you how you can identify hire superstar talent for your business
- Ken McArthur’s “Information Product Blueprint Workbook and Action Plan” (an incredibly comprehensive, 674-page manual) will show you the step-by-step process for creating your own information product

… and that’s just a sampler of what you’ll get!

The Ultimate Entrepreneur Toolkit is only available on July 8th and 9th, because of the massive discount involved. Don’t miss this amazing opportunity to get some of the best courses, programs, and tools for business building available anywhere – and save 95%.

I was impressed by the value offered in this unique product, and I’m confident that it’ll be worth it to you and your business.

To get all the details, go to the website

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What we learn from Apple

I have a Creative MP3 player, and I recently bought a Samsung player for my son.  I bought my Creative a few years ago.  It was priced at a similar price point to the comparable iPod, but had a couple of extra features the iPod didn’t – FM radio and a voice recorder.  It had the same memory capacity, better video display and these two extra features.  Yet the iPod outsold it.

You see, when you buy an iPod, you’re not just committing to the player.  You also commit to the iTunes store.  And once you commit to the iTunes store, you’re locked in.  Because up until this year, the songs sold through iTunes had digital rights management (DRM) restrictions which were designed to stop these songs being shared.  But because the songs were encoded in a format unique to Apple, it made it difficult for an iPod user to replace their iPod with anything but an iPod.  Why?  Because the songs won’t play on the new player unless it’s an iPod.

When I buy songs through iTunes, I have to burn them to disc and then rip them to the MP3 format before I can add them to my MP3 player.  But if I had an iPod, they’d be ready to play immediately.

The restrictions have been relaxed now, but if I have a library of DRM music, I need to pay extra to upgrade each track if I want to remove the DRM restrictions.

By creating a complete system of buying and then playing music, Apple has created some barriers around its customers that make it difficult for them to move elsewhere.  The simple fact is this…if I have an iPod and it needs to be replaced, it’s too hard to look to any other players, even if they have better features.

This is an example of switching costs.  It costs me too much in time, money or some other commodity to change.  Because of this, I stay.

Creating Switching Costs

When I did my MBA I was introduce to Porter’s Five Forces analysis.  Within this framework was this concept of switching costs. 

Where there is little diversification, and a product is seen as a commodity, then the buying decision is primarily based on price and service.  The sellers embark on price cutting strategies, or offer higher levels of service to win the sale.  Both these strategies could end up costing more over the long term.

Where a product is differentiated and there is little perceived competition, it can command a higher price.  Because it appears different to its competition, consumers are less likely to move elsewhere because they’re not convinced they’re going to receive the same value somewhere else.

Porter, in his book Competitive Strategy outlines some major sources of switching costs:

• Costs of modifying products to match a new supplier’s product;
• Costs of testing or certifying a new supplier’s product to ensure substituability;
• Investments in retraining employees;
• Investments required in new ancillary equipment that is necessary to use a new supplier’s products (tools, test equipment, etc);
• Cost of establishing new logistical arrangements;
• Psychic costs of severing a relationship.

                                           Porter, Competitive Strategy pg 114

This blog is aimed at people who sell services.  If you’re good at selling your product, you should be aware of the relevant switching costs for your product.  This can be helpful if you’re trying to win a new client (so you can understand possible impediments to the sale proceeding) and it can also help you keep clients.

For many clients, the depth of the relationship is a huge switching cost.  Consider the client of an accountant.  They’ve probably spent years with the one accountant, and that accountant probably knows a lot about their personal and financial affairs.  If they switched to a cheaper accountant, whilst they may save some money, they’d see a massive cost in having to build a relationship with someone new.  There’s also the fear of making a mistake – ‘what if we move to this new accountant and we don’t like them?’.

In the above example we can see that in a service environment, cost may not be the deciding factor.  The important thing is to understand what is.

What Are Your Switching Costs?

Have a think about your product or service.  What are some of the switching costs that may inhibit a client moving to you from somewhere else.  How can you reduce the perceived level of pain of those costs?

What about your existing clients?  What are some things you can do to make yourself invaluable to them so they won’t leave you and go elsewhere?

In many cases, switching costs are not financial in nature.  They may be intangible, they may be time-based and they may be relational-based.

I’m not advocating being dishonest and locking clients in to service agreements that stop them from going elsewhere.  This is about respecting your clients, but also respecting yourself and having enough faith in your services that you’re confident in differentiating yourself from the crowd.

What do you think about switching costs?  Do you have any examples to share?  Leave a comment below.

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Tonight I downloaded an EP called You, the Night and Candlelight from a guy called Dave Barnes.

I’ve heard a couple of his songs before, been following him on Twitter for a while (hey, he’s also very funny) and tonight I jumped onto iTunes and bought his EP.  I was listening to my two favourite tracks, Until You and Home and I did something I haven’t done for a while – I stopped what I was doing, turned the volume up and just listened.

You see, music has become a good thing to listen to while I’m doing something else, but tonight I stopped the ’something else’ to listen.

I reminded me of when I was a kid and I’d save up for weeks to buy a new album (on vinyl) and I’d play it repeatedly in my room.  I’d devote my whole attention to it, reading every word on the cover and memorising all the lyrics.

Tonight, Dave Barnes got my attention.  My full attention.  How did he do it?  He produced something worth listening to. 

When I listen to his songs, I hear his passion.  He doesn’t just sing words, he lives the song.  I’m sure when he recorded this record he was determined to do the best he could.

I got so excited about this music, I had to share it with the world.  I jumped on Twitter and wrote about what I was listening to.  This is what fans do these days – they use Twitter, My Space, Facebook, whatever to get the message out.  The smart musos are leveraging this and becoming more accessible through social media.

So how does this relate to business?

I’m challenged about the power of positive word of mouth.  How can I get my clients so excited about what I do for them that they can’t contain themselves and have to tell their friends?

What I’ve learned from Dave Barnes is that spending time (years) refining my message is a good place to start.  Gladwell would suggest 10,000 hours is required.  The other thing I’ve learnt is to become passionate about what I do.  I need to be so excited about my message that people are drawn to the message.

What can you learn from this?

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We need to have some electrical work done around our house and my wife related a conversation she had with the electrician. 

When he was last out to do some work, he noticed that we have a light switch inside our bathroom, right next to the bathtub.  He mentioned that this was actually illegal as light switches should be on the outside of the door that leads to the room with the bath.  He said that we should look to get it moved and that if we ever wanted him to do work in the bathroom, he’d be obliged to move the switch.

Well, we need to have some work done and he reminded us of the need to move the switch.

It’s interesting what he’s done here – he’s created more work (and income) for himself without us getting resentful about it.  The switch needs to be moved – there’s a very good reason (safety) for the move.  We trust him based on the previous jobs he’s done for us – he always turns up on time, does what he promises, doesn’t leave a mess etc.  Over the years we’ve built up a good relationship with him and trust him.  When we need to get electrical work done we don’t get any other quotes – we just call him.

How can you become like our electrician – trusted and indespensible?

How do you build trust with your clients and demonstrate your capabililties? 

I’m always challenged when I see the need to suggest something extra to a client – a bit like the need to move the switch.  I sometimes feel worried they won’t see the need for it but when you think about this example, if they trust you, they won’t doubt that you’ve got their best interests in mind.

Finally, how do you become indespensible to your clients?  How can you get to the point that they no longer consider using your competitors?

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Information

You want to find information, it’s all there.  More information is available for free today than ever before in history.  Whatever you’re interested in, you can Google any questions you have and you’ll be able to access a whole range of information that is specific to your topic.

So are we any better off because all this information is available?  Maybe not.

If I want to find information on setting up a company, I can find it on the web, for free.  The information is available.  But I have to find it, read it and understand it.  That’s where the next bit comes in – knowledge.

Knowledge

Knowledge is understanding information.  Knowledge is taking the information contained in multiple sources and putting it together so it makes some kind of sense.

A lot of MBA students have knowledge.  Say they’re taking a marketing subject.  They can learn all about positioning, the four P’s, value propositions, distribution channels etc.  They can obtain information from different sources and convert it into knowledge. 

But knowing about something and actually being able to do something are two different things.

And that’s where expertise comes in.

Expertise

Expertise is being able to take the knowledge and learnings from past experiences and being able to apply it to a particular situation.  You can’t buy expertise – you earn it through years of doing.  Gladwell talks about needing 10,000 of practice before you become proficient at a skill – that’s expertise.  You can have all the knowledge and information, but actually using it and learning from it is how you gain expertise.

• Expertise comes from making mistakes – and learning from them.
• Expertise comes from having huge successes – and understanding what made them successful.
• Expertise comes from learning from other experts and watching them operate.
• Expertise comes from applying your knowledge and information and watching the outcomes.

What Do You Sell

This blog is aimed at people who sell professional services. 

In professional services, if all you sell is information, you’ll quickly become redundant.  Because if it’s not already available for free, it soon will be.  A great example is mutual fund ratings.  For years financial planners had exclusive access to mutual fund ratings – if you wanted a five star fund you needed to see a financial planner to find out who the good fund managers are.  That information is now available for free.

If all you sell is knowledge, it’s not enough.  Many potential clients think they’re able to do it themselves because they can access the information and convert it into knowledge.  But knowledge without experience is dangerous.  It’s the investor who knows who the five star funds are and invests blindly into those funds without stopping to think about whether the performance is likely to continue.  It’s the difference between reading about how to fly a plane and having actual experience in the air flying.

If you’re selling knowledge and you’ve been around for a while, you can sell expertise instead.  Expertise is hard to quantify, but clients value it.  Your job is to make the benefits of your expertise tangible to your clients.

Legal services is a good example.  Say you need to write a Will.  Of course you can obtain the information and knowledge to write one.  You can even buy a DIY Will kit and complete it yourself.

But you lack expertise.  The lawyer doesn’t.

It costs a bit more to get a lawyer to draw up your Will, but you gain peace of mind.  If you did it yourself, you wouldn’t know about any problems until it was too late (then your Estate would find out about those problems).  You may forget about the tax implications of selling assets, you may mention assets in your Will that won’t actually form part of your estate – there are a range of things that can go wrong in even the most simplest of estates. 

So if I was a lawyer, I’d be promoting my expertise to potential clients.  I’d be highlighting potential problems and then explain how my advice could prevent them.  I’d be selling the benefits of my experience – this is my job, it’s what I do for a living.  Sure you can try and do it yourself to save some money now, but it may turn out to be more costly in the long term.

So what do you sell?  Information, knowledge or expertise?

Which ones do you think are worth more?

How do you differentiate between the three when you’re speaking with clients?

How can you make your experience more tangible to your clients?

Let me know what you think and leave a comment.

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