21st Century Marketing – The Good Guys Win

GenerosityAs a matter of principle, I have always subscribed to the notion that nice guys don’t have to finish last. In fact, they can and should finish first. This ideal has been challenged repeatedly throughout my career, but now that I’m running my own business I’ve come to the conclusion that helping the good guys be more successful is the best possible application of my time and talent.

Slate Magazine published an article titled “Nice Guys Finish First” by Seth Stevenson featuring the work of organizational psychologist and Wharton Professor, Adam Grant. Mr. Grant has published a book, “Give and Take” in which he identifies Givers (the good guys), Takers (aggressively self-serving) and Matchers (most of us).

Mr. Grant has observed that the Givers are abundantly generous with no expectation of reciprocity. They give expecting nothing in return. He also notes that the givers who protect their interests – who don’t allow themselves to be exploited – are likely to excel in organizations. In my experience (and ideal world) they also excel in business.

Givers, and the organizations they lead, are perfectly suited to modern marketing strategies. Because they focus on making the people around them better and more successful, their companies are more customer-focused. Because they place their customers’ interests above their own, Givers are better positioned to conduct the honest dialog that is so crucial to branding and marketing today.

David Packard once said, “Marketing is too important to be left to the Marketing Department”. I don’t think Mr. Packard was dissing the marketing department. He just understood that marketing is too big for any single person or group. Everyone has to be engaged in the important work of creating value and building a brand.

Marketing today is a very big picture indeed. And what gets me really excited about the work I’m doing these days is this: the people I’m working with think so too! They are good guys who care about their products and services. They care about their employees. And they REALLY care about their customers. That, to me, is what business and marketing is all about.

I have my own observations about the “good guys” I have worked with and watched over the years. These are women and men, founders, executives and managers who are never happier than when everyone around them is challenged and successful.

  • Good guys are never, ever done. Whether I’m working with the founder of a startup or an executive at a well-established firm, these leaders always want to do more and be better. They recognize that earning their customers trust and loyalty is an ongoing imperative, and they take that challenge very, very seriously.improvement image
  • Good guys want their people and companies to be the best. Most of the good guy leaders I have worked with have studied their competition enough to know if they have some catching up to do. But for the most part, they’re motivated by an unquenchable desire for self and organizational improvement.
  • Good guys stay sharp. These men and women are almost all voracious readers, and a lot of what they read is directly or indirectly related to their work. They read about marketing and leadership. They study evolving management practices. They’re fascinated by emerging technology and all the possibilities it promises for improved service and efficiency.Books images

I’m working with a founder now, Jack, who exemplifies these traits. Jack left the security of a full time gig at a major company about thirty years ago because he saw a void in the marketplace. At the time, the segment of the population he serves had a very poor menu of options. As a result, people were often forced to choose financial solutions that were inadequate to their circumstances.

Jack rushed to fill that void. Through self-directed education and hard work, he became a nationally recognized authority in a discipline he essentially created. He founded an organization for the practice and served as its first president.

Benefiting the industry at large, and by extension thousands of people he could never hope to serve, Jack also contributed to the development of an accredited professional training curriculum and designation. To top it all off, he lobbied at the state and federal level and served as an expert court witness to protect the interests of the people his business was built to serve.

This was all in addition to his day job.Teamwork

I spoke with some of Jack’s colleagues to get a broader perspective on the business. To each of these accomplished individuals, Jack was and is the embodiment of the firm’s culture, character and brand. He is the company’s most enthusiastic evangelist and its single largest revenue producer. Significantly, their high regard for Jack is only exceeded by Jack’s regard for them.

Mostly, Jack is passionate (an overused term I hesitate to use, but appropriate here) about the people he serves – a community whose lives his company is in a position to change in profound ways. Jack is a business “good guy”.

It’s a privilege (and a blast!) for me to work with Jack and business leaders like him. I benefit from their wisdom. Their zeal inspires and excites me. Together, we approach marketing from a big picture perspective, working to build brands and grow businesses around true stories that really matter. That’s a world where, I believe, good guys are destined to finish first.

 

Have you ever worked for or with good guys? How did their presence affect you and your organization? Do you agree with my premise – that modern marketing is well suited to supporting the success of good guys? Let me know what you think. I’d love to hear from you. If you like this, or any of my articles I hope you’ll share them. Thanks as always for reading ~ Michael 

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Wealth Management Marketing: Quick Fixes to Keep You in the Game

marketing imageI met with a former colleague the other day to discuss his wealth management firm’s marketing message and capabilities. The firm has experienced strong, steady growth since its inception, largely due to the hard work and strong reputations of its partners and some smart acquisitions. But now that the partners are approaching retirement and a new generation of advisors has been tasked with maintaining the firm’s growth trajectory, their marketing deficiencies have become a problem.

The tricky part is convincing the partners that the firm needs to invest in marketing today when it never had to before. They built a successful firm and careers without any kind of strategic marketing. Why should they start doing it now?

Here’s why…

competition

Your competition is – The financial services industry was late to this party, but it’s now common to see even small firms with clearly defined brands, great websites, slick user experiences and high visibility in multiple media. These companies tell great stories that illuminate and engage their audiences.

 

It’s crowded out there – The advisor community has experienced some consolidation and the pace of retirements will soon be picking up, but anyway you look at it there are a lot of companies and advisors all competing for the same clients. Anything that gives your advisors an edge – makes them more memorable or more credible – can make all the difference.

CROWDS

Who you are is just as important as what you do – Unless you really do have a one-of-a-kind planning or investment strategy, the surest way to win new business is by expressing your firm’s unique sense of purpose, the qualities that define your character. You’re working to win the trust of investors, a challenge that demands a real conversation about real people’s hopes and fears. You have to show them you understand. You care.Introspection image

You have to get – and hold – people’s attention – There has never been more competition for your audience’s eyes and ears. Getting through to them when and where you stand a chance of making an impression is hard. You need a plan, a message, a style and a system for making adjustments to capitalize on wins and correct underperformance.Attention

The senior members of your firm may agree intellectually to all of these arguments,

BUT,

They still find it difficult to make the investment.

If that’s the case for your firm, here are a few relatively quick, easy and affordable steps you can take right now to keep your firm and advisors in the game. These are no replacement for a strategic, integrated marketing plan, but it’s a start that could whet your firm’s execs for more.

mission_statement image

Develop a mission statement – Or better yet, a Vision – Mission – Values statement. This is a helpful exercise anyway and it provides you with content you can use for a variety of purposes. Click here for a great guide from BPlans with instructions for how to compose a strong mission statement.

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Use it – Put your mission statement on your website and on your corporate and product brochures. If you really like it, put it on the back of your business cards. Heck, if you really really like it, make it the foundation for your company’s operating and growth strategies!

Develop or update your collateral – Investors want something from you to either familiarize themselves with you before a face to face meeting, or to remember you after a meeting. You have to have something and it has to look good. Check with a local advertising agency to see if they will quote you a price for copywriting based on your mission statement and a few interviews with the relevant subject matter experts and principals. The same firm can also bid on the design, but agency fees can climb fast. Check with graphic design students at a nearby college or university to help reduce costs.brochure03

Fix your website – Take a look at your website. Compare it to the sites of other wealth management firms, especially your most worrisome competitors. Chances are pretty good that you’re going to see some sites that look and work WAY better than yours. Make note of the content, style, and functionality you like most, then check with your web developer/designer to see kinds of changes you can make now to improve the look, content and user experience on your site without getting into the big bucks.website fix image

If you decide you need a new site entirely, WordPress, SquareSpace and others have excellent web development and content management platforms with a ton of terrific bells and whistles. Your developer probably has a preference and can tell you more about them, including how your staff can manage the content to help keep your site fresh and relevant.

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These steps represent a quick fix, and will not be as effective in the long run as a strategic marketing initiative. But for firms with tight budgets and growth plans, even these adjustments can make a big difference for advisors competing to win new business.

Good luck!

All About That Base: Build on Your Brand’s Foundation

Bass fiddleSimply stated, a company markets because it is looking to get from one place – its base – to another place.

They want to go from a position of low visibility to a position with higher visibility.

They have a reputation for doing one thing, and want to expand their audience’s perception to include other things.

Mostly, of course, they want to go from their current level of sales, revenues and profits to a level where they enjoy more of all these things, most certainly profits.

As with any journey, where you are at the start – your base – is an essential element when planning for your company’s growth.

But it’s far more complicated than just what you sell and how much you make. You need to take a long, hard look at how you do what you do and why it matters to the people you serve. That’s your “base”.

Is your company great at what it does? Is it the best quality? The cheapest? The most accessible? The most personal? The most creative?

Be critical. Think about the expertise, time and resources you bring to helping your customers achieve their objectives.

Can you honestly say your clients’ experience is superior to the experience they would have with another company in the same space?

Why? How do you achieve it? What policies and systems assure excellence?

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I’m talking about the kind of sustainable, repeatable excellence that doesn’t rely solely on the skill and good judgment of a few key, conscientious people – people who may come and go?

Is your methodology and operating infrastructure capable of supporting growth without compromising your clients’ experience?

What do your customers say?

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Why, with all the choices out there do they choose and stay with you? What would they miss if you weren’t there? Why does it matter to them?

You know there are new companies with new products and technology out there vying for your clients’ attention. These companies are making big plans to seduce your current and future customers with advantages they’re sure you cannot deliver.

 

How can you leverage your core competencies – your base – with emerging systems or technology so you remain one step ahead of the shiny new things that threaten to distract customers from the value you know you bring?

 

What does your brand dictate? In my article “Inside Out – Building Better Brands”, I describe how your company has a brand, whether you set out to “brand” or not.

It’s how people feel about your company, the space your company occupies in their minds. To them, your brand is the product of all the things you’ve said and done. More than ever, it’s also the outcome of what your customers and critics have had to say about you. All the stuff you’ve sold and all the relationships you’ve built contribute to the brand. Your growth plans MUST honor it.

As you make plans to market and grow. As you consider adding new products or expanding into new markets, be all about that base: The vision. The set of passions, skills, capabilities and relationships that got the ball rolling in the first place.Understanding

By understanding your brand and the qualities that enliven your relationships, you can drive growth that excites your people and your customers. Just be you, only better.

Bigger will follow.

A Great Vibe…Does Your Company Have One?

vibrationThe Houston Chronicle featured an article last year titled How to Identify and Fix Your Company’s Vibe. It’s a short, well-written article with some good advice for how to correct non-aligning perceptions and engage employees. It’ll take about 3 minutes to read it so what the heck, right? I’ll wait…

I want to take the concept of your company’s vibe a little further. Why? Because understanding your company’s vibe and being true to it will determine whether your company succeeds or fails. Or at least the degree to which you will succeed.

Back in 1977, one of Apple’s earliest investors, Mike Markulla composed what for me is probably the most elegant expression of a marketing and operating philosophy (a vibe!) I have ever seen…

apple marketing philsophyPay special attention to the term “impute” and its context. This is where your company’s vibe is born and raised. It means that every part of your organization and every customer interaction should be imbued with the same high sense of purpose.

In other words, if you’re proud of your core competencies (and you sure should be) then everything else you do should reflect that excellence.

According to this principle, it’s not OK to say “We’re good at managing money. We don’t need to worry about our website.” Or “people come here to work out, not to feel like they’re visiting a resort.”

Wrong.

Your customers and future customers want to experience you at your best – everywhere. All the time. Regardless of where that experience takes place.

guitar vibration

Think of a vibe, a vibration, as the rapid movement of a guitar string. Then imagine everyone and everything in your organization operating on the same frequency.

  • You’ve identified and corrected points of friction.
  • Your products, people and customer interactions are consistently great.
  • You solve problems quickly and gladly.
  • And you look, sound and behave in ways your customers expect and admire.

Now imagine how empowering this concept could be for running your business.

If you’re contemplating entering new markets or launching new products, you have to ask the questions, can we do this without losing our vibe? Can we have an even better vibe? What can we do to make sure our people are also experiencing the vibe?

Having a great vibe doesn’t necessarily mean you’re edgy or hip. It means there’s no dissonance, no disconnect between what you say, what you do and how you do it.

You’ve probably heard someone describe a shop or restaurant saying “that place has a great vibe”. These days, that’s a pretty profound recommendation. It implies a great product, great people and a great experience all coming together. It’s a place people talk about and return to. It could, and should, be your business.

The exact same principle applies to financial services and other professional services firms. Think about your vibe. Change it if you need to. Keep making it better. And most of all, make sure everyone in the organization is true to your vibe.

 

Would you say your company has a vibe? How relevant is this concept to your business? Do you think the terms “vibe” and “brand” are interchangeable in this context? What companies or businesses do you think have a great vibe?

 

 

Grab Some Heir – Connecting with Your Clients’ Kids

teacher studentFinancial Advisors who want to provide stellar service, accelerate or resume growth and preserve assets under management can take steps now to develop win-win relationships with their clients’ heirs.

A lot of advisors face a similar dilemma. As their practices have matured and their clientele has grown, their clients have matured too. As their clients retire, entering the distribution phase of life, many advisors have found it much more difficult to grow their practices.

Assets under management go into a slow, steady decline but the time necessary to generate new business is occupied by existing clients.

The decline in assets is exacerbated by the common practice among growing advisors of referring their younger, less affluent investors to junior advisors or investment management platforms that are better suited to younger investors’ more modest circumstances.

This idea looked great at the time. The advisor recognized that her more affluent clients had more complex requirements, so she chose to focus her time, attention and talent where it was most needed. Longer term, though, the outcome is a book of business that is heavily weighted with investors from the same wealth accumulating generation.

So what can you do?professor image

The most obvious answer is, of course, to establish a relationship with your clients’ kids and grandkids. Do this, and you have the next generation or two already predisposed to choose you as their advisor when the time comes for them to start investing on their own.

 

But wait. Didn’t I just say that it’s hard for an advisor to serve their older, wealthier clients and bring on younger, less affluent clients?

Yeah, I did. But in the case of investors and their heirs, there are ways to solve this time crunch and keep every generation happy. Here’s how…

Work with your client to engage their children early, when they’re still in primary or secondary school. Encourage your client to include them at your next review. Spend some time telling the kids why mom and dad invest. Show them how you work with mom and dad to help them achieve their financial goals.

Don’t get into the details. Just introduce them to the importance of planning, diversification and discipline. Show them how you help their mom and dad. They’ll see you as an important part of their parents’ lives and you’ll win a place of high regard in their (and their parents’) minds.

Work with your client to set the kids up with a small fund account (diversification). Get them used to seeing their statements and your regular client communications.

suppliesWhen they’re ready to start investing for real, let them know that you will be asking a colleague to help with their account for now, but you’ll always be on hand to answer questions.

Keep them on your mailing list. When the time comes, let them know that you are ready to serve them as you have their mom and dad.

Work with your client to engage, educate and prepare their young adult heirs

By the time they complete their educations, start work and are making their own investments, possibly with someone else, heirs are probably pretty curious about their parents’ finances and wonder what the implications for them will be.

Now is the perfect time to arrange for a family meeting. In this setting, you can educate the entire group about the plan to help with your clients’ retirement and estate. Discuss the clients’ Investment Policy. Show how the their financial plan and investment portfolio support the policy.

Young ProfessionalsFeel free to include the clients’ estate attorney and other trusted partners in the discussion. At D.A. Davidson, our trust company published a workbook titled “What My Family Should Know”, an invaluable instrument for discussing and recording important family matters like the whereabouts of assets and insurance, and the clients’ end of life wishes.

The key here is to be a participant in the process. Don’t just send the workbook to your clients. By organizing the discussion, you establish authority and credibility with the heirs. Let them see the wisdom and expertise you bring to their parents’ financial plan and its execution.

At this stage in the heirs’ lives, they probably don’t yet meet your account threshold. Make a decision about whether you have the capacity to add the relationship to your existing workload. If not, refer the heir to a less labor intensive platform. Again, keep them on your mailing list. Offer to be a resource whenever they have questions.

Work with your client to recruit the assistance and support of their mature heirs

Clients who have entered retirement may have children who are well into their saving and investing years. If these heirs are not investing with you, then attracting them will be difficult.

parents and grandparents

It makes sense. You know first hand how powerful the bond of trust is between an advisor and a client. Still, tens of thousands of investors a year switch advisors. An older heir might very well choose the advisor who served her parents so well!

As above, meet with your client and the heirs to discuss their plan and investments, then broaden the conversation to include roles and responsibilities – living will requests, executors, trustees, beneficiaries and more. Demonstrate your command of the client’s financial plan and your commitment to contributing to your client’s well-being, and the ongoing well-being of her family.

Want to win your clients’ kids’ business? Include your client’s family in the conversation from the outset. By encouraging their involvement, you open critical lines of communication and provide a valuable education.

In a business based on relationships and trust, this strategy is sure to pay dividends.

How do you connect with your clients’ children? Do you consider the next generation in your business development activities? What systems or resources does your firm or custodian provide to help you manage relationships with heirs? If you choose to include beginner investors in your client base, how do you manage the time? 

 

Thanks as always for visiting my site. If you like this or any of my other articles, please share it. Your comments are a valuable resource for me. Let me know what you’re thinking. I want this site to be valuable to you ~ Michael 

 

 

What You Say and How You Say It. The Secrets to Growing Your Wealth Management Business

megaphoneAdvisors and firms with a thoughtful, deliberate approach to their message and image stand a better chance of winning new clients.

In “Why Advisors Fail to Close Prospects”, an article published in December, 2014 in RIA Biz, a financial industry publication, Financial Advisors were asked to list the reasons they failed to secure relationships with prospective clients.

Fourteen issues were identified by the advisors. The following five were noted as standouts (paraphrased here), along with some advice for how to overcome each “marketing bugaboo”.

A Poorly differentiated offering

At the risk of oversimplifying a very complex set of challenges, I would distill this list even further, down to just two overriding considerations…

Message and Image… What you say and how you say it.

What you say is driven by your firms’ policies and practices for transparency, and an intention to educate and inform your clients and prospects using plain, comprehensible language.

What you say should reflect your investment management acumen and a desire to understand your audience. It should respect their intelligence, and assume that too much information is always better than too little. Investors know there are risks. Make sure they have a firm grasp on the risks that are peculiar to their circumstances and investments.

What you say should help your prospects understand and value your commitment to excellence and continual improvement. They should also know you (or your firm) will be there for them when they need you.

What you say should make your fees (and/or commissions) completely understandable and justified. Remember, price is only an issue if there is a perceived lack of value. If your prospect doesn’t believe you are worth what you’re charging, then maybe you’re not the right advisor for them.

Understanding

How You Say It is the outcome of your firm’s strategies for marketing, communications, training and the client experience.

How you say it is consistent. It’s shared by everyone in your organization because it reflects your values and a collective belief in the firm’s mission.

How you say it is enhanced and extended by a terrific website that offers a great user experience, engages your visitors and works great on desktops, tablets and smart phones.

How you say it holds your marketing to a high standard for content that is smart, accessible, elegant, and professional.

How you say it honors your commitment to your community by calling attention to your corporate citizenship, investor advocacy and professional thought leadership.

How you say it recognizes the way people feel when they call your office, drop by for a visit or get their statements in the mail or online. It should shout that you are always looking for ways to help.

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Being intentional about what you say and how you say it will help win you new business, but it’s no small job. It requires soul-searching, hard decisions and a relentless pursuit of improvement. But in the end, differentiating yourself in the marketplace, enlightening your clients and prospects, and confidently defending your fees is the best path to growth and success.

How does your practice or firm differentiate itself in the marketplace? What firm’s or practice do you think do an exceptional job? How have you overcome questions about credibility in the past?

Thanks as always for your interest in this article. If you like it, please share it. If there are topics you would like to see me address, please let me know. I love hearing from you.

A Christmas Carol: Mr. Fezziwig’s Lessons for Management and Marketing

250px-Fezziwig_Ball-_Sol_EytingeCharles Dickens’ “A Christmas Carol” is a much-loved staple of the holiday season, and a personal favorite of mine from one of my favorite authors. Presented for the first time in 1843 to wide acclaim and commercial success, the short novel or one of its many adaptations still entertains millions all over the world over a wide variety of media.

It’s easy to see why. The story’s message of forgiveness, generosity, hope and redemption resonates with people of many backgrounds and traditions. To this day, it possesses life – and business – lessons that are every bit as relevant as they were in Victorian England.

You know the story. Ebenezer Scrooge (among the best names in English literature) is introduced as a bitter miser, insufferable skinflint and cruel, abusive employer. Jacob Marley, Scrooge’s business partner who died seven Christmases ago, visits Scrooge as a tormented ghost to reveal the fate that awaits a terrified but recalcitrant Scrooge.

“I am here tonight to warn you, that you have yet a chance and a hope of escaping my fate. A chance and a hope of my procuring, Ebenezer.”

What follows are visits by three “Spirits”: Christmas past, Christmas present and Christmas yet to come. Each spirit guiding Scrooge through his own experiences and illuminating the experiences of the people whose lives Scrooge touches.

While in the company of the Spirit of Christmas past, Scrooge visits the workplace where he was apprenticed, Mr. Fezziwig’s warehouse, just in time for Mr. and Mrs. Fezziwig’s annual Christmas party. What ensues is an evening of joy, laughter, feasting, music and dancing that awakens a long denied aspect of Scrooge’s personality.

As the evening wanes and Scrooge and his fellow apprentice are “pouring out their hearts in praise of Fezziwig”, the spirit provokes Scrooge by saying:

“A small matter to make these silly folks so full of gratitude.”

“Small!” echoed Scrooge.

“Why! Is it not? He has spent but a few pounds of your mortal money: three or four, perhaps. Is that so much that he deserves this praise?”

“It isn’t that”, said Scrooge, heated by the remark, and speaking like his former, not his latter self. “It isn’t that, Spirit. He has the power to render us happy or unhappy; to make our service light of burdensome; a pleasure or a toil. Say that his power lies in words and looks; in things so slight and insignificant that it is impossible to add and count ‘em up: what then? The happiness he gives is quite as great as if it cost a fortune.”

Upon making this exclamation, Scrooge reflects briefly and regretfully on the mistreatment suffered by his employee, Bob Cratchit, explaining to the inquiring ghost that, “I should like to be able to say a word or two to my clerk just now! That’s all.”

Scrooge’s elegant observation about the power of leaders to positively or negatively affect the lives of the people they employ is timeless. Further, it has profound implications for the experiences of our customers and prospects.

The true beauty in Fezziwig’s leadership, and the way it’s perceived by his employees and neighbors, is his sincerity and consistency. “…His power lies in words and looks; in things so slight and insignificant that it is impossible to add and count ‘em up: what then? The happiness he gives is quite as great as if it cost a fortune.”

Fezziwig’s leadership is born of high regard for the people he employs, and exhibited in ways too numerous to count. The Christmas party serves as a celebratory accent to relationships that are already rich and rewarding.

Ghost_of_Christmas_Past

Employees who feel valued and respected are happier. They provide better service. They’re more creative and more productive. They work harder, bounce back better and support one another more vigorously.

As a result, your products and services are delivered more enthusiastically. Problems are solved more quickly and the “vibe” your prospects get when considering a relationship with your company is better. It doesn’t take a social scientist or research analyst to figure out how important this could be for your business.

The onus here doesn’t lie exclusively with employers and managers. This positive dynamic exists only when employees, like the young Scrooge, are industrious, competent, collaborative and have a clear understanding of what’s expected of them. They also need to understand and embrace what your company stands for (aka YOUR BRAND). These conditions should be met by most companies’ hiring and training procedures. If they don’t, then you are at a disadvantage out of the gate.

As leaders, we can use Mr. Fezziwig’s example to create an environment where we’re able to depend on the people who bring our brand promises to life.

By setting high expectations, providing the resources to meet those expectations and celebrating great outcomes, you can make your company a place where everybody – employees, neighbors, suppliers, customers and prospects – are all happier. With “words and looks; in things so slight and insignificant that it is impossible to add and count ‘em up…”. You can can build a culture where “the happiness he is quite as great as if it cost a fortune.”

I’m publishing this week on Tuesday because my ordinary Thursday falls on Christmas day. If you like this or any other of my articles, I hope you will share them with friends and colleagues and consider following my blog. As always, your comments are invaluable to me as I plan for future contributions.

Please accept my best wishes for a warm and wonderful Christmas. I hope you are safe and warm, and surrounded by people and traditions you love. Next week, I’ll be taking a look at what I think 2015 might hold. I hope you’ll tune in.

Where have you been happiest at work? How did leadership contribute to your happiness? Can you think of a business you patronize where people are clearly happy? How does it affect your experience as a customer?

5 Steps to Supercharge Your Financial Services Social Media Strategy

social media imageWhen I began marketing financial services, social wasn’t on the media landscape. In those days, not that long ago, we relied on traditional media, some digital (search & email), public relations and promotions to attract the attention of the people we wanted to serve.

The marketers who succeeded in that environment did masterful jobs understanding where to find their prospective customers and crafting messages that moved them.

They weighed the merits of a growing list of media channels and allocated their budgets in ways they hoped would achieve a measurable return on investment. The addition of social media has made things more complicated. It has also made them better.

What’s cool about social media is its ability to supercharge all the great marketing you are already doing. No matter how you go about marketing your company or brand, social media can amplify and extend the impact.

Whether you are already participating in social media or making plans to start, these five steps will help make your social strategy a success, with outcomes your CEO and CFO will like just as much as you do.

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  1. Prepare an editorial calendar: Think about your social media strategy as a narrative arc that extends through the next 12-18 months, and tell a story you believe will matter to your clients. If you are active on multiple platforms, such as LinkedIn and Facebook, it’s critical to remember that each demands its own style and content. Your social strategy should complement and reinforce your overall marketing strategy.document
  2. Upgrade your content: Whether you are writing and publishing your own, curating the content from other sources, or a combination of both, make sure it is consistent with your brand, your strategy and meets your highest standards for quality and integrity. If you are empowering the field – your advisors, bankers, analysts and so forth – work with them to find or create content that is suited to their business and their audience.barchart
  3. Be fanatical about analytics: Watch your results (likes, shares, comments, click-throughs) closely and be prepared to make adjustments when things go well and… well… not so well.magnifying glass
  4. Invest in a social media compliance provider: Most companies who are active in social media have already contracted with a company like Socialware or Hearsay Social to help surveil, moderate, approve and archive social media content. The SEC and FINRA pay close attention to member firms’ activity in digital media. The good news is that with these tools you can manage the risk!being social image
  5. Most important of all, BE SOCIAL: Too many firms in the financial services industry treat social media the same way they do more traditional media. This is not a place to hawk product. Listen to what your audience is saying, explicitly or through their behavior, and respond. Social is where you build and fortify relationships and trust. Deliver content that people value. Deliver it repeatedly and consistently, and you will earn the opportunity to ask them for something.

This is an exciting time to be in the financial services industry. By embracing digital media overall, and social media specifically, financial services companies and professionals can be visible and relevant in ways other media simply can’t match. Stick to these steps, and you’ll be on the right track, nurturing existing relationships and creating opportunities for new ones. Now…go get ‘em.

Does your broker, wealth manager or bank do a good job interacting with you on social media? What companies in any industry do an exceptional job? What kind of content would you be interested in seeing from them?

My December To-Do List. Gettin’ Ready to Nail it in 2015!

Christmas lightsI probably chose the worst possible time of the year to launch my new business. Who on earth is even thinking about new marketing initiatives during the holidays? With year-end wrap ups looming, budgets, planning, vacations and so on, the odds that someone would actually make a decision to hire outside marketing help and put them to work are, roughly speaking, nil. Nada. Zipporino.

So I decided to make the most of what is likely to be some pretty serious downtime to make sure that when 2015 rolls around and people are more focused on business and marketing again, I’m ready and more able than ever to make a difference for them.

So, here is my December to-do list. It’s possible that some of the things I’m thinking about would be helpful to you too, either at work or just in general. If so, grab an egg nog, put on the Michael Buble’ and join me!

to-do-list

Get sharp on social media.

I have known for quite a while that marketers and their companies simply cannot ignore social media. One glaringly obvious reason is that OUR CUSTOMERS AND PROSPECTS ARE THERE. But of course there are tons of good reasons… better targeting, better user engagement, scalability, cost-efficient lead generation, increased sales, more profits.

Social Media as a category is a moving target. I have to be vigilant to remain relevant. You do too, because one way or another Social is good for your business.

I have bought or borrowed several books on the topic, like Gary Vaynerchuk’s “Jab, Jab, Jab, Right Hook”. I have joined a couple of meet-up groups that specialize in social media marketing, and I’m paying much more attention to what my daughters are doing, like NOT being on Facebook and spending more time on Instagram, Reddit, Pinterest and Tumblr. My goal by January 1 is to have a thorough grasp on the practical implications for all new media, for myself, my business and for my clients.

Write, Design, Develop and Launch a new website.

The website you are on right now, www.michaellmorrison.com, is really nothing more than a blog. For it to become a legitimate, business building asset for my consulting company, it needs to speak directly to the financial services company executives I want to help with messaging and solutions they care about. My marketing materials and proposals need to resonate too.

Here’s how serious I think this is… I even shot a video with the help of some old friends (and Emmy Award winners, I might add) when I was in Montana for Thanksgiving last week. Why? Video improves search and keeps visitors on your site longer. I’ll be using mine to help drive lead generation, because I need to know my site does more than just look good. You should know that too.

I intend to keep blogging about broader marketing, communications, and business & leadership issues, but starting in January, this site will have a much larger scope. If things go according to plan, it will also see a significant jump in traffic. All good things!

 

Hone my pitch.

I’m positioning Michael L Morrison Marketing as an outsourced Chief Marketing Officer, with competencies and relationships to solve any marketing and communications problem my clients might have. But I want to be sure this isn’t too broad for my prospects to process.

There are consultants out there with a narrow focus on one or two disciplines, like video production or media training. For companies with a very specific problem to solve, it’s easy to decide if these consultants fit the bill. These are just two of the many services my firm provides,

I personally think offering a one-stop-shop for all marketing and communications challenges is a good idea, particularly given my strategic, integrated approach – but I’m going to do some market research to see what kind of positioning and messaging really resonates with executives in the financial services biz.

Every company should be constantly evaluating their messaging and positioning. Remember, it’s not what you have to say that matters, it’s what your customers and prospects are prepared to hear and act upon.

That’s my December. Of course I will also make time for fun holiday stuff. Our daughters and Jake (our older daughter’s fiancé) will all be here. We’re thrilled to have them close by whenever we can, so I’ll be sure to make plenty of time to enjoy their company. Maybe I can get them to walk me through Tumblr! Whatever your plans are, I hope you have a warm and rewarding holiday season and that 2015 is your best year yet!

 

What are your year-end plans? What are you expectations for 2015 and what are you doing now to make them a reality?

 

 

Thanksgiving Part III, RELATIONSHIPS ARE EVERYTHING

relationships imageThis is the last of three articles devoted to the topic of thankfulness. Gratitude, I have learned, is a powerful tool for enhancing our lives, health and overall well-being. People who are thankful are happier and less stressed. They are less susceptible to the fears and distractions of modern, every-day life. As a result, they can be more productive, more focused and more creative – characteristics business people value in themselves and their associates.

Last week, I invited you to share how you go about making gratitude a regular part of your day, not just on Thanksgiving, but every day. The responses were uplifting, and – to me anyway – not at all surprising. Everyone who commented expressed gratitude for the people in their lives, family and friends.

My good friend Grant, whose wit and wisdom I missed for about 30 years until our paths recently re-crossed, commented “I’m thankful for all my friends—both old and new—who remind me every day how far I’ve come and how exciting the journey is yet to be.”

If we let them, our families and friends can be a deep well of support and encouragement, not to mention joyful companionship. Sure, the people we’re closest to can make us nuts, but they’re also the most forgiving. I’m talking about people whose hopes for you – and belief in you – often exceed even your own.

Years ago, my parents lived on a small lake in Lolo, Montana just down the Bitterroot Valley from Missoula. They had a neighbor, Bill, who was one of the funniest, most creative people I have ever had the pleasure to know. He was a gifted mimic with a particular talent for dialects. Bill and I would riff for hours on our fictitious adventures in WWII (pronounced dubya dubya eye eye), and their profound relevance to the challenges of the day – such as smoking fish… “they’re so hard to keep lit.” We were hilarious. Trust me.

One day, Bill took me to a sports complex in Missoula in his vintage Datsun 240Z. I don’t remember if we were there for a pickup game of softball or to watch his young daughter or son playing little league. What sticks with me about that day is what Bill said just before we got out of the car.

I don’t think I ever knew exactly what Bill did for a living. I know he was very highly educated, had a lovely wife, JoAnne, and that they had two small kids. I guess I’m unclear about his profession because it doesn’t align with our mutual, earnest pursuit of silliness. Looking back, I suppose it was his scientist’s rigor and attention to detail that helped make our nonsense so much fun.

You can imagine then, how surprised I was when just as we were about to hop out of the car, Bill asked me to hang on for a second. “Michael” he said, “I have something I want to tell you. You’re a young guy. You’re going to run into people and situations that’ll make you wonder if you’re on the right track, make you wonder if you’ll ever be a success or if you even deserve it, but I wanted you to know that no matter what, I believe in you. Just remember that, OK?”

That was more than thirty years ago and as I write about it, I can still feel myself sitting in the black vinyl seat of his Z car watching Bill speak in a way that was rare between us. Without his characteristically mischievous smirk, Bill was expressing confidence in me that I didn’t have myself. At the same time, he was challenging me. He knew I had grand aspirations and that I would certainly face discouragement. But with the words “I believe in you”, he was also saying that I deserved to have big plans. That I would be failing myself (and him) if I settled for less.

Bill was more emphatic and specific than most friends and family generally are, but most of us have had people in our lives who made, or continue to make, vital contributions to the way we see ourselves and our vision for the kind of person we want to be. It’s a striking and beautiful thing. My conversation with Bill is emblematic of all the positive relationships I have had with friends, colleagues and employers and customers throughout my life.

All of the things we make & sell, the stories we tell, songs we write and sing, the technology we develop, places we go, and buildings we build. Everything is for and about people. Relationships are everything.

Yesterday, Thanksgiving Day, 2014, I was blessed to be spending the holiday with my wife, Cathleen, two daughters Halley and Georgia Mae and Halley’s fiancé Jake. Cathleen and I are the guests of my mother in law Laura, and we spent the day with my wife’s sister, Caroline and her husband Fred and my niece and nephew Phoebe and Tobin. Cathleen’s brother John is baking the pumpkin pies. I can’t begin to describe how great it was for me after a couple of years’ absence to be back in this familiar, loving company, and how cool I think it is that our family’s circle has now expanded to include Jake.

More than anything, Thanksgiving is for me a celebration of relationships. My relationship with God, with the people who are nearest and most influential in my life, and with the many people who are continually entering and changing my life. Thanksgiving is a time for reveling in the quirks and eccentricities we ALL have, and for learning to love our differences.

As I conclude this treatise on gratitude, I’m thinking about all the people who have loved, guided, mentored, challenged, supported and encouraged me all along the way. My relationships with these people, now and in the future, are the most precious things I will have in this life, and I am – now, forever and always – grateful.

How are relationships important to you personally and professionally? Where have you worked or done business where relationships are a clear priority? How do they demonstrate their commitment to building and nurturing relationships?

Want More Out of Life and Work? Practice This Miraculous Technique!

gratitude7Sometimes, the best marketing is no marketing at all. Sometimes heartfelt gestures of gratitude engender respect and a deeper connection by reminding ourselves, our customers and our neighbors that we are all in this together.

Be sure to check out the videos at the bottom of this article.

In a couple of weeks here in the United States, we’ll observe Thanksgiving Day – a day first observed in 1789 according to a proclamation by our first president, George Washington. The Thanksgiving holiday we continue to celebrate was established by Abraham Lincoln during the Civil War and made into law by Congress in 1941.

Thanksgiving, the act of giving thanks – of being grateful – is a profound act. In an article titled “Why Gratitude Is Good”, Robert Emmons, a leading scientific expert on gratitude, argues that gratitude has two key components.

“First,” he writes, “it’s an affirmation of goodness. We affirm that there are good things in the world, gifts and benefits we’ve received.”

In the second part of gratitude, he explains, “we recognize that the sources of this goodness are outside of ourselves. … We acknowledge that other people—or even higher powers, if you’re of a spiritual mindset—gave us many gifts, big and small, to help us achieve the goodness in our lives.”

For me as an individual, gratitude means enthusiastically acknowledging my Creator as the author of all good things. It also means contemplating the gifts I have received and the lessons I have learned from people who have shaped my life and colored my journey.

As a marketing professional, I believe gratitude is best expressed in the ways we think about, interact with, and serve our customers. If gratitude is, as Mr. Emmons suggests, an “acknowledgement that other people…gave us many gifts to help us achieve the goodness in our lives.” Then companies who embrace gratitude have a powerful incentive to “pay it forward”, to deliver superior products and experiences.

If a company honestly and deliberately internalizes the conviction that the goodness it has experienced is the result of gifts from others – its customers, its employees, shareholders and partners – how do you suppose it would affect the way the company communicates with and serves those same people?

Personally and professionally, an Attitude of Gratitude is for me the best way to approach business and the business of life. As we approach this season of thanks, my best wish for you is gratefulness that lasts all year long.

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Speaking of the season of thanks…today, I was exposed for the first time to what has become a holiday tradition in Great Britain, television commercials (adverts there) by UK retailers John Lewis and Sainsbury’s.

For 2014, these companies have created very different stories, but each evokes shared experiences of love and brotherliness that reflect the good will of the season. For me at least, these wonderfully well-produced commercials remind me of all I have to be thankful for. Enjoy.

Sainsbury’s 2014 Christmas advert

John Lewis’ 2014 Christmas advert

Do you do business with a company that really seems to be thankful for your business? How does that affect your experience? How does your company express gratitude?