Business do not compete in a static marketplace. There are a number of external factors that can impact a firm’s business success, ranging from market-driven changes to competitive activities. Therefore, it is advisable to periodically review your marketing plans with an eye toward assessing the relevancy of your strategies and looking for a means of energizing your firm’s marketing efforts. Value can be derived from this exercise even if you are tracking relative to your goals and objectives.

The best place to start is to objectively review the performance of the firm’s client-acquisition efforts. Evaluating the number of new clients is certainly important, but so to is the firm’s progress relative to the type of clients won, the time required to convert prospects to clients and the source of those new-client leads. Questions to consider include; Are client retention levels holding strong? Is the firm doing well with client and professional referrals? Has the firm secured clients with the desired level of investable assets? Have you made inroads into target segments that were identified as desirable? What is the health of the firm’s prospect pipeline? The answers to these questions will generate insight into where and how you might want to adjust the firm’s marketing plan.

When it comes to energizing the marketing plan and the client base, nothing works better than breaking news. Of note, “good news” as a context for communicating works well across stakeholder groups (i.e. associates of the firm, clients, prospects, local press) and provides legitimate reasons for “reaching out.” Has the firm added new resources, products or services? Have any associates joined the firm or have current Team members earned professional or academic credentials or certifications? Has the firm been recognized for professional achievements or civic contributions? If the answer is “yes” aggressively promote these items as a means of demonstrating positive momentum and building perceived subject matter expertise.

There are a number of ways that a firm can communicate positive news to both boost its visibility and to distinguish the firm for competitive advantage. eNewsletters are an excellent means of engaging current clients of the firm and moving prospects along the “consideration” continuum. Hosting an event creates the chance for face-to-face interactions with key stakeholders and can create PR opportunities as well. These events can range from engaging an author to speak on a given topic to bringing in a representative from the FBI to counsel attendees on preventing identity theft to hosting a document shredding open-house. Importantly, events provide an excellent opportunity for principals of the firm to interact with clients and prospects in a casual setting.

Inherent with sharing news is the opportunity to start a dialogue with key constituents. Toward this end there is nothing better social media as a mechanism for sharing information and engaging individuals. Leveraging the low cost and viral impact of this emerging media forum allows firms large and small to expand their message reach in a highly efficient manner. With the advent of cost-efficient social media monitoring and archiving solutions and increased regulatory clarity FINRA and the SEC social networking can and should play a key role in an FA firm’s practice development efforts.

Interested in learning more about how to energize your marketing plan? Check out the article; “7 Ways to Make a Mini Marketing Campaign” from Inc. or contact Cliff Campeau, Partner, Evolutionize, LLC at cliffc@evolutionizemypractice.com for a complimentary consultation.