Marketing Financial Services – Do Workshops Work?

With regards to marketing financial services there’s an abundance of options. From contacting to junk mail, to attending local networking occasions, advisors have plenty of choices within their ongoing quest for new prospects.

Among all the options, hosting marketing workshops remain a vital way of getting recognized to prospects. Which enhances the question, “When marketing financial services-Do workshops still work?”

Lately I’d the chance to go to a seminar located with a well-known financial consultant. Lets check out what went well, in addition to in which the missed possibilities were that possibly might have managed to get a much more effective event.

Location. Initially glance the venue for that location was great. A personal meeting room within an upscale club inside a wealthy community was “pitch perfect”. Regrettably nobody checked what can go on nearby. Consequently, the very first half an hour from the presentation were at a loss for a terrifically loud movie that involved much shooting and screaming.

What is the lesson? Even though it appears apparent, a fast check up on who your neighbor will probably be and just what they are likely to be presenting, might help avoid these situations from occurring. I recognize this sounds fundamental, but as the saying goes, “the Devil’s within the details”.

The seating arrangement was theater style about 150 chairs, many of which were filled. While it is a great testimonial towards the sponsoring organization’s capability to fill the area, we did feel similar to sardines. Now was this always a poor factor? Not necessarily when one views who the intended audience was.

Based on the firm’s marketing materials, these were seeking investors having a minimum of $15,000 to take a position. That’s really very little money. Thus this program was mainly forwarded to new investors or individuals with relatively modest levels of capital. Therefore the seating was most likely not considered an adverse. (However there’s a mental disconnect between getting the big event occur in an exceedingly elegant setting, but getting the seats jammed so close together.)

However, when the firm were concentrating on affluent and ultra-affluent prospects, the seating arrangement would certainly be considered a turn-off. Upscale programs I have attended usually cap the list of guests at 30-35. And That I make use of the word “guest” deliberately. The big event I attended lately had “attendees”. Programs individuals affluent have “visitors”. This is a true distinction in from the invites, towards the room arrangement, towards the content from the presentation.

During this instance the information from the presentation harmonized well using the audience. Unsurprisingly, a seminar directed at investors with $15,000 to take a position, attracts a large diversity of prospects. Becasue it is virtually impossible to personalize a chat to such several modest-investors, there is no real reason for trying.

If however one were individuals affluent market, one may wish to have a different approach. Keep in mind that they answer to marketing towards the affluent would be to make certain they think that you’re catering particularly for them. Open using the problems with commonality this affluent group faces. This is better still should you sub-niched your marketing to “affluent women business proprietors” as well as other more targeted segment. This could allow you to open your presentation with specifics which make the visitors believe that they we truly hearing an consultant who understood their own needs. So overall I’d give this presentation a great solid “B”.

Nevertheless it does beg an important issue. These financial advisors are expending plenty of effort to draw in really small investors. In the $15,000 investment level (you will find I recognize that some-but most likely not really a lot-convey more than $15,000 to take a position) you should get 34 of these to equal one investor with $500,000.

Likely to saying in marketing that unless of course it’s possible to automate and take away a persons labor element in the process, it requires as much effort to draw in a little fish because it will a big whale. Regrettably, hosting marketing workshops are highly labor-intensive endeavors. Concentrating on the little investor is not always the very best utilization of money effort and time. Granted they “small fish” is simpler to draw in, but you need to get many of them to equal one affluent investor.

When one contrasts the outcomes which come from occasions that focus on the mid-market when compared to affluent, there’s without doubt the latter yields a lot more substantive results. Granted, attracting the affluent needs a different message and approach. In fact many advisors are less comfortable approaching the affluent, even though they all verbalize a wish to obtain more of these as clients. If your are seriously interested in marketing towards the affluent one should be prepared to produce occasions which are diverse from individuals that focus on the mid-market.