I have recently been spending a lot of time thinking about my business and what’s next for us.
We’ve had a really good few years, from a growth perspective. We’ve integrated one acquisition and we’re looking at one or two others. We are in an objectively good shape.
However, as the firm grows and more advisers join the team, we need to find a way to continue to build and for the business to be able to sustain itself.
When we set up, it was mainly my own connections and relationships that generated new clients. But that’s probably not enough now. The old adage of, ‘What got us here won’t get us there,’ feels apt.
We must do what fits for us. And why shouldn’t it be something we enjoy doing?
And so to marketing.
It feels as if there are a million and one resources, from a financial services marketing perspective.
From podcasts by industry experts, marketing specialists, SEO companies and consultants galore, to other advisers promoting what they do on LinkedIn and/or X (formerly Twitter), it’s a minefield when determining who to follow and which options are best.
I have thought a lot about which approaches to explore and from whom to take inspiration. So many good people are providing really excellent, free content.
However, I chose to come away from all of that ‘stuff’. I went back to basics. I started thinking about my business, my life, what I wanted to do and how I wanted to do it.
We decided to go to our best introducers and best clients and ask them what they, their peers, their colleagues and their friends might be interested in
Why? Well, while no doubt good, all the information out there is pretty generic. There can be basic guides for what can work or what has worked for other people, sure. However, these aren’t specific to me, to my business and to what I want to do with my time.
Actual people
So, I went back to thinking about what had brought people to my company and what had made them stay. Also, what I enjoyed in terms of marketing and what I didn’t.
As business owners, we get to choose these things. I don’t want to be ruled by the business — I want to rule it. This led me to AP — actual people.
Forget AI; AP is where it’s at. I like people. I like speaking with them, learning their stories, hearing what challenges they have and thinking through the options to overcome them.
What is working already? What feels comfortable to you? What can you do often and sustainably
I realised, if we’re a business that people join and stay with because of the human connection, why don’t we do things that encourage more human connections?
We decided to go to our best introducers and best clients and ask them what they, their peers, their colleagues and their friends might be interested in.
These people are already advocates of ours. They get it, they get us.
I understand why writing social-media posts or creating a podcast (I had one of those) and other digital content is useful for marketing. However, those things aren’t what define us.
I don’t like the peer pressure about what you need to do, marketing-wise. We must do what fits for us. Yes, we’d like it to work but why shouldn’t it be something we enjoy doing? Something authentic and sustainable.
We will monitor the results — who came in as clients and what work came from it. That’s the analytics we can review.
Gauging feedback
Our marketing to-do list was relatively long to start with but we decided to refine it to three or four projects initially and gauge feedback from there.
None of these are revolutionary, either. Sorry if you thought I was going to give you the key to loads of new business.
We’re starting with a wine-tasting evening local to a number of our clients with a local wine-production company we know.
We’re doing an evening at a high-end watch retailer with a number of sports and entrepreneur clients with a big interest in watches.
I started thinking about my business, my life, what I wanted to do and how I wanted to do it
We have seminars arranged, reviewing pensions and inheritance tax planning.
And we’re planning an event with our charity partner, Spread a Smile, to show our clients what we do as a business for them.
We will ask introducers to bring potential clients and we will ask clients to bring like-minded individuals.
I will update on how this has gone over the next year or so, but the main point of this column was to remind other business owners and advisers to think through what their marketing looks like.
What is working already? What feels comfortable to you? What can you do often and sustainably, and enjoy rather than endure? Good luck.
Sam Sloma is managing director of Engage Financial Services
This article featured in the October 2024 edition of Money Marketing.
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