Secret #1: Un-Learn “Old-School” Sales Training, Ignore the “Anti-Sales” Department, and Dump “Traditional” Advertising

If you're in Financial Services, you'll find this story highly relevant. Now, if you're in Home Improvement, Automotive Services, Personal Care, Health Care... whatever your business... you'll find a ring of truth too. Raise your hand if your Sales Manager broke you into the business with this: 1. Make a list of your 100 friends and family 2. Now, while you’re studying for your insurance license and Series 6, together we’ll go see these folks here on your list and sell ‘em some insurance and investments. Your job, “green-pea”, is sit there, watch, listen, and learn as the “Old Dog” does his tricks in front of your friends and family. (oh yeah… and pockets all the commissions too!) 3. Next, after the “Old Dog” soaks down all your friends and family and you finally pass your Series 6 and you’re armed and dangerous, you go out and beg for referrals from your friends and family that your Sales Manager “sold” for referrals. Yep, good old Project 100… Oh yeah, your company may call it some other name, but basically it’s how almost everyone gets started in the Financial Services game. Then, after you blow through your friends, family, and referrals… it’s cold-calling time. Of course, now, with the Do Not Call thing you gotta bug people at work with some lame-ass script like… “I’m gonna be in your area this week… I’d like to stop by, introduce myself, meet you, and show you a few exciting and interesting financial ideas… Would Tuesday work, or is Thursday better?” Your Marketing Strategy? Hey, I’ll talk to anyone who owns a car, has a mortgage… anybody who can fog a mirror… Most Financial Services “newbies’ have this flurry of initial totally unfocused, non-market driven activity and approach to building their business. To survive in the Financial Services game you need a strong “natural market”, (otherwise known as rich, well-connected frat brothers) plain dumb, blind luck where you stumble into a market “nest”, or the tenacity of a rabid pit bull. Sure there are variations of this… different names, slick workbooks, some companies even use fancy “contact” software stuff… But, basically this is how Financial Services marketing is taught. Pathetic. The Sales vs. Marketing “Gap” in Financial Services (and nearly all industries) is wider than the Grand Canyon Why? Because there’s this huge hole between Sales and Marketing in all Financial Services companies: The “Anti-Sales” Department In your company it’s no doubt called… COMPLIANCE What’s the job of Compliance? To keep you from effectively selling and advertising. Oh sure the company tells you about all the lawsuits, all the exposure they have as a multi-billion dollar financial giant… Now, granted client abuses and down-right sleazy broker behavior does happen… and it will continue. Financial Services is a relatively easy business to enter--- low capital requirements, no formal education or experience needed other than a CPA designation. (heck, even then, anyone can prepare a tax return and get paid for it) And the reality is that for nearly every successful broker, it’s not a question of “if”… but “when”… a client will sue you for a trade gone sour, not recommending coverage, botching a rate lock… But, don’t you wonder why all the Compliance fuss? Do you ever stop and wonder why the companies don’t really want you to market, to advertise, to tell your unique compelling story? Doesn’t it seem odd to you that the very company that slaps your hand for advertising spends billions to promote their name, their services, their website…? Here’s the thing… Most of the giant financial services companies have multiple distribution channels… and you, the independent rep slugging it out all alone in the field, in most cases, is more expensive than the company going direct to the consumer. Yep… your insurance carrier, lender, mutual fund company is no doubt in competition with you. But … Let’s face facts here… Most all Small Business advertising sucks! Thousands of small businesses all over the United States in every type of industry-including financial services --- blow billions of dollars each and every year on ineffective advertising. Everyone's floundering around, without even a clue of the difference between "good" advertising and marketing, and "bad" advertising and marketing. And guess what…chances are 99% that your business is also blowing it here. Why? What's the problem with "traditional" advertising? The big problem is we are all exposed to big bucks traditional advertising-Television, Radio, Newspaper, Magazines, Yellow Pages, Billboards, Val-Pak Mailers…it is in your face everywhere, so we figure it has got to work. And, all the ad reps tell you "You've got to run some ads and get your name out there." Guess what…you ain’t Wells Fargo, Home Depot, or General Motors. Their goals and reasons for advertising are much different than yours. (and they have much more money) Traditional advertising attempts to build brand awareness, win awards, entertain, be seen, and make money for ad agencies. Typically it is written by some clueless English major who has never had a sales job in his life. For your advertising to work, it must do one of two things: Generate sales, or Generate sales leads And it must be 100% accountable and measurable. Forget about image, branding, getting your name out there. Focus on these two things… actually for small businesses providing a big ticket individualized product and service, focus your advertising solely on: Generating sales leads that you can track every single client and dollar of revenue back to the source of the advertising. But…. Most Small Businesses that do lead generation still can not wean themselves from the clutches of "traditional" advertising. They try to do too much. Here's what I mean... When you advertise to generate sales leads, remember one thing: All you want is for the people who have a problem is to have them raise there hand, identify themselves, and tell you who they are. Must businesses try to do too much. They want to sneak in their logos, pictures of their swanky offices, clever, cute little “tag lines”, little cartoons, their awards, all their industry “initials” etc. BIG MISTAKE-it dilutes the message and effectiveness. Your purpose is not to tell them who you are. It is for the prospects to tell you who they are. And one last thing... on a good note: Most small business pros, while clueless about marketing and profitable advertising, do one thing very well: They know lots about how to sell their products and services. One-on-one, you know your story and can tell it in an interesting, relevant, and compelling way. Advertising is nothing more than "selling" in print. There's no fundamental difference in your message in your ads, brochures, website, newsletter, press releases, special reports, and follow-up letters, and what you tell your clients face to face. The people who are masters at selling in print practice response-accountable, direct marketing--- only direct- response marketers can prove what they got for their dollars. So, you have four options: Drop all your advertising, rely on your good name and word-of-mouth to give you a steady flow of work. You will learn about the pit-falls of this thinking tomorrow in lesson #2. Keep following the 95% of people who don't have a clue and continue the frustration and agony of wasting your money. Study and learn the craft of direct-response marketing. This will take time. Typically it takes an individual 1000 hours of study to become competent at a new skill, such as learning a language, 4000-5000 hours to master a skill. Get help and guidance from someone who's done the direct-response marketing study, has the skills, and understands your business. Your challenge is to get your story down in print, break it down and deliver it to people who want your products and services, using the right mix of media. It's simple. Every dollar that you spend on advertising outside of this purpose: --- generating a lead that you can 100% track--- is a waste of your money! Check your inbox in a couple of days... Secret #2... New thinking about Referrals... Walt Goshert Make Your Marketing Work Walt@Make-Your-Marketing-Work.com