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Forward Thinking Magazine : April 2011
27 Written by Alexandra Cain, Journalist TAkING A STRATeGIc MARkeTING APPROAcH TO dRIve PROFITS ANd ReveNue Taking a strategic approach to marketing is essential for advisory firms that are serious about winning new business. If a firm’s marketing strategy is linked to its long-term goals and business vision, marketing can be one of the most powerful tools in a business’s arsenal. Moreover, the more granular and scientific the approach to marketing, the more effective the program will be. “The golden rule is to carefully segment your market and develop targeted marketing strategies for each,” says Liz McCarthy, Head of Macquarie Practice Consulting. “Selling financial advice isn’t like selling a mass product like chocolates – each market segment requires a specific marketing approach. You can’t just put ads in your local paper and expect to attract the ideal client base. Nor can you hold a seminar and hope the people who attend will become clients. You need to be much more focused in your approach and measure how successful each tactic is to get the best return on investment from your marketing spend,” she says. The cornerstone of an effective marketing program is to be crystal clear on your business goals. Once you know what your business objectives are, you can develop concrete and measurable marketing objectives such as target client numbers for specific market segments, revenue per client, leads and conversion rates, as well as referral source performance. Once you know what your marketing objectives are, it becomes easy to develop a marketing plan that clearly outlines the specific initiatives required to achieve your marketing objectives and business goals, as well as required outcomes for each initiative. A key component of this granular, scientific approach is tracking and measurement systems to ensure the business is always focused on working towards its goals. Liz McCar thy and Fiona Mackenzie, Macquarie Practice Consulting (MPC) growth strategies