by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Forward Thinking Magazine : April 2011
29 JeeNA Jeena is a small, high-end boutique financial planning firm and chartered accountant practice. Management’s vision has been to focus on attracting ultra high net worth clients by offering a ‘family office’ service; that is, a bespoke approach to offering advice on financial matters that are often highly complex, using a high-touch consulting style. The idea is to position the firm as trusted advisers to its clients. “We’ve helped Jeena put together a very detailed marketing strategy to reshape the business, focused on nurturing a range of key referral partners using a very personal approach. The strategy sets clear targets about revenue per client, prospect lists and sets of activities needed to reach business goals. Management knows the precise return on investment for which they are aiming. But this type of strategy is not short term – the timeframe to achieve the goals set down in the strategy is three years,” says Mackenzie. The backbone of the action plan is a series of blue-ribbon events at which management has the opportunity to position the firm at the premium end of the market and to develop close, personal relationships with clients and prospects. For instance, the business invested in a box at a 20:20 cricket match and asked each guest to bring along an associate. The event focused on building relationships over time rather than taking a hard-sell approach. “The nature of the business means management is not looking at developing a high-volume practice; it’s more about identifying a smaller group of key targets that fit the ideal client profile,” Mackenzie explains. Paul Harper, Jeena’s CEO and Client Relationship Principal, explains the business strategy is broken down into 90-day, 12-month and three-year outcomes and comprises four components: the firm’s strategic direction, revenue, people and productivity. Within the revenue component, it targets four discreet market segments. “The program formalises the way we interact with our ‘centres of influence’,” says Harper. “For example, surgeons form a key component of our client base, so Jeena has developed strong ties with the Royal Australian College of Surgeons, a key centre of influence for the surgeon community. “We also have a comprehensive advocates program and build relationships with these people through high-end events such as taking a group to see a performance at the Melbourne Concert Hall. We book a private room to host a dinner beforehand and invite people we want to refer business to us. Or we’ll host an event at the Observatory and combine a gourmet dinner with a night of star watching to further cement our relationships with our referral network,” Harper says. Management is held accountable for the outcomes set out in the program at weekly, fortnightly, quarterly and annual meetings. These meetings are opportunities to map out the marketing process, allocate time and resources to marketing activities and cost out the program. The annual meeting is all about developing the marketing strategy and setting objectives such as overall revenue and profit targets, revenue and profit by client measures and overall client numbers. “Everything cascades from there,” says Harper, who explains that this process naturally leads to the creation of the right number of suspect and prospect targets needed to achieve the marketing objectives set out in the strategy, as well as the schedule of activities and the resources needed to reach these goals. Says Harper: “There’s no one magic way to develop your marketing strategy – you need to explore what works best for the firm, drawing on leftfield ideas, what others are doing and the expertise of consultants like Macquarie. It’s about always keeping your ears and eyes open for great ideas. For instance, at the moment we’re focused on ways to better communicate with our clients by understanding their emotional triggers and drivers. We’re also disciplined about the types of clients we want to work with. Our marketing strategy helps us understand who’s in our target market and who isn’t and also helps us educate our referral partners about the type of business we want to attract to the firm. It’s really an educational process.” Paul Harper, Jeena growth strategies