This, I’m afraid, will be the last marketing article you read from me – for the next few months at least. I’m putting my briefcase, suit and laptop into storage as I go globetrotting to see parts of the world I have not yet visited.
However, fear not, because Ian Whittaker, the new marketing supremo at Mortgages plc, will be taking over the reins and providing you with pearls of marketing wisdom each month.
find out more about this weeks industry news
I thought that, in my last column, it would be a good idea to try and summarise some of the key marketing issues which brokers should keep in mind as they go about running their businesses on a day-to-day basis.
Textbook approach
Marketing is not simply about glossy brochures and websites – marketing is all about the way in which you present your business to potential and existing customers. It concerns the products you sell, the price at which you sell them, how you promote your services and how you sell to clients.
This sounds very textbook, but it is true to say that those firms which are marketing led are among the most successful in the world. Why? Because they have taken the time to really understand who their customers are, what they want, what price they are willing to pay and how best to promote and position their services to them. Think of brands like BMW, Virgin, Apple, ebay, Easyjet, the list goes on. These companies know their markets and understand how to market their products and services to best effect. They also understand that if they can identify and satisfy their customers’ needs, profit will follow.
register for the next forum
MBe marketing-leg
My advice to brokers is to be marketing led. Understand who your clients are, what they want and how you can best satisfy their needs. If you can do that, you’re on the road to success – and increased profits.
Brands
A brand is not just a badge. It’s easy to think of your corporate brand as simply being the name of your company and the logo on your letterhead. In reality a brand is far more than that. Your brand not only creates the initial impression your business gives to clients, but it also becomes the focus for the values your company holds and the reputation it earns.
Brand management is therefore an important aspect of your job. You need to consider how you want your business to be perceived by potential and existing clients and think about ways in which you can manage the reputation it enjoys. PR can be a very effective way of building your firm’s reputation. A bit of time spent cultivating working relationships with your local paper will be time well spent and the bonus is that, if you do it yourself, PR is very inexpensive.
catch up on the industry buzz
Make sure your marketing looks professional. One of the biggest crimes committed by small firms is producing marketing materials which have that unmistakable ‘home-made’ feel to them. Having a limited budget doesn’t mean your marketing needs to look amateur. There are local design agencies who can produce websites, advert and brochure templates at reasonable costs.
If you get a professional designer to get the basics right for you, everything else will fit into place.
Communications
Effective marketing communications are always well integrated. The sum of the parts should be greater than the whole. So think about how you can get your marketing activities to work together. A mailer or advert, for example, should direct potential customers to your website where they can obtain more detailed information. When a potential customer visits your website, it should be easy for them to navigate to the information they want and be able to speak to one of your staff for further advice.
A mailer or advert is the start of the process, a website provides more information, PR and press coverage provides independent endorsement and reassurance and face-to-face contact provides the opportunity to conclude a sale. Ask yourself how much information you need to provide customers at each stage and don’t be tempted to swamp them with unnecessary information which could be provided later on.
Here’s the classic conundrum for first-time advertisers. Many business people who have not advertised before place a single advert to ‘test the water’. Unfortunately, a single advert rarely produces a worthwhile result. Advertising is all about running campaigns, in which a message is conveyed consistently over a period of time. For potential clients to become familiar with your proposition, they need to see it more than once. This is particularly true in financial services, where customers need to trust the brand they are buying.
download our news ticker
You need to think in terms of campaigns, rather than placing isolated adverts. Although this involves more money, booking a campaign is far more cost-effective than booking a single advert. Negotiate hard – there are good discounts to be had.
Out of the comfort zone
If you want your business to grow and be more profitable, you need to be prepared to step outside your comfort zone. That doesn’t mean acting recklessly but it does mean being willing to take calculated risks.
Take time out to identify new markets and opportunities and be willing to give them a decent shot. Not all your ideas will work but some will and the rewards could be great.
Well, that’s it for now. I would like to take this opportunity to wish all the readers of MI every success for the future.
get the daily news delivered to your inbox
