A savvy entrepreneur knows that one of the best investments a businessperson can make is to invest in oneself and one’s business as the returns and payback can be enormous. However, one of the top mistakes wealth management professionals make is underestimating the power of budgeting the appropriate amount of capital toward marketing. Entrepreneurs also tend to underestimate the amount of time, effort and funding that should be funneled into a comprehensive turnkey marketing strategy.
In episode three of Bluespring Out Loud, I sit down with Ted Jenkin, co-founder and CEO of oXYGen Financial, to dissect the marketing strategies that helped mold his company into what it is today. Throughout our discussion, we touched on three key elements of his marketing approach that drove his firm’s brand development and growth.
Invest in marketing. Constructing a marketing strategy is similar to building an elite home movie theatre - you wouldn’t put a single speaker under the TV. Instead, you would install a full surround sound system to maximize quality and exposure. Likewise, a balanced marketing approach should incorporate a mixture of regular posts on social media as well as lead generation via direct marketing on platforms such as LinkedIn and Facebook. Based on Ted’s experience, businesses should allocate 3-7% of their top-line revenue to marketing in order to execute this method successfully. Frequent, repetitive messaging is critical in building out the 360-surround sound system of your marketing strategy.
Create a brand. People are so inundated with information that without a solid brand, your business will be invisible. An approach that worked for Ted was to take his own name off the door and create a memorable brand and look that would resonate in the marketplace. For example, he created the tagline “oXYGen Financial: Breathe easier” to make his business memorable. He then took his business identity to social media and started posting daily playing the long game until referrals increased.
Give clients a reason to refer you. Creating a first class comprehensive client experience is paramount and without that, referrals are hard to obtain. In addition, it is important to find unique ways to differentiate from the competition through marketing, branding, messaging, and creative customized branded items that make you stand out from your competition while making you and your firm’s name and brand unforgettable. Whether it be with online marketing, branded coffee cups or metal business cards, people remember and appreciate experiences that are truly unique. The objective is to give your clients something to talk about, according to Ted. With a referral gift program that complies with FINRA guidelines, he shows appreciation to those sending new clients his way. Keep the creative juices flowing when strategizing about ways to increase referrals, as this effort takes time and energy.
Preserve the long game strategy when measuring the success of your marketing plan. The return on investment will be most attractive when you’re selling a business with the promise of continuous growth. For more information on how we can help support your business, please contact Bluespring Wealth Partners.
To listen to my full conversation with Ted Jenkin, visit iTunes or YouTube.