Developing an Effective Marketing Plan for your Companies (How to do it not just what to do)
1. Identify your top 25 companies both public and private in your target market
2. Cross reference the names against FA’s in your office i.e. corporate accounts, CEO’s, CFO’s
3. Identify investment banking relationships and match up to names of banker.
4. Hold a meeting at the office and explain what you are doing. Hand out the list of the companies and ask all FAs to give you in writing the names of clients and close friends in these companies.
5. Hold one on one meeting with each FA to determine the real depth of relationships that you have with these companies. FA’s will be territorial here, so probe to see if they are clients and if not, ask why they not developed into clients.
6. If more than one FA has a strong relationship with a company, encourage them to team up to coordinate their coverage which may increase their impact with the company.
7. Explain the Supernova Niche Marketing process and encourage each FA assigned to that company to:
a) Build a folder with all the necessary information to be an expert on that company.
b) Meet with the company contact and explain what they are doing and why. Ask for their opinion as to whether they think this project is a good idea. After the green light, ask for their advice on how to go about developing this relationship. Follow the contacts lead.
c) Schedule, once per month, to review with the team the progress they are making with this niche
d) Make contact with all bankers and explain your plan. Coordinate your effects.
8. You, as the manager, put this project on the agenda for your 12/4/2 with the FAs.
9. Be sure you are aware of any other coverage of the company i.e. large 401k group, institutional corps, cash management, lending etc. Coordinate your efforts.
10. If it is a large publicly traded company, coordinate your marketing plan by holding an in-person meeting of Institutional and private client FA’s and bankers assigned to the client.
11. Call your volunteers together and assign the remaining opportunities. Ask them to build folders for each prospect and come up with a plan to get introduced. In the folder should be all of their service companies that work with the prospect—i.e. CPA firm, law firm, and any obvious vendors. Coach the volunteer FA’s weekly as a group for one hour. Use the group to encourage creativity in this marketing experience. You will all learn a lot and gain market share.
Remember to work through your contacts at the CPA firms and law firms to get your FAs the necessary introductions. Your personal mastermind group can be a huge help to your FA’s in this introduction. Through your example, they will understand the value of the mastermind group and start their own.
12. Hand out a list of the folder contents.
13. Limit the volunteers to 2 corporate opportunities each. This is a learning experience that should be done right. Don’t allow them to be spread too thin.
14. The success of the process will depend on your coaching and follow-up. Your weekly meetings and 12/4/2’s will demonstrate both your interest and your commitment to helping them grow their practice.
Once this is working smoothly, you can begin your next marketing effort. Look at a list of the largest employers in your community to help focus your efforts. Here is a list of potential opportunities depending on the quality of the typical executive, doctor, professor and the minimums of your FA’s. You need to match them up properly. Once you have reviewed local companies, then turn to Hospitals, both public and private, universities, government employers, non-profit organizations, and unions.
For example, a new FA with a $200,000 minimum might be very happy to focus on rollovers on TIAA CREF opportunities from the hospital while a high net worth team may only want to focus on senior Doctors with $2 million rollover. This is where you can help coordinate their effort.
Niche folders should contain: