Protect Your Business with a Marketing Plan

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Kristin LukeAUM growth is strong now, but you must prepare for a bear market in the future.

For many registered investment advisors, life is good. The market is at a record high. Investors have more disposable income and a stronger sense of security. They are coming off the sidelines and jumping back into the markets. (Whether that is a smart decision is another story.) For many firms, the challenge has shifted from how to market and increase revenue to how to recruit and attract talent to service all of this new business.

Too often, I see firms pull back on their marketing when capacity becomes an issue.

While rapid and unintentional growth can be just as harmful as unintentional shrinkage of your business, don’t cope with added business by ignoring your marketing. Getting your marketing flywheel spinning takes a lot of momentum, and you don’t want to it to come to a halt just to have to start it again when new clients aren’t so abundant.

Even if you don’t have the capacity to take on any more clients until you add staff, here are the marketing strategies you should be following today.

Deepening relationships with clients

If you have an influx of new clients you can barely find the time to manage, it is easy to ignore your existing client relationships. However, it is the strength of those existing client relationships that dictates how your business will fare in bear markets.

Here’s what you should be doing now:

  • Develop or refine your client touch-point schedule to make sure each client enjoys a comprehensive client experience.
  • Show your appreciation through special events or token gestures.
  • Conduct client surveys to see where there is room for improvement, then taking the necessary actions to enhance your services.