The best marketing tools are always a variation of the saying your mother taught you: "When you are nice to others, they are nice to you." One of the best ways you can be nice to your clients (especially boomers), solidify your relationship with them, and prospect for new clients is to host an annual affair. Some call this a client appreciation event.
One common problem advisors who use events encounter is they don't get enough mileage out of them. They simply do a party or dinner and then wonder why they aren't getting more business from this relatively expensive marketing tactic. Here are some ideas to help make an event successful while appealing to boomers and adding a number of touch points to your top of mind awareness (TOMA) campaign.
1. Set the stage early. Near the end of your first intake meeting with clients, tell them that you sponsor an event every year and you hope they will be able to come. Now, it's important to shut up at this stage and just let them talk. Find out if they attend events like yours and if not, why. The good news is boomers tend to have more time and are more likely to attend an event than younger clients. You can also use this time to find out what your boomer clients like to do so you can plan a party that will be well attended. Here is how the script could go:
"We really believe in `loving up' our clients here at Abundant Financial Services. One of the ways we do that is to host an annual party as a way of thanking our clients. So tell me, what kind of events do you like to attend? Do you have any suggestions on what would be fun?"
If your clients don't have many suggestions, run two or three by them to see if they have any interest. It might sound like this:
"Most of our clients fall into one of two categories. One set really like good financial information and they want a speaker on the economy or something related to investing. The others just want to have fun. They are more interested in a dinner dance, a symphony or a summer picnic. Which category do you think most describes you?" If they say education, ask for topics that would interest them. If they say fun, then ask them for ideas on what would make a fun party.
Make sure you log all this information into your contact management system. In the future, you may want to do get-togethers for small groups of clients. If you have 12 couples who like to country-line dance or go pheasant hunting, it might be more enjoyable to have a smaller, less expensive party just for them.
2. Survey your existing clients. If you have never done an event before or have failed to get your clients to attend, now is a good time to contact your clients and get their input.
This can be a great reason to get on the phone with clients without feeling like you are selling something. It also adds one more touch point to your annual goal. If you don't have time to make these calls yourself, this can be a great project for your intern. Here is what the intern can say:
"Hi, Bill here from Katherine Vessenes' office. She asked me to update our database and make sure we have the right contact information for you." (He then reads through phone numbers, etc.)
"Also, we are planning to host a client appreciation party in October and Katherine wanted to make sure it would be something you would enjoy. We are torn between hosting a tailgate party at the football game or a dinner dance at the local country club. Which would be more appealing to you? Also, what night of the week works best for you? Any suggestions on making this a successful, fun time? We appreciate your thoughts.
"When we make our final decision, we will be sure to send you a set of tickets. Oh, and before I forget, Katherine said to make sure we sent you an extra set of tickets in case you wanted to bring some friends. How would that be?"
This simple, low-cost marketing technique has accomplished a number of important goals:
One big problem is that advisors often can't retrieve this information. We are currently planning a big charity event for a large firm of financial planners. The good news is the advisors really know their clients. The bad news is the information is all in the heads of the advisors. In order for us to get the information, we need to plan the marketing event, send an e-mail to each financial planner and ask them to survey their clients. They will make a list from memory or call the clients, put the information in a spreadsheet and e-mail it to us. Needless to say, a good, retrievable database would save us all a lot of time.
4. Set goals. Before you host any marketing event, it's important to determine what you want to accomplish. Here are some sample goals:
7. Follow up
Many advisors don't get enough mileage out of an event. After all, they can be expensive. But one of the worst problems we have seen is when the advisor creates a great event with a lot of terrific prospects, but then never follows up with a call afterwards.
Every time you plan an event, set aside two days afterwards to phone and follow up with the prospects and opportunities that came out of the event. Here is a good script:
"John, this is Katherine Vessenes. Thanks so much for coming to our big party. I hope you had a good time. (pause for response). I was wondering if you had some time for coffee. I would like to hear a little bit about what you do and ask your advice on our business. Would mornings or afternoons work better for you? "
Don't waste this chance to turn these prospects into clients.
8. Use the 7 Point Magnifier System(TM)
When it comes to getting more mileage out of the event, think in terms of touch points. Remember, your working American clients are expecting about 14 touches per year to maintain TOMA. Your high-net-worth clients want twice that many to keep you at the top of their minds.
Here is how to get seven touch points out of every event:
9. Work the event. Another common problem we have seen is that advisors and their staff don't know how to work their event. Make sure you talk to your spouse and staff prior to the event to lay out the ground rules:
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.
One common problem advisors who use events encounter is they don't get enough mileage out of them. They simply do a party or dinner and then wonder why they aren't getting more business from this relatively expensive marketing tactic. Here are some ideas to help make an event successful while appealing to boomers and adding a number of touch points to your top of mind awareness (TOMA) campaign.
1. Set the stage early. Near the end of your first intake meeting with clients, tell them that you sponsor an event every year and you hope they will be able to come. Now, it's important to shut up at this stage and just let them talk. Find out if they attend events like yours and if not, why. The good news is boomers tend to have more time and are more likely to attend an event than younger clients. You can also use this time to find out what your boomer clients like to do so you can plan a party that will be well attended. Here is how the script could go:
"We really believe in `loving up' our clients here at Abundant Financial Services. One of the ways we do that is to host an annual party as a way of thanking our clients. So tell me, what kind of events do you like to attend? Do you have any suggestions on what would be fun?"
If your clients don't have many suggestions, run two or three by them to see if they have any interest. It might sound like this:
"Most of our clients fall into one of two categories. One set really like good financial information and they want a speaker on the economy or something related to investing. The others just want to have fun. They are more interested in a dinner dance, a symphony or a summer picnic. Which category do you think most describes you?" If they say education, ask for topics that would interest them. If they say fun, then ask them for ideas on what would make a fun party.
Make sure you log all this information into your contact management system. In the future, you may want to do get-togethers for small groups of clients. If you have 12 couples who like to country-line dance or go pheasant hunting, it might be more enjoyable to have a smaller, less expensive party just for them.
2. Survey your existing clients. If you have never done an event before or have failed to get your clients to attend, now is a good time to contact your clients and get their input.
This can be a great reason to get on the phone with clients without feeling like you are selling something. It also adds one more touch point to your annual goal. If you don't have time to make these calls yourself, this can be a great project for your intern. Here is what the intern can say:
"Hi, Bill here from Katherine Vessenes' office. She asked me to update our database and make sure we have the right contact information for you." (He then reads through phone numbers, etc.)
"Also, we are planning to host a client appreciation party in October and Katherine wanted to make sure it would be something you would enjoy. We are torn between hosting a tailgate party at the football game or a dinner dance at the local country club. Which would be more appealing to you? Also, what night of the week works best for you? Any suggestions on making this a successful, fun time? We appreciate your thoughts.
"When we make our final decision, we will be sure to send you a set of tickets. Oh, and before I forget, Katherine said to make sure we sent you an extra set of tickets in case you wanted to bring some friends. How would that be?"
This simple, low-cost marketing technique has accomplished a number of important goals:
- First, the phone call is another touch point with clients and adds to your annual goal of 28 touch points for A-level clients in order to maintain top of mind awareness.
- Second, you now have important information about your clients that you can use to better serve them. If you find most of your clients like country music, your planned party at the opera may not fit your client base. Better to know it now than after you have spent a lot of money.
- Third, it sets the stage for bringing prospects. Clients start thinking well in advance about who they want to bring with them. It also makes it more fun for the clients to have friends at the event.
- Fourth, clients will be flattered that you value their opinion about the event. This makes it more likely that they will attend.
One big problem is that advisors often can't retrieve this information. We are currently planning a big charity event for a large firm of financial planners. The good news is the advisors really know their clients. The bad news is the information is all in the heads of the advisors. In order for us to get the information, we need to plan the marketing event, send an e-mail to each financial planner and ask them to survey their clients. They will make a list from memory or call the clients, put the information in a spreadsheet and e-mail it to us. Needless to say, a good, retrievable database would save us all a lot of time.
4. Set goals. Before you host any marketing event, it's important to determine what you want to accomplish. Here are some sample goals:
- Clone your top clients by attracting more boomers like them
- Build raving fans with current client base
- Create sticky clients
- Add X number of names to your prospect list
- Create a fun, memorable event
- Add five to seven touch points through the event
- Hors d'oeuvres at the art museum. This low-budget affair was a big hit in Austin, Texas. Apparently boomers in Texas like art. The advisors rented out the art museum, hired a few docents for tours and served appetizers. It was so much fun, the clients asked for a repeat next year.
- Picnic in the country. Probably the best event we ever saw was hosted by a multimillion-dollar advisor who had perfected the "farm-boy-from-Kentucky" persona. Every year, he planned a pig roast in the country, complete with picnic tables and square dancing. It was such a huge success that after a few years, clients would plan their vacations around the event so they wouldn't miss it. He planned something that would fit his client base, and it became so big, he had to hold it over successive weekends to accommodate the large crowds. It cost about $16,000, which was mostly covered by his generous wholesalers.
- Dinner dance at the Ritz Carleton. A large group of planners focused on the affluent investor -- mostly boomers -- with $5 million to $15 million to invest. The party was deluxe all the way and the advisors even wore tuxedoes. It's expensive and takes a lot of planning, but even though they only hold it every three years, the clients love it and talk about it for the following three years. Clearly, it makes a great impression.
- A large firm of financial advisors located in the Southeast hired a well-known sports figure to draw clients to their event. They also had a band, a free-flowing bar and great food. The firm invited clients, prospects and centers of influence -- even I was invited. They dropped more than $100,000 on the big event.
Unfortunately, the athlete was too famous to bother to attend. Halfway through the party, his lame excuse for not attending was announced to a very disappointed crowd and he gave a very small credit to the firm for his fees.
The planning firm got a lot of publicity for the event -- all of it bad. Generally, their clients didn't like the firm spending so much money on the event -- the investors felt that the planners were making too much money off of them to be able to afford such a big event. The clients saw it as a big waste and it created many hard feelings. This group of boomers did not like the ostentatious show of extravagance. To my knowledge, they did not get a single new client from the event. Only in Hollywood is bad publicity better than no publicity.
- Dinner party on a boat. I actually thought this was a great idea, but the firm, who focuses mainly on boomers who are close to retirement, had so few attendees they used it as a perk for the staff.
There were a number of things that could have gone wrong in these instances:- Day of the week. In general it's best to hold events on Tuesday or Thursday evenings, or occasionally Saturday mornings. The rest of the week does not seem to have as good a turnout. For example, on Wednesdays, many boomers are taking their children to church activities, so we have not had good success with that night.
- Time of year. Rarely have we seen any events work in the summer. It's usually best to choose another time of the year so as not to conflict with family vacations.
- Invitations. Small firms should not only send out invitations, but also make personal phone calls to the clients.
- Day of the week. In general it's best to hold events on Tuesday or Thursday evenings, or occasionally Saturday mornings. The rest of the week does not seem to have as good a turnout. For example, on Wednesdays, many boomers are taking their children to church activities, so we have not had good success with that night.
7. Follow up
Many advisors don't get enough mileage out of an event. After all, they can be expensive. But one of the worst problems we have seen is when the advisor creates a great event with a lot of terrific prospects, but then never follows up with a call afterwards.
Every time you plan an event, set aside two days afterwards to phone and follow up with the prospects and opportunities that came out of the event. Here is a good script:
"John, this is Katherine Vessenes. Thanks so much for coming to our big party. I hope you had a good time. (pause for response). I was wondering if you had some time for coffee. I would like to hear a little bit about what you do and ask your advice on our business. Would mornings or afternoons work better for you? "
Don't waste this chance to turn these prospects into clients.
8. Use the 7 Point Magnifier System(TM)
When it comes to getting more mileage out of the event, think in terms of touch points. Remember, your working American clients are expecting about 14 touches per year to maintain TOMA. Your high-net-worth clients want twice that many to keep you at the top of their minds.
Here is how to get seven touch points out of every event:
-
i. Voicemail broadcasts. About two to three months in advance of your big day, use voicemail broadcasting to send each of your clients a message reminding them of the event. Ask them to hold the day and tell them an invitation will be in the mail. Voicemail broadcasting costs about 11 cents a minute. You record a message once and the computer does the dialing for you. If a live voice answers, it is programmed to hang up.
Here is a good script: "Hi, This is Katherine Vessenes calling. Sorry to have missed you. I just wanted to let you know we are having a special event for our clients on June 20th at the James J. Hill House. We are having dinner and a dance, starting at 6:30. Please mark your calendar now, and I will send you an invitation in a couple of weeks. I just wanted to make sure you hold the date -- oh, and I would love for you to bring some friends. I will send you an extra set of tickets. Look forward to seeing you in June."
ii. Written invitations. Send a written invitation about four to six weeks in advance. Boomers are old enough to remember how important it is to have a nice invitation and it makes a good impression on them. For large groups, you may want to have these printed. Smaller parties can be handwritten using invitation cards.
iii. E-mail. Send an e-mail reminder with directions to the event about a week in advance.
iv. Voicemail broadcast. Send another voicemail broadcast the day before to remind them of the date, time and location, as well as to encourage them to call the office if they need directions. The key to using voicemail broadcasts is for it not to sound like a pre-programmed recording. Be sure to practice until you sound natural and personal.
v. The event. This is your big day. Make sure you are in the parking lot or by the front door to welcome every guest who comes in. Also, use your digital camera to take lots of pictures. You want to make sure you have one of you with every guest there.
vi. The day after the event. Send out a personal thank-you note to everyone who attended. A nice, personal note is a great way to add another touch point.
vii. The week after the event. E-mail copies of the photos you took as another reminder of the event.
9. Work the event. Another common problem we have seen is that advisors and their staff don't know how to work their event. Make sure you talk to your spouse and staff prior to the event to lay out the ground rules:
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i. Your job is to socialize with as many people as possible and make sure they are having a good time
ii. This is not fun for you -- this is work
iii. No drinking. It's not that I am morally opposed to drinking; it's that staff can get too "loose" with clients and forget this is work, not a party for them.
iv. Spend all of your time with clients and prospects -- don't hang out with fellow employees or huddle up with people you know.
v. Spouses: We need you to step up to the plate and socialize with all the guests.
vi. Introduce the guests to each other so they feel included and get to know more people.
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.
