With all the scrutiny on changing business models, and advice from so many of our experts on how to improve your practice valuation post-FoFA, it strikes me as the perfect time for planners to capitalise on the change to attract new business. The media has elevated the awareness of the planning industry (although not always in a good way) so the smart planners will be thinking how they join the conversation and profit.
Using some low cost, high touch tactics, such as media relations can help. So too can harnessing the networking power of social media. While many planners really understand how to do this, a first step is to start forming an opinion that potential clients would be interested in. If saving is the new spending, how you can you add your expertise to what the press is already putting out there. It may be worth ringing a journalist, even if it is your local paper, and giving them your five-point checklist on what investors can do to safeguard their funds. If your opinion is sufficiently interesting and different, you are sure to get a run if you persist in offering it.
Social media is a similar animal – you need to enter meaningful conversations to win followers. First, identify where your target market already is – are they interested in sports, travel, antiques? If you can join a community and add authentic commentary you may well find it leads to business.
Of course, none of this is an exact science and it does take time. But without this investment, your business may stay where it is now. Any investment in growth has to be positive in this new environment.
If you would like to ask questions around this process, I am more than happy to answer them, via the site or even LinkedIn.
