The phrase, “If a tree falls in a forest and no one hears it, does it make a sound?” is a philosophical thought experiment that raises questions about, among other things, perception. Its origins can be traced back to the 18th century. So, do you get more business if you have a sensational message and your ideal clients never hear it? This is not a philosophical thought experiment. The answer is NO!
In thinking about all the different ways you can share your message, several factors come into play in deciding how you choose to do so. All the various approaches allow you to highlight the value you can deliver to your ideal clients. Additionally, the more you have refined your message, the more each approach helps you build a powerful brand.
Sharing Your Message Through Published Works
Published works can show up in the hands and minds of your ideal clients way before you ever meet them, and that is the idea. They are regularly one of the most efficient and effective ways to help build a powerful brand.
Published works are a big umbrella with different packages for your message. You write articles for third-party media properties such as magazines, journals and websites. Industry reports and books are also under the umbrella.
Throughout history, books have held the potential to ignite revolutions, change minds and shape the course of societies. Think of what writing a book can do for your wealth management practice. Publishing your message in a book is one of the best ways to communicate the exceptional value you can deliver to your ideal clients.
Sharing Your Message In Person
Wealth management is a people business. Your ability to build rapport and explain wealth management strategies and products is critical to the success of your practice. Concerning your powerful brand, you must become excellent at quickly communicating your promise of results to prospective ideal clients.
You are riding three floors in an elevator, and you are asked what you do. You have less than a minute to capture the person's interest. What do you say? This is your elevator presentation.
You must adapt your message and set the stage so the other person is intrigued enough to ask questions. When asked questions, you can use the opportunity to explain further the exceptional value you provide. Moreover, you can ask questions that enable you to learn how to deliver outstanding value to the person you are speaking with.
A good elevator presentation has three components:
• Who you are. This is your name and possibly your professional affiliation.
• What you do. Here, you specify the results you are promising.
• For whom. These are your ideal clients.
Clients Sharing Your Message
If you were to ask your clients what you do, how many would answer with the message you want to convey? Could they explain your message? While a handful might, it is unlikely the majority would be able to do so. This means you are missing out on lots of potential opportunities.
Ask some of your “best” clients what you do. Very likely, many of them will describe the services you provide. You will likely hear that you manage money or do estate planning. These generic answers are often not helpful when you are getting new business. With this exercise, you can see how close your clients' responses to their peers are to your message.
Helping your clients communicate your message to others will regularly lead to more ideal clients. One approach is to out-and-out ask your better client what you do. After they give you their answer, if it is not in line with your message, you can explain the breadth and depth of your expertise, focusing on the exceptional value you can provide.
Other Professionals Sharing Your Message
For most wealth managers, the best way to connect with their ideal clients is through referrals from other professionals, such as accountants and attorneys. This is especially true when the ideal clients are wealthier.
You can go through the same exercise you did with your clients, with professionals you see referring your ideal clients. How do they explain your wealth management practice? Is there consensus among these professionals?
Most of these professionals will likely give generic responses. They rarely tie their introductions to their clients’ expressed and latent needs and wants. Yes, this will get you some referrals now and again, but it is inefficient compared to what is possible.
Presentations At Events, Webinars And Podcasts
Standing up in front of your selected audience or over the Internet and sharing your message is an excellent way to generate interest in your wealth management practice. Good public speaking skills are essential, but they are not all that common among wealth managers. For example, your ability to adjust presentations depending on the number of event attendees is crucial. In smaller gatherings, your ability to get the audience of ideal clients actively involved translates into more business opportunities.
When controlling the event, webinar, or podcast, there is a higher probability of getting new ideal clients than when you are not. For example, small, intimate breakfast meetings with prospective ideal clients, where you set the agenda, can be very effective. Also, the more time you spend with prospective ideal clients, the higher the probability of some of them coming to you for your expertise.
Public Relations
From helping to package your expertise into content to being able to place the content in media properties, a good public relations firm can help get your message to your ideal clients. The complication is that you must work with a good public relations firm. The firm must understand the wealth management industry and, with your guidance, understand your ideal clients.
Your Website, Newsletters, Social Media,And Email Blasts
Almost every wealth manager has a website, so having one does not distinguish you from the crowd. Most wealth managers' websites (and many are firm sites) are firm-centric instead of focused on your ideal clients. Still, your website should reinforce your powerful brand. The content on the site has to show how you can solve problems confronting your ideal clients.
Your newsletters and email blasts must be relevant to your ideal clients, and you must have a list of appropriate prospects to reach out to. Very often, the best way to leverage a list of potential ideal clients is to take something you wrote or some article where you are quoted and distribute it to your list.
Advertising
Relatively few wealth managers are advertising. If they are promoting, it is most likely a firm initiative, which might or might not benefit you. Still, advertising can be effective if there is a direct line to your ideal clients.
Conclusions
If you want to create a powerful brand that helps you acquire more ideal clients, consider an ongoing campaign instead of an activity or even a handful of activities. You will likely have to adjust your branding strategy as you see what is working and what is not. It is even more of a long-term endeavor if you choose to become a thought leader. Therefore, you have to be willing to commit time, effort and resources for the long haul.
Just like learning a new skill or studying for an exam, repetition helps solidify the message in the brain, making it easier to recall when needed. Your powerful band will do the same, solidifying in the minds of your ideal clients that you are the wealth manager they need to work with.
It can take a couple or a few years to reach critical mass. However, once you are there, the business opportunities often grow astronomically. As we all know, it can take years to become an overnight success.
If you are not willing to think in terms of years, consider reevaluating if building a powerful brand is right for you and your wealth management practice. Remember that repeating a message is crucial for effective communication and retention. In a world filled with constant information overload, our minds are bombarded with numerous stimuli daily, making it challenging for any single message to truly stand out. Repetition allows us to reinforce the key points and ensures that the information remains at the forefront of the audience’s mind.
Jerry D. Prince is the director of Integrated Academy, part of Integrated Partners, a leading financial advisor firm.