You are probably spending way too much money on client events that don't have any effect on your clients or your business. I don't know you or your practice, but it's a pretty safe statement to make. Most advisors don't set a budget and don't have any real goals for their client events, so a "successful" event becomes one where enough people showed up to fill the seats.
If you (or a staff member) have ever made calls to clients trying to get them to attend your event, then it's time to make a change. Budgets are too tight and time is too precious for you to waste it on even one so-so event. And if your clients need convincing or a little pressure to attend, aren't you defeating the purpose?
A good client event can help you build loyalty and relationships with existing clients. A great event, however, can also help you attract PR and new prospects to your business. To be successful, a client event should:
Have a clear purpose. What is it you are trying to do? Thank current clients for referrals, attract prospects or gain public relations? Be clear on what your goal is, so that you can start to track results accordingly.
Be a part of your annual budget. Before you get too far ahead, what dollars do you have to spend? This will save you from wasting time on venues you can't afford, and could start you thinking more creatively right out of the gate.
Reinforce your brand. What do you stand for in your clients' eyes? Your event should help to strengthen that impression, or play into your strengths somehow.
Be compelling. This is a great chance to differentiate yourself from every other advisor. And done right, your client event keeps on giving long after the event, providing you with unique content for your Web site newsletter, Facebook page and other social media.
Build in your follow up. The full value of most events isn't realized because of a lack of follow through after an event. Yet that's the best time to reinforce the good impression made, and to remind clients why they like working with you.
Let me illustrate these concepts through a small planning practice I've worked with, Waterfront Financial. Located in the Pacific Northwest, they are closely affiliated with a CPA group, and have specialized tax knowledge and experience.
As a courtesy to clients, they used to offer to shred sensitive documents for them. It was a small service, but very popular. So they decided to make it into a much bigger client event to gain prospects and heighten their visibility in the community. They called it Shredfest, and that's how they publicized it.