In my previous article I talked about an introduction of Guerrilla Marketing. In this article I wish to introduce to you some of the secrets of the guerrilla marketing. The major purpose of this series of articles is to try and give an idea about many marketing weapons which an IFA can use to get more clients, to increase the business volumes per client and to retain the client for lifetime. But before I start discussing about those specific weapons, I think I should share few secret traits, which are the essence of any guerrilla marketer. Applying them in a right manner can take your business and profits to the newer heights.
1) Guerrilla Advisor should be Committed
Excellent marketing without commitment isn't as profitable as even medium marketing with commitment. It's commitment that makes it happen. I have seen many IFAs trying some beautiful marketing strategies to acquire the business or increase the business, but still fail to get the best benefit out of the strategy only because of the lack of commitment. Any marketing doesn't work immediately. It takes time.
Most of the time, I have heard IFA saying "what's new?" They are constantly in search of something new to sell or some new concept to try to market. The excitement of something new is very high in initial period but it starts fading away as the benefits are not immediate. And by chance, if the benefits are immediate then they are not consistent.
I came across an IFA who told me that he has tried anything and everything in last couple of years to acquire new clients, but did not met with success. He said he tried corporate group presentations but he didn't get much response. He tried having road shows in societies for campaigning but didn't work much. He tried hiring 2 telecallers but didn't work. You name the technique and he has used it. He tried selling the products based on market momentum, didn't work. He tried selling financial plans, didn't work either.
While talking to him in detail, I got to know that he never did any particular thing for more than a month and based on the results generated in a month, he decided to change the tactics. Secret to success lies in deciding on a particular marketing strategy and combination of the marketing weapons and then stick to it for long time. The definition for the IFA for long time according to me would be lifetime.
Practice makes it permanent. When we try doing something for the first time, it's possible that we might make few mistakes. But doing it again and again makes it more and more accurate. Also success lies not in doing many things only once, but doing one thing many times. So you should stick to your marketing plan for longer term.
2) Guerrilla IFA needs to be consistent
We need to understand that we are not into the entertainment business, we are into the business of creating a bright financial future for our clients by selling or advising them financial products and solutions. Where people buy the particular product, it's more because they have faith in IFA and not because they have a faith in a product. So to create that faith and trust in the mind of your client it's very much required that you be consistent in what you do and what you talk. You need to be consistent regarding your advice to the client.
Many of the IFAs try to bombard the clients with lots and lots of marketing information every time they meet their client. I think that's the last thing one should be doing. Instead every time you meet your client you should talk about their goals and the progress of the investments towards client's goal. If you are a kind of a person, who keeps on advising some new concept or new product every time you meet you client, chances are that the trust and faith which is required may not be created. By talking same thing every time you meet your client, with consistency, you can surely make client to believe in you.
3) Guerrilla IFA should consider marketing as an Investment
Spending on using the Guerrilla marketing weapons is not an expense, it's an investment. It's an investment which if done in right manner can be the best investment in your life. It's less risky than any other financial investment. Many of the IFAs hesitate in spending on marketing and branding of themselves. When asked they have this solid argument, why should he/she spend on marketing, while the AMCs and financial institutions, for whom he/she is selling the products, is already spending lacs or even crores of rupees on marketing products. This argument lacks the emphasis on the fact that client buys the products because he trust you not because he trust a particular product. IFA should spend on marketing himself/herself not on product. The key is, don't expect immediate results from marketing. You will get the fruits in long term.
A true guerrilla advisor invests into creating his own brand by spending on personalised stationeries, having own website, having the different brochure for different set of clients. We will talk about the basic investment required by the Guerrilla advisor in few of the weapons in coming articles.
4) Guerrilla IFA should create a business model that wins confidence
People normally buy from the businesses in which they are confident. Your commitment and consistency along with the investment to create the brand equity can make people confident into your business model. Apart from this the biggest secret to create the confidence of your business model is to be honest and be successful in communicating your honesty on ongoing basis.
What's your business model? Have you ever tried defining it on paper. Are you a solution provider who offers tailored solutions for clients' individual requirements? Or are you in the business of educating and empowering your clients to enable them to take decisions based on your inputs? Or is it providing all products and services at doorstep - which is more convenience oriented? Whatever your business model is, define it very precisely and communicate it to the clients and prospects.
5) Guerrilla Advisors need to be Patient
Who do you think can create a business model that builds confidence by being committed to a marketing plan along with applying the principle of consistency and regular investment into building the brand equity? The answer to the above question is "patient people". If you don't have patience, perhaps you should try and explore some other business than being an IFA. Without being patient, you cannot become a successful guerrilla advisor.
6) Guerrilla Advisor is good at creating convenience
We often say that the time is money, but it's not true. Time is more important than money, time is life. That's why the 6th secret of being true Guerrilla Advisor is being convenient. Time is the most important factor even ahead of money. And people know that. You dare not to waste time of your client or your prospective client. You need to plan every process of your business to being convenient and save the time of those who do business with you. Make it easy to learn about you and your product or get information about any of your services. Try dare to waste one precious second of a client's time and you might probably never hear from that client again.
Most of the financial advisors are of the opinion that the investors are not ready to spare money for good advice, but I think it's not money; it's time that bothers them. Once people are sure of getting better value for the time they spend with you, they surely will trust you for their hard earned money.
7) Guerrilla Advisor is prompt at Implementation
Guerrilla IFA is very much keen to implement the ideas into the day to day life. He/she doesn't learn the things only for the academic reasons. Guerrilla IFA knows that the world belongs to the doers and not to the thinkers. Guerrilla marketing is all about action, and that's just what a true Guerrilla IFA must understand and implement.
Sadly, majority of the IFAs keep on learning the things, but very few of them seriously try to implement the things which they have learnt. And those, who have courage to take the action win the game. Because it's never about how much you know, it's always about how much you implement out of whatever you know. I truly believe that this 21st century belongs to the people who can Act. Having a bullet in the gun is useless, until it is fired.
All content in Marketing Wiz is created by Wealth Forum and should not be construed as views of Kotak MF.
Marketing Wiz is a joint initiative between Kotak MF and Wealth Forum, where we bring to the distribution and advisory fraternity marketing insights that can help you connect better with prospects and clients, win new business, serve clients better and thus enhance business growth. The Guerrilla Advisor is an exclusive column within Marketing Wiz, penned by Jigar Parekh of Prudent CAS.