When describing the value of marketing, the godfather of business consulting, Peter Drucker, wrote that: “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation.
Just for good measure, he added, “Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
We all know the main game for marketing is sales leads and there are many metrics you can use to rank your effectiveness in this area. Leads, however, are the outcome of your actions, and how effective your marketing is will be determined by how you implement the strategy.
Moreover, outside of having poor marketing assets, the biggest challenge to a successful marketing strategy is a lack of engagement within a business.
Staff amplify your message
One of the best sales channels you have is your people. You need staff engaged and educated about how to use your marketing efforts for maximum impact.
We’ve seen some examples in and outside of the finance industry of businesses investing in marketing activity, devising excellent strategies to target clients with campaigns and so on, yet their teams haven’t bought into the message.
Your team, whether it’s your financial planners or administration staff, right up to the management team, are your best assets in helping drive the effectiveness of your marketing. Let’s consider an example in which you decide to build a thought-leadership program.
The implementation of this strategy will involve written content, video, and other marketing assets. You’re driving it primarily online, using social media sites such as LinkedIn and Facebook. The program is well developed, and it’s resonating with prospective clients. However, no one in your firm is sharing or using it. This is a classic illustration of how weak staff engagement can hamstring the best marketing strategies. Amplifying your message is crucial for success; you’re building all these campaigns and your frontline sales team – your planners – aren’t using it.
Make staff engagement a priority
Now I’m not suggesting you slap KPIs on your team and force them to get on board, unless that’s the way you operate. What I would suggest is that you factor in your team as part of your initial strategy. Prioritise engaging them in the marketing program.
Furthermore, you need to start this process early – even involve them in the design of your marketing. Or if you’re a larger firm, select a small team of planners to represent their colleagues in contributing to your marketing program.
Also, when you’re launching a campaign or another form of marketing activity, inform the team it’s happening, how they can help, and how they can use the marketing material in their role. Communicating what you’re trying to achieve and what your expectations are can make a real difference to the outcome of the new marketing push.
Tying an incentive to staff engagement can work well. You might offer a cash bonus or some other reward for the planner who produces the best results regarding sales from a specific campaign. A little bit of competition can be a good thing.
Incentives aim to ensure your team is engaged in your marketing activity and that they are aware of how they can contribute to its ultimate success.
