Effective Marketing Tools: What Are Your Options?

All businesses have limited time and resources for marketing — but also the need to attract prospects and stay in touch with existing clients. There are many ways to reach clients and prospects, each with its own appeal and drawbacks.

One time-honored way to keep in touch is by sending newsletters on a regular basis. A well-designed newsletter can:

But crafting a polished, well-designed newsletter is no small feat. Spelling and grammatical errors can tarnish your credibility. Dry or awkward syntax can obscure your message and bore your readers. Inappropriate or misleading statements can create problems with your compliance department and industry regulators.

There are a number of other ways to keep in touch and get your message out. But are any of the alternatives a viable substitute for newsletters?

Point-of-sale materials — Handouts or brochures that focus on specific products such as mutual funds and long-term-care insurance are effective under certain conditions. Most give the reader a basic understanding of the product or service, along with some convincing information about the specific role it might play in a portfolio or overall financial strategy. However, point-of-sale materials are typically limited to a single topic, and they may omit timely information in order to maintain a longer shelf life. Clients may be less likely to read these kinds of pieces if they don't already have some interest in the topic discussed.

Product brochures — Sales brochures may be provided to you free of cost by a financial services company. Although it's tough to beat the price, sending your clients brand-specific materials might not enable you to achieve your marketing goals. These materials tout the provider's product or service rather than promoting your business. Once clients and prospects are convinced of the need for a specific product, brochures may help them decide exactly which company has the product that's right for them. But getting clients to that point often requires a more targeted effort.

Direct telephone contact — Calling clients and prospects is a proven strategy. Yet it is also time-consuming and potentially costly, and there are national "Do Not Call" restrictions related to cold calling. If you are too busy and must hire someone to make the calls, do you really want that person talking to your clients about their portfolios? Would your staff or a telemarketing firm be able to convert prospects to clients with an acceptable success rate? And once a prospect becomes a client, the telephone may not be the preferred way to keep in touch. There are no guarantees that the client will be available when you call or even have a reason to speak to you more than a few times a year.

Personal messages — Regularly sending your clients a letter on your business letterhead is another possibility. They will appreciate the consistent contact. But how do you write a letter that appeals to everyone on your list of clients and prospects? You could jot a personal note to each one, but that might take too much of your time. A canned letter might begin to sound a little insincere after a few months. Sending article clippings and your business card could be effective, but it can be time-consuming and difficult to find compelling articles each month that would appeal to the majority of your clients and prospects.

The Credibility, Flexibility, and Cost-Efficiency of Professional Newsletters

Sending professionally prepared, visually appealing, informative newsletters can be a tremendous way to build credibility, keep clients aware and informed, and reinforce your presence and message on a regular basis. Newsletters can be mailed to all your clients and prospects, handed out like business cards as a prospecting tool, and displayed in your office for customers to read. Plus, newsletters have a distinct advantage over conventional advertising media because they can help inform and motivate a prospect before your first meeting.

Along with their other strengths, professional newsletters customized with your photo and business information can be affordable and cost-efficient. They enable you to target a specific group of people and make better use of each marketing dollar.

Your ideal marketing option will depend on the specifics of your business, and it may be helpful to use multiple approaches. However, sending a high-quality newsletter on a regular basis could be the most effective tool for keeping in touch and reinforcing your image as a financial professional.

Start including newsletters in your marketing plan