When you know what business you’re in, it’s not only easier to market what you have, but it helps you uncover who your real competitors are.
Think Financial Advisors – their competition ranges from the obvious: banks, mortgage brokers, accountants, but can also include Business Coaches offering financial mentoring services.
So if Financial Advisors are not just in the financial advisory business but in the ‘coaching business’ too, how does this change the way Advisors market themselves?
Well, for starters, it’s essential they view that vast market of business coaches not as competitors, but as collaborators. This would be an enormous opportunity for the Advisor because of instead of seeing these coaches as potential threats, they could be an untapped source of new business for the Advisor.
- What if the Financial Advisor was to joint venture with a business coaching company to offer specialised financial advice for the coach’s existing range of clients?
- What if the Advisor offered to run a 1-hour webinar for the coach’s clients as a complimentary service?
- What if the Advisor offered the coach a complimentary ebook to pass onto to the coach’s clients?
- The coach provides their client with high-quality content.
- The Advisor gets exposed to a whole new range of potential clients.
- The client gets great information from an expert on finances.
Suddenly, a whole new market of clients open up for the financial advisor that didn’t exist before.
So, who are your competitors and what strategic alliances could you create that would open up new opportunities for your business right now?
Take a moment now before you return to your hectic day to make a few notes, take action on one of them and see what happens. Success happens in that moment of decision.
PS: This may seem like a lot of work but it’s the essence of what your copywriter should be offering you. If they’re not or you’ve never used a copywriter, call me and I’ll give you some other ideas on how you can be creative, clever and cost-effective in creating new marketing opportunities.