Trick or Treat: Not all media attention is created equal
By Alana Schofield, President
AdvisorPR.com

In the spirit of Halloween, I'd like to make an analogy about working with the media to generate publicity: it can be either a trick or a treat. For instance, on All Hallow's Eve, you may encounter good witches with good intentions and, in this example, these are the reporters and journalists whose intentions are to inform and educate their faithful audiences with valuable information. But, with all things good comes the bad, and you should also be aware of the wicked witches of the media world. Oftentimes, these media representatives will be disguised as "good," and during your excitement of accepting their interview invitation, they are plotting to use what you know and do to further their own wicked agenda. Unfortunately, those in disguise only reveal their true intentions when it's too late and the damage is done. Understanding the good versus the bad, and knowing how to pin-point, avoid and be equipped with the tools to overcome their plot, will ensure your angel-like reputation remains untarnished.

A few years ago, I received a call from an L.A. Times reporter looking for a financial expert to interview. The L.A. Times, a top-five newspaper in the country by circulation, would typically be a great platform for highlighting one of my advisor clients and their financial know-how. Those who specialize in PR would go out of their way to make sure this interview happened; but not this day, not in our industry. Knowing the sensitivity of financial stories, I was a bit leery as to whether this was a trick or a treat, as the phone call was unsolicited, and the reporter was very general in his query. Rather than immediately fulfilling his request, I asked a few "probing" questions. The conversation with Mr. Reporter (MR) unfolded somewhat like this:

Alana Schofield: "Thank you for calling, Mr. Reporter. In order to help you find the most appropriate expert, what specifically are you looking to cover on personal finance?"

Mr. Reporter: "Fixed annuities."

AS: "And what type of expert are you looking for, a company representative, marketing organization, or an advisor?"
MR: "Someone that sells the insurance products to retirees."

AS: "I see. As you know, fixed annuities are a relatively general topic, so is there anything more specific you would like to speak with an advisor about?"

MR: "The length of the contract period."

Red flag. I simply thanked the reporter for his inquiry, asked him when his deadline was, and told him I would get back in touch with him soon. Of course, it would not benefit a financial service professional to be highlighted in a one-sided, potentially negative story about a product they represent. Contract lengths of annuities vary, as do clients' needs; however, the reporter was not interested in this information. This story was obviously skewed and would have been a "trick" with a lasting impact. Later, I simply let the reporter know that I was unable to find an expert in time to meet his deadline.

Understanding the difference between positive and negative story angles is very important when working with the media. Not all PR is created equal; there is a difference in coverage and angles between financial media and community media, both national media and local, and between news media and a one-sided exposé. Don't get tricked into doing something that can have damaging effects on your practice.

How to spot a trick versus a treat

Unsolicited phone calls can be a red flag. If you do not work as a media resource on a regular basis and receive a request for an interview, ask some questions. Although news media covering a financial topic without a financial resource may turn to the phone book for a local advisor's perspective -- thus making the interview opportunity a treat -- be sure to ask what the story will cover, the angle, and what information they want from you. If you are still unsure as to whether or not their intentions are good or bad, ask the reporter when their deadline is and whether they can provide you with questions in advance. If time permits, do a little research on the media outlet, the reporter and previous article topics and tone. Knowing this can help you make an educated decision.

If you are uncomfortable with taking the interview request and moving forward, you should still be gracious when declining their offer. Return the reporter's phone call within a respectful amount of time and let them know that you are unable to be of assistance before their deadline, or that you are not comfortable with the angle or topic requested of you.
f, while you politely turn down the invitation, the reporter should start to ask you questions, under no circumstance should you respond "no comment." Simply restate that you are not the best fit for this story or you have limited time, etc. "No comment" is the antithesis of what you're trying to accomplish. A disgruntled reporter could potentially use this again as a way to further "prove" their theory and angle on the specific subject. For example, "... local advisor Bob Smith responded `no comment' when asked of the contract length of annuities." Keep your composure and stick to your plan.

Now, if the costume of disguise has fooled you and you find yourself in an interview that has shifted from the originally stated direction, don't get nervous or appear flustered, but instead, remain calm and as clearheaded as possible. Unless the interview turns hostile and unprofessional or unwarranted accusations are made, continue on. And, as much as you may want to disappear like a ghost, this is not recommended. Stay in your seat or stay on the phone. Leaving an interview during tough questions will lead others to believe you concede and further promote the media representative's agenda. Additionally, if you are being "caught" for perceived questionable business practices, face the music and use this one opportunity to state your case and explain your reasoning as to why the media's perception of your actions are incorrect.

Use the following guidelines to help guide you through a media interview:

• When in an interview, remember that everything is on the record -- no matter what. This is not a time to talk badly about any aspect of the business, product, person or place. Keep comments strictly on-record. If you don't want something published in the paper or aired by your local TV station, then don't say it.
  
• Under no circumstances should you insult the media, use derogatory names, or "street language" to insult their profession, interview tactics or even their point of view on the topic. Always be professional. If you're unhappy, communicate this just as you would with a client or other business relationship. No matter how much you want to, do not allow your inner demon to come out during a press interview.
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• Prepare yourself for touchy questions, even if you only have a few minutes to do so. Know beforehand what you intend to say about other investments, strategies or competition, for example. Prepare to answer in a way that you can put a positive spin back on what you offer. For example, don't talk badly about the stock market, but explain why it may not be appropriate for certain investors.
  If a question is asked that is a matter of public record, simply admit to it. For example, "Yes, annuities are a long-term investment, but many investors like knowing there money will be there in 10 years when needed." Or, "Yes, annuities have surrender charges, but to the long-term investor, the advantage is..." Admit to the negative, but finish the answer by bringing the topic back to the truthful positive. If it's a TV interview, be sure to repeat the question in your answer, making it more difficult for "out of context" sound bites to be created.
  
• Don't try to intimidate the reporter, criticize or make bad jokes. Even if you don't know what to say to a comment, keep your cool and take your time (this is especially relevant if you have a tendency to make jokes when nervous). If you don't know the answer, then say so and offer to get back to them with an answer as soon as you can. Avoid becoming defensive in any situation. Take your time and answer all questions honestly. Offer to help later if needed, such as for a fact check, and then be available when they call back for your assistance.
  
• Stick to your guns. Don't let a reporter manipulate your position on a topic. State your points and try not to get side tracked. If you remain clear and focused in an interview, your answers will come across in the same manner.

Public relations can be an incredibly beneficial component to your marketing mix. Becoming a media resource leads to establishing your position as a community expert and furthers your credibility. However, being in the public eye has its obstacles, too. Stay on your toes when it comes to unsolicited media queries and brush up on your interview skills. Both will help you avoid any sticky situations. Chances are good that if you're doing right by your business, the media will do right by you.

However, a few bad apples and public misperceptions can put the whole bunch in the spotlight and subject them to media scrutiny. Don't be scared to just say no if you are unsure. It takes a long time to build a good image, so don't get tricked into to jeopardizing your reputation by accepting the wrong media interview. Not all PR is good PR and, even though you may not have that extra treat in your bag of candy this time, it's better to be safe than sorry. Remember, just like Halloween, additional media opportunities will come around again.

Web 2.0 and you: What does "user-engagement" mean to your business?
By Alana Schofield, President
AdvisorPR.com

Did you know that your prospective client has evolved, and is now one of the fastest growing populations online? People aged 55 and older are turning to the Internet on a regular basis for information, to connect with like-minded others and to take part in all the Internet now has to offer. As a financial services professional, it is important that you have an Internet presence. However, the marketing tools to promote your services and engage your prospects are equally as important. A standard Web site isn't enough -- if you don't engage your viewers, provide valuable content and promote what your site has to offer, how will prospective clients find the virtual highway to your site? And once there, how will you keep them there?

Web sites have come a long way. First made popular in the mid-1990s, a Web site's original purpose was to serve as a static online brochure, a one-way communication tool to deliver information to a target audience. Eventually, electronic commerce emerged and sites evolved to Internet catalogues (such as amazon.com), commencing the second generation of the Internet, named Web 2.0. Sites became research tools, able to be manipulated to reflect the user's unique preferences (Wikipedia, Google, etc.). As I am sure you've noticed, we are now experiencing the "community" trend, an increasingly popular Web 2.0 strategy that gives even novice users the ability to collaborate with others, participate in open communication and interact with brands, icons and even fictional characters. Although made popular by sites such as MySpace or YouTube, media companies, Fortune 500 firms and even independent service providers are discovering benefits from allowing Internet users to interact with their company's brand.

The goal of having a Web site in a 2.0 world is now to drive consumers to a Web site, entice them to stay longer and return more often (and of course, tell their virtual and "live" friends about their experience). Companies that are able to create a unique experience online are at an advantage, as they create the "stickiness" so many brands strive to achieve. And, in a marketplace of predominately static online brochures, such as the financial industry, even the simplest of user-engagement strategies will make a memorable mark on a prospective client.

So, how can you create Web appeal? To start, your Web site needs to stand out in the consumer's mind, so keep it exciting, engaging, informational and educational. Internet users often become frequent visitors of Web sites that provide them with up-to-date information. Consider integrating features such as newsletters, national and especially local news briefs, personal finance articles of interest, blogs or Really Simple Syndication (RSS) feeds on your site. Keeping a flow of continuously updated information will increase the user return rate on your Web site and the amount of time each user spends there. Prospective clients will come to learn that if they want information on the latest tax laws, for example, and more on the local impact or how it applies to their specific situation, they should turn to a local resource, which can become your Web site.

The popular feature, "blog," is actually short for Web log and is commonly used as an online diary of thoughts, opinions, news, comments and anything you deem important enough to share with friends -- or current and prospective clients. Blogs are used in all facets of life, for personal updates on family, to the posting of opinions on government topics and current events and more. As a financial advisor, you could utilize a blog format to post articles on timely topics, report on current events while offering your opinion or commentary, announce workshops or seminars, a new designation, award or membership or just connect with your clients on a personal level by offering updates on your business and even personal life. Letting your target audience know that the site is updated on a regular basis is key. Build loyalty and trust with your Web site patrons and bring them into your world while exposing your expertise and offerings in a way that could benefit them and their current financial situation.

Continually adding new content to your site doesn't have to require daily or even weekly manual postings. By utilizing RSS, you are able to provide your Web site viewers with the latest daily news as it relates to your industry or expertise. A form of RSS can be a page on your Web site that automatically updates with daily news allowing you to feature financial stories from major newspapers, national magazines, local feeds and more. RSS also assists with Organic Optimization, a method for improving your page rank on search engines.

Organic Optimization is a result of continuously updated content on your Web site and an effective way to promote a site with minimal monetary costs (of course, there is the time involved). By featuring news content on a site, there is the possibility that were a user to search the subject of the article, for example, an IRA rollover, and there happened to be an article in Money Magazine, the search engine would pull up the hosting site, as well as your site, if the article is attributed to the source. Clicks to your site, no matter how they originate, will assist with page ranking status, making your site one of the first to appear in a user search for a local financial advisor.
Sites using Web 2.0 technology allows for user participation and interaction, such as social networking sites, wikis, blogs, posting boards, reviews and more. These sites can be effective even if you don't believe your target demographic is using them. Web 2.0 sites will generally get millions more visitors daily than a small business's site. If you have a "profile" or posting on such a site, when your name or other relevant search criteria is entered into an Internet search, it is likely that one of these sites will pull up first, giving you, as a person or entity, a high page ranking. Each of these sites should include your contact information and Web site address, linking the user back to your services. This is a "two-click" connection from some of the most searched Web sites in the world. And the more clicks you receive, the higher your page ranking organically becomes. Examples of Web 2.0 and the popular sites utilizing this technology include:

• MySpace -- social networking site
• LinkedIn -- professional marketing site
• YouTube -- a video-based community
• Wikipedia -- user-generated online encyclopedia
• BoomJ -- a social networking site geared to baby boomers

Now that you have successfully attracted Web users to your site, make certain they are engaged enough to stay for a while and return often: provide up-to-date interactive and educational information. The more that can be learned from your site and the more a user is engaged, the more reason there is to return and to refer your site to others as a source of valuable information. Popular user engagement strategies include:

Web video

Videos on the Web are quickly becoming an alternative to traditional television for need-to-know information. This is a great way for a prospective client to learn more about a financial topic and you as an advisor.

Recorded audio

If you are hosting a weekly radio program and not archiving your shows on the Internet, you are missing an enormous opportunity to further showcase your expertise and talent.

Archived Webinars and articles of interest

A Webinar is a term used to describe a "Web-based seminar" where a commentator would use a PowerPoint or other visual element accompanied by audio to deliver an educational message to a targeted audience. Archives, or however you choose to label this section of your Web site, can be used to house articles of interest and third-party supporting materials.

Newsletter and other sign-up forms

Always be prepared to collect contact information from users who log on to your Web site. Entice users to sign up to receive announcements, event calendars, newsletters, news briefs or anything else you feel appropriate from your particular firm.

Polls

Include a rotating poll on your Web site with probing and relevant questions pertaining to your ideal user's specific concerns. This will not only create user engagement of your site, but will also motivate continued user return to discover the results.

Quizzes

Consider quizzes, such as an "IRA Rollover Quiz," or a poll that asks the user probing questions about their knowledge of IRA rollovers. Users that score poorly on the quiz may have an increased sense of urgency to have their retirement accounts reviewed and call to schedule time with you to discuss further.

Calculators

A calculator is an interactive and informative application that sparks the curiosity of many. Providing a retirement income distribution or an inflation projection calculator on your site will allow interested users to return often to recalculate their financial outlook.

When Web sites first became popular, there were a lot of late adapters. "Web sites are primarily for big businesses," was the general perception. However, within time, a Web site became a must-need for having a successful business -- and the lack thereof left a negative perception on the credibility of a company. Eventually, we all must adapt to our customers expectations and demand. Integrating Web 2.0 into your site will be no different. In the not so distant future, you will need to have these features to be competitive with the other service providers in your area -- be the first in your marketplace, the forward leader for integration. You'll eventually have to do it anyway.

Quantifying your creativity: How to achieve maximum marketing results
By Alana Schofield, President
AdvisorPR.com

Time and time again, new advisor clients will ask me to "quantify" their investment in creative services: "If I spend X, am I guaranteed Y?" While I wish creative services and the costs associated had a direct correlation to specific outcomes and immediate results, the reality is: it's all variable. Creative services -- pending the project, topic, call to action and geographic location of the company, its already established supporting marketing materials, current recognition and acceptance of the brand as well as the advisor, advisor goals, and so on -- provides both intangible and tangible returns, as well as immediate and long-term gain. While I appreciate the analytical mind of the financial services professional, creativity is not black and white, and consumer receptiveness of your product or services does not occur overnight.

Creative services come in many forms, all serving a different need:

• Brand development, including logos, taglines, company messaging, mission statement.
• Corporate communications materials, including letterhead, business cards, executive bios, company bios.
• Supporting collateral, including brochures, sales kits, Web sites.
• Promotional strategies, including marketing and direct mail campaigns, advertising, both new-media and tradition, as well as public relations.

These services are all utilized to build one solid comprehensive brand; however, each creative project serves a different, but very important purpose.

A brand is built through a collection of consistent messages, visual representations and targeted campaigns over a period of time. A brand should appeal to your desired target market, should be easy to understand and remember, and convey, in the simplest of terms, who you are, what you do and why you're the best option for a prospect's specific need. Each creative project helps you come closer to the end objectives: consumer recognition and acceptance.

Brand development is where you hone in on your unique service proposition; create the messages you want to consistently relay to your target prospect; develop a visual representation that is reflective of your business, as well as how you operate your business. And, the slogan or tagline best describes what you do. Without the clear and specific development of a brand, all other creative services' value is diluted. Consistency is key -- and, if you're spending money for brand exposure but are confusing your target audience with mixed messages and mixed visuals, the effectiveness is lessened, resulting in the need to spend more money while obtaining less of an impact.

Corporate communication material builds immediate credibility and, as simple as it may sound to have branded company collateral, consumer perception provides legitimacy for an organization and validation ofhe professional. The alternative option is to provide a prospect with a regular manila folder or a letter on white standard copy paper when presenting a proposal -- the impression is neither impressive nor credible.

Supporting collateral is used to tell your story. It's typically the second form of communication with a prospect -- the first being whatever message or campaign led them to request or review the collateral. Again, consistency is key when it comes to the messaging and the visual representation, and copy needs to be friendly, persuasive and describe the end results of your services, rather than simply list the product you sell. Typically, people do not like to be sold to, which is why they'll visit your Web site or request a brochure before picking up the phone to set an appointment. Holding the position as an expert advisor, rather than a product representative, will give you added advantage. These creative projects act as a bridge between initial consumer interest and prospect commitment for an in-person meeting. Without these materials, prospects may not be interested in taking the next steps.

When a proper brand is established, the last, but equally important component of successful brand recognition is promotion of the brand. Promotion comes in many forms. Direct mail campaigns are created with call to action and are typically used to encourage an "immediate" response, as hopefully your messages are addressing an immediate or timely need or concern of the prospect. However, immediate response does not equate to immediate client. The prospect will most likely go back to research your supporting collateral.
Advertising campaigns create continual brand exposure, prompting prospect brand recognition and ultimately brand acceptance. Advertising is a process in itself and should only be done if able to conduct a mid-to long-term campaign. One advertisement will most likely not create any new opportunity -- for maximum results, a longer run-time is required.

Then there is public relations, the practice of working with the media to create community awareness of your services and expertise. Public relations has both short-term benefits as well as long-term gains, and produces tangible and intangible results. As in brand development, there is preparation involved when working with the media. And, as in brand receptiveness, media receptiveness may not occur overnight. Like marketing, after the initial impression, clients may turn to your supporting collateral to learn more about you and what you represent. And, as with advertising, for maximum results, a long-term commitment may be necessary -- but if you are prepared, committed and patient, public relations can produce amazing results.

Successful media placements have short term rewards. It provides immediate exposure to consumers who are interested in the topics in which you specialize. Your name, company and service are incorporated into the content that consumers turn to their TV, radio or newspaper to learn about. It creates immediate credibility, not only with the viewing audience, but also with anyone in your network that you make privy to your upcoming or recent coverage. The process of PR creates immediate relationships with persons of influence; however, the benefit of that relationship in relation to your practice may only be realized in the long-term.

One of the long-term rewards of successful media placements is lasting credibility. New prospects or existing clients will make their way to your practice in the future, and by showcasing your media accomplishments, you may reduce their resistance to utilizing your services. It's a common perception that if the media trusts an expert well enough to showcase him or her, the expert must be credible, professional and educated on the topics of which he or she specializes. Established clients may feel even more comfortable with your capabilities and refer friends or perhaps move more business to your practice. It all depends on how you leverage your new found celebrity. Here are a few tips for leveraging your PR in order to realize the maximum benefit.

Print and online placements:

• Copies of your print placements should be included in your next correspondence with clients and prospects. This is an excellent addition to a newsletter.
• Include copies of placements in seminar and prospect packets. Potential clients need to know that you are trustworthy and experienced, and media attention is certainly an easy way to convey this to them.
• Frame placements in your office or keep a portfolio in the lobby so that everyone who steps through the door has a chance to see these recognitions.
• Online placements can be highlighted by sending your contact list an e-mail with the hyperlink. Be sure to note whether or not the site is regularly updated, as this could affect how long your mention appears online. Always print copies of online placements and keep them as you would any other.

Television and radio placements:

• Before starting any seminar or workshop, keep prospects engaged by playing radio and TV interviews while they wait for the start of the program. Incorporating these clips in your presentation is also an impressive way to highlight your background and expertise.
• If you have a television in your lobby or conference room, keep interviews playing for prospects. Not only will this pass any waiting time, but it will also give them a glimpse of what you have to offer before their meeting with you.

For all placements, consider the following:

• Add all placements to your Web site's newsroom area. If you don't have a place to highlight your PR, now is the time to add it. Prospects want to see who else is relying on you for financial advice and community-wide recognition is an excellent reference to your credibility.

Again, when asked for a quantifiable result of creative service, the answer is still a question. It's not any one task or project that will propel a person to success, and rarely do people become successful by chance. It's a solid, well planned and well-promoted approach to brand development that achieves the maximum results. Although some success may be found with sporadic messages, campaigns and creative projects, it's the long-term and targeted approach that will reap the greatest rewards.

The sales process: How to support each step of the way
By Alana Schofield, President
AdvisorPR.com

As a financial advisor, your business revolves around your ability to sell.

But it's not just your ability to sell products that ultimately grows your business. It's how you sell yourself and the services that your firm offers. Your clients are buying you, your expertise and recommendations, and they will evaluate your ability to handle their financial accounts based on how you portray your ability to operate your business. If you don't take yourself seriously, why should they?

Clients need professionalism. They need to see that you're established, credible and serious about how you conduct your business. There are many things you can do during each step of the sales process to showcase your professionalism and business stability. From obtaining prospects to retaining clients, a little extra work in your marketing communications efforts will reap an enormous amount of results - creating supporting collateral and strategic marketing programs alone can separate you from your competition.

Leads to prospects

No matter how you generate leads, from direct mail to advertisements to workshops, you need to give your prospects a call to action and/or a reason to contact you. Motivate them to take action. I've worked with advisors who have self-published booklets, offering free information to prospects who either attend a workshop or call in. This self-published booklet, if well done, is a credibility piece. It shows your prospects that you're an expert in your field, and specialize in the services they need.

Additionally, a Web site is crucial in this day and age if you're trying to attract new prospects to consider you as their financial professional. This is essentially your online résumé, and needs to be colorful, professional and functional. A Web site is used to explain who you are, what you do, why you're better, etc., along with the problems that you help solve.

(Please note: A Web site is not a place to talk about products. After all, you don't sell products, but rather solve problems. Instead of saying you sell annuities, explain that you have the expertise to create an income for life.)

A Web site should explain your services and the problems you solve, and should constantly give your prospects a call to action, such as, "Call today for a free consultation," "E-mail us to schedule a free IRA review," or "Sign up for our free newsletter."

Collecting prospect information is half the battle. How you choose to follow up is what converts the leads to prospects. Add leads to your mailing list, or even generate leads from a mailing list. Ongoing efforts to make contact increase your exposure and credibility with your target prospects, as well. For example, I've worked with advisors who target specific zip codes and age demographics within their local markets. Prospects who qualify are automatically added to a monthly mailing campaign. Each month the prospect will receive a mailing; alternating quarterly newsletters with jumbo postcards. The newsletter is full of information (general in nature) regarding financial matters the prospect needs to be aware of, and the postcard contains valuable reference information on a variety of subjects, designed to be kept for a period of time by the prospect for their future reference. Each of these methods creates awareness in the minds of your prospects, and builds your brand and credibility.

Prospects to clients

Once you have a prospect in your office, impress them with your professionalism. Every prospect who walks through your front door should receive a professional credibility piece introducing your company and its capabilities. Although many prospects may have reviewed your Web site prior to making an appointment, you cannot assume that they all have; therefore, this piece of collateral is an important selling tool (and remember, if your prospects turn into clients, and have a piece a material that they can pass on to friends -even better!).

Provide them with either a company credibility kit, or at the very least, with a professionally done corporate brochure. This information should give an overview of the company, its mission and its founding principals. Provide your prospects with information on yourself, your expertise, your education, membership affiliations, our licenses, etc. If you're a member of the National Ethics Bureau, include that in your credibility kit. Provide your prospects with information on how they can perform a background check on you. This speaks volumes, as you are allowing yourself to be transparent in the eyes of the prospect. Even if they don't do any additional research, the mere fact that you're this open shows the prospect that you're credible, professional, ethical and have nothing to hide.

Additionally, if you've been nominated or received an award within the industry or your local community, showcase this as well, and be sure to add it to your bio and credibility kit. This is an amazing credibility piece, as it puts your prospects at ease when evaluating your professionalism. And last but not least, if you have any media experience or nods, both locally and within the industry, showcase this as well. In the minds of your prospects, if the media feels confident enough to use you as an expert resource, why should they think any different? Articles and/or photos of you in the paper or on a news program, hanging on your wall, are sure to impress even the most cautious prospects. Do, however, be cognizant of any articles you've written for industry publications. Ask yourself if they are client friendly. A prospect does not need to be privy to the inner workings of the industry, but how your expertise in financial planning can benefit them. Again, add any media experience or mentions to your credibility kit and Web site.

Client retention

Don't assume because a client has worked with you once that they will remain your client for the long haul. Also, don't assume you've collected all of their available assets the first time you do business with them. You need to appreciate your clients, and pay as much attention to them as you would your new prospects.

Constant communication with your current client base is essential. Offer monthly newsletters, have a client-only section on your Web site showcasing news that applies to them (making it exclusive will also entice your new prospects.). Host client appreciation events and holiday parties. Use the prospect postcard idea to update your current clients on tax updates, law changes, invitations to client appreciation events, invitations for annual reviews, etc. Stay on your current clients' radars. Let them know you appreciate their business, and of course, that you value their referrals.

There are several important steps to the sales process - and some are often overlooked by advisors. By honing in on your abilities to run a successful financial planning practice and creating collaborating supporting materials, your business, as well as credibility, will soar to new heights.

*For further information or to contact this author, please use the forum below.

Public Relations BASICS
By Alana Schofield, President
AdvisorPR.com

Tips at a Glance:

• Find a message to share with the community.
• Be sure your message is timely and applicable to your audience.
• Create a Press Release to share your accomplishments.
• Send Press Releases to the managing editor of the business section of your local paper or radio station.
• Press releases and radio time provides instant credibility and provides for name recognition.
• Ask the publication for copies of the article for marketing. With the publication’s permission your can place them in your office of use them in direct mail efforts.
• Be proactive with media relationships – establish the relationship before you need their assistance.

Public Relations efforts may seem like a daunting and confusing task. But in reality, it’s not as complicated as one might imagine. And it’s a great way to receive name recognition and earn credibility among your target prospects. Below are the PR basics for financial services professionals – the who, what, when, where and why- to create brand recognition with your target prospects through the process called Public Relations

The Who

Who benefits from public relations efforts? The truth of the matter is, everyone does! The media benefits because they have an expert resource to help them with developing a comprehensive story that their audience will pay attention to and learn from.

The public benefits, because they are learning as they are reading a story, hearing a radio program or seeing a news segment on financial topics so they can be better prepared for retirement, sending their children to college, or possibly even reducing their taxes. And the advisor benefits, not only by being able to share his knowledge and expertise to help others, but his name is associated with positive, credible news stories, and many times results in being referred to as the “local expert” in the financial services industry, gaining instant recognition and credibility.

The What

What is Public Relations, aka PR? PR is the process of getting your message told to the public through the media. What message? There are several different ways one can obtain media coverage. You can contact the media with a story about your firm. You can get listings in your local paper’s “people in business” columns. Or you can become a resource to the media, as an expert that the media can turn to for advice and explanations about national news stories and how it affects your local community.

The When

When do you contact the media? When you have a story to tell. Have you achieved any recognition from the community or industry lately? Have you earned a new designation or been accepted into a membership group lately? Has your firm helped with funding a large donation to a local or national charity? Create a media release and distribute to your target media. These types of stories are considered “soft news” (a human interest story) and may be used immediately or may be held on to for a slower news time.

When else should you contact your media? When you want to be considered an expert. Send a media advisory out to your targeted media when a national news phenomenon is prevalent, and explain how it affects your local community. This is referred to as “hard news” and is very time sensitive. “Hard news” examples can be “How those affected from corporate downsizing can protect their retirement benefits.” Provide the media a brief background on the current subject matter and an overview on what type of information you can provide them, i.e. how one should handle their 401k rollover so they don’t pay excessive taxes or penalties. And lastly, let the media know how they can reach you.

The Where

Where do you distribute your media campaigns? There are different media targets for different stories. Your “soft news” campaign should go to both feature writers that cover the subject, either business or community reporters, and the managing editors of that section. Your business listing announcements need to go to the managing editor of the business listings section. Your “hard news” releases should go to the reporter that covers that subject, the program director and/or news director at your local news programs and the radio stations whose station format is one that airs news.

The Why

Why public relations? Gain instant credibility and recognition among your target clients. Public relations can help you separate yourself from others in the competitive financial services industry. Now, more than ever, the media needs your expertise, so reach out and connect with your media and become the “authority” on financial topics.

Don’t forget to leverage your media placements. The day your story runs in a local paper or magazine, gather as many original copies as you can. You never know when these might be useful down-the-line. Also, get reprints. Use these reprints for marketing. Give your prospective clients information about your media success and gain their trust and respect immediately.

When in doubt, call in the experts. If you have an intricate media campaign that you know warrants media attention, don’t get overwhelmed with the process, get assistance! Media placements should not be an intimidating venture; however there is a science to it. Be sure your message applies to the recipient. It’s much like advertising. You can have the best advertisement in the world, but if your target prospects don’t see it, it will have little influence. Be proactive with media relationships. Become acquainted before you need them. It will help your efforts in the long-run.

What’s marketing got to do with your business, anyway?
By Alana Schofield, President
AdvisorPR.com

What’s marketing got to do with your business, anyway? Everything!

Whether you have an independent financial advisory practice, a franchise of offices, or work in a marketing department of a corporate office, if you want to be noticed and heard by your target prospect or client, then you need to have a marketing plan. It’s a fact: No major player in the B2B or B2C space makes a marketing move without a plan. Maybe that’s why they’re considered a “major” player?

Marketing has everything to do with the success of your business. Even though you may be small (right now), the road to success can be shorter — if you plan it that way.

We’ve all heard the old adage, “Don’t call yourself a business man (or woman) unless you have a business plan.” A business plan helps you plan your success. The same is true for a marketing plan. If you’re purposeful and strategic with your marketing, you’ll see firsthand the return on your marketing investment with new clients, more and/or larger transactions, increased brand recognition and an all-around more successful business.

Marketing is the backbone of any company. You need to market to create awareness of your product, service, event, promotion, etc. By creating awareness you will attract prospective clients as well as reaffirm your brand to your current clients. Simply put, it’s the clients that keep you in business.

So how do you develop a marketing plan that’s strategic, creates results and most of all, relatively painless to adhere to? Start by writing it out. Identify the who, what, when, where and why of your business (not necessarily in that order), and from there, you will be able to create a plan that can help your business thrive.

What do you offer?

This implies your service or product offerings. List them all out, but please remember as a financial service professional, you do not sell products but financial security and solutions. It behooves an advisor to reinforce the destination, rather than the transportation that’s going to get you there (B2B companies may utilize a different approach.) Think about what you offer that someone else would want and/or need.

Why your company?

Why you? What’s your vision? Why should your prospects do business with your company over the next guy or gal? Do you have a unique service or selling proposition (commonly referred to as your USP)? Define what makes you better than your competition and why your prospects should work with you rather than them. This is your marketing message; use it consistently throughout your marketing material.

How will you market?

Define your marketing mix. In the next 12 months, what forms of marketing communication, branding and lead generation methods makes the most sense to you?
Advertising (direct mail, newspaper, magazines, radio, TV, Internet)

Workshops (themed and/or general)

Public relations (newspaper, magazines, radio, TV, Internet)

Promotions (holiday, new products)

Events (holiday, client appreciation, tradeshows)

Networking (business organizations, community groups)
All of these methods work directly and indirectly with creating a brand, and gaining more recognition from your target prospects. Know what marketing opportunities are available in your community or market. Also, take into account your personal or company’s strengths when deciphering your marketing mix. For example, if public speaking is not a strong suit, place more of an emphasis and your budget on developing a direct mail or print advertising campaign, increasing more one-on-one meeting opportunities with your target prospects.

Who will help you market?

Research and select your target publications and your printing vendors. Define who your ad agency is and where your favorite meeting venues are. List all of the people and/or companies you could potentially use as mediums to help you reach more prospects, implement your marketing plan and achieve your marketing goal. It is important to make contact and establish relationships as early as possible with this group of people. They will be integral in helping you implement your plan and maximize your budget.

When will you market?

A common term in the marketing arena is a “production calendar.” This calendar allows you to organize all marketing activities as well as “to-do’s” to get you your desired marketing result. Take some time to plan out your year. For example, if you’re having workshops, when will they be held? What types of advertising will you need and when will you need to start in order to achieve maximum results? Write it all down on one master calendar, and follow it.

A marketing plan and calendar should be reviewed at least once a quarter, if not once a month. This is a good time to get the ball rolling for the next month’s or following month’s marketing events. Your “who’s” (from the section above) should be involved during these planning meetings, ensuring they’re on the same page and also keep to the plan.

Although a marketing plan for a small- to mid-sized business may only be one-to-two dozen pages in length, it still may take several weeks, even months to write. Creating the plan is the time intensive portion, implementing the plan, once you have it, should be relatively simple. Be sure all your “who’s” help.

To evaluate the success of your plan, it is important to track where new business comes from. Be sure you or someone from your office is asking prospects how they heard of you or your company. Software programs such as Act! and Goldmine do a good job of helping you keep track of this information.

Remember, although some items in your marketing mix are designed to create instant leads, often times it’s the supporting efforts that get your prospects to become clients. For example, a direct mailer’s intention is to create instant awareness and call-to-action, however, the recipient might have heard your ad on the radio, read your name in a newspaper article, and saw you exhibit at a community function before mentally agreeing to meet with you. Don’t discount supporting marketing efforts, as they are all building a brand in the eyes of your prospects.

Place your plan in a binder, and leave room for tracking results. You received X leads from June’s workshop using the “rollover” mailers, and converted Y to clients. By tracking this information, you have a clear idea as to what marketing methods worked effectively throughout the year, and what did not. This information will make the development of next year’s marketing plan a much simpler task.

How to build a Web site that will generate buzz
By Alana Schofield, President
AdvisorPR

The financial service professional’s prospective senior client has evolved, and is now one of the fastest growing segments online. The over-60 age group now turns to the Internet on a regular basis to seek information — possibly even to check out the Web site of their potential financial advisor. As an owner of a financial planning firm, it’s important that you have the Internet marketing tools in place to promote your services, and also to drive traffic to your Web site.

The advisor who does not have a Web site in this day and age is at a disadvantage, and could be inadvertently allowing their potential prospects to learn more about competing service providers simply because of their lack of an online presence.

Web sites have come a long way. First made popular in the mid-1990s, a Web site’s original purpose was to serve as a static online brochure. Eventually, they evolved to Internet catalogues (such as amazon.com) and then to research tools (Wikipedia, Google, etc.). As the functionality of Web sites has become more user-friendly and convenient, the number of people utilizing the Internet as a search tool has grown exponentially in the last 10 years. Now, companies that do not have an online presence suffer a stigma, as it may suggest to consumers they lack a professional appearance or even trustworthiness in.

Web sites are your way of making a mark in the virtual world. Without a site, the Web researcher will never know who you are. How can you get your image up to the 21st century’s set of standards? Get a Web site that creates interest (and leads) from your prospective clients. Here are a few suggestions.
Information: A Web site is a place to present valuable information, so become a research tool. Include information about yourself, your services and the results your services yield. You are not selling products, but client solutions, so your Web site should reflect that philosophy. A prospective client may be intimidated with a list of products you sell or companies you represent — leave those details for a face-to-face meeting. Instead, describe common problems you help solve, and what the end results are.

• Credibility: A Web site is also a place to highlight your accomplishments, accolades, education, designations, membership organizations, any press you may have received, any awards you may have won, etc., on your site. Remember, there is someone else out there offering what you offer, so don’t be shy when it comes to clarifying why you would be a better candidate than Mr. Jones down the street.
• Content: Users love new content. If you integrate changing features on your site and let your prospective client know that they are updated regularly, you can keep an interested prospect coming back again and again. Some of the more popular strategies to get users to return include RSS (really simple syndication), which is a page on your site that updates daily news topics that pertain to the services you offer. You can get major daily newspapers’ financial stories on your page, or monthly magazine articles. There are a number of options with RSS (and now XML, which is relatively similar) to get your users interested in returning for more information. Also, as an extra bonus, updating content reinvigorates free search engine listings, which help you get in front of more prospects.
• Polls: Users love to know what others in their community are thinking. If you had a rotating poll that asked community members probing questions, and then posted the results, many interested users will return to read them. An example poll might be: “What is the number one concern of retirees in your community? Is it outliving their savings, going to a nursing home, rising health care costs, or something else?” Get a sample of 50 or 100 people to answer this, and then post the results for all to see. Many people would be very interested to know if they’re alone in their concerns. (This also makes a good story for local press!)
• Quizzes: Quizzes engage users, so consider a retirement preparation quiz. If a user were to take this quiz and only score a 50 percent, that may create some urgency to get their financial accounts looked at. If you’re the expert advisor bringing this to their attention, there is a great possibility they will utilize your services to correct their problems. After all, who knows if anyone else has ever given them the time needed to discover the problems with their financial plan (or lack thereof).
• Calculators: Calculators are interactive and always needed. If you put retirement calculators or distribution planning calculators on your site, interested users may return time and time again to recalculate their financial goals. This is a great tactic for branding your company name and services, as a prospect will continue to return to your site, and also provides the prospect many more opportunities to reach out and contact you.
• Secure log-in capabilities: It’s a proven fact that the majority of your current clients’ next financial transaction will be with another financial service professional. Have a client log-in section to your Web site where clients can see the progress of their financial accounts. Add postings to this page for new tax updates, law changes, tips, etc. Create a need for the current client to come back to you again — this time bringing more of their assets for you to manage.
• Video: Internet video is not a thing in the future — it’s a thing of today. If you have content that you can stream on your site, do it, especially before this becomes the standard and not the exception. Be the first advisor in your community to host two-minute workshops on your Web site, providing an overview of a financial problem and possible solutions. Of course, you don’t want to give away too much advice online, but if you do offer free in-person financial reviews for people seeking more information, be sure to communicate that to users.
• Collect user data: Provide an e-mail newsletter or a law and tax update service. Ask the user to sign up for a newsletter or request a quote by entering their information, and then contact them. Add the user’s data to your current marketing programs, and then begin drip marketing to them when you have information to share. The user visits your site because they have a need — perhaps they won’t contact you today, but by staying on their radar, you improve the chance that they’ll contact you when they’re ready to make a move.

Make your users engage with your site, give them a reason to leave their information and to return again and again. Not only does the Web site serve as a research tool for your prospective clients, it also serves as an interactive marketing tool for you.

Content, navigation tools vital to successful websites
Franklin Templeton tops list of quality sites
By Aaron Siegel

NEW YORK – The folly of the Internet bubble is history, though the art of website design continues to evolve. Ingredients for a successful mutual fund website are the availability of content, the quality of that content and an overall positive user experience, according to kasina LLC’s annual ranking of top financial intermediary websites.

At the top of the list was Franklin Templeton Investments of San Mateo, Calif., followed by American Funds, a subsidiary of Capital Research and Management Co. of Los Angeles and MFS Investment Management of Boston.

“The [winning websites] are providing extensive information in a digestible format,” said Lee Kowarski, a principal at kasina in New York. “Very few firms have timely commentary with the insight in a digestible format.”

Advisers don’t like sites with extra elements that force them to remember multiple user names and passwords.

When judging quality, the study looked at product organization, price, availability of performance statistics and market commentary.

“Quality is so important and often overlooked by e-business team, and it requires them to shift their mind-set,” Mr. Kowarski said.

“The name of the game is not just offering content but offering something that has value,” he said.

“They need to be responsible for what appears on the sire and ensure that it’s web friendly.”
A website’s ability to track accounts, run proposals and illustrations are essential, said Alana Schofield, founder and president of AdvisorPR in Las Vegas. Site that provide information on products and services which allow users to print pre-developed brochures, papers and studies directly from the site save time.

Advisers agree that well-designed navigation creates an efficient site.

“A good website is one that is easy to maneuver without a lot to figure out,” said Suzanne Krasna, president of Krasna Financial Group, an independent planner based in Walnut Creek, Calif.

“I wasn’t to be able to walk in the room, so to speak, without being forced to use a password [or key] every time I go there for fundamental information,” she added.

Good sites provide current information about their asset managers, manager commentaries, and recorded commentaries or presentations that are recent, Mc. Krasna said.

“Each of the top site has been developed with usability in mind for the professional adviser and the consumer site, so we can find the information we need to support our decisions readily, “said Keith Newcomb, a fee-only adviser with Full Like Financial LLC in Nashville, Tenn.

Ranked high in his book were Oppenheimer Funds inc. of New York and American Funds, due to their strong educational content.

One surprise ranking was The Calvert Group Ltd. In Bethesda, Md., which employs a one-person e-business team and ranked 10th in the survey.

“It is a great testament to their strategy to produce a top 10 website with limited resources,” Mr. Kowarski said. “They have been able to do the most with limited resources.”

The survey was conducted for the eighth time in October, asking more than 500 financial intermediaries what their expectation for a website were, and looked at 60 intermediary firms, ranking them on a scale of 0 to 100.

Aaron Siegel can be reached at assiegel@crain.com.

Get media recognition in 2007
By Alana Schofield, President
AdvisorPR

The start of the new year… Congratulations — you’ve made it another year in the financial services industry. As the new year rolls in, I’m sure many of you are taking the time to plan how 2007 is going to look for your business. Perhaps you’re scheduling your workshops for the year, advertising campaigns, client appreciation events, award trips, you’re child’s high school or college graduation, family vacations and holiday trips, etc. As you take the time to plan for success in 2007, take a moment to include planning your fame. Make 2007 the year you become part of the news by gaining media recognition utilizing the following strategies.

Calendar-based PR
While you’re looking at your calendar for 2007, take note of the holidays and calendar-based events, such as New Year’s, Valentine’s Day, April 15th (tax day), May (when high school and college students approach graduation), Memorial Day, Fourth of July, the “back to school” season in August, Labor Day, National Long Term Care Planning Week, National Retirement Planning Week, Veterans Day, Thanksgiving, Christmas, etc. What should these days mean to you? Opportunity. The media regularly runs stories that tie into holidays or season-specific times of year. How can you get your services spun into a holiday story? By creating a media campaign that ties into the calendar event. For example:

• New Year’s retirement resolutions — Ten tips for obtaining financial fitness in 2007
  
• A taxing time for retirees — Ten ways retirees can reduce their taxes in 2007
  
• Back to school — but have you started saving for their college education? Ten tips for college planning
  
• National Retirement Planning Week — Have you done enough to prepare? Ten tips for planning your retirement.
  

Plan campaigns like this on your calendar. Alert your media two weeks prior to a holiday. Give them a catchy tie-in, or valuable advice that pertains directly to the holiday. Let them know you’re a local resource who can assist in their efforts. Provide them with content, but also suggest ideas for additional questions you could possibly answer for them in an interview. Give them your contact information, and be available should they utilize it!

Special events
Still doing workshops? It’s an educational event, so some smaller communities might be open to running your workshop details in the community calendar or on their news program. Create a media advisory about the event — list the who, what, when, where and why. Provide five bullet points on the information that will be covered at the event. If you’re having it at a community center, or for a special interest group, that’s news too.

Niche workshops are still very effective: For example, have a workshop at an assisted-living facility, and invite people from the community to attend to learn their options for affording in-home health care, assisted living, or nursing home costs. Events are also effective when you’re serving a community need. For example, if a major company in your community is downsizing, 401(k) rollover workshops for affected employees is newsworthy. Let the media know, and perhaps they’ll even attend.

Self-development
Planning on bettering yourself this year? Do you have that scheduled? Are you pursing your CFP this year or joining the National Ethics Bureau, for example? Plan a media campaign to follow up. Local media will almost always highlight “movers and shakers” in the community. This is also a good opportunity to let your local media know who you are, what you do, and how you help the people in your community. Perhaps they’ll highlight you in the community or business section of the paper; or perhaps they’ll find your accomplishments so interesting that they’ll do a feature on you. Things like this happen — if you make contact with your local media.

Also, don’t forget the power of awards and recognition. Think of a few award opportunities for which you might be a good candidate. Does your local Chamber of Commerce have award opportunities? What other local groups award local business owners/executives? Think about the financial services industry — there are dozens of ways to receive recognition and awards. Then think nationally. Could you qualify for Worth magazine’s top 100 advisors of the year? Put these award and recognition opportunities on your calendar, be sure you apply for them, and if you win, let the media know! These are all good ways to build your fame in 2007.

Put it on your calendar
Make 2007 the year you work with the media. Plan your success. If success is what you’re after, then don’t stop at traditional ways to reach your goals. Public relations can help propel you to a greater level of success.

First, it creates instant awareness among your ideal clients and prospects. People tune in to the things they’re interested in. The media are always willing to write a value-added piece, and if you’re the one who brings a great concept to them, then the chances of them using you as a resource is very likely.

Second, public relations lasts. Not many people will care about the workshop you had six months ago or the ad you bought in your local paper, but they will pay attention to the article that quotes you as the expert, or the news program that featured you as the go-to resource on retirement planning. PR has shelf-life. It goes the distance. You can use your media successes for months, perhaps even years to come. Placed media mentions will help you in the long-run. Your prospective clients will most likely have a barrier of resistance to you as you begin your sales process. Show them your credibility; reduce the barrier of resistance almost immediately. Who wouldn’t trust someone the local paper or the local news program does? Not only will it get you noticed today, it will get you clients in the future. As you plan 2007, plan to utilize public relations strategies in your marketing mix, and reap the rewards for years to come.

What the advertising industry learned from PR
By Alana Schofield, President
AdvisorPR

You may have started to notice it in the early ‘90s, albeit subtly. It began with movies, and was even satirized in the movie Wayne’s World during a scene where lead characters Wayne and Garth refuse to be bought by their sponsors. While they are arguing their point about demeaning their integrity by using products just because they’re paid to, they are conveniently eating a bag of Doritos, drinking a Pepsi, and even taking yellow Nuprin while the rest of the TV screen fades to black and white. Product integration was born.

It wasn’t until the late nineties that mainstream advertising agencies actively began using this approach to promote their clients’ products or services. In addition to showcasing their client’s product or service during commercial breaks, they also began incorporating their offerings into the content of the show. Someone on Madison Avenue thought that this might be more effective, considering that people turn on their TV to watch a program, or open a newspaper to read an article. Public Relations professionals have been doing just that for over sixty years.

Product integration didn’t start getting the attention of mainstream media until recently, which is why many people typically haven’t heard of it. We might have thought it was a coincidence, or maybe it just so happened that the actor of the show liked to drink Coca Cola, or perhaps they really did drive that Porsche Cayenne, and were using it as a prop for the television show. Who would have ever thought that network TV stations were actually being paid by advertisers to place a product into a television show? Yet, it makes sense to put a message, product or service directly into content that already has an interested audience.

The effectiveness of traditional advertising has deteriorated over the years. It started with companies sponsoring an entire television or radio show, then commercial breaks were born. Now print ads, radio ads, outdoor adverting and mobile advertising (eg: NASCAR and taxi ads) all available to purchase. Including the internet, the average consumer is targeted by over 3,000 messages every day. When you’re exposed to this many paid messages daily, it is complicated for the average consumer to know what to think, who to remember and what to retain. It isn’t very effective to pay for advertising space when your target prospect isn’t even paying attention.

Think about television commercials — what do you do when there is a break in your favorite show? Grab a snack? Let the dog out? What about when you see advertisements as you’re reading the paper? Do you skim over it to get to the content? I’m not saying these methods do not work; while they do when targeted, for the most part, people turn to TV, radio or newspapers for content, not necessarily advertisements.

For an advertiser, corporate office or financial advisor, it is worth much more to be mentioned, highlighted or featured when you have the undivided attention of the targeted consumer — as opposed to competing with other advertisers and/or distractions when they’re grabbing a snack, or letting the dog out.

Prior to joining the financial services industry, I worked for Caesars Palace in the public relations and advertising departments, and then at their corporate offices (Caesars Entertainment) in the corporate communications department.

When I worked there, Caesar’s hosted the Today Show who was covering a consumer tradeshow in Las Vegas, and they reported their segment from Caesars Palace. Our company’s valuation of media mentions during the news was nothing in comparison to advertising. When Katie Couric said “Live from Caesars Palace…” Those five seconds were valuated to be worth $50,000 in advertising dollars. Why? Because millions of people tuned into the Today Show every morning to hear what Katie Couric had to say, and they paid attention.

How much advertising space would Ceasar’s have had to buy to get users to:

• See that message?
  
• Retain the viewer’s interest long enough to make an impression?
  
• Have the credibility that went along with a third party endorsement?
  

PR is powerful. Public relations builds credibility, reduces the barrier of resistance with prospects, and creates recognition in mediums that already have an audience’s attention.

What else can we learn for the product integration phenomenon? You, your company and your company’s service offering will be integrated into outlets that already the interest and attention of your target clients.

Location

If you want to work with affluent clients, you should locate your firm in their neighborhood. Integrate your company and services into a part of their daily lives. People like convenience. If you’re around the corner, that’s convenient for a prospect. Everyday, people will drive past your firm and see your company sign, that’s called branding. They will see your company name over and over and with follow-up efforts, they will recognize your company’s name.

Promotion

Position your company and service offerings at events that already have an audience of your ideal clients. Many tradeshows target the 50 plus age demographic and traditionally allow companies to exhibit. A friend in the industry touts the success of exhibiting at RV shows, where there are hundreds of retired attendees looking for ways to spend their money. Integrate your company into venues that already have a collection of interested, qualified prospects.

Put yourself where the people are. Rather than spending a lot of money on mass communication efforts, spend less money on niche efforts and integrate your company into the day-to-day lives of the people you want to serve.

Think inside the box
By Alana Schofield, President
AdvisorPR

Creativity is fantastic. We all want to think of the next big thing and be the first to market. But while thinking big, we may have a tendency to overlook the obvious. Think inside the box, and concentrate more on the areas that you can have an impact on now. Below is an overview of public relations strategies and techniques that will help you gain visibility with your ideal clients.

Start with the basics
Think about your practice. Ask yourself these simple questions:

• Where are you located?
  
• Who do you serve?
  
• What do you offer?
  

Easy enough, right? Define your business core.

“I live in a suburb of Seattle. I work with retirees and I offer holistic retirement planning.”

“I live in Detroit. I work with employees retiring or downsized from the automobile plants, and I offer guidance with 401(k) rollovers.”

“I live in Orlando, Florida. I work with people entering assisted living facilities, and I help them with utilizing government programs for financing.”

Now you know who you are, where you live and what you do. The next question is, how do you utilize public relations to get you in front of more people in your community that could benefit from your expertise?

The path of least resistance – define your target publications
Where are you located? Are you in the suburbs? The city? Are there any area-specific media publications that target your geographic market? Most cities have weekly community publications or community sections in their major dailies. Many suburbs of large cities have suburbia magazines and even online publications. So what are the residents of your community reading? To find out, check out the doctor’s office down the street from your firm, ask current clients, or better yet, what publications do you have in your own reception area?

Ideal clients
Who do you serve? What do they do? What organizations do they belong to? If you serve seniors, are they living in an active adult community? Does the community have a senior publication or a newsletter? If you serve boomers, do they belong to the local country club or gym? If so, what publications are on display at those locations? If it’s employees in transition, does the company offer an employee newsletter? Do assisted living facilities have newsletters for residents or publications on display in their reception area? Do specialty groups in your area have publications targeted directly to them, such as the Arizona Retiree or Cleveland Veteran News, for example? This is all good information to know for a targeted PR plan.

Services
What do you offer? College financing advice for boomers with college aged children? Tax reduction strategies for retirees?

Don’t just define the outcome, but the process and solution. For example, we help downsized employees roll over their 401(k) to avoid tax and early withdrawal penalties. There are many government programs in place that help assisted living patients pay for care, and we help them find the right program for them.

Now, connect the dots. How can you get into the publications that reach your target audience to discuss the topics you specialize in?

Think inside the box

The low hanging fruit
Smaller community and niche publications oftentimes get overlooked. Everyone wants to be featured in the bigger publications – and that’s important and does a lot for one’s credibility; but it’s also important to target smaller publications that reach your ideal client as well.

So how do you go about it? Public relations is just that – relationships with people in the public. Approach the publications and speak to the editorial decision makers (managing editors), or if you seek coverage in a larger publication, approach the reporter who covers the topics you specialize in.

Explain to them who you are, where you live, who you serve and what you offer. But explain it in a way that is of value and substance to them and their efforts. In other words, it’s apparent what’s in it for you – exposure. Now, explain it with a “what’s in it for them” approach, such as:

• I can be an expert resource to you as you develop stories on …
  
• I can help explain national topics and how policy changes, etc., affect your readers…
  
• I can bring you new ideas and perspectives on topics that your readers want to know about…
  

Make the introduction, create the relationship, and offer your expertise as a resource. Each one of these publications could use your expertise in one form or another.

Don’t be discouraged if your first attempt fails. If at first you don’t succeed … approach them in the future. Think about how you can work yourself into their editorial stories. For example:

• Dear Mr. Active Adult Community Center Newsletter Editor: There are a lot of new retirees moving into the community from out of state. Do you think it would be beneficial to run an article in the upcoming newsletter about the laws and policies of our state, and what newcomers should know?
  
• Dear Editor of the Local Community Weekly Newspaper: A new law just passed in Congress that affects individual retirement savings accounts. Do you think it would be valuable for your readers to get a local financial advisor’s perspective on the policy change and how it affects their financial well-being?
  

Those responsible for producing a newsletter or working for a smaller niche publication could very possibly wear multiple hats. There is a good chance they don’t keep the pulse on current issues like you do.

Another strategy is tying a calendar-based event in with the services you offer.

• It’s the end of the school year – your media will probably be running articles on college planning.
  
• It’s tax time – the media will be running stories on tax reduction strategies.
  
• It’s holiday season – the media will be running all types of holiday stories, so spin the season to work for you. For example:
  Dear Editor:
  ‘Tis the season for holiday scams. I have some valuable tips for your readers on how to avoid fraudulent charities, identity theft and investment scams.
  

Simplify
Your brilliance on a topic may be amazing and impressive, but an overly complicated topic with big words of explanation is not the path of least resistance for smaller publications. Make your theories and advice simple, explain how the information you’re offering could benefit someone’s financial situation. Avoid industry jargon, big words and confusing details of financial strategies.

Becoming a media resource is a responsibility. If you volunteer to do it, be sure you do it. If you’re there for them in their time of need, there is a good chance they’ll be there for you in yours.

DIY public relations vs. hiring a professional
By Alana Schofield, President
AdvisorPR

Public relations, or the process of seeking media placements in targeted outlets, can be as simple or as in depth as you want it to be. It all depends on the time you want to invest, the results you desire and the speed with which you want to achieve them.

“Do it yourself” public relations involves planning and research initially, but can be maintained after the preliminary work is done. First, and possibly the most important aspect of public relations, is to define what exactly you’re looking for. There are several different outcomes that can occur from public relations efforts. How do you want PR to work for you? Do you want to be the local expert in your community and comment on relevant news; do you want to have your professional accomplishments highlighted in the paper; do you want to be a guest on a local radio or television station explaining financial strategies; do you want a feature story on your practice and its impact on the community in the local paper? Define your purpose and goals for media opportunities, and then develop the media strategy to get you there.

Teddy Roosevelt said it best: “If you aim at nothing you’re liable to hit it.” Be sure you have a plan for working with the media.

The next step to a media campaign is research. This is equally important as the implementation process of a successful media campaign, is to define who your target media is. A term often generalized is your “media list.” Who writes about financial topics in the local paper? Who’s the segment producer at your favorite news station? Does your favorite radio show bring on local experts as guest? Who highlights local business professionals and their accomplishments in the local paper or business press? Define the key media who dictate what’s reported in the news.

Third, contact them. What’s their preferred means on contact? E-mail, fax, phone or snail mail? Remember what your purpose is. If it’s to be in the news, provide them a story idea to which you would be a credible resource for. If it’s to become a featured story, create an outline of the story, and define why it would be of interest to their readers. Provide them a media kit, a list of your accomplishments, education and areas of expertise. Share with them what a national story means to the local economy. Be creative, but be resourceful. No one likes their time being wasted, so target the right media contact with a story idea that works for them. Much like a recent college graduate having to tailor a resume for each specific company or job they apply for, your media campaign needs to be relevant to the outlet to which you want coverage.

And lastly, there are rarely any one-hit wonders in PR. If you contact your media only one time, don’t expect significant results. PR is a process that involves constant communication with your targeted media contacts. As in any area of life, it takes time to build a relationship, trust and respect for another person. Become a lasting resource to your media, and for best results, stay in their radar. They may not be writing the story about a topic you’ve shared with them today, but tomorrow they might. Be sure you’re the advisor they’re coming to for information, and not your competition.

If the process of PR seems like an overwhelming task, but you desire the results that come along with it, you might want to consider hiring a public relations firm. A firm will have the know-how and expertise to help you define your goals, and the media contacts that can help you reach them. But there are things you need to consider when seeking outside counsel. The following points can help you choose a firm that’s right for you and greatly improve your media placements and the purpose behind them.

1) Work with a firm that understands your purpose. The financial services industry is vast, but your practice most likely serves a certain niche or areas of expertise. Be sure your media representative understands your goals as a financial advisor, and the spin your media campaigns need to follow. For example, if your target market is retirees then there is no purpose for you to comment on college planning. Yes, it falls under the financial planning umbrella, but could prove to be a big waste of time to you and your practice. The last thing you want is a story placement that is irrelevant, or worse, counter-productive to your purpose. Be certain that the PR counsel you retain understands how to position your services.

2) Deliver quality over quantity. You (most likely) do not want to be the subject of an investigative reporter. A PR firm that is novice to the financial services industry might think you’d be a good resource for an in-depth look at how annuities work. A firm that is more versed in the industry might stop to consider the spin of the story — is it negative or positive — to the function of annuities and the purpose they serve. I am a strong believer that no news in this situation is better than being the “expert” quoted in a negative story. Some time ago, I had a call from a reporter at a top five major daily newspaper who was seeking an expert resource on annuities. After speaking in depth with the reporter, I realized the story was going to be written to portray the product in a negative light. I would be doing no service to a client who specialized in annuities by placing them in a story of that nature. When in doubt, opt out.

3) Understands product versus process. Positive media mentions are rarely on the product itself, but more on the process they serve. You are not selling products, you’re selling the solutions to which these products offer. The benefit to working with someone who “gets” what you do is their ability to look at your practice’s function from several different angels and develop media campaigns that promote the processes you offer in a positive manner.

PR firms can bring definite value to a financial practice if done effectively. They can bring the skill and exper