Stuck in the 1950's? Marketing in the new world.

Is your financial planning / insurance solution business stuck in the 1950's?

Back in the 1950's, the consumer, was seen as uninformed and not cogniscant of their needs. So they had to be educated or rather sold to. Marketing was in fact a sales function. The white shoes brigade was in full force.

It's ironic that governments around the world have revived this thinking adapting policy to the lowest common denominator and legislating for the uniformed and providing what is in fact a financial planning, insurance and superannuation "nursery" - where rather than educating, informing and engaging with choices - the legislation plans to provide pigeon holes for the uninformed - they will be "sold" something as the wonder cure.

This 1950's doctrine just does not work in todays modern world.

The new focus is about building long term bonds with clients. It is all about an exchange. Services in exchange for information and that is a two way street with customers more involved in your business planning that ever before. In fact they are critical stakeholders in your businesses and your business development and ever changing business value proposition.

This new way of operating allows for personalising and tailoring your proposition for each client - true one-to-one marketing.

The leaders in this type of marketing are household names as well as the band of independent financial advisers IFA's that adopt this methodology and personalise statements of advice for each unique client - true one to one marketing.

It's odd then that the barriers to dealing with IFA's are being raised so much so that the people who need assistance and tailoring the most will be priced out of dealing with IFA's and rather have to accept a one size fits all dumbed down version of advice.

Our advice is then:

- tailor your offer
- build scaleable solutions
- operate in multiple markets
- build tiers of advice in your business
- utilise technology to engage clients face to face and importantly online

This way what consumers need - advice, options, mutiple methods of engagement can still be the choice of the consumer and your business can be the one to benefit from that choice.

Referrence: Marketing, Real People Real Choices, Solomon, Huges et al