Authority marketing – it’s an entendre that works a number of ways.
For the purposes of “The Authority Marketing Panel: How to Become the Authority & Expert to Dominate your Marketplace,” a featured panel discussion at Excel 401(k): The Advisors’ Conference in Las Vegas Tuesday morning, it’s a chance for advisors to “immediately” increase their credibility with prospects and clients by writing a book.
“My practice was on the decline, not due to competition but from attrition; people retiring and getting out of the plans,” said one panelist at the session hosted by Charlie Epstein, author of Save America, Save! “We needed to get it back quickly, and the book turned out to be the way to do it.”
The book is an instant credibility source,” said another. “You can see their faces change immediately when book is put in front of them at the end of a meeting and you say, “everything we just talked about is in this meeting is in my new book.
“There are so many choices when it comes to marketing,” Epstein added. “And there are only so many resources available to invest in these choices, so why write a book?”
For one, he argued, no one throws away a book and the recipient, even if it’s the toughest gatekeeper, is almost beholden to acknowledge the advisor and hear them out. When properly packaged and sent through, it will get to the right person.
“An email is one and done,” he continued. “The DOL’s fiduciary rule is all about servicing plans, and never once mentions products. How will you package and differentiate your expertise? Writing a book takes you from credible to above-the-line super credible.”
The book becomes the advisor’s business card, and “As I said, we build libraries to store books, we don’t throw them away. The prospect doesn’t even have to read it. It’s all about the power of perception.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
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