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| Image-based marketing was born in the 1960’s. The thinking was that people don’t buy products as much as they buy brands. Image is not everything, but the role of image as a symbol of trust and integrity remains vital to any consistently successful financial services product or service.Meanwhile, differentiation has evolved from what products and services do, to what people can do with them to solve business or lifestyle problems. Consider the evolution of Long Term Care Insurance or Income based Variable Annuities.
To businesses decision makers, technology is no longer an expense item. It’s a tool for profits, cash flow, and productivity. The leading reason parents buy computers is to get their children on the Internet because their future depends on it.
Tom Trapp. President of Bear Brook Design said, “The goal isn’t to get a customer to take action once, but to establish a continuing relationship. The most effective marketing approach is a combination of brand building - generating awareness and making emotional connections; plus, persuasive direct marketing - using tactics designed to elicit a specific response. Ultimately, the success of any organization lies in using these approaches wisely and in concert.” Trust is a huge issue in the minds of clients. Clients will choose the brand that offers the best combination of a powerful value proposition, strong on-going support, a compelling vision of the future, and a high degree of trustworthiness. Prospects know that when they make a purchase, they are, in effect, buying an implicit futures contract, and they want to know you’ll continue to be around to service their problems.
Thus, organizations must determine what role they play in solving a client’s problem. Nothing is more important to long-term success than the quality and the quantity of ongoing support. If “partners” are involved, from investment statements to medical examinations, they reflect directly on you, and your on-going customer relationships depend on their proper performance. Financial service consumers have evolved to purchasing only when convinced that a particular product or service is the best solution for a problem of personal or business importance. Marketing to them the solutions to their problems is the key ingredient to continued success. |
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| This article is provided by Joe Murtagh CLU, ChFC, CFP, “The DreamSpeaker” www.TheDreamSpeaker.com a 37 year veteran and past top producer in the Financial Service. For keynotes, workshops, consulting, facilitation and questions…or a free report titled The Three Biggest Mistakes Financial Service Professionals Make, email us at email us at Joe@TheDreamSpeaker.com or call 800-239-0058.
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Financial Service Journal™ - Marketing