January 26, 2010
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A few weeks ago, I was speaking with an advisor about the types of marketing his firm does. He listed several standard marketing campaigns, and then went on to tell me that his main marketing strategy is to help others first with their needs.
Business tends to follow, and he calls his strategy “Karma Marketing.”
We know from our own lives that the concept that doing good deeds will result in positive outcomes. While this is not something I have heard translated into a marketing strategy, it makes perfect sense. By making other people’s needs a priority, you build deeper trust and rapport than you would by selling your services first.
Other Articles by Kristen Luke
Convert Prospects to Clients through Drip Marketing
Five End-of-Year Marketing Tips
Five Marketing Lessons from Schwab IMPACT
Five Ways to Cultivate Professional Referral Relationships
Get Personal with your Clients and Prospects
How to Setup a Facebook Business Page
How to Use LinkedIn When Your Compliance Department Says No
Make the Most of your Networking after the Event
Marketing with LinkedIn: Create Your Own Group
Should You Write Your Own Blog?
Social Media Marketing for the Everyday Advisor
Social Networking is Still Networking
The $3,000 Marketing Plan
Three Ways to Market Your Business Using Facebook
Touch Your Clients 24 Times a Year without Breaking a Sweat
Twitter Your Way to New Clients, Part One
Twitter Your Way to New Clients, Part Two
Which Social Media Tool is Right for You?
After hearing about Karma Marketing, I began to analyze the marketing strategies of the advisors I know and realized that this is an unspoken strategy adopted by several of them. While difficult to put down in a marketing plan, it has significant benefits. Here are some tactics I’ve observed with advisors who apply Karma Marketing.
Facilitate introductions
Connecting people with one another is a simple way to help both prospective clients and centers of influence (COI) with their personal and professional lives. This can take the form of a simple introduction via email or LinkedIn, a more personal introduction such as inviting both parties to lunch, or a mass introduction such as inviting them to a networking mixer or hospitality event you are hosting. Introductions can be both professional and personal. For example, if someone is new to town, introduce him or her to someone with similar interests or hobbies. You can introduce two people in a similar industry who may be able to help each other’s business. Your prospective clients and COIs will appreciate the introduction and will consciously or subconsciously make an effort to repay the favor, helping your business along the way.
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