Marketing Strategy

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Chapter Two2-1

2

Marketing Strategy and Selecting the Prospect

Overview and Learning Objectives

This class introduces the marketing strategy successful advisors use:identifying your natural market and penetrating it using a target mar-keting strategy. This class also discusses prospecting methods with anemphasis on referred leads.By reading the text, doing the exercises, and attending class sessions,you should be able to2-1.Describe the four characteristics of a qualified prospect2-2.Describe the objectives of a marketing strategy2-3.Define the natural market characteristics of affinity andaccess2-4.Explain the techniques for discovering one’s natural markets2-5.Describe the four characteristics of a target market2-6.Explain the roles of segmenting, targeting, and marketresearch2-7.Describe the three sources of prospects and the prospectingmethods for tapping these sources2-8.Describe what to say to get referrals and how to handleobjections and concerns2-9.Identify preapproach activities that build prestige

Chapter Two2-3

Developing aMarketing Strategy

As discussed in the previous class, your success begins with your skills,knowledge, and ideas. That is what clients really buy—they buy your products, your solutions, your advice, and the knowledge and service youoffer. Marketing begins with your knowledge of the products and serviceyou are licensed and able to sell effectively. Now we will pursue themore challenging concept of finding the people who will buy.This section defines marketing and your general market. It concludeswith an explanation of the marketing strategy that is discussed in thisclass and throughout the rest of the course.

Marketing

Marketing Defined

Marketing is the planning and implementation of a process dedicated toidentifying specific consumer needs, isolating groups of people who havethose needs, and then producing and customizing the products and servicesthat satisfy those needs. It is the art of planning when, where, why, howand to whom to sell. Successful marketing focuses on the needs of theconsumer and produces a mutually beneficial relationship between a buyer and seller.

Marketing versus Selling—

Because marketing involves planning, muchof marketing does not involve interaction with a buyer for the purpose of making a sale. Many believe that marketing and selling are the same, butin reality selling is a

part

of marketing. Selling is the end result of successful marketing. It is the transaction resulting from the encounter between buyer and seller, the exchange of the product or service for the buyer’s cash.

Qualified Prospects—

Successful marketing focuses on the needs of theconsumer, specifically, consumers who have the means and motive to

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