Does it really take money to make money?

Developing a marketing plan can be daunting formany financial and insurance advisors. Some advisors I work withhave avoided the topic of marketing because they say there are toomany options, fulfillment decisions, and fear of little or noreturn on their investment.

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The opportunities available to them are numerous and range frommuseum sponsorships and billboards to radio spots and postcards.And even after they have selected a medium, they may think: Who isgoing to write and design those postcards, and how much will itcost to print and mail them? And after all that, will any of therecipients even become a client?

Gain exposure

Unfortunately, without a marketing initiative, many advisors mayfind their book of business on a plateau. One commonmisconception is that a marketing initiative means shelling outmillions on a Super Bowl commercial. In reality, gaining exposureand connecting with new prospects can be done through a variety ofless-expensive ways.

One way of gaining exposure is by hosting or attending an event.Through events, large or small, an advisor is able to meetprospective clients and cultivate a relationship.

Host an event

Hosting a social event is a great way to kill at least threebirds with one stone. A properly planned and executed event canhelp you nurture your relationship with existing clients, meet newprospects and become a community pillar.

A lighthearted event geared toward catching up with yourexisting clients can be considered a success because it is anopportunity to reconnect. One way you can get more value out ofthese events is by asking these clients to bring a friend or guest.This is an almost surefire way to get some introductions in anon-threatening environment.

Related: Inbound marketing: Give insurance prospectswhat they want, for free

Social events can range from renting a box at a local baseballgame to hosting an intimate dinner. Many of the advisors I workwith host larger events on an annual basis to serve as a means ofclient appreciation. I have suggested they expand the budget a tadand open the event up to some prospects. This could mean some folkswho are close to becoming clients, or even friends and family ofexisting clients, and tacking on a few extra tickets forprospective clients usually won't break the bank. One advisor doesan annual baseball outing at a local minor league field. Each yearhis clients look forward to this outing and ask to invite theirfriends and family.

Host an educational seminar

A social event is one way to cultivate relationships and expandupon your existing network, but educational seminars are anotherway to gain access to potential clients. By organizing a free,public seminar you are able to draw a crowd of audience members whohave already demonstrated a need for financial services simply byshowing up. Through your presentation, you can showcase yourknowledge and expertise to a group that is already interested inthe subject matter.

Because the events are free and in public places, you may beable to get additional exposure through community newspapers andmessage boards. You may also able to establish or solidify yourreputation as a knowledgeable expert by sponsoring theseevents.

Related: How insurance agents can reach more businesscustomers

A great way to start hosting these types of seminars is bypartnering with a local community college, library or even yourtown's recreational center. These venues tend to be free to utilizeand often come with a large, built-in network of invitees. Anadvisor I have worked with often partners with his local librarybecause the library publishes a monthly newsletter that featureshis events. Recipients of the newsletter include local businesseswho have sponsored the library, and even some high-net-worthdonors. The library also has a reoccurring column in the localnewspaper that mentions upcoming events, free of charge.

Attend an event

Another advisor I have worked with found out about an opening ata local art gallery for a well-known artist. He invited anart-connoisseur client of his to the opening, and also treated himto dinner. The advisor met a few of the client's friends at thegallery who became qualified prospects. This was a casualenvironment for these prospects to get to know the advisor on apersonal level, to discuss how he knows the client, and what hedoes for a living, etc. If the prospects were interested, theadvisor offered them his business card, thereby making it acomfortable introduction.

The cost of the entire event was only the price of the client'srisotto at dinner. This was a casual event that solidified hisrelationship with his client, and that introduced him to prospectsand a new potential network within the art world. “I would have hadto eat dinner anyways,” he joked.

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You can learn about potential events simply by chatting withexisting clients. Learn about the networks and communities theybelong to, and do some research on upcoming events in yourarea.

While there are many prospecting opportunities availableincluding fliers, postcards and internet ads, events may be acost-effective, targeted way to establish new relationships andnurture existing ones.

Connie Yan ([email protected])is a marketing strategist for Glastonbury,Connecticut-based Symmetry Partners LLC.