Buzz Builder: Buzz Marketing Lessons from Attendees at The ASPPA 401(k) Summit 2009

April 2009

March 29, 2009

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Buzz Marketing Lessons from Attendees at The ASPPA 401(k) Summit 2009

On 3/23/09, I gave a general session presentation at The ASPPA 401(k) Summit on how 401(k) plan advisors and providers can galvanize their business with buzz. I was pleased to see that attendees were excited about finding innovative ways to grow their businesses outside the realm of traditional marketing. Seemingly, many of them have experienced lackluster results with conventional advertising approaches similar to those that led me to start my word of mouth marketing company in 2002.

Afterwards, Sheri Fitts from The Standard and I led a workshop which featured three plan advisors discussing how they have worked with us in building their businesses with buzz over the past five months. The panelists were David Hinderstein (Strategic Retirement Group-website coming soon), Michael McCabe (Trinity Advisors Group), and Andrew Sweeny Jr. (Horan Securities).

At the workshop, we asked the advisors and providers in attendance to join a LinkedIn group called Advisors’ Buzzstorm which is open to any 401(k) professional interested in sharing creative ways to create buzz for their businesses without traditional advertising. In a workshop exercise, plan advisors and providers shared some of the most successful “buzzstorming” practices that they’ve used to grow their sales. Their comments included:

Establishing myself as a resource for attorneys and accountants
Using newsletters and seminars
Sending out oversized postcards, blast emails and videos (like YouTube)
Distributing email newsletters with Constant Contact
Leveraging LinkedIn to build a larger professional network
Working on visual brand
Tracking clients and competitors via Google Alerts
Calling clients four times a year to check in and ask for referrals at the end of every call
Sending out a client survey
Teaching CPE to CPA's 3 times a year along with an estate attorney
Creating a marketing plan for referrals from 100+ brokers and CPAs at my broker/dealer
Blogging on our website (each of our advisors contributes)
Issuing targeted press releases about new initiatives or ideas that might be provocative, innovative or insightful regarding current events in the news
Obtaining a certificate in retirement planning from Wharton School of Business and subsequently promoting this accomplishment via e-mail, snail mail and website
Sending out financial newsletters by e-mail to corporate & individual clients
Speaking at industry events where I share some of my findings
Sending targeted e-mail campaigns to qualified prospects
Meeting with prospects in person (road trips)
Positioning myself as a subject matter expert available to reporters looking for commentary on industry events
Growing through word of mouth referrals from the investment advisors we work with on various projects

March 29, 2009 in Blogging, Creating Buzz, Managing Buzz, Referrals, Sales, Web/Tech | Permalink

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Websites

Buzz Camp - SF Bay Area - 4/23/09
Learn how to break through advertising clutter with buzz marketing in my idea-generating, results-producing half-day workshop in Berkeley, CA on 4/23/09.
Galvin Communications
The website for my word of mouth marketing and PR firm. Sign up for The Buzz Bulletin, a free monthly eNewsletter, and receive a complimentary public relations handbook.
WOMMA: Word of Mouth Marketing Association
An outstanding resource for word of mouth marketing information. This respected organization also puts on a variety of well-organized and information-rich events and conferences which are worth attending.

Books

Al Ries: The Fall of Advertising and the Rise of PR
Credibility is the crucial ingredient in brand building. This book explains why PR should be used to launch a brand while advertising should be used only once major PR opportunities have been realized.
Malcolm Gladwell: The Tipping Point: How Little Things Can Make a Big Difference
Why do major changes in our society so often happen suddenly and unexpectedly? Ideas, behaviour, messages, and products often spread like outbreaks of infectious disease. This book will help you understand how social epidemics take off and reach critical mass.
EMANUEL ROSEN: The Anatomy of Buzz : How to Create Word of Mouth Marketing
Rosen pinpoints the products and services that benefit the most from buzz and offers strategies for creating and sustaining effective word-of-marketing campaigns.
Mark Hughes: Buzzmarketing
This book contains some great stories from an experienced buzz marketer that illustrate the importance of finding angles that make you stand apart from the competition. I loved the story of how getting the town of Halfway, Oregon to change its name to Half.com generated a flood of publicity. You'll learn some great practical tips from this book.
Ben McConnell: Creating Customer Evangelists: How Loyal Customers Become a Volunteer Sales Force
An interesting look at how to develop evangelism marketing strategies and programs that will create communities of influencers who will drive sales for your company.
Fred Reichheld: The Ultimate Question: Driving Good Profits and True Growth
Too many companies are addicted to bad profits. These corporate steroids boost short-term earnings but burn out employees and alienate customers. Learn why the answer to one simple question can determine your company's future: Would you recommend us to a friend?
Andy Sernovitz: Word of Mouth Marketing: How Smart Companies Get People Talking
This is the perfect book for an entrepreneur looking for a "how-to" on word of mouth marketing rather than a theoretical or academic overview. Andy Sernovitz built the Word of Mouth Marketing Association using many of the intriguing word of mouth marketing tactics he describes. His strategies are practical for both small and large businesses as his interesting case studies demonstrate. You may put this book down a few times while reading it so you can start implementing some of its excellent ideas.
T. J. Walker: Media Training A-Z
Walker, an accomplished media trainer, provides great practical insight into maximizing the value of the media spotlight. By following his simple suggestions, you'll go into interviews much more confident and come out of them with much better results for your business.
Chip Heath: Made to Stick
This is the best business book that I've read since The Tipping Point since it provides a new way at looking at how you try to tell people about your products or services. You'll have lots of new ideas for promoting your business when you've finished reading this book. And, you'll discover that the best way to promote yourself doesn't involve spending money on marketing rather its all about learning how to tell your business stories better.
Richard Fenton & Andrea Waltz: Go for No!
A great parable about a salesman who learns that every "no" brings him closer to "yes" - an important lesson for anybody who wants to create buzz.