As you think about marketing in 2010, one under-utilized strategy to consider is running a series of small, unique and focused client-oriented events.

Recently, the leading online US resource for advisors, Horsesmouth.com, featured an excellent article on this subject. This article is reprinted with permission (I’ve added a few comments of my own in italics.)

Note that for a trial subscription, go to www.horsesmouth.com

Guest article from Horsesmouth.com

The thinking behind event-driven marketing

With a client event marketing strategy, you commit to a series of regular get-togethers with your best clients outside of the normal meetings to talk about their finances. 

The goal is to meet top clients in groups of various sizes, from very intimate to potentially quite large, not just once but regularly over the course of the year in a range of interesting venues.  As a result, you get to know clients better and build deeper relationships.                                     

The key to success

The idea with client-event marketing is to host events that are easy, fun, and low-key.

While some advisors do annual big budget large-scale events, most are better off hosting smaller initiatives that are affordable and sustainable in terms of time and money – and most important that stand out and appeal to your top clients.   Top clients often aren’t interested in mass events – and especially in big urban centers, people are pressed for time and it’s often hard to get busy clients out unless an event is unique and quite tailored.

You can start with something as simple as inviting a small group of clients to an intimate dinner. Let them know there's no reason behind getting together other than to relax, enjoy a good meal and wine, and maybe hear your brief market update for everyone's benefit.

Schedule several of these dinners throughout the year, and your strategy is under way. Remember, one dinner in itself is not a strategy; for this to reach its full potential, you must hold these regularly.

Note from Dan: Making events compelling

For this to be really successful, you need to think about how to make the dinner compelling. Can you get the owner to stop by and talk briefly about the background of the restaurant and maybe discuss the wines? Can you get the chef to pop in to say hello and talk about the menu?

One advisor had a client who owns a small restaurant. On a Tuesday night that was normally quiet, he was able to persuade the owner to close the restaurant and host eight couples plus the advisor and his wife to a private dinner, including a cooking lesson in the kitchen featuring a special dessert.

It was the cooking lesson that made the dinner stand out – and got some top clients out who might otherwise have taken a pass.

Turning client events into referrals

Another benefit of this kind of event is that you potentially lay the groundwork for referrals.

When you associate with clients in a friendly way outside your normal office setting, you are creating goodwill and becoming more likeable as a result.

This has always been the philosophy behind the classic client appreciation event. You're letting your clients know how much you appreciate their trust and confidence in you. When you hold a regular campaign of client appreciation events, you're naturally priming the pump for clients to give you referrals—without even asking.

First, you are going to be more top of mind with your clients.

And second, you learn more about them than you could in a formal office meeting and increase your trust level as a result.

After all, referrals are all about trust - and trust evolves from a deeper connection and relationship. You can tell you have a good relationship with a client if you know the important people in her life and can carry on a conversation about things other than her money. Client events are a great way to deepen this bond.

Tapping into clients’ networks

A final benefit is that the right event can be a venue for existing clients to invite along friends who get to know you as a result. No matter how many clients you have, a client event provides a relaxed environment that allows you to be casually introduced to your clients' friends and associates.

Friends, family, and colleagues can meet you without feeling any kind of sales pressure. Without ever broaching the subject of business, your thoughtful and unique event will preview the kind of advisor you are and the kind of service they can expect when they do business with you.

An advisor in Houston hosted a fly-fishing and finance event at a high-end sporting goods business in his town. Several months later, he received a seven-figure corporate retirement plan because one of his clients had invited a friend to the fun event. Without ever talking business, the event served as a giant advertisement for this new client, who appreciated attending and got a favorable impression of the advisor.

Note from Dan: A unique birthday event

I co host a one day event each spring called the Top Advisor Summit.

Last year, one speaker talked about how he hosts birthday lunches for top clients.

Let's say he decides to host a birthday party for one of his top clients, someone who he genuinely enjoys working with.

He might tell the client that   this is to celebrate the second, fifth or tenth anniversary of their working together, just so he doesn’t expect this again next year. He asks this client for a convenient date, as well as a list of half a dozen or so friends he'd like to invite.

There’s no discussion of business whatsoever at this lunch, the advisor is just showing appreciation to a client he truly likes.

As a result of that birthday lunch, two things happen. First, he builds good will with his client. And second, those half dozen guests now see the advisor in an entirely different light.

Tapping into a passion for cars and golf

One advisor hosted a reception at the showroom of a local BMW dealer who happened to be a client.   The dealer talked about trends in new cars, then attendees got to test drive some of the BMWs. And they finished off with wine and cheese – note that they had the wine after the test drives.

Another advisor had a similar event at a local Audi showroom, also with wine, cheese and hors d’oeuvres – and for $500 got the auto columnist for the local paper to come out and chat about new cars he’d test drove (with a focus on new additions to the Audi lineup.) In this case, the Audi dealer and the advisor each invited 20 of their best clients and split the cost.

The fact that the auto columnist was speaking made this a draw that got clients out who otherwise might not have attended.  

For under $1000, he deepened bonds with some of his best clients. In addition, he got introduced to a number of prospective clients – both friends that his clients brought along as well as the Audi dealer’s guests.

Still another advisor invited 20 clients to a local golf club and got the pro to talk about new equipment. The pro also arranged for his Nike rep to bring out some clubs that the people who were there got to test out on the driving range and the pro walked around and gave a few tips.

Note that none of these events were large and none were costly – they worked because they were unique, because they were fairly intimate and because they were targeted.

Focusing your marketing dollars on existing clients

An advisor in Dallas stated that he'd rather spend $1,000 on events four times a year with his best clients than spend $10,000 on a dinner seminar where he might not see a return on his investment.

Why? Because he knows the dollars and effort spent on intimate client events are definitely going to have a positive impact on his business. Marketing to clients always produces stronger relationships—and you can measure that by the number and quality of the referrals you receive.

All advisors know that seeking prospects with whom you have no connection is a lot tougher. When we hear about marketing disasters, they almost always arise from marketing to strangers.

Note that client events don’t have to be high cost. One advisor in New Jersey, regularly rents out a room in a museum for $300 and holds events there. Some of his successful events have included hosting an Antiques Roadshow -style event, wine tastings, and an educational evening with a nutritionist.

He considers it a good return on investment if he gets one or two new contacts per event, because he knows they're going to bring one or two people to the next event, and his contacts will continue to grow exponentially.

Note from Dan: Getting top clients out to your events

One of the challenges with any event is getting top clients out – they are often the most time pressed and also the hardest to motivate to attend an event.

Here’s a simple strategy to get your best clients out to your events.

Put together a list of six or eight different ideas. Here’s a sample list of six topics you could use:

Dinner and a cooking class at a local restaurant

A session focused on gardening advice at a local nursery

An evening on health, fitness and nutrition at a high end fitness club

A wine tasting focusing on Italian reds

The outing at a high end car dealer I described above

An early season Saturday morning golf session at a local country club

When you meet with top clients, tell them you’re thinking about hosting one or two events for top clients, show them the list and ask which they’d be interested in.

Then when you run one of the events they’ve chosen, call them well in advance and say that you’ve acted on their input and that of other clients and are holding one of the events they’ve picked.

Your chances of that client showing up go up dramatically – both because the event hits a hot button and also because given that you’ve acted on their suggestion, they now feel an obligation to show up.

As you think about next year’s marketing activity, give some hard thought to whether two, three or four small, targeted events directed at your best clients should be part of your 2010 strategy. The investment of time and money on these may be the best marketing investment you make the entire year.