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Nurture a sense of savings and investment with both prospects and clients. Learn from other retail business on the importance of proper location, frontage and easy access for increasing maximum foot fall.
Invest about 10% of revenue in marketing activities, client acquisition. Reaching out to community centres and local charities helps in establishing a local presence.
While digital media campaigns create visibility, it is difficult to quantify the conversion. The conventional manner of reaching out through postcards and mailers is still successful locally and continues to garner new clients.
In retail, concept selling works more than product selling. Clients need to understand the concepts early on. Reach out to clients on a regular basis even if there is no change needed to portfolio as that builds relationships.
Overloading clients with fund research in retail space is not effective. Instead, reiterate basic principles as it demonstrates value to clients. Simplicity works better and remind clients of what outcome they are expecting.
