Integrity Marketing

Hiatus

Just a note to let you know that I will be on hiatus from the web log for the next two weeks. I leave on Friday, Sept. 30th for a two-week bike tour in Italy!

While I can't wait, I also hate to leave. These are exciting times!

But over the years, I have learned a few things about balance.  Like many entrepreneurs, I used to work 24/7 and then some. There was a time when I would not even have considered taking a trip like this.

If that describes you now, please stop! Life is for living. And you will never take that trip to Italy if you do not plan it. I have been planning this trip for almost two years. Now, it seems the timing is inconvenient. Truth is, it's never a good time to take two weeks away from your business -- or maybe it's ALWAYS a good time!

2005 Practice Survey Results

2005 Estate Planning Practice Strategies Survey Results

We have completed a comprehensive review and report of the results of our 2005 Estate Planning Practice Strategies Survey. If you participated in the survey, you will receive a copy as an email attachment.

If you did not participate, but would still like to review the results, you can download it here: http://www.mycoachnet.com/main.htm

Please note that there is no charge to download the survey, but you will be required to register and a dynamic download page will be generated for you. During the registration process, the shopping cart's default will automatically ask you for your credit card information. Please just skip those fields -- we do NOT require your credit card information to process the transaction (but there does not appear to be any way to remove that from the programming).

Here is some of what you will learn from the survey report -

• Demographics -- average annual gross revenues, average firm size, average number of years in practice;
• Impact of EGTRRA 2001 on firms over past five years;
• How many of your colleagues would leave the practice of estate planning if the federal estate tax were permanently repealed?
• How are your colleagues planning to adapt to a radically changed tax environment?
• What are the survey implications for marketing and practice management?

Also, please note that we will presenting these survey results on Friday morning, Oct. 28 at the Southern California Tax & Estate Planning Forum in San Diego. For more information about the forum, see their website at http://www.clenet.com

Newsletters: Practice Development Work Horse

Yesterday I listed seven brief reasons why you should use a newsletter. To review, here they are again, along with a few of my comments:

• You want repeat business (or referrals) from your clients (or professional referral sources).   
  Some attorneys disregard the value of repeat business from their estate planning clients, and they do so to their detriment. Life is nothing if not changing. And as life circumstances change, so do client's needs -- and desires -- for their estates. People inherit money, sell businesses, develop new interests and add members to their families. They ALSO talk to their friends, family and acquaintances about you -- giving them a newsletter makes it EASY for them to make a referral.
  And we can only ASSUME you understand the value of repeat business from your referral sources. A monthly newsletter is one excellent way to stay in touch -- and develop the relationship that leads to more referrals.
• Your average customer spends at least $25 per year.
  Your average "customer" spends well more than $25 per year -- or should! Whether you define a customer as a client or a referral source -- both should be receiving your newsletter. The cost of mailing every month for a year is approximately $12 -- so if your "customers" are worth at least $25 per year to you, then you can easily justify the cost of staying in touch with a monthly newsletter!
• Distinguishing your business from your competitors is beneficial.
  One of your primary marketing goals is to distinguish yourself -- to referral sources, clients and prospective clients. A professionally produced newsletter, mailed with enough frequency to develop brand recall and enough consistency to influence brand image will do wonders for your professional image -- particularly in comparison to your competitors who don't mail newsletters, mail infrequently, or worse yet -- mail only occasionally.
• You have a customer mailing list (sorry, McDonald's!)
  Some business models are so transactional (like McDonald's) that they literally have no customer (or client) database. You are not in that situation. You have ample information about your clients, prospects and referral sources to build, segment, and target a highly effective direct-mail marketing list.
• You believe that educated and informed customers are better customers (or referral sources).
  One often-overlooked benefit of a client newsletter is that of preparing, or educating, prospective clients BEFORE the initial consultation. When clients understand the basic issues, your job at the initial consultation is much easier -- and your time is better utilized. You also are teaching your clients -- and professional referral sources -- how to spot estate planning issues and make qualified referrals. Whether the reader sees himself in an article, a family member or friend, or a client -- educating your readers leads to increased revenue for you ... at a very small price per contact.
• Staying "top of mind" with your customers (or referral sources) might generate more revenue.
  If you treat clients well, they will remember you ... for a few days. But if you treat them well, and continue to communicate with them on a monthly basis, they will remember you forever. And they are MUCH more likely to make a referral to someone they remember, yes? The same applies to referral sources. Overlooked opportunities mean lost revenue. Maintain "top of mind" awareness, and you will capture more opportunities.
• You realize the importance of building LASTING RELATIONSHIPS with your clients and referral sources.
  Lasting relationships with your clients and referral sources are the keys to survival in this business. There is no other, most cost-effective method to maintain relationships than with the consistent, frequent communication of a monthly newsletter. For approximately one dollar, you can keep the relationship moving forward every month. There are many other things you can -- and should -- do to nurture quality relationships. But the best bang for the buck is found with a monthly newsletter.

Should You Use a Newsletter?

As we look at strategies to ensure your estate planning practice will thrive into the future -- whether that future includes a federal estate tax or not (or some version of a federal estate tax) -- we re-focus on "the basics" of strategic marketing.

For years, many of you have known us as "the newsletter company," because of the Pocket Watch, our monthly direct-mail newsletter for clients, prospects and referral sources. Of course, we offer many other marketing products and services, and in discussing those and other strategies, it may be easy to forget one of the most cost-effective, time-tested, work horses of practice development -- the monthly newsletter.

Yesterday I ran across an article outlining 25 reasons to use a newsletter -- recognizing that newsletters are not appropriate for every type of business. I am not going to list all 25 of them, but here are a few of the main reasons why YOU should incorporate a newsletter into your marketing communications plan.

Consider using a newsletter if:

• You want repeat business (or referrals) from your clients (or professional referral sources).
• Your average customer spends at least $25 per year.
• Distinguishing your business from your competitors is beneficial.
• You have a customer mailing list (sorry, McDonald's!)
• You believe that educated and informed customers are better customers (or referral sources).
• Staying "top of mind" with your customers (or referral sources) might generate more revenue.
• You realize the importance of building LASTING RELATIONSHIPS with your clients and referral sources.

There are more -- and we will look at some of them in future postings -- as well as explore some of them in more depth as to how they apply to YOUR practice -- in future postings.

To learn more about the Pocket Watch newsletter, please visit our website at http://www.estateplanningpartners.com/pocket.htm

Thank You!

2005 Practice Strategies Survey

Thank you to everyone who participated in, and helped get the word out about, our 2005 Estate Planning Practice Strategies Survey. The online survey has been disabled and we are now tallying results. Everyone who participated will receive a complimentary copy of the final report via e-mail.  Stay tuned for more observations and insight from this important research project.