It’s really hard to ask someone to trust you with his money as you’re aware that he doesn’t trust his wife or children with them; especially when this potential client is getting richer.
You’re aware that he’s not enjoying his breakfast as he used to be or not focused enough when he drives to work. His fear of losing his money or over-spending them on stuff that didn’t matter to him before is eating him up.
You’re aware that, for him, you’re giving him words wrapped with financial jargons and eventually the decisions and actions are his not yours. Your awareness that this potential client is facing a big decision, from his point of view, regarding the next investment decision in which this is putting him under immense gigantic pressure; especially when he’s making an investment in a field where he has a very limited idea about.
You’re aware that this potential client chooses you among all your competitors in the market as his choice wasn’t only based on your great financial qualifications or track-record but because he trusts you. You’re aware that this trust can disappear at any fraction of a second if you made the wrong call regarding his money.
You’re aware that the he’ll take the credit for your financial advisory and work if things work out. Regardless, you closed a deal and won a client as well as added a new achievement to your track-record.
That wealth came from the printed money of your country’s Central Bank which made you think you became wealthier because you were selling quality products or services or because you’re successful. This is disillusion! It is just because of the Inflation and capital movements. A good part of the money, you previously made, was just inflation.
However, this doesn’t mean that your products or services are near to shit. No, what I mean is that your clients used to borrow money cheaply as your country’s central bank lowered the prices of interest rates in that time which made the borrowing cheaper in which it created the demand on your products or services as there was a lot of cash in the banks and banks had to lend to someone even if he is not creditworthy.
However, the aim of your country’s central bank was to encourage people to buy real estates to develop this sector as well as ensuring that the capital injected in the economy stays in your country. Though, you, are like any jerk short-term thinker, decided to increase the prices and planned your whole life on the assumption that this would last forever. Eventually, you are struggling to survive in the market now as there is no demand on your products or services due to your pricing strategy.
So my advice to you, lower your prices while adjusting the quality or size of your products and services and survive. If you are paying high salaries, start firing people. If your rent is expensive, go to another area with a lower rent price.
Whenever you approach a client, you can sense their ignorance when it comes to Marketing. Most of them think that a Marketing Plan should be created in a matter of days. Believe me, if a marketing plan was created in a few days, this is not actually a marketing plan, this might be a short-term plan to troubleshoot your business marketing problem.
However, Marketing Plans, or at least how I learnt to do them and how I actually executed them and succeeded in implementing them, are usually based on a market research, clear budget and data.
Before you even think of having a marketing plan, you should have a sales budget to give a framework for this marketing plan. You usually find business owners asking you to prepare a marketing plan with no budget for it. And they also don’t have any data to support their sales projections. Most of them have two assumptions in marketing:
- The more connections you have, the more sales you produce. If you are well connected, why are you calling me?
- They are so attached to their previous success. Maradona was the best footballer in the world and now Messi. People get old and young people take their place, just live with it.
I’m not arguing against these two assumptions because you need to have connections and a good history in the market. But, this is not all you need to make sales. Any market in the world is based on this economic theory which is Supply and Demand. You need to smell what sells in your market in order to plan how to offer your products and/or services to the target clients. Otherwise, you should expect to lose.
Moreover, most of the business owners live beyond their means, there aren’t any clear salary for them and take their business as their credit card. Whenever they need cash, they just take from there. This isn’t how business goes, if you need to succeed, you should also have a clear budget for your expenses and make sure that you control your spending behavior. Otherwise, you will start increasing your prices to cover the cost of your business and eventually and at one point you will go bankrupt.
To sum up, before you ask anyone to prepare a marketing plan, make sure you have a clear annual budget and base your targets on a market research and data. It would be easier for any marketing planner to prepare a marketing plan then. It is also recommended to have the right people to execute the marketing plan.
Lastly, don’t expect anyone to wipe your ass, go to any grocery store and buy your toilet papers.