Marketing Corner – Five Ways to Deal With The Summer Slump

Five Ways to Deal With The Summer Slump

The summer months are often a down period for many advisors and agents. Reaching prospects, booking appointments, and clearing production can be difficult when large segments of your target market are on vacation or are otherwise disposed. Maybe this isn’t a problem for you; maybe you enjoy a little R+R in the summermiddle of the year. For many advisors this summer slowdown is what separates the business year into two distinct halves. Summer essentially serves as halftime, and who wouldn’t want a little breather between two busy periods, especially when prospecting is much harder at this time of the year?

You can beat the summer slump, however, and roll up new opportunities. Through alternative marketing strategies and a little refocusing, you can effectively engage your target market, boost production, and rejuvenate your practice during this down period. Here are five ways to do so.

Off-Holiday Marketing

americanWhen you think of holiday marketing, you probably think of the big three–Thanksgiving, Christmas, and New Year’s. These are certainly prime opportunities to engage with prospects. However, many advisors forget about off-holiday marketing opportunities, holidays and occasions that don’t have quite the visibility of something like Christmas. The summer period is full of these off-holidays—Mother’s Day, Father’s Day, Memorial Day, Fourth of July, and so forth. These give you something to market around, an excuse to engage consumers, and a way to stand out against your competitors, since many advisors don’t off-holiday marketing.

Supplement Marketing With Digital Components

Many advisors rely on direct mail for marketing, and with good reason—direct mail still works. However, you can enhance your physical marketing efforts with digital advertising, often with a minimal uptick in budget. This can be particularly effective at dealing with the lower response rates and decreased seminar attendance you may experience during the summer.

Online Lead-Gen

onlineDirect lead-gen programs have become a big part of financial marketing. While you should not solely rely on online lead-gen programs for your prospecting, they can be a great boost in a down period. We advocate “eat later” marketing strategies because they pay off more in the long run, but to get through a short-term dry spell, a lead-gen program may give you some of the immediate results you desire.

Community Events

One of the reasons there’s a slump in the summer is because your target market is more active and focused on other things. The summer often brings a wide array of public/community events, some aimed at keeping the kids busy, some designed to take advantage of nice weather. This gives you many opportunities to engage directly with your target market. This could be through sponsorship of a regular event in your area, participation in an event, or even just attending and striking up a conversation.

Evaluate Your Marketing Plan/Create a Marketing Plan

Halfway through the year is a good time to evaluate your marketing plan. Consider your successes, your failures, and what you can improve immediately. Hopefully you took time in December to make a marketing plan; if not, the downturn of the summer is a good time to create one. A good marketing plan outlines your vision for the year (and beyond) and holds you and your team accountable. This does not mean, however, that it is a static document. Rather it is a living process, hence why the summer is good time to make appropriate adjustments.

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About the author

Legacy Financial Partners - Legacy Financial Partners is an independent and full service Life Insurance and Annuity FMO that provides specific marketing solutions to help their clients succeed. Using dynamic tactics, an extensive support network and progressive marketing options, Legacy Financial Partners provides unique and specific development strategies to their business partners.

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