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The Upside of a Downturn: Broker Business Building on a Budget
 

The Upside of a Downturn: Broker Business Building on a Budget

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Economy got your business down? The glass is half full. For every downturn, there's an upside. In an age when many brokers' businesses have been commoditized, those who seize the opportunity to use ...

Economy got your business down? The glass is half full. For every downturn, there's an upside. In an age when many brokers' businesses have been commoditized, those who seize the opportunity to use social media meaningfully will win.

The current broker sales funnel is leaking from ages of traditional advertising and marketing that left out preference and loyalty. Today, those brokers who are savvy enough to use social communications to exit the downturn stand to come out on top, sales funnel intact.

This presentation was originally delivered by Ben Grossman at the Club Liberty luncheon at R2L at Two Liberty on June 9, 2010.

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    The Upside of a Downturn: Broker Business Building on a Budget The Upside of a Downturn: Broker Business Building on a Budget Presentation Transcript

    • BROKER BUSINESS BUILDING ON A BUDGET
    • BEN GROSSMAN interactive strategist 602 741 0314 @bengrossman www.ben-grossman.com www.slideshare.net/bengrossman bgrossman@oxfordcommunications.com www.oxfordcommunications.com
    • :-(
    • d o t to ha ? w
    • ! FIND THE
    • BACK TO THE BASICS OF BUILDING BUSINESS.
    • EYEBALLS TRADITIONAL SALES FUNNEL
    • EYEBALLS AWARENESS TRADITIONAL SALES FUNNEL
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION FUNNEL
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION FUNNEL PREFERENCE
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION FUNNEL PREFERENCE PURCHASE
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION FUNNEL PREFERENCE PURCHASE LOYALTY
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION FUNNEL PREFERENCE PURCHASE LOYALTY EVANGELISTS
    • EYEBALLS AWARENESS TRADITIONAL SALES CONSIDERATION THINKING PREFERENCE PURCHASE LOYALTY EVANGELISTS
    • TRADITIONAL SALES THINKING WHOMEVER PUTS THE MOST IN GETS THE MOST OUT.
    • PRESENT-DAY SALES THINKING THAT’S WRONG.
    • PRESENT-DAY SALES THINKING THAT’S WRONG. WHY?
    • PRESENT-DAY SALES THINKING THAT’S WRONG. WHY? 1) Leaky Sales Funnel 2) Decreased Funnel Input 3) Consumers Have Changed
    • EYEBALLS 1LEAKY SALES FUNNEL AWARENESS CONSIDERATION PREFERENCE PURCHASE LOYALTY EVANGELISTS
    • 1LEAKY SALES FUNNEL There are two leaks in the broker sales funnel:
    • 1LEAKY SALES FUNNEL There are two leaks in the broker sales funnel: 1. PREFERENCE • The gross majority of brokers suffer from a commoditized image. • Consumers are more empowered than ever: just providing information and resources is no longer enough.
    • 1LEAKY SALES FUNNEL There are two leaks in the broker sales funnel: 1. PREFERENCE • The gross majority of brokers suffer from a commoditized image. • Consumers are more empowered than ever: just providing information and resources is no longer enough. 2. LOYALTY • Traditional loyalty initiatives are increasingly seen as inauthentic and annoying. • Move from passive loyalty to active loyalty (e.g. loyalty with a purpose).
    • EYEBALLS TRADITIONAL ADVERTISING 2INPUT DECREASED $$$$ AWARENESS CONSIDERATION PREFERENCE PURCHASE LOYALTY EVANGELISTS
    • 2INPUT DECREASED Advertising spends have declined during the downturn: 2007: -00.3% 2008: -04.1% 2009: -12.3% TNS Media Intelligence/Kantar Media
    • 2INPUT DECREASED Advertising spends have declined during the downturn: 2007: -00.3% 2008: -04.1% 2009: -12.3% As we come out of the downturn, brokers must make the most of what is in the funnel. TNS Media Intelligence/Kantar Media
    • 3CHANGED CONSUMERS HAVE PRE-MEDIA AGE: church, state, monarchy
    • 3CHANGED CONSUMERS HAVE MASS MEDIA AGE: institutions dictate PRE-MEDIA AGE
    • 3CHANGED CONSUMERS HAVE SOCIAL MEDIA AGE: what do friends think? MASS MEDIA AGE PRE-MEDIA AGE
    • 3CHANGED CONSUMERS HAVE INDEPENDENCE: I’ll think about it. SOCIAL MEDIA AGE MASS MEDIA AGE PRE-MEDIA AGE
    • 3CHANGED CONSUMERS HAVE Traditional advertising can only take brokers part way through the sales funnel. It’s great at bolstering AWARENESS and CONSIDERATION. INDEPENDENCE
    • 3CHANGED CONSUMERS HAVE Traditional advertising can only take brokers part way through the sales funnel. It’s great at bolstering AWARENESS and CONSIDERATION. INDEPENDENCE But, it takes highly trusted forms of advertising to create PREFERENCE and LOYALTY. So, what do consumers trust?
    • 3CHANGED CONSUMERS HAVE recommendations from people known consumer opinions posted online brand websites editorial content brand sponsorships tv newspaper magazines billboards / outdoor advertising radio emails signed up for ads before movies search engine results ads online video ads online banner ads text ads on mobile phones 0% 22.5% 45% 67.5% 90% Nielsen 2009
    • PRESENT-DAY SALES THINKING 1LEAKY SALES FUNNEL 2INPUT DECREASED 3CHANGED CONSUMERS HAVE
    • ... SO HERE’S THE
    • The con uence of these three facts has created an opportunity for you to win.
    • o w , h ut b ?
    • THROW THE BASICS OUT THE WINDOW.
    • EMBRACE THE NEW (AND POTENTIALLY MORE COMPLEX)
    • ? r ef er m e op le to p easy for pe withou t unnaevle I made it TheptFon: H u rs, stomfeor me? Fix erce i my past fcunnel 1. P talk toey fill my can Ithat th y! y: Howm, so me dia bung? Loyaolt ing the i a big l advertis line? o ona ann y ! e resourcheosuttotrdaditi f influence on Funtnhealve th nnel wit sphere o The don’ my fu media ? l 2. Fil Ugh. Ido I fill nd my real-life nting with new How n I expa me ca ut experi How kin g abo e thin uld I b umers Sh o g Cons hangmnan?i end m e? race lCe a hu Emb I act ik gelists to reco mm re ofte n? 3. Do for m y ev an en d me mo ei t easy or ecomm Do I mak ang elists t t m y ev p r om p Can I
    • Perception: Have I made it easy for people to prefer me? Determine your strengths. Create a key differentiator. Execute on unique selling point. Repeat.
    • Loyalty: How can I talk to my past customers, without annoying them, so that they fill my funnel for me? Social media is a great way to passively stay top-of-mind with your clients and add value to their lives. • Share short-form content via tumblr.com, posterous.com, or Twitter.com • Start blogging with your key differentiator at the center of the subject matter via Blogger or Wordpress • Maintain active, personal presences on popular social networks like Facebook and LinkedIn
    • ? r ef er m e op le to p easy for pe withou t unnaevle I made it TheptFon: H u rs, stomfeor me? Fix erce i my past fcunnel 1. P talk toey fill my can Ithat th y! y: Howm, so me dia bung? Loyaolt ing the i a big l advertis line? o ona ann y ! e resourcheosuttotrdaditi f influence on Funtnhealve th nnel wit sphere o The don’ my fu media ? l 2. Fil Ugh. Ido I fill nd my real-life nting with new How n I expa me ca ut experi How kin g abo e thin uld I b umers Sh o g Cons hangmnan?i end m e? race lCe a hu Emb I act ik gelists to reco mm re ofte n? 3. Do for m y ev an en d me mo ei t easy or ecomm Do I mak ang elists t t m y ev p r om p Can I
    • Ugh. I don’t have the resources to do a big media buy! How do I fill my funnel without traditional advertising? EYEBALLS Fill your funnel in new places by relying loyalists and evangelists. AWARENESS REFERRALS CONSIDERATION PREFERENCE REPEAT PURCHASE LOYALTY EVANGELISTS
    • How can I expand my real-life sphere of influence online? Become a thought leader and create social ideas that are worth passing along and show off your expertise.
    • Should I be thinking about experimenting with new media? De nitely! Some starting points: • Think about ways to enhance traditional listings with video taken on a Flip Camera • Consider giving live video tours using Qik on a smart phone • Check-in at your listed properties on Foursquare and include the RSS feed on your website
    • ? r ef er m e op le to p easy for pe withou t unnaevle I made it TheptFon: H u rs, stomfeor me? Fix erce i my past fcunnel 1. P talk toey fill my can Ithat th y! y: Howm, so me dia bung? Loyaolt ing the i a big l advertis line? o ona ann y ! e resourcheosuttotrdaditi f influence on Funtnhealve th nnel wit sphere o The don’ my fu media ? l 2. Fil Ugh. Ido I fill nd my real-life nting with new How n I expa me ca ut experi How kin g abo e thin uld I b umers Sh o g Cons hangmnan?i end m e? race lCe a hu Emb I act ik gelists to reco mm re ofte n? 3. Do for m y ev an en d me mo ei t easy or ecomm Do I mak ang elists t t m y ev p r om p Can I
    • Do I act like a human? People like doing business with people they can relate to. • Use social media to give yourself a ‘human’ quality that direct mail and e- blasts cannot. • Feature both your personal and professional interests on your pro les.
    • Do I make it easy for my evangelists to recommend me? There’s a difference between passive loyalists and evangelists. • Passive loyalists are a dying breed, as consumers are presented with unprecedented access to a eld of options that is growing exponentially. • Evangelists are the result of effective development of preference and loyalty in such a way that a client believes there is no substitute for a broker. • Consider whether you have made it easy for these evangelists to recommend you and your services by clearly articulating what you do and your differentiator.
    • Can I prompt my evangelists to recommend me more often? Yes! • Create social events and meet-ups for your clients to bring their friends to. • Stay in passive contact with your clients via social media. • Leverage social ideas and all media your produce by making it share-able and embed-able. • The most important cornerstone to any effort within online channels is a strong website. Make sure yours represents you well and allows your clients to feel comfortable recommending you to their friends.
    • ? r ef er m e op le to p easy for pe withou t unnaevle I made it TheptFon: H u rs, stomfeor me? Fix erce i my past fcunnel 1. P talk toey fill my can Ithat th y! y: Howm, so me dia bung? Loyaolt ing the i a big l advertis line? o ona ann y ! e resourcheosuttotrdaditi f influence on Funtnhealve th nnel wit sphere o The don’ my fu media ? l 2. Fil Ugh. Ido I fill nd my real-life nting with new How n I expa me ca ut experi How kin g abo e thin uld I b umers Sh o g Cons hangmnan?i end m e? race lCe a hu Emb I act ik gelists to reco mm re ofte n? 3. Do for m y ev an en d me mo ei t easy or ecomm Do I mak ang elists t t m y ev p r om p Can I
    • So, before you get down about where we’ve been... :-(
    • ...just think about what we’ve talked about today...
    • ...and remember it’s okay if you didn’t get to write it all down: www.slideshare.net/bengrossman
    • BROKER BUSINESS BUILDING ON A BUDGET
    • QUESTIONS? BEN GROSSMAN interactive strategist 602 741 0314 @bengrossman www.ben-grossman.com www.slideshare.net/bengrossman bgrossman@oxfordcommunications.com www.oxfordcommunications.com
    • BROKER BUSINESS BUILDING ON A BUDGET