Back in 2012 (2012?!) we wrote: 6 Ways Wholesalers Can Market Like Coca-Cola.
Lately we’ve been thinking about wholesaler marketing and what we can learn from other iconic brands.
7 Marketing Lessons Great Wholesalers Learn From Iconic Brands
Understanding Your Audience: Successful brands understand their target audience and their needs deeply.
They know the demographics, psychographics, behaviors, and the challenges of their audience.
You should also strive to know your target advisors inside out.
Understanding their problems, needs, and desires will allow you to offer solutions that are tailored specifically to them.
The more you understand about their business, the better you can serve them and recommend appropriate products or strategies.
What can you do to deepen the knowledge you have about clients, prospects, and COIs?
How frequently do you apply your Advisor Recon skills?
Building Relationships: Brands like Apple, Disney, and Harley Davidson have excelled at building relationships with their customers. They create a sense of community and belonging around their brands.
Wholesaling is about building relationships with your clients.
Being available, responsive, and supportive. Show interest in their success and help them achieve their goals.
Long-term relationships lead to repeat business and referrals.
How responsive and supportive are you to your advisors?
Where in your process is there room for improvement?
Consistent and Authentic Communication: The most successful brands are consistent in their messaging and they stay true to their core values.
They communicate in a way that is authentic and resonates with their audience.
For wholesalers, being consistent and authentic in your communication helps to build advisor trust.
Avoid hyperbole and always deliver on your promises (aka, do what you say you will do, WHEN you say you will do it, also known as Word of Honor).
How well do you keep your word?
Is your communication outreach to advisors (NOT home office generated) both consistent and authentic?
Creating Value: Successful brands focus on creating value before extracting value.
They provide valuable content, excellent service, and they go above and beyond to delight their customers.
Always ask yourself, “How can I add value for this advisor?”
Your goal is to make the advisors’ work easier and their business more successful.
What are you doing to create real value to the advisors you serve?
In what ways do they feel a sense of reciprocity for what you do?
Innovation and Adaptability: Brands like Tesla, Google, and Netflix are known for their innovation.
They are always looking for ways to improve their products and services.
They also adapt quickly to changes in the market.
You should be constantly looking for ways to innovate and adapt to the changing needs of your advisors and the market.
What innovation or adaptation have you brought to your territory recently?
Educating the Customer: Brands that excel at educating their customers gain a significant competitive advantage.
This education helps customers understand the value of their products or services.
Similarly, great wholesalers provide clear, concise, and accurate information/education.
This helps advisors feel confident when they recommend your products to their clients.
Are you truly educating your advisors, as needed, for simply assuming they know?
Emphasizing Quality: The most successful brands focus on quality in their products and services.
They ensure that every customer touchpoint delivers a high-quality experience.
Quality products and services lead to customer satisfaction and loyalty.
Similarly, great wholesalers emphasize the quality of their products or services, helping to make price/performance a lesser issue.
Yes, at 10,000 feet your firm controls the marketing narrative.
Which never stops the great wholesaler from creating and marketing their local wholesaling brand that stands proudly next to their firms’.