Question

Topic: Advertising/PR

Marketing 401k's Ro Physicians, Etc.

Posted by Anonymous on 6/4/2011 at 7:54 PM ET 50 Points
Today there are 49 Million people with 401(k) plans and no one is offering them advice! Our process answers two important questions...
#1 Do you own the best or worst funds in your plan?
#2 Do you have a risk management plan for when not if the next market crash happens?
I need help to know how to package and sell this to a list of physicians who are employed by a large local hospital.
I am planning to do a mailer and ask them to view a webinar aboiut 10 minutes long.

All advice is appreciated and helpful!!!!!
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RESPONSES

  • Posted by mgoodman on 6/5/2011 at 8:58 AM Accepted
    1. What's the compelling benefit that will get your target audience to spend another minute -- let alone 10 minutes -- listening to your webinar?

    2. Ten minutes is too long. Maybe a minute or two, but not ten.

    Have you actually interviewed a few of the folks in your target audience to learn their attitudes toward retirement planning and 401(k) plans? Do you know what words they use to express their feelings about them, what's important to them, and how likely they would be to respond to an invitation to experience the pain of a 10-minute webinar on the subject?

    If you have not, then I'd urge that you do so before you spend another minute on your webinar or your mailer.

    Separate subject: What's the relevance of the count of people with 401(k) plans? Would your question be any different if there were 68 million or 20 million?

    I think it's great that someone gets excited about this stuff, but I'm guessing most folks don't get quite as turned on by the topic as you do. It's important that you understand that too, if you want to connect with your target audience.
  • Posted on 6/5/2011 at 10:07 AM Author
    Thanks for the response.
    The benefit (I think) is to be able to retire comfortably and stay comfortably retired.
    I agree 10 minutes is too long!

    Do you know what words they use to express their feelings about them, what's important to them, and how likely they would be to respond to an invitation to experience the pain of a 10-minute webinar on the subject?


    I am doing this for one client and friend and he is confused as how to introduce, what I do to his co-workers. He is the second in command at the hospital and is afraid of a conflict in pushing my services on his co-workers.
    To do the research on them do you call them and ask them what you have asked?

    No relevance to the number, should I take it out?
    I do get excited about this because I believe it is important, maybe others do not. I only need 50-75 people to be profitable and help them ensure a secure retirement.
    Thanks again for your response and guidance!
  • Posted by mgoodman on 6/5/2011 at 10:30 AM Moderator
    The best way to research your target audience is to hire a professional market researcher and have him/her create the discussion guide (a kind of semi-structured questionnaire), define the interview mechanics that are most likely to give you what you need, recruit the respondents, conduct the interviews, analyze the findings and deliver the conclusions and indicated actions to you.

    But that can get expensive. It's the best solution, and it's usually worth the investment, but it requires an up-front investment that many entrepreneurs are unwilling (or unable) to undertake.

    So the next best thing is to hire a market research consultant to listen to your needs and suggest alternatives that will require less of a cash investment and more of your own time. You may be able to get 75% of the benefit for 25% of the cost.

    If you want a recommendation, let me know. Just click on my screen name and use the email address in my profile.

    It's more complicated than just calling a few folks and asking them a handful of questions. The way you select the candidates and the way you word the questions can have a significant impact on the results, and that can potentially lead you in the wrong direction. Better to have some professional guidance if you're serious about pursuing this opportunity.
  • Posted by mgoodman on 6/5/2011 at 10:47 AM Moderator
    Regarding the benefit:

    It's really difficult to get people to accept that they should make an investment today for a payout in the future. Ask anyone who has ever sold life insurance or long-term care insurance to a target audience under the age of 50.

    That's what you're doing. There is no immediate payoff for your target audience. The closest you have is that they'll rest easier tomorrow knowing that their [distant] financial future is more secure.

    If you could poll your target audience to find out what is on their collective mind right now, you'd end up with a list of things that preempt the 401(k): kids, vacations, education expenses and loans, the economy, home maintenance, cars, malpractice insurance, Medicare uncertainty, sloppy co-workers, etc., etc. If you don't prompt them, it's unlikely retirement planning will come up for quite a while -- unless they're very close to retirement age already.

    So now you want them to move the 401(k) from position number 27 on their list to #1! It's going to take some very creative positioning and marketing ... and that's going to mean you have to really understand their self-talk and their deep-seated attitudes. Not impossible, but not a challenge well suited for marketing amateurs.

    (I've been through similar challenges in my consulting practice, and they are among the most difficult projects I've ever undertaken.)
  • Posted by Jay Hamilton-Roth on 6/5/2011 at 4:30 PM Accepted
    If people already have a 401k, then they've already bought into the need for saving for the future. You're trying to guide them into taking your advice instead. So, that comes down to risk/reward. How much risk will they take by listening to your presentation (10minutes)? How much reward (showcase your historical success rate). Then it becomes a simple return-on-investment calculation.
  • Posted on 6/5/2011 at 9:49 PM Author
    Jay, Thanks Great Advice. Like Geico's 15 minutes coul save you 15%!
    How would you entice them to watch the video... email or a personalized letter?
  • Posted by Jay Hamilton-Roth on 6/6/2011 at 8:55 AM Accepted
    Why not do both? Send an email and follow up with a personalized letter?
  • Posted on 6/6/2011 at 9:54 AM Author
    Thanks Jay!
  • Posted by michael on 6/6/2011 at 12:58 PM Accepted
    Nobody? Really? I would said that advice is around every corner.

    The question is really whose advice should be taken...and why?

    Nothing speaks louder than success. All the disclaimers required by the SEC keep you from PROMISING results but that doesn't mean a good track record is worthless.

    Michael
  • Posted on 6/14/2011 at 10:16 AM Author
    Michael, Your comment, "Nobody? Really? I would said that advice is around every corner."
    What I am attempting is to manage their individual account from their employer. Most advisors can not get paid on these assets and thus do not offer on going continuous advice. They only offer advice when and where they get paid. As in trading commissions or fees on assets not in a 401(k) or 403(B) account.
    We can not show our track record unless it has been audited and that is well over $250K annually. Right now out of the question for me.
    I can show which asset classes we owned but not the specific track record!
    Other suggestions???????

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