The following post is courtesy of Diane Harrison who is principal and owner of Panegyric Marketing, a strategic marketing communications firm founded in 2002 specializing in alternative assets.
Living in the golden 25-radius of the Masters golf championship, I have a first hand seat at watching the incredible money-making apparatus this venerated golf event has become to Augusta and its neighboring communities. Beyond the actual revenues that the tournament itself creates for the Augusta National club, there exists a huge secondary financial enterprise for the larger corporate and private community.
Individuals rent their homes out for Masters week at exorbitant rates, as the global demand of ‘patrons,’ known elsewhere as golf fans, create a need for every bed available for rent in the area to be filled for the week of the event. Corporations have multi-year contracts for certain luxury house rentals that cost in the six figures for 7 nights, and local homeowners give their homes a full refresh- paint, landscaping, rental linens, etc.- and decamp for the week to gain a 5-figure rent for their 3-4 bedroom home. Such a rental boom, which happens annually with no risk of not finding renters to host, reminded me that there are opportunities for client-hungry fund managers to create some marketing magic in their sales efforts. While a fund manager may not be able to count on the cache of the Augusta Masters, here are some suggestions for creating a little ‘buzz’ for the business.
1. CREATE A SURVEY WITH A WINNER GIFT. Never underestimate the power of a win to most people. If you are seeking to gain a better understanding of what your clients most want from your business, asking them directly through an anonymous survey is an excellent way to gather data from them. By enticing participation with a winner gift for one lucky survey respondent, drawn randomly from the participants, you may encourage a higher completion rate. And all the data is valuable to you- far greater than the nominal cost of a prize for one respondent.
2. HOST A BREAKFAST TALK. If your business has a decent congregation of clients in your city, or if you have multiple city locations where a series of such events can be held, offering a breakfast talk can be a great marketing tool. While after-work events run the risk of people having a conflict with their own scheduling, most people aren’t already off-track at 8 am. Hosting a 90-minute event early in the day means you can have a 45-minute speaking opportunity with a 45-minute Q&A over a breakfast buffet, and everyone can still be to their office by 10 or 10:30. These events are economical to book and host, and can offer a great chance to make new and valuable connections.
3. BE A POSITIVE PARASITE. By this I mean, take full advantage of a large and established event that your industry or clientele is already gathered at, and create a niche event for yourself nearby that allows for the best chance of attracting some of your prospects to attend. Let’s use the Masters as an example of one such effort. John Daly literally parked himself close by the tournament in Augusta and set up a signing table, where he sold his own autographed swag to patrons coming and going from the golf event. I heard he makes an astounding amount from this week doing it, and it certainly illustrates the opportunity such action can bring. For other such gatherings to consider, think of Art Basel in Miami, the Sail Newport Regatta in RI, the US Open tennis tournament in NYC, the Kentucky Derby, etc. Smart fund managers can offer a dinner event and invite key prospects from the attendees at such gatherings, set up individual meetings around the event’s scheduling, and get in front of people from all over the country in one place.
Marketing any business takes creativity above all. In the highly competitive financial world, leveraging already established events that are known to attract high net worth attendees makes sense. Take full advantage of being in the right place at the right time and create a special buzzworthy event of your own. And while you’re at it, take some time to enjoy the feature event and network with the crowd.
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