Before engaging in your next event, ask yourself six essential questions to determine if these events fit your personality and practice
Often, I’m asked whether to hold client appreciation events. Some advisors thrive on them, while others cringe at hosting them. Those who don’t like them worry they are being fake or buying clients or genuinely find these events distasteful. Those who thrive on client appreciation events find them fun, memorable, effective, and efficient ways to “thank” clients and introduce themselves to those whom clients know well.
Why such a gap? I think it comes down to considerable planning efforts or lack thereof. When I speak with advisors about client appreciation events, I’ve learned that the most successful advisors who use Client Appreciation Events as a core client thank you and acquisition strategy are rigorous in answering six key questions:
- Why host the client appreciation event?
Are your intentions for hosting the event because it’s the time of the season, or are you piggybacking on launching a new concept or vendor announcement? Are you hosting an annual event because it’s become “your thing,” like your annual Superbowl party?
- What are your goals for the event?
Client Appreciation Events can be costly. As a businessperson, you want to exceed the cost and get a reasonable return on your investment in time, resources, and capital. Can you meet your goals, and how will you do so?
- How many people, including your team, will it take to make this event the most successful it can be?
The number of people involved can significantly impact the success of your event. If it’s a large event, maybe you have your whole team and some enthusiastic family members there to meet and greet, allowing you to focus on “showing up” and maximizing your time connecting with your attendees. If it’s a small, more intimate event, then maybe you and one key team member are all needed.
- Will this event be a brand builder? Is it a good fit for you and your practice?
Everything you do, not just client events, impacts you, your brand, and your reputation. Does this client appreciation event correlate with or enhance your image, style, and reputation?
It’s important to contemplate the 1-3 things you want all attendees to remember about the event. How will you message these before, during, and after the event?
- Why was your last client appreciation a home run? Or why didn’t it hit expectations?
If you have done these events in the past, think back to the home runs. What worked well and what didn’t? If you are a first-timer with such events, ask your colleagues how they might go about a client appreciation event.
A few weeks ago, I asked a client this question. She mentioned that her last client appreciation event was a hit because she learned to send physical tickets, which she believed increased her attendance rate. She also suggested having a team member focus on taking photos to capture the event's highlights. Success often lies in the details.
- Are you excited about this event now?
If you were to rate your enthusiasm for this event out of 100%, where do you rate? After carefully considering the above questions, you should either be very excited about the event and expected results or not do the event at all. And that’s ok! That’s why running your decision through the questions is so important.
A careful and considerate set of answers to the above six questions should dramatically impact the success and results of your next client appreciation event.
Are you confident in your answers? Were you fully honest with yourself? Sometimes, when answering tough questions, we allow ourselves excuses, which, upon further reflection, could have been worth exploring more honestly. If you want to discuss whether to host a client appreciation event (or not!), call Jeff Thorsteinson for a free, no-obligation discussion. You never know where your next best idea will come from.
Jeff Thorsteinson is a partner in Advisor Practice Management, an organization that helps financial advisors build world-class practices through innovative concepts, tools, and systems. Jeff works with individual advisors, investment dealers, insurance firms, and fund companies. For more information about Advisor Practice Management, contact [email protected] or 1-800-223-9332, or visit the website at www.advisorpracticemanagement.com.
