The Importance of a Marketing Plan

I was talking to a business owner recently, and something from our conversation got stuck in my head.

First of all, some context… this individual owns a profitable small business making $1.5 million in annual revenue. No marketing spend, no website, no company email addresses, drives all business from word of mouth.

We were talking about getting the business a loan. The conversation went straight to the financials, tax returns and P&Ls. But I couldn’t stop thinking that the business would need to create a marketing plan (from the conversation, I picked up that this had not been done already). And this stubborn thought prompted me to write this post and share the article below.

So how important is a marketing plan for a business loan? What are your thoughts?

I’d categorize this as critically important for several reasons. Furthermore, I’d say it’s a priority when seeking a business loan.

Sharing some more details here on CEO Shuffle, Inc.’s website.

Marketing Spend: One Size Rarely Fits All

Marketing spend for a typical financial services firm varies based on company size, target market, and business goals.

Most financial firms allocate 7% to 10% of revenue to marketing, with digital-first firms spending on the higher end.

Here’s a breakdown of how that budget is typically distributed:

Digital Marketing (40-50%)

  • Paid Advertising (15-20%) – Google Ads, LinkedIn Ads, Facebook Ads, and programmatic display ads for lead generation.
  • SEO & Content Marketing (10-15%) – Blog posts, whitepapers, case studies, and optimizing for organic search traffic.
  • Email Marketing (5-10%) – CRM platforms (HubSpot, Pardot, Mailchimp) for lead nurturing and automated outreach.
  • Social Media Marketing (5-10%) – LinkedIn, Twitter, YouTube, and financial community engagement.

Events & Sponsorships (15-20%)

  • Webinars & Conferences (10%) – Hosting financial literacy webinars, attending industry summits.
  • Partnerships/Sponsorships (5-10%) – Collaborating with fintechs, sponsoring finance-related events.

Traditional Marketing (10-15%)

  • Print & Direct Mail (5%) – High-net-worth (HNW) client outreach via premium financial reports or brochures.
  • TV/Radio & Outdoor Ads (5-10%) – Targeting mass-market consumers (less common for boutique firms).

Branding & Creative (10-15%)

  • Website Development (5%) – UX/UI updates, security, and lead capture optimization.
    • Graphic Design & Video (5-10%) – Explainer videos, client testimonials, professional branding materials..

Data & Analytics (5-10%)

  • Marketing Automation & CRM (3-5%) – Salesforce, Marketo, HubSpot for managing customer journeys.
  • Market Research & Competitive Analysis (2-5%) – Tracking trends, customer behavior, and competitor strategies.

Public Relations (5-10%)

  • Media Outreach (3-5%) – Press releases, PR agency retainers, reputation management.
  • Influencer & Thought Leadership (2-5%) – Engaging finance influencers, publishing expert articles.

Total Marketing Spend as % of Revenue

What is your firm’s Marketing spend, knowing one size does not fit all, are you aligned with the below?

  • Established firms: 7-10%
  • Fintechs & aggressive growth firms: 10-15%
  • Boutique financial advisors: 5-8%

Sources:

  • Asymmetric Marketing
  • ChatGPT
  • Gartner

Navigating Business Transformation in the Wealth Management Industry

Business transformation is a dynamic process that holds paramount importance in the wealth management industry. With evolving client expectations, technological advancements, and regulatory shifts, wealth management companies must undergo comprehensive transformations to remain competitive and provide exceptional services. This article delves into the key components of business transformation tailored for the wealth management sector, emphasizing its significance and offering insights into effective strategies.

  1. Vision and Strategy for Wealth Management Transformation: In the wealth management industry, having a clear vision and strategy is crucial. Companies need to thoroughly understand the changing investment landscape, client preferences, and market trends. This understanding forms the basis for crafting a compelling vision that aligns with long-term goals. Strategies should outline how the company will adapt to digital disruption, offer personalized experiences, and ensure compliance with industry regulations. A well-defined strategy provides the roadmap for enhancing client relationships and staying ahead of competitors.
  2. Process Optimization in Wealth Management: Optimizing processes is a critical step in wealth management transformation. Evaluate existing processes, from client onboarding to portfolio management, to identify bottlenecks and inefficiencies. Redesign these processes to enable seamless interactions, quicker decision-making, and improved risk management. In a data-driven environment, automation and digital tools can streamline routine tasks, freeing up wealth managers to focus on personalized client interactions and strategic planning.
  3. Technology Enablement for Enhanced Wealth Management: Wealth management transformation heavily relies on leveraging technology to enhance services. Evaluate your current technology stack and identify gaps that inhibit growth. Embrace solutions such as advanced analytics, robo-advisors, and secure communication platforms. These technologies empower advisors to provide data-backed insights, automate routine processes, and offer clients real-time access to their portfolios. Emphasize data security and compliance, assuring clients that their financial information is protected.
  4. Navigating Change Management in Wealth Management: Introducing changes within a wealth management company requires meticulous change management. Communicate the transformation vision transparently to employees, addressing concerns and highlighting the benefits. Involve employees in the process by seeking their input and providing training on new technologies. Transitioning from traditional practices to tech-enabled strategies may be met with resistance, but effective change management can minimize disruptions and foster a sense of ownership among employees.
  5. Cultivating a Transformation-Focused Culture: Cultivating a transformation-focused culture is integral to success in wealth management. Leaders must lead by example, championing innovation and adaptability. Encourage a culture of continuous learning, where employees are motivated to enhance their skills to keep pace with industry changes. A culture that values collaboration and forward-thinking enables the company to swiftly respond to client demands and industry shifts.

Business transformation in the wealth management industry is not just a necessity – it’s an opportunity to redefine how firms engage with clients and navigate the evolving landscape. By adhering to a comprehensive approach that encompasses vision, process optimization, technology, change management, and cultural evolution, wealth management companies can position themselves for sustainable growth. Embracing transformation ensures that these firms remain agile, responsive, and well-equipped to deliver exceptional value in an increasingly digital and client-centric era.

Another writing collaboration with ChatGPT!

What is Business Transformation?

Business transformation is the process of fundamentally changing the way a company operates. It involves a holistic and comprehensive approach to redefining the organization’s vision, strategy, processes, technology, and culture. In today’s rapidly changing business landscape, transformation is essential to stay competitive and relevant. One can imagine how difficult a task this may be for large organizations with legacy procedures and outdated technology, especially while considering industry-specific regulatory requirements. In this blog post, we’ll explore the key elements of business transformation and how organizations can navigate this complex process.

  1. Vision and Strategy: Business transformation begins with a clear vision and strategy. Organizations need to have a deep understanding of their business model, competitive landscape, customer needs, and market trends. Based on this understanding, they can define a compelling vision that aligns with their long-term goals. A well-crafted strategy outlines how the organization will achieve its vision, the resources required, and the timelines for implementation.
  2. Process Optimization: Once the vision and strategy are in place, organizations need to focus on optimizing their processes. This involves analyzing existing processes, identifying inefficiencies, and redesigning them to achieve better results. Process optimization can be a daunting task, but it is critical to streamline operations, reduce costs, and improve customer satisfaction.
  3. Technology Enablement: Technology is a key enabler of business transformation. Organizations need to evaluate their current technology infrastructure and identify gaps that need to be filled. They need to invest in new technologies that can improve efficiency, reduce costs, and enhance customer experience. Cloud computing, artificial intelligence, and the internet of things are just a few examples of technologies that can help organizations transform their operations.
  4. Change Management: Business transformation can be disruptive, and organizations need to manage change effectively to minimize the impact on employees and customers. This involves communicating the vision and strategy clearly, involving employees in the transformation process, and providing training and support to help them adapt to new ways of working.
  5. Culture Transformation: Culture is an essential element of business transformation. Organizations need to create a culture that supports innovation, agility, and continuous improvement. This requires leadership commitment, employee engagement, and a willingness to challenge the status quo.

As we can imagine, business transformation is a complex process that requires a holistic and comprehensive approach. It involves redefining the organization’s vision, strategy, processes, technology and culture. Organizations that embrace transformation are better positioned to adapt to the rapidly changing business landscape and stay ahead of the competition. By following the key elements outlined in this blog post, organizations can navigate this challenging process and position themselves to achieve long-term success.

Pandemic Loans

You’ve most likely heard the acronym EIDL, so there’s little value in taking time to explain it. If it isn’t totally clear, you can read more about this Coronavirus Relief program on the US Small Business Administration’s (SBA) website.

This year has been a difficult year for many small businesses. Luckily for these small businesses, there was help in the form of SBA loans and other assistance. I had the good fortune of helping many small businesses navigate the process to obtain loans from the SBA. Hats off to the SBA for getting pandemic assistance programs up and running in such a short time period.

The EIDL program is intended to provide working capital to small businesses in order to help them meet financial obligations and operating expenses that could have been met had the disaster not occurred. What makes this program attractive are the loan’s terms: 30-year amortization, 3.75% with payments deferred for the first year and no prepayment penalties (just be mindful about interest payments if you plan on paying off the loan early). In essence this is like a mortgage for a small business, where collateral requirements depend upon the size of the loan.

Although the program’s terms under the CARES Act are set to expire on December 31, 2020, the president has recently signed another round of stimulus that reignites this and other programs. It’s unfortunate that we don’t know how fast the vaccines will get things back to normal, and that another stimulus plan is necessary.

The Intelligizer: Curated Insights for Business Owners and Entrepreneurs (2020|October)

In this monthly email you’ll find a handful of links to recently published web content (e.g., blogs, articles and podcasts), meant to be helpful and relevant to those running a business.

Managing a business, especially a successful one, is no easy feat. Most of us welcome with open arms a little help from our friends, but it’s also time consuming to discern what is useful and what is not. This newsletter is meant to save you the time of scouring the web for useful information. Below find several links and summaries of relevant ideas that may help you to dream even bigger.

Inspiration for your Business
Below find articles and podcasts that can help you gather ideas to grow your business, or to help you to find a creative solution to a pesky problem.

How Entrepreneurs Can Scale and Save Money Without Startup Capital
Using a credit card to fund or simply create value for your business.		Snowflake: Valuable Lessons For Entrepreneurs
Valuable insights from a successful technology company and its recent IPO.
Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions
Businesses may be forced to shut down due to the ongoing pandemic, there are important steps to take to close properly.		What to Know About Employer Liability Concerns in the Age of COVID-19
As small businesses open, owners should consider protecting themselves against coronavirus and related liabilities in the workplace.

The Intelligizer: Curated Insights for Business Owners and Entrepreneurs (2020|September)

Happy end of summer, I’m looking forward to getting back to the office in the greatest city on earth. Greatly appreciate your feedback on this newsletter, which is why I’ve added a section to highlight some of the office spaces in Manhattan that I am currently working to fill in my role as a commercial office tenant advisor.

As usual, in this monthly email you’ll find a handful of links to recently published web content (e.g., blogs, articles and podcasts), meant to be helpful and relevant to those running a business.

Managing a business, especially a successful one, is no easy feat. Most of us welcome with open arms a little help from our friends, but it’s also time consuming to discern what is useful and what is not. This newsletter is meant to save you the time of scouring the web for useful information. Below find several links and summaries of relevant ideas that may help you to dream even bigger.

Inspiration for your Business
 Below find articles and podcasts that can help you gather ideas to grow your business, or to help you to find a creative solution to a pesky problem.

Shutting Down and Starting Up with Derrick Reimer (podcast)
User research, defining and validating an idea, choosing a big market, viral loops, and more. 		You’re Going to be Told “No” 10,000 Times
Entrepreneurs share an elevator pitch to raise business funds.
How 7 Business Leaders Are Redefining Collaboration During COVID-19
Business leaders share insights on collaborating during the pandemic.		Rapid Prototyping to Speed Up Developing Your Startup App Idea
Whether you’re wireframing, creating mockups, or deploying rapid prototyping, the aim is the same.

Sampling of Available Office Spaces in Manhattan
 New to this newsletter, this section will highlight some of the office spaces I’m working to fill this fall. Reach out for more information about these listings or other requirements.

West 37th Full Floor with Terrace
Up to 19,500 square feet available, landlord to provide high end turnkey installation. Features:
*Exposed Ceilings
*Exposed Brick
*Oversized Windows
*Tenant Controlled HVAC
*Newly Renovated Lobby
*3,500 SF Terrace Available.		Soho Sublease
Recently built turn-key, creative installation with high ceilings & oversized windows. Features:
*Great Natural Light & Air
*Large Kitchen including Island
*Tenant Controlled HVAC
*Furniture can be made available.

Curated Insights for a Phased Reopening

Wishing you all the best as NYC begins its phased reopening. It’s been a long and eventful hiatus, and I hope that you and your families are well and staying safe. My prayers for equity go out to all, especially those that have been unfairly treated due to race or any other superficial circumstances.

In this monthly email you’ll find a handful of links to recently published web content (e.g., blogs, articles and podcasts), meant to be helpful and relevant to those running a business.

Managing a business, especially a successful one, is no easy feat. Most of us welcome with open arms a little help from our friends, but it’s also time consuming to discern what is useful and what is not. This newsletter is meant to save you the time of scouring the web for useful information. Below find several links and summaries of relevant ideas that may help you to dream even bigger.

Written Word: Articles, Blogs, etc.

Below find articles that can help you grow your business or help you to find a creative solution to a pesky problem.

COVID-19 Cyberthreats
As we focus on the continuity of business, cybercriminals continue their attacks on vulnerable systems. 		New York Forward: Regional Monitoring Dashboard
Tracking progress on New York Forward, Governor Cuomo’s metrics-based pandemic recovery program.
Tech Companies Helping with Reopening Your Office
Incorporating social distancing and other safety measures into the post-covid19 office workplace.		Entrepreneurs, Look to Your Network to Help You Through the Pandemic
Connecting and collaborating with your network in order to survive and thrive during tough times.

A genuine leader is not a searcher for consensus but a molder of consensus.

Martin Luther King Jr.

Spoken Word: Podcasts

Below find some audio recordings on interesting and inspirational topics for business owners and entrepreneurs.

Scaling & Pivoting a Business to Online
Taking revenue from zero, to profitability and to exit.		Social Distancing Mental Health Tips from a NASA Astronaut
Using structure to stay productive and strengthen your mental health.

Curated Insights for Battling a Pandemic

Wishing you all the best during the ongoing pandemic. Hope that you and your families are well and staying safe.

In this monthly piece you’ll find a handful of links to recently published web content (e.g., blogs, articles and podcasts), meant to be helpful and relevant to those running a business.

Managing a business, especially a successful one, is no easy feat. Most of us welcome with open arms a little help from our friends, but it’s also time consuming to discern what is useful and what is not. This newsletter is meant to save you the time of scouring the web for useful information. Below find several links and summaries of relevant ideas that may help you to dream even bigger.

Written Word: Articles, Blogs, etc.

Below find articles that can help you grow your business or help you to find a creative solution to a pesky problem.

Coronavirus Vigilance
Best practices on how to keep your remote workers safe from cyber threats and avoid scams.
Mental Health
Great information on understanding mental health, and extra useful while the pandemic takes a toll on our minds.
What It Takes to Run a Great Virtual Meeting
Preparing for virtual meetings, it’s never too late to devise a continuity of business strategy.		How to Achieve Resilient Growth Throughout the Business Cycle
 Is your business market-competing or market-creating?

Spoken Word: Podcasts

Below find some audio recordings on interesting and inspirational topics for business owners and entrepreneurs.

Getting Back To Business
 As states begin to reopen, it’s not exactly business as usual for all owners.


How I Built Resilience: With Guy Raz and José Andrés
 Interview with Chef José Andrés about World Central Kitchen, a nonprofit he founded that prepares food for people during humanitarian crises.

Curated Insights for Business Owners and Entrepreneurs

This is an excerpt from my monthly email where I share a handful of links to recently published content that relates to and can be helpful to those running a business. To have this delivered to your email box, subscribe here.

Managing a business, especially a successful one, is no easy feat. Most of us welcome with open arms a little help from our friends, but it’s also time consuming to discern what is useful and what is not. This newsletter is meant to save you the time of scouring the web for relevant and useful information. Below find several links and summaries of relevant ideas that may help you to dream even bigger.

Written Word: Articles, Blogs, etc.

Below find articles that can help you grow your business or help you to find a creative solution to a pesky problem.

Building a Culture That Embraces Data and AI

Designing, developing, and instilling an innovative and growth-focused data-driven mindset.

Take Back Your Time with Context Scheduling

Using tactics such as context scheduling and time blocking to boost productivity

Why You Can’t Get Serious About Productivity Unless You Optimize How Your People Use Your Space

Office space is a large expense for many firms. Tech startups allocate up to 20% of all expenses to office space.

How Purpose-Driven Marketing Can Help Small Businesses Compete Against Large Companies

Build a brand that not only tells a story but also gives consumers a story to tell others.

It’s fine to celebrate success but it is more important to heed the lessons of failure.

Bill Gates

Spoken Word: Podcasts

Below find some audio recordings on interesting and inspirational topics for business owners and entrepreneurs.

How to grow your brand with Instagram

The power of social media (Instagram) and the rise of direct-to-consumer marketing.

A Deal Too Perfect to Pass Up (#82, Virtual Gurus)

Bobbie Racette got laid off, then she started a business to help thousands of other people who were out of work.