A lesson about business adaptability and perseverance.
If you look up the word “Moxie,” you will see it is a noun meaning energy, courage and determination. It is also the brand name of a carbonated beverage, which is among the first mass-produced soft drinks.
We have all heard of Pepsi and Coca-Cola, but we may be surprised to learn that Moxie Soda, originating in New England in 1876, outsold Coke at a time and was so popular that the word “Moxie” became a part of the American vocabulary - every marketer’s dream! So why have most people today never heard of this soft drink? According to historians, after the onset of the Great Depression in 1929, Moxie decided to cut almost its entire marketing and advertising budget. Meanwhile, Coke decided to ramp up its advertising budget despite the tough times. The rest is history.
There are parallels that can be drawn from the Moxie story and the hesitation businesses and advisors might be experiencing right now with spending. The good news is advisors are optimistic. In fact, we see most successful advisors investing in their business, despite the pandemic. Findings from the Natixis Investment Managers 2020 Global Financial Professional Survey revealed that financial professionals believe they will see annualized growth of 14.3% over the next three years, from new clients and new assets from current clients.
The most adaptable advisors are embracing digital strategies and viewing these uncertain times as an opportunity to boost their visibility. Here are some strategies to consider:
Online Meetings - advisors are going virtual with their meetings to see clients regularly and utilize their time efficiently while also using programs like Calendly to schedule meetings without the back-and-forth emails.
Online Surveys/Forms - advisors are taking administrative tasks online to fill out forms and surveys when appropriate. This makes it easier for clients. Printing and scanning is tedious when there are much better options now like Monkey Survey and Google forms etc.
Website/Social Media - advisors are focused more on utilizing their online presence as an important resource for clients and prospects to learn more about their business philosophies and topics they feel are most important to their readers.
E-newsletters/Videos/Podcasts - advisors are sending specific messaging directly to their clients with the latest updates/announcements and words of advice during uncertain times.
You can implement many different strategies that will not break the bank like previous advertising expenses seen in the Moxie days. Advisory businesses do not need to have the budget of Coca-Cola to come out on top either!
Now is the time to turn a crisis into an opportunity and position yourself as an innovative advisor who is ready to service their clients, in the most effective ways - no matter what.
Do you have the moxie to do it?
To hear more on any of the suggestions, please contact us.
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