An offer to any Financial Advisor

We have absolutely no idea how things will shake out in the financial sector. The elections, the merger talks and CNBC have left everyone shaken, insecure and concerned about the future. The one thing we do know is that FA's need to take great care of their clients in times like these.

We would like to reach out to any FA that wants to talk about how to best help their clients. Pick up the phone and call us at (804) 447-4032. We won't sell you anything, we won't charge you for anything and we have no ulterior motive other than to listen, see what you're doing, and offer some suggestions. Heck, you don't even have to tell us your real name.

Call us today and we'll do whatever we can to help.

Great Financial Advisors seem to have these traits in common...

Heidi and I had a discussion the other day about our transformation from Wachovia Securities employees to Hoople Group business owners. Most of the discussion focused on trying to figure out what makes great FA's great. Because we've had the good fortune to work with some of the best in the business, we put together a list of things all of the top producers have in common. This isn't exhaustive, just interesting, we hope:

1. What's the next big thing? - Most great FA's are looking for the next thing to improve their business. Is it a better contact management system, or online marketing? Their curiousity keeps them ahead of their competition.
2. They respect our time and advice - Did you ever go to the doctor and tell them how to diagnose your colon? Or, tell your lawyer how to draw up a complicated court petition? Then why work with a marketing firm and not respect their brains? The great FA's always ask for opinions and are open to suggestions.
3. They allow themselves to be human - Look, business is tough enough, but when every conversation is 100% business with no peek behind the veil of professionalism, it can get a little bit boring. We've learned so much by getting to know FA's as human beings. One served in Afghanistan and Iraq, one has a son playing minor league baseball with the Yankees, one sends bagels to us by FedEx, one was on the planning committee for the last Super Bowl in Tampa. Each of these FA's shared stories that showed their human side. And we all do better work when we understand, and like, who we work with.
4. They surround themselves with very smart people - When we work with an FA, we also work with the people on their team. You can tell a lot by who they surround themselves with. If the FA is the only one in the office with brains, they're in trouble. The top FA's all have a very talented group working with them, not for them.
5. They pay their bills on time - Is there a better sign of respect than that?

When Larry Jackson calls...

When Larry Jackson calls...

I was sitting here at Hoople World Headquarters working on some high-level marketing, when the phone rang. It was one of Richmond's leading lights, Larry Jackson, CEO of Jewish Famiy Services. He asked after my family, the new business and then said, "Nice editorial in the Times-Dispatch this morning. I had no idea what he was talking about, so I found my paper and found the following:

Not Selling Out

Wednesday, July 30, 2008

A slumping economy hurts nonprofit groups in the same way it puts pressure on businesses and family budgets. Perhaps even more so, because generous intentions may become harder to realize when money is tight all around.

Still, the Richmond area has always been filled with people and companies willing to give -- and organizations ready to put those contributions to good work. So we were intrigued by an idea from Peter Kaufman and Heidi Workman, co-founders of The Hoople Group, a local marketing communications firm that specializes in financial industry clients.

After reading a recent front-page story in The Times-Dispatch about struggling nonprofit efforts in town, Kaufman and Workman fired off an e-mail challenging the region's many advertising, marketing, and public relations companies to each give $100 to a local nonprofit. They don't suggest which organizations are most deserving. And they recommend that the firms ask their clients to participate, too.

Sounds like it could be the start of something big -- in a time when we could all use a bit of bright news. By the way, The Hoople Group adds, "Don't be shy about the funding. If $100 seems skimpy, double it . . . or even triple it." We agree.

If you'd like to contribute $100 or so to a nonprofit, do so today. Then let us know what you're up to and we'll add you to our growing list of companies who are making a difference. Thanks.

Peter and Heidi

The Hoople Group $100 Challenge Update

We didn't know what to expect when we sent the press release about our challnege on Monday (see press release below.) When we read the Richmond Times-Dispatch story about the impact high gas prices has on Meals on Wheels and the American Red Cross, we decided to issue a challenge to all ad, PR and marketing people in Virginia.

The PR Newswire story went out at 8:00 Monday morning, and at approximately 8:09, Alissa Poole, the President-elect of the Richmond Chapter of the Public Relations Society of America emailed me. She said that in addition to making a personal donation to the Children's Hospital of Richmond, she would post the press release on the PRSA homepage and send the release to their entire membership. I didn't know Alissa, but when I needed a particular referral later in the week, she came right back with the name of someone I needed to talk with. Great job Alissa and thanks for your help.

I contacted everyone who gave and asked if they'd be okay with publishing their names and the organizations they donated to. I haven't heard back from everyone, but here is the list to date:

Kaufman added, “We’re taking a check to a nonprofit in Richmond today that is getting killed by high gas prices. It’s a small gesture, but it’s a good start.”

Here are ways that every agency can get involved:

1. Jonathan Rhudy of Rhudy & Co. - Sweet Monday, a non-profit Christian women's ministry
2. James Shelton of The Martin Agency - "I'm a Web QC Engineer. I give over the internet to save gas. Most of the need for help is in third world countries
   so I donate globally. I give to United Way America each December. I have made these donations in the past 30 days."
   • Red Cross Disaster Recovery 
   • Environmental Defense Fund
   • Local Animal Recovery Program 
   • Sierra Club 
   • Oxfam 
   • Nature Conservancy 
   • Save the Children 
   • Care
   • Chesapeake Bay Foundation 
3. Stephanie Shareck, Shareck Marketing & PR, Inc. - A Grace Place Adult Care Center
4. Cheryl Moore, Genworth - Undisclosed donation
5. Sharif Ewees and the Richmond Ad Club - Sharif made sure that an email went out to the entire mailing list.
6. The Hoople Group - Meals on Wheels
7. P. Lee Starkey - I have paid For Kids, here in Norfolk as suggested by your challenge via PRSA Richmond. Agency, 501(c)3, works with families in crisis.
   Have suggested United Way-South Hampton Roads get on board.

The Hoople Group challenges all Virginia advertising, marketing and public relations firms to a “$100 nonprofit challenge” today.

With nonprofits hurting for funding, Richmond-based Hoople Group challenges every marketing firm in the state to do something today.

Richmond, VA – July 21, 2008 – The Hoople Group co-founders, Peter Kaufman and Heidi Workman, issued a challenge to all Virginia-based marketing firms today. “After reading a story in the Richmond Times-Dispatch this morning about the dire need for more funds, we decided to do something. We would like every ad agency, public relations firm, web developer and freelancer to take action. Bring a $100 check to a nonprofit that needs help – today.”

The Hoople Group is challenging every marketing firm in the state to donate $100 to a nonprofit that will benefit immediately from the donation. “There are hundreds of marketing firms of all sizes that work with nonprofits every day,” Kaufman continued. “This is the time to write a check and make a quick impact.”

“We’ll contact the associations like the American Marketing Association, Public Relations Society of America, the various ad clubs and others to get their members involved.”

Kaufman added, “We’re taking a check to a nonprofit in Richmond today that is getting killed by high gas prices. It’s a small gesture, but it’s a good start.”

Here are ways that every agency can get involved:

1. Pick up your checkbook, get in the car and bring a check for $100 to a nonprofit that can benefit from an immediate donation.
2. Email your clients and see if they’d like to participate.
3. Don’t be shy with the funding. If $100 seems skimpy, double it…or even triple it.
4. If you’re outside of Virginia, donate in your state. But, we’d like to hear from you, too.
5. Send the name of your agency, and where you donated it to peter@hooplegroup.com and we’ll post the good news later this week.

Heidi Workman concluded, “The marketing field is full of terrific people. Today will prove it.”

Don't Be a Turtle

In a downturn, recession, whatever you want to call it, it's a good idea not be a turtle. Don't pull your shell around you and hope your phone continues to ring. Lots of companies and marketing geniuses spend less on marketing in a downturn. Much like dollar-cost averaging, you should continue to spend some money when it's actually cheaper to market.

Look around and see what your competition is doing. If you're the only one doing marketing, there is a good chance clients will notice. I'm not advocating throwing a pile of money at pie-in-the-sky big marketing but here are a few ideas:

1. Have you defined your niche? If you combine your passion with your work, you can't fail. (well, you can but that ruins this blog entry.)
2. Once you've defined your niche, find out what avenues are available to market. When we worked with a financial advisor in Richmond, she focused on the horse business. It worked out very well for her. It's the only marketing she does.
3. If a deal sounds too good to be true, guess what? It probably is. Don't fall for cheap airtime rates, guaranteed direct mail packages, etc. The only ones that make money are the people selling them.

What are some other ideas to do smart marketing in a downturn?

The 100%, Sure-fire, guaranteed best way to hire an ad agency

Scary title, huh? If there's one thing in the FA world you're not allowed to do, is to guarantee results. No one can guarantee that you'll find the perfect ad agency either. However, if you follow a few simple rules, you'll increase your chances of having a great relationship with your agency and help your business grow.

Remember, creative types aren't like most FAs. Let's look at some ways to make sure you have a great fit with an agency:

1. Kick the tires - Get references! Most of your clients were referrals…same with ad agencies. Find out who they've worked with that you can call. Ask the tough questions.
2. The “A” team presents, the “C” team does the work - For a lot of agencies, the thrill is in the hunt. If you get the big guns at the initial presentation, are these the same people who will be hands on with your account? Get it in writing.
3. Compliance? FINRA? 66? If the agency you talk with thinks that these mean:
   1. Listening to your spouse
   2. A Jimmy Buffett reference
   3. An abandoned highway
   it might be time to find another agency. If the people you're talking with have absolutely no idea how compliance works or the restrictions you're under, don't let them learn on you.
4. It's not about the money. Really, it's not. How do you price marketing? - A good way to get started is with a 3-month retainer. Nobody but an agency (and lawyers) likes hourly billing. If you've never seen an hourly bill from an agency, it's really a thing of beauty. It seems like everyone in the firm had a piece in creating your simple ad or brochure. Fractions of hours for copying documents. Bits of time for people you've never met, and the principals (read: the folks with the highest billing rate) are always on there as “consultants.” Decide on a monthly rate that you're comfortable paying and make them stick to it. Of course you'll get it in writing.
5. Double dipping. If you're paying a retainer, ask to have the printing bills sent directly to you. - One of the dirty little secrets of the ad business is a nefarious practice called “double dipping.” Here's how it works…you pay a healthy monthly retainer, then the agency marks up printing 15 – 20%. They get paid twice for one job. Ethical? We think not. Oh…your agency won't agree with this? Find another agency.
6. "I'm not like every other FA. My practice is different and I'm looking for pre-retirees with $500,000 of assets to invest." - Not very original. Be extremely direct about your goals and niches you can own. Remember, if you don't know where you're going, any road will get you there. Make sure you have an initial meeting to clearly define what you're trying to do. And remember, marketing isn't all about creating one ad that will have people lined up outside your door. It includes how your phone is answered. What members of your team say about your group to the public. The boards and volunteer committees you serve. Your agency needs to know everything you're doing so they can effectively plan the next steps.
7. Can you find people at the agency quickly? - If the people you're trying to reach seem like they're in the Witness Protection Program, you might have the wrong agency. You tell them how much contact you'd like. Weekly status call? Quick email when something interesting is going on? You get that up front, and in writing.
8. Communicate often. - Most accounts are lost due to neglect, not something deliberate. If something is on your mind, let the agency know. We're not mind readers, so the direct method is best. Pick up the phone and let us know how we're doing. And if it's not great, let's find a way to fix it, or part ways before it gets ugly.

Let's sum up...ad agencies aren't like your practice. They work best with open communication, fee-based rates rather than transactional payments, a phone that gets answered, defined goals and the opportunity to prove themselves over time. Hmmmm, maybe we're not so different after all.

What is marketing?

Wow, great question. Lots of people think that creating a brochure or a newspaper ad is marketing. You get one created, clasp your hands behind your head and wait for the business to fly in the door. If it were only that easy. Consider these other facets of marketing:

1. How is your phone answered? Try calling your office from a phone number your receptionist won't recognize. Were you holding on for 12 rings? Did he/she immediately say, “Will you hold?” before being forced to listen to Kenny G for 10 minutes? This is the first impression potential new clients have of your firm. It's marketing.
2. Are you involved in the community? Every time you hand out a business card or give your elevator pitch, you're making a statement about how you conduct your business. It's marketing.
3. Are you aligning your passions outside the office with your marketing goals? Huh? Think about it…if you can combine what you love doing with what you're great at professionally, you can't lose. It's marketing…and it's what we love to help practices do.