Collaboration brings win-win
The project has clearly brought benefits for the students themselves too. Project tutor Catherine Ford said: “There is no substitute for working on real world research projects for our students. It allows them to get first-hand experience of how businesses operate – insights into real clients provide invaluable employability skills for our final year marketing students and equip them with an impressive range of skills valued by employers. It’s also great to have been able to work with FMB and generate some genuinely helpful data for them to work with.”
Putting the findings into practice
Having conducted the project, what changes will FMB be making as a result of its findings?
Ruth Power explains that the team are now looking to engage more with traditional print media. She comments “our client base still likes newsprint, so we have started being more active in communicating with journalists and distributing stories through a range of channels.
“However, we are aware that people at all stages of their lives are looking for financial advice and that, often, it is a decision making process that takes a number of years. This means we have to communicate in ways that chime with all of these markets.
“So, we are taking measures such as listing ourselves on more online directories such as Unbiased.co.uk. Although this may not lead to a huge amount of direct leads it does improve our visibility on Google searches.
“At the same time, although we agree with the students that social media is not a major influence for our current client base, we cannot rule out the fact it may influence future clients, so we are looking into ways we can grow our presence across a number of different platforms. The students also felt our website needs to show more of our credentials and expertise so we will be updating it to showcase our awards and qualifications more predominantly.
“And, of course, the most important thing is to continue making sure each individual in the business continues to offer the best client service we can and that we all continue to make the extra effort for our clients, because this will always be our most potent marketing tool.”
Key Points
- Word of mouth and reputation trump digital when it comes to choosing financial advisers
- The vast majority of people say social media has no influence on their choice
- A high quality website is only moderately important to potential clients
About Ruth Power
Ruth is FMB’s Director of Business Development. She is the daughter of founder Leslie Beavis and joined FMB in 2007. She enjoyed a successful career in Education including management roles in Primary Schools in Cumbria, London and Leeds, before moving back to start a family and join the company.
Ruth’s main role is communicating with clients and professional connections.
About Liz Beavis
Liz began her career at FMB in July 1999. Starting out as a Marketing Assistant she worked her way through the company to become appointed firstly as Director of Marketing and then Managing Director in 2008, as well as being a fully qualified adviser. Before FMB she worked at the Chamber of Commerce Training Division in Lancaster, promoting their services to the wider community. As the daughter of one of the two founders, Leslie Beavis, FMB has always been an important part of her life as the business has grown from a desk in the family living room to occupying the prominent Shenstone House on the outskirts of Kendal, with over 25 employees.
