Answer: Family offices often have a strong focus on business development and will even employ an individual to serve as chief business development offer or a similar role. Here are some family office business development strategies:
- Educational marketing: Educational marketing is perhaps one of the most underutilized and undervalued marketing strategies out there. By educating your prospective clients and providing them with value-first in the form of speaking at industry events, writing a white paper, publishing a book on the industry or otherwise sharing your knowledge and skills, you form a reciprocal relationship with your peers and clients that will help you grow your business and become an authority in the industry.
- Focus on a niche: It may seem counter-intuitive to narrow your focus in order to expand your client base and grow your business, however, this strategy often accomplishes that goal. This is because by focusing on a niche you can better target those prospects and develop a positive reputation as a leading family office in the region or among your select group of clients, rather than trying to appeal to everyone, everywhere.
- With with as many clients face-to-face as you can: E-mail, direct mail and phone calls have their place but nothing is more valuable in developing a relationship as a face-to-face meeting where you can improve your familiarity with the person and get to know what that individual’s needs are and how you can develop a business relationship with him or her.
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