This case study is based on the situation of a client of the Covenant Group. Names and details have been changed to preserve privacy



“Obviously, it makes good sense, but how do I go about doing that?” asked Randy Forman during a meeting in which he and I were discussing the types of “external” promotional activities successful advisors often employ to complement the “internal” strategies and tactics they direct toward existing clients.

I had mentioned that many top performers have done an excellent job of positioning themselves favourably with the media and, as a result, received what amounted to free publicity whenever they were quoted in a newspaper or invited as expert guests onto a radio or television program.

“Building good relations with people in the media is both an art and a science,” I told him. “There are specific things you can do to get your name in front of both print and broadcast journalists, talk-show producers, etc. But once you have established that contact, it’s up to you to perform.”

“This may sound cocky,” Randy said, “but I have a pretty good ‘gift of the gab.’ Put me in front of anyone and I can go on and on about what I do and how it benefits my clients.”

“There’s no doubt, Randy, that you can describe your work with passion,” I replied. “However, you may have to curb that enthusiasm a bit if you want to be included in a journalist’s inner circle of credible contacts. Rule No. 1 in working with the media is to accept that their purpose is to convey information, not to promote you. You will receive exposure, to be sure, but I have seen too many advisors blow good media opportunities because they thought it was all about them. I have personally worked in both the broadcast and print media, and I could tell you dozens of stories about otherwise smart advisors who have more or less begged to be on a show or quoted in a column, but who had little to offer beyond their desire for self-promotion.”

“So, what is the right way to go about it?” Randy asked.

“If you are willing to accept Rule No. 1,” I continued, “the next step is to look for places in which you can add value for someone in the media. Let’s start with the print side — newspapers, trade journals and the like. This type of media generally provides more opportunities to build a presence, simply because of the sheer number of publications — compared, for example, with the number of radio stations in your market area. There are a number of reasons why print media is often considered easier to access than radio or TV, which we will look at later. For now, tell me what publications you know about in your community.”

“Well, of course, there’s our daily newspaper, but it already has a guy who writes a financial column,” Randy said. “He has been there a long time, so I don’t think there is much chance there.”

“Not quite so quickly,” I interjected. “I assume you read his column? Does he ever quote other financial advisors?”

“He sure does — all the time,” Randy answered, “but it’s pretty much always the same two or three people. He obviously has his favourites.”

“And why do you think he goes to them so readily?” I asked. “Could it be that he has learned he can count on them — for good, non-partisan content as well as a quick response? Regular columnists are always working to deadlines so they need people they can rely on to give them good information and insight in a succinct and timely manner. I suspect if he calls one of his sources, he doesn’t have to wait long before he has what he needs from that person.

“Can you see yourself being able to respond in a similar fashion? ” I asked. “I know you like to explain things in detail, but would you be comfortable with describing some aspect of the financial world in two or three sentences rather than in paragraphs? Would you be able to do it more or less ‘on demand’?”

“I am not sure,” Randy answered, “ that I’d like being put on the spot to come up with a concise opinion that was going to be quoted without thinking about it a bit.”

@page_break@“Nothing wrong with that,” I offered, “and the truth is that responsible journalists want their sources to be as accurate and credible as possible. So, they are usually quite willing to give you a little time — within their deadline, of course — to compose your reaction. If you responded to a request for a quote by saying something such as, ‘That’s a great question and I know that topic well. I’d like a bit of time to think about it so I can give you the best, most concise answer possible. What is your deadline and what’s the latest you would like to hear back from me? I’ll commit to responding well in advance,’ you would earn the respect of the journalist right away.”

“OK,” Randy volunteered, “I think I can do that. But I’m still not sure how I can get this guy to call me in the first place.”

“Fair enough,” I agreed. “You said you read his column regularly. Have you ever found yourself saying, after reading something he has written, ‘Boy, he missed the mark on that one’ or ‘If only he had made such and such a point, it would have been a better column’?”

“Quite often, in fact,” Randy offered.

“Then I suggest you establish the relationship by sending an e-mail to him whenever one of these situations arises. Frame your comments positively by saying something like ‘Great column on X. I have had quite a bit of experience in that area and, if you ever decide to write about it again, here are a couple of additional points you might find useful. Let me know if I can help in any way.’ Don’t argue or disagree vehemently — that won’t gain you any favour. If you do have a different opinion, position it as ‘another point of view.’ My experience is that if you do this a few times, it won’t be long before, one day, the journalist will call you before he writes his column to get your input. You will then be on your way to becoming one of his trusted sources.”

“I like the sound of that,” Randy said. “I am going to start doing it right away. What else should I be doing?”

“You could extend this approach beyond your daily newspaper,” I answered. “Are there other publications — a smaller, community newspaper that perhaps only comes out once or twice a week? Often these publications rely on freelance journalists who have just as much need for reliable third-party references. If there isn’t a regular columnist, perhaps you could offer some articles to the newspaper from time to time. Make sure you get them approved by your company’s compliance department first; then find out who the editor is who is responsible for financial news or topics, and send him or her a sample of your articles. Editors are always looking for good copy but please keep Rule No. 1 in mind — offer value, not a commercial message for yourself.

“Another opportunity sometimes exists with specialty publications,” I added. “Let me give you an example of another advisor with whom we have worked. She is an equestrian and she loves to enter herself and her horse into show-jumping competitions. The equestrian association to which she belongs publishes a monthly newsletter and she has a regular column in it. She doesn’t write specifically about financial planning or investing or insurance — all of which she offers —but rather about topics with a financial twist that are of interest to horse owners like herself. She has become known in her equestrian community as the “Money Lady” and has found that this narrowly focused media opportunity has opened a lot of doors for her. Does anything come to mind for you like this?”

“Yes, it does,” Randy replied. “I can think of at least two smaller community newspapers to approach, as well as the editor of the newsletter at my golf club. I want to do some research, first to make sure I put together a good offer of value for them and, second, that I direct it to the right person. That gives me three or four media relationship-building opportunities. Now, how about radio and TV — how do I get something going there?”

“Whoa, Randy!” I said. “I suggest you work out your media plan around print first, as we have discussed. Broadcasting has many similarities, but also some marked differences that require another approach. I’d like to reserve our discussion of that media opportunity until you have established yourself at least a bit on the print side. If you do that successfully, it will, in fact, make the path to broadcast easier. A profile in print will enable you to obtain easier access. Does that make sense to you?”

“You’re right — better to walk before I try to run. I may turn out to be a not-so-good print person.”

“I doubt that very much, Randy,” I said. “With your knowledge and your interest in helping people, you have a good chance of becoming a well-respected commentator. Just don’t forget Rule No. 1.” IE