While seminars remain one of the most powerful prospecting and marketing tools for financial professionals today, food seminars (providing lunch or dinner) can be an added cost accompanied by what some view as potential downsides. So when does a no food seminar make sense, and when doesn’t it?
Why No Food Seminars Are So Attractive to Advisors
There are a few reasons why advisors and financial professionals would like to avoid hosting a food seminar. Some more obvious than others, the main reason usually occurs as a result of them attempting to cut out unnecessary costs associated with hosting these events. But other reasons can be a bit more intuitive. Some advisors think by cutting out the free food aspect of their seminar, they can prevent “not so serious” prospects (otherwise known as plate-lickers) that are just coming to receive a free meal from attending. Additionally, some advisors are of the opinion that food can be distracting, sending the wrong message.
The Fact Still Remains: Food Seminars Incentivize
The reality is that for many seminars today, food still remains one of the strongest incentives to drive prospects to attend your events. Perhaps the trigger of free food is wired in our primal brain, or perhaps it serves as just enough incentive for prospects to justify the time they take out of their busy lives to attend. Regardless of the reason, food still remains a must for most financial/retirement planning seminars. A great deal of advisors that attempt to save a few marketing dollars by cutting corners ultimately end up having to cough up even more money; thus wasting their valuable time and resources.
Why are food seminars still so cost effective? It’s very simple to explain. If your acquisition costs are lower than your net profit per client, then the added $30-60 fee per plate will be well worth it in the end. In fact, typically for seminar events offering a meal, the amount of yield per client ends up being well over these added costs; many times with just one new client making up the difference of all the associated meal costs.
The Exception to The Rule
At Resource Solutions, we are experts in the area of marketing and hosting financial seminars. Working exclusively with thousands of financial professionals across the country, we have learned through years of experience, what works and what doesn’t.
Indeed, as it turns out, one of our most effective marketing strategies is our Complete Social Security Marketing Program, a “No-Food” Educational Seminar Turn-Key Marketing Program. And there is good reason behind the success of this program. We have found that Social Security as an education topic is far more likely to draw attendees to learning facilities, such as libraries and college campuses; providing for the perfect medium to introduce a “No-Food” educational workshop.
All that that being said, there are certain details that can make or break your success in hosting these types of events. Details such as the venue and time the event will be held, who to invite as well as making sure the invitations are compelling and contain the right “attention grabbing” message, are just a few of the details that can make all the difference in the success of these educational workshops.
The Psychology of “Food” Versus “No-Food” Seminars
While food seminars remain the most effective marketing strategy for drawing large crowds to financial events, many of our most successful clients rotate back and forth, hosting both types of workshops. Interestingly enough, common feedback we receive from a great deal of advisors is that individuals attending their educational workshops share with them that they would never have attended a dinner seminar event—feeling that they would “owe” them something in return for the meal and would ultimately end up feeling “sales pressure”.
If you would like to hear more about this very effective marketing strategy or are just seeking advice on how to boost the responses you receive on your current dinner seminar events, please feel free to call us or contact us today!
At Resource Solutions……We Don’t Just Sell Marketing…We Sell Results!