After a financial product or service has been developed, marketplace testing is next essential step. However, we firmly believe that focus groups on which consumer products marketers lavish resources are neither appropriate nor cost-effective for financial services marketing. Instead, focused one-on-one interviews with distribution channel representatives and target market prospects provide a more in-depth and intimate reading of needs and wants of marketplace.

The reasons behind high rate of financial product and service failures are often same: failure to identify and appeal to marketplace needs and wants; failure to provide relevant differentiation from more established brands; failure to effectively establish and motivate distribution channels; failure to create messaging that resonates with target markets; and failure to live up to expectations. The pitfalls are obvious, and yet financial services marketing professionals fall into them over and over again. Pogo said it well: “We have seen enemy and he is us.”

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4. Have realistic expectations. Many people expect overnight results and give up when results they wanted don’t materialize as they had hoped. Unrealistic expectations always lead to frustration and dissatisfaction. Talk to other business people to find out what they are experiencing at any given time. You may be surprised at what you will learn.

Define realistic, quantifiable performance metrics that reflect your business goals.

5. Be persistent and persevere. There are going to be times when you get very frustrated with what is going on around you. If you don’t think this is true my guess is you haven’t been doing what you are doing for very long. Truth be told, business can be extremely frustrating. There are times things can seem so overwhelming you wonder how you can get through situation. It is when you revisit why you are doing what you are doing and what your purpose in business is that you can get back on track. If success were easy, everyone would have it. Persistence and perseverance can pay handsomely.

6. Create a focused marketing message. The main purpose of marketing is to identify appropriate markets for your products and services and then open up a conversation with those markets. That simply means finding market segments that can benefit from your products or services and communicating with them in a way that motivates them to take action.

Keep in mind; first action is not always going to be to buy. Your customers first action my simply be to stop by your store. Maybe it is to make a phone call to gain more information. Perhaps it is visiting your website to fill in a request form.

Regardless of what first step is it is what you do after someone takes first action is crucial to success of your business. Develop a solid follow up system that allows you to develop long-term relationships with your client base. The health of your bottom line depends on it.

7. Believe in yourself and your vision. Regardless of how much you want something, there will be times temptation is to give up and throw in towel. The greatest test of your character is to be willing to follow through to very end. You must find ways to believe in who you are and keep your vision close to your heart. Many years ago I was taught to keep going on my dreams and to not quit five minutes before miracle.

Fact is I never know when miracle will arrive. The only way to find out is continue forward in spite of all outward appearances.