5 Questions to ask a Marketing Communications Firm

By Amy E. Buttell
From Practice Management Solutions, the Journal of the Financial Planning Association

If you're looking for help crafting a marketing plan-and perhaps help executing it, too- you'll need to carefully evaluate local marketing communications firms. Marketing experts recommend asking the following questions to assess a firm's qualifications and potential fit with your practice:

What will my firm receive as a result of this engagement?

"Will they be getting a memorandum with specific recommendations, or a report, which is an assessment of the organization," asks Dan Weinbach of The Weinbach Group Inc. in Miami. "Is it going to include an action plan? (Planners) need to understand what they are buying, and along with that, they need to understand what time the consultant is going to be investing in developing that marketing plan, because the time investment is going to indicate not only what they can expect in terms of quality, but also what they can expect to pay."

Does your firm both write and implement marketing plans?

"A financial planning firm needs to have an eye on if and how they are going to hire this consultant to implement the plan," says Weinbach. "There are companies out there that just do marketing plans, and having a great marketing plan doesn't do a lot of good if you don't have someone to put the wheels in motion."

Are you a marketing communications firm or an ad agency?

"Make sure you are getting a marketing firm, not an ad agency," says Rodger Roeser of Eisen Management Group in Cincinnati. "Going to an ad agency for a marketing plan is like going to a podiatrist and expecting help with pain in your back. An ad agency buys ads, and what you need is a marketing plan; that comes before buying any ads."

What firms have you worked with that are similar in size and business type to ours?

"You want to know the firm's client mix-do they work with organizations that are roughly your size, with similar business cultures and challenges" asks Charles Epstein of BackBone Inc. in Boca Raton, Fla.
"Do they have a track record in your particular sector? If they don't, it's not necessarily a deal killer-so long as they demonstrate an understanding of your needs, issues and objectives."

Who will be working on my account?

"You want senior level expertise working on your account, not the marketing interns or new graduates," says Roeser.
Weinbach advises paying attention to the chemistry between the marketing firm and your financial planning firm, saying: "How do I get along with these people? Do we speak the same language? Do I like them? Am I comfortable sitting in the room with them? Chemistry is a really important part of the formula."

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