Application
This unit may apply to job roles involving developing growth strategies for any financial practice. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Develop marketing plan for the practice | 1.1. The practice vision statement objectives are developed or reviewed 1.2. Target markets are identified or refined based on research and experience 1.3. Market research data are obtained and a competitor analysis developed 1.4. The practice market position is developed or reviewed based on the research findings and analysis |
2. Develop practice promotion plans | 2.1. Practice brand is developed and the benefits of the practice, practice products and services are identified 2.2. Appropriate promotion tools are selected or developed as required |
3. Develop practice growth plans | 3.1. Plans to add new clients and increase yield per existing client are developed 3.2. Proposed plans are ranked according to agreed criteria and an action plan to implement the top ranked plans is developed and agreed 3.3. Practice work practices are reviewed to ensure they support growth plans |
4. Implement and monitor plan | 4.1. Implementation plan is developed in consultation with all relevant stakeholders 4.2. Indicators of success of the plan are agreed and implementation is monitored against agreed indicators 4.3. Implementation is adjusted as required to meet objectives |
Required Skills
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Required skills |
well-developed communication skills to: determine and confirm practice development requirements, using questioning and active listening as required liaise with others, share information, listen and understand negotiate outcomes with professional colleagues use language and concepts appropriate to cultural differences research skills for: accessing and managing information interpreting documentation coordinating tasks well-developed numeracy and IT skills for: identifying and using financial modelling accessing and using appropriate software such as word processors, spreadsheets and databases and using internet information highly developed literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information well-developed problem solving skills to identify any issues that have the potential to impact on the practiceor growth plan and to develop options to resolve these issues when they arise teamwork skills for working and consulting with others when developing plans for the business planning skills to develop effective plans and implementation strategies |
Required knowledge |
financial industry products and marketing mix relevant marketing principles for professional practices business research techniques sources of relevant financial organisation data |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: identify the key market data for the practice to maintain and use knowledge of a wide range of available information sources acquire information not readily available within a practice and analyse data to determine areas of improvement for practice negotiate required improvements to ensure implementation evaluate systems against practice requirements and form recommendations and/or make recommendations. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to relevant legislation, regulations and codes of practice. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills setting and reviewing workplace projects and business simulations/scenarios evaluating samples of work. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Practice objectives should be: | 'SMART': Specific Measurable Achievable Realistic Time defined. |
Market research data includes: | data: about existing clients about possible new clients from internal sources data from external sources such as: Australian Bureau of Statistics (ABS) trade associations/journals small business surveys libraries Internet information Chamber of Commerce surveys client surveys industry reports secondary market research primary market research such as: telephone surveys personal interviews mail surveys. |
Competitor analysis includes: | competitor offerings competitor profile in the market place competitor promotion strategies and activities. |
Market position should include data on: | product: the good or service provided product mix the core product - what is bought the tangible product - what is perceived the augmented product - total package of consumer features/benefits product differentiation from competitive products new/changed products price: pricing strategies cost plus supply and demand ability to pay pricing objectives profit market penetration cost components place: market position distribution strategies marketing channels promotion: promotional strategies target audience communication promotion budget. |
Practice brand may include: | 'AIDA' Attention Interest Desire Action facility decor phone answering protocol practice image practice logo, letterhead and signage slogans style guide templates for communication and invoicing writing style. |
Benefits may include: | benefits as perceived by the client features as perceived by the client. |
Promotion tools include: | advertising brochures direct mail networking and referrals newsletters electronic press releases publicity and sponsorship seminars telemarketing and cold calling websites. |
Yield per existing client may be increased by methods including: | packaging fees raising charge out rates/fees reducing discounts selling more services to existing clients. |
Sectors
Unit sector | Practice management |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.