Earlier today our affiliated blog, The Settlement Channel, posted a provocative question about whether or not the Structured Settlement profession needs to heed the advice of the fictional ad man, Don Draper of the long running series, "Man Men." I've decided to copy it here in it's entirety so those looking for advice on structured settlements as a profession can read the complete piece on this news site. Enjoy!
"If you don't like what's being said, change the conversation."
One of the enduring lines from the iconic cable drama "Mad Men" is provided by the fictional advertising guru, Don Draper. Portrayed in the series as a genius in marketing, advertising and counter intuitive thinking, many of his ideas and slogans actually have great relevance in a new media world.
What can Don Draper teach the structured settlement profession about new media?
Don Draper had multiple character flaws, but it was obvious that there was great wisdom in that particular line as it continues to resonate with fans and marketers years later. It was uttered during an early episode set in the mid 1960's, when developers were facing outrage over an announced plan to tear down the Old Penn Station so as to build the new Madison Square Garden. The Ad man's advice was essentially to stop talking about and defending what was being lost and to instead talk about and champion what was about to be gained. Great advice.
So how does this relate to the structured settlement profession,and in particular the things being said about structured settlements and settlement planning in general?
First, in the last year we have witnessed an avalanche of news, both online and in standard media, concerning the factoring, or sale, of structured settlement payments and the abuses which are alleged to occur when those transactions take place. The primary focal point of the stories was in Baltimore, Maryland, where it was discovered that the late Freddie Gray was one of thousands of lead paint children, who after settling their liability case using a structured settlement, eventually sold those payments for lump sums of cash at a steep discount. The details of how that all occurred and it's impact aside, having already covered that in prior posts, but what really matters is that the term "structured settlements" has been repeatedly associated with fraud, corruption, bad planning, exploitation and even racism. While the primary structured settlement market likes to gloat about how the secondary structured settlement market "got what was coming to it", they completely miss the point that the concept of structured settlements as a brand has been essentially destroyed as a result.
The vast majority of politicians, regulators, courts and even trial lawyers when asked to name a structured settlement firm would almost certainly reply in unison, " JG Wentworth" due to all of the advertising on selling structured settlement payments that has saturated traditional, trade and online media. Now you can add in major stories from Washington Post, CBS news, NPR and various Gannet dailies, with the result being that the term "structured settlement" is carpet bombed and associated with the worst kind of professional practices. It's a mess, it's happened and there is no turning back from it. NSSTA, SSP and structured settlement professionals can not possibly continue to pretend the brand isn't badly damaged and that this damage is impacting our professions future.
So, what would Don Draper say to the over 400 structured settlement experts and settlement planning professionals that make up the primary market?
1. Change the conversation. If our profession continues to glory in the abuses of the secondary purchasers of structured settlements, instead of refocusing the dialogue toward the exceptional benefits of structured settlements in personal injury cases, we are doomed as a brand and a profession. Enough about factoring abuses and corruption, let's discuss instead how directing payments of a structured settlement into a trust would have likely prevented the vast majority of cash out's, as there would have been a responsible entity to vet the decision to sell. Change the conversation to what works, not what doesn't!
2. Use their bad news as your good news. Reporters and news organizations couldn't care less about the survival of the structured settlement profession, they are looking for Pulitzer's, professional respect and audience. They simply report what they see as "news" and then move on to the next story, while settlement professionals have to live with the fall out. In this case it's simple to show lawyers, injury victims and others that these changes prove how serious regulators, courts and lawyers are about protecting injury victims settlements. Then highlight these law changes and process improvements and use them as the opportunity to discuss why protecting structured settlements is so important in the first place. People are hearing the term "structured settlement" online, in news and on TV, so take time to let clients know what a structured settlement actually is and why it is so important in protecting injured victims.
3. Take full advantage of new media, social media and effective tools at your disposal. The tools available to our profession are extensive, powerful and inexpensive, yet virtually all but a hand full of organizations and professionals actually use them. Blogging, podcasting, video commentary or associating with professional broadcasting cooperatives like The Structured Settlement Expert Directory and Settlement Channel are all options ANY planner can use. Instead we see either a scatter shot, or non-existent, effort to get involved in social media and commentary to our clients. You can get it done in a cost effective fashion that is powerful, impact-full and generates good will and new sales. There is simply no excuse for professionals to not invest at least 4 hours per month, one hour per week, toward branding yourself or your firm online.
4. There is strength in numbers. The reality of new media and social media is that there is incredible strength in search, relevance, credibility and news feeds when you join a marketing cooperative, or if your firm is big enough, when you start your own online channel. For over a decade structured settlement professionals have bemoaned the fact that "we can't compete with factoring companies advertising budgets", so our associations, life markets, general agents and others elected to do nothing. At the very time when someone can for a few hundred dollars per month have a full blown video marketing platform that feeds into all major news feeds, most members are paralyzed into inaction or just jealously guard their dwindling number of clients they currently have. Joining a marketing group empowers you, dramatically amplifies your message and allows you to keep your current clients and acquire new ones.
5. Start making your own news and stop being a punching bag. Be on the attack. Manage your message and brand or just sit back and take it. Enough said.
The tools are in place, and have been in place for over a decade, for the structure settlement profession to brand our services as a social and financial good for injury victims. With the exceptionally low cost of video commentary and the availability of new media collaboratives, like The Structured Settlement Expert Directory , it is now possible for both individuals and the profession as a whole to dramatically improve sales, increase use of structured settlements and to educate our market on the various creative applications of the annuity platform at it's core. It's time to get moving and stop making excuses, our profession is at stake and we all know it!