It is time to take a stand and fix a common misconception. When it comes to marketing, many believe that the worst thing a financial advisor can do is to not market his or her business.
But that belief is wrong.
The only thing worse than not marketing at all is marketing badly. Not only can it tarnish a brand and reputation, it can be an expensive, uphill battle and can create the illusion that marketing does not work. The worst part is some financial advisors may not even realize they are marketing badly. Perhaps they feel they are telling their story in the right ways to the right people, but those advisors may not be getting the return on their investment that they expect. In some cases, they may also be losing clients.
When this happens, it is time to take a step back and do a pulse-check on the marketing strategy to see if something is off. There are many variables to take into consideration; for simplicity, here are a few key ways financial advisors might be marketing their businesses poorly:
Right Story, Wrong Audience | Advisors may be doing the right things (right events, right advertisements, right communications, etc.), but they may be doing them for the wrong audience. When this happens, the business may grow, but it will be exceedingly expensive and laborious to sift through everyone who is either not qualified or not a good fit for the firm.
Wrong Story, Wrong Audience | Think of this like a residential lawn-mowing business advertising itself with a “Call Us” ad in the middle of a desert town where grass does not grow in the first place. Plus, the “Call Us” ad does not have the right imagery, design, or contact info to further clarify its purpose. People might see that advertisement, but it will not be relevant to them or their area; and as a result, they will likely ignore it. The business spends a lot of money on marketing, but it simply does not grow. The only difference between this style and not marketing at all is that this method is far more expensive.
Wrong Story, Right Audience | This is the worst-case scenario. Advisors in this category are doing the wrong communications, wrong events, and wrong marketing tactics to their ideal audience. For example, an advisor using robo-marketing tactics without consideration for quality, branding, and strategy runs the risk of being seen as inadequate. The clients and prospects these advisors are trying to attract and retain are seeing and experiencing the wrong stories. Consequently, prospects may decide not to contact the advisor at all. Even worse, existing clients might decide they are not a good fit for their current advisor and may therefore start looking for a new advisor. Not only does the business not grow, it can also develop an attrition problem.
Right Story, Right Audience | This is where the most successful financial advisors operate. They have honed their marketing efforts, amplified the tactics that hit the mark, and eliminated the tactics that miss. They take insanely good care of their clients, communicate on the right channels frequently, host memorable events, and consistently get referrals and new business as a result.
It sounds obvious, but it is not always easy to know what strategies are the best for each audience. The costly and time-consuming way to find out what works is through trial and error – try something and see what happens. Most advisors, though, do not have the time, energy, or resources to do that. Here at Platinum, we assist in reducing the trial and error and getting the right story in front of the right audience. We do this by analyzing what tactics you are using and showing you what other advisors have been doing successfully to grow their business. Give us a call today to see how we can help you better tell your story to the right audience.