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Advisors: Don’t Make THIS Marketing Mistake!

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Advisors: Don’t Make THIS Marketing Mistake!

In my inbox, this morning was an email from someone [I won’t name who or what industry – but you know me, I only work in the financial advice world!]. They were informing me [and others too on their list] that 2017 had been a very successful year; biggest growth year to date. Nice to slap yourself on the back sometimes, have no problem with that. Then, they committed one of the biggest marketing mistakes you can make. They offered me $200 if I referred someone to them. The t’s and c’s around the $200 was a mile long!

If you have read any of my posts, you will know that I don’t like the word ‘refer’. I prefer an introduction. Secondly, you will know that I do not support the notion of paying someone to ‘refer’ clients. It makes a business appear desperate, low brow and not as successful as they claim they are.

Chasing clients in that manner will damage your reputation, respect and value. No-one whether you are in a relationship [personal variety], partnership or business wants to be chased. It can come across as needy, as though you are begging for clients; which I suppose you [metaphorically speaking] are.

It’s the basic push versus pull marketing approach.

Modern day marketing calls for you to demonstrate your value and expertise so that clients come to you.

You know what clients value about your advice business. You know why they remain a client and why they are happy to pay the fees that you charge. All you need to do is communicate it. Create a marketing and communications strategy that articulates your unique points and benefits clients get from working with you.

Related: Why We Need to Look Outside of Financial Services to Expand Our Thinking

Get the information out into the arena where your ideal clients are. It could easily be through other professional businesses or, through social channels – the point is – publicity is what you are aiming for not sending an email asking others to refer people to you for $200!

Show the world how you can help them, the value you can add to their lives through your blog, video marketing, newsletters, marketing collateral and all the other various channels that successful financial advisers are using.

I appreciate that creating marketing communications tactics can be overpowering and not something you want to or like to do – that’s how SRSCC can help. However, please do not fall into the trap of using old marketing ways that simply don’t work and do more harm than good to your reputation, value and success.

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