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Advisors: 5 Ways to be as Confident in Marketing as Investing


Advisors: 5 Ways to be as Confident in Marketing as Investing

Written by: Alexa Miller

As a financial advisor, it’s important to stand out amongst your peers and establish industry credibility.

A comprehensive marketing and PR plan can help, but when it comes to marketing strategies, advisors can be skittish.

Believe it or not, there are actually a lot of similarities between marketing and investing. The key is applying the same advice given to clients to your publicity efforts.

Here are five ways advisors can make their marketing plans as strong and their clients’ portfolios:

1. Keep a long-term mentality

Investing is all about planning for the future. Your marketing strategy should be the same. Don’t give up if you’re not being called on by CNBC to do a Power Lunch appearance after only giving it a month or two. Building a solid media presence and establishing yourself as an industry thought leader take times. When creating your plan, sit down and think long-term. Where do you want your firm to be in five years? You wouldn’t want your clients to give up on their financial plan after a few months, and the same rule applies here.

2. Don’t be afraid to experiment

Just like the markets fluctuate, trends in marketing do the same. So, make sure you can be flexible and respond to what your clients and prospects want or are interested in at that time. The industry is shifting towards more personalization and technology, and new ways to communicate with clients and prospects are popping up all the time. Don’t be afraid to start an Instagram account or launch a podcast if you think it could better engage your demographic.  Not everything you try will be beneficial, but when the landscape is constantly evolving, your plan won’t be successful if you can’t evolve as well.

3. Variety is important

A solid portfolio has a carefully chosen mix of investments, and a marketing plan should be the same. Even if your target audience primarily uses Facebook, don’t completely ignore other social channels. Your marketing plan should be targeted and involve two-way communication, not one-sided. Branding is an important part of any marketing plan. Today, that typically includes updated social channels and a blog that clients can follow for the latest industry news and updates.

4. Find a niche

When thinking about the marketing strategy you’re going to adopt, make sure you don’t try to be everything to everyone. The most successful marketing plans for advisors are catered to the demographic they know best. Having a wide reach with your strategy might lead to more potential clients, but could lead to fewer actual clients. Additionally, marketing strategies that are too vague tend to be difficult to follow. This can lead prospects to confusion and ultimately frustration.

5. Have a plan and stay consistent

Just like keeping a long-term mentality, it’s important to stay consistent with your marketing plan and not get lazy. If your marketing plan calls for regular posts on social media, make sure you’re following through with that. You will never see results if you’re not consistent. With that said, if you’re not seeing results after 6+ months, it might be time to try a different technique.

When it comes to marketing, financial advisors should practice what they preach. Be consistent, take a few well-calculated risks and don’t give up if you don’t see results right away. Marketing results won’t happen overnight, but by following these steps, you’ll be setting yourself up for long-term success.

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