Written by: Courtney BrowningI believe there is no shortage of marketing ideas in the financial industry. In fact, I have found that the “shiny idea” syndrome of bouncing between too many inspirations is often a bigger marketing challenge for financial advisors.
So, How Do You Know What Marketing Efforts Make Sense for You and Your Financial Brand?Just like financial planning, successful marketing starts by having a clear plan. From there, it is a matter of scientific review to refine and improve over time.
What Is a Marketing Plan?A marketing plan has clearly defined goals, timelines and a budget you can use to build out a marketing calendar of activities. Whether that includes 3, 5, 7 or more sources to generate business, remember diversity is key to consistency, but adding too many variables at once can become an expensive mistake. For a helpful tool to prioritize your marketing idea, check out my past blog, “3 tips to focus your financial marketing.”
What Should a Financial Marketing Plan Include?If you have a solid list of contacts, your efforts and budget should prioritize deepening and expanding these relationships. This includes focusing on generating referrals as well as creating opportunities to capture new assets and deliver new value. If you are opening a new location or experience a cold transition, mass marketing to build and grow a new database will be first and foremost. Public relations efforts can also be a great catalyst to enhance any of these efforts by building your credibility and exposure. Regardless of how established you are in your practice, the financial business is deeply relational. Focusing on opportunities with personal interaction as your foundation will result in the most meaningful connections and business results. This remains true even among younger investors as a recent survey identified that traditional advisors are two times more prevalent among millennials than robo-advisors. Another universal ingredient is having a nurture or drip system in place to stay top-of-mind with your database. At any given time, only 3% of your clients and prospects are at the point of making a buying decision. 56% are not ready and 40% are poised to begin according to Vorsight. Additionally, it can cost five times more to acquire a new client versus keeping an existing one. The takeaway? Be sure your marketing plan includes initiatives for these critical and often neglected components:
- Maintaining and maximizing your relationships once established and
- Continuing to work your database of prospects