Advisors across the country are inundated with LinkedIn mes- sages, Facebook advertisementsand industry publications that generally relay a similar message: If you’renot growing, you’re dying — and the onlyway to grow is to allocate more of yourbudget to marketing.
The pressing question for advisorsis not how much they should invest inmarketing, but rather how to invest inmarketing efforts that work and thatdon’t simply drain their budgets without funneling new revenue back intothe firm.
What’s most important in understanding how marketing services workbest for advisory firms is having a stronggrasp of the foundations of great marketing. Ultimately, it’s a math problem,and if you get this formula right, growthwill happen naturally.
Here are the three key fundamentals to getting your marketing formulaheaded in the right direction:
MARKETING FUNDAMENTAL #1:
GOOD MARKETING DISQUALIFIES AS
MANY PROSPECTS AS IT QUALIFIES.
If someone is not the right fit for yourbusiness, then it should be clear tothem even before they reach out to youfor an initial consultation. Marketingneeds to disqualify prospects for you.If it doesn’t, you waste a lot of timeand energy dealing with prospects (andsometimes clients) you don’t want towork with.
Business consultants often say that
when you’re successful, you have to
say “no” as much as, or even more
than, you say “yes.” Good marketing
operates on a similar principle — your
funnel of new leads has to be narrow
enough to prevent the wrong pros-
pects from getting through it. In this
case, the prospects are saying “no” to
you, rather than vice versa — saving
you time and energy.
Disqualifying the wrong prospects
without scaring away the right ones
is a bit of an art. It begins with having
a story about who you are and what’s
most important to you — and knowing
how that story supports the type of
client you really want to serve. A large
part of your story is understanding
your ideal client so well that you know
exactly what they want in an advi-
sory relationship. You might hear this
referred to as a “niche” or an “ideal
The mistake most advisory firms
make when attempting to find their
niche is focusing solely on what is in a
client’s bank account to determine the
client’s persona. Instead, you need to
know what your client wants in order to
make your marketing efforts work.
To understand the ideal client,many consultants tell advisors to fillout worksheets and write down characteristics of this client. While somemay find that to be a helpful exercise,we believe if you cannot identify yourideal client using only pictures, thenyou don’t know them well enough.When we work with a client to helpthem find their niche, we use a picture board, which is a series of photographs that show what clients valueand illustrate their relationships withtheir money.
The picture board can include images representing gender or where theymost like to eat. For example, do they
3 Keys to Successful Marketing
Advisors just need to know if new clients, and the right type of
clients, are coming in the door. Other measures don’t count.
What’s mostimportant inunderstanding howmarketing serviceswork best is havinga strong grasp of thefoundations of greatmarketing. It’s amath problem, and ifyou get this formularight, growth willhappen naturally.
THE FAST TRACK
By Angie Herbers