40 INVESTMENT ADVISOR OCTOBER 2020 | ThinkAdvisor.comprefer fast food places like In-N-OutBurger, or do they prefer Michelin-rated restaurants? What kind of housedo they live in? Do they wear a watch —and if they do, is it an Apple Watch,Swiss-made or other? What kind ofclothes do they wear? Are they an executive in New York or a creative typewho lives in a downtown loft withfloor-to-ceiling windows?
To understand the deeper needs ofa person, you first need to have a clearpicture of how they use their money. Aperson may have $1 million in the bank,but you have to go deeper than thatsurface level number. What does the $1million represent to them?
MARKETING FUNDAMENTAL #2:
CONSISTENCY IS KING.
Once you know your ideal client, bewilling to let go of anything you’redoing that isn’t focused on marketingto that client. The key to marketing isidentifying the one thing you do thatworks best for this ideal client and continuing to do it.
Often when we begin to work withadvisory firms on marketing, they areproducing a lot of marketing contentwhile also trying to hit a magic number, such as “likes” on social media orincreased website traffic, etc.
However, the primary success metric of marketing programs is newclients, and the fastest way to getthem (not counting client referrals)is through consistency in your marketing programs, not more marketingprograms. It only takes one focusedblog, podcast, email campaign, etc., tospur growth.
Through years of working with
top-performing advisory firms, I’ve
learned that when it comes to market-
ing programs, it’s best to keep it very
simple. We focus on one or two things
that a firm can do consistently — and
without stopping. In many cases, doing
one thing really well and doing it con-
sistently, on a schedule and without
any stoppage, is far more effective than
doing more marketing.
MARKETING FUNDAMENTALS #3:
MARKETING IS A MATH PROBLEM.
Once you know your ideal client andhave one or two consistent marketingprograms to attract and retain them,marketing becomes a math problem. Inother words, data tells you everythingyou need to know about what is workingand what isn’t.
What data do you track? Let’s startwith what not to track: email openrates, website hits, podcast listenersnumbers, etc. Tracking marketingdata comes down to one amazinglysimple metric: lead flow. How manypeople are contacting you for an initialappointment?
Over the years, I’ve seen many mar-
keting programs that have great email
open rates and a large number of follow-
ers on social media. However, many of
those programs, while popular, are not
producing new clients.
You can have a great social mediapresence with thousands of followers,an email open rate that is off the chartsand tons of website traffic — but if youaren’t getting people to reach out andschedule appointments, those effortsdon’t matter.
Making your marketing programswork is all about knowing your clients,doing what works consistently and thenexpanding on what you do well basedon your lead flow. Simply put, greatmarketing comes down to finding whatworks, not changing it and never stopping it.
Angie Herbers is an independent consultant tothe advisory industry. She can be reached firstname.lastname@example.org.
What data do you track? Let’s start with
what not to track: email open rates, website
hits, podcast listener numbers, etc. Tracking
marketing data comes down to one simple
metric: lead flow. How many people are
contacting you for an initial appointment?