40 INVESTMENT ADVISOR APRIL 2021 | ThinkAdvisor.commore marketing, what is the point?
We often see firms layer on marketing tactics that don’t produce moreleads. They will increase their marketing cost without much return on investment, splitting their attention amongmarketing programs for no reason. Thisis a quintessential behavioral problem;people often want more. More doesn’toften equal yield better results, and itfrequently complicates what’s simple.
Certainly, you can have one blog orone podcast or one book that producesenough leads to reach your goals. Butwhen you experience that success, youmay decide to go on to the next thinginstead of keeping your focus on what isworking well. If writing a book workedfor your firm, write another one. If podcasting is working, create another podcast with a different topic.
We want to add more marketingwhen there’s a reason to add more, notto simply diversify a strategy or to chasemore leads with an unproven tactic.When it works, stick with it.
Stopping marketing due to growth:The fourth and final common marketingproblem is to stop marketing.
Success has consequences. The moresuccess you have, the more problemsand opportunities you gain. This is theconundrum of success, and it certainlyapplies to marketing a firm.
Anyone who has started an advisoryfirm and has been successful with marketing reaches a point where their firmhas grown beyond what they can manage. In this new territory, it’s easy to feeloverwhelmed — that the business is outof control.
Instead of leaning into what’s working and managing their growth, advisoryfirms tend to stop marketing. Firms dothis because they think that if they pullback the marketing, the growth willslow to what they can control.
But great growth is a good problem tohave. As you grow, you learn how littlecontrol you have over growth.
The better approach is to manage
WHAT TO DO IF YOUR
your growth and continue to do what’s
working. As you grow your firm, learn
to put more trust in your employees
and give them the space to help you
solve problems, instead of stopping
As you build and narrow your marketing strategy to a consistent tactic thatworks, you need to understand youraudience and know who is receivingyour message.
Marketing attracts five audiences:
The stranger: These people don’tknow you exist. The goal when marketing to a stranger is making them awareof your firm.
The visitor: Once a stranger knowsyou exist, you need to help them takeaction. In other words, they know youexist, but you don’t know it yet. This iswhen you encourage them to downloadsomething from your site or contact youfor an appointment.
The prospect: Prospects are the HolyGrail of marketing. Once a visitor acts,you need to help them become a client.
The client: What is the best wayto market? Client referrals. Providingsuperior service generates referrals.
The promoter: Finally, the promoteris the point of marketing. The goal is toturn a stranger to a visitor, a visitor toa prospect, a prospect to a client, andfinally, have them all talk about you asa promoter.
The ultimate goal is to get everyonewho comes into contact with you topromote and talk about you in a positiveway. Word-of-mouth marketing is thebest marketing.
Improving your marketing comesdown to understanding your audienceand embracing it with consistency.If your marketing stopped along theway, restart it by talking to your mostengaged clients to turn them into promoters. Then modify the content thatresonates with clients as you work backto reaching strangers.
Angie Herbers is an independent consultant tothe advisory industry. She can be reached email@example.com.
Instead of leaning into what’s working and
managing their growth, some advisory firms
just stop marketing. They do this because they
think that if they pull back the marketing, the
growth will slow to what they can control.