Page 42 - Investment Advisor April 2021

more marketing, what is the point?
We often see firms layer on mar-
keting tactics that don’t produce more
leads. They will increase their market-
ing cost without much return on invest-
ment, splitting their attention among
marketing programs for no reason. This
is a quintessential behavioral problem;
people often want more. More doesn’t
often equal yield better results, and it
frequently complicates what’s simple.
Certainly, you can have one blog or
one podcast or one book that produces
enough leads to reach your goals. But
when you experience that success, you
may decide to go on to the next thing
instead of keeping your focus on what is
working well. If writing a book worked Instead of leaning into what’s working and
for your firm, write another one. If pod-
casting is working, create another pod- managing their growth, some advisory firms
cast with a different topic.
We want to add more marketing just stop marketing. They do this because they
when there’s a reason to add more, not think that if they pull back the marketing, the
to simply diversify a strategy or to chase
more leads with an unproven tactic. growth will slow to what they can control.
When it works, stick with it.
Stopping marketing due to growth: to put more trust in your employees The client: What is the best way
The fourth and final common marketing and give them the space to help you to market? Client referrals. Providing
problem is to stop marketing. solve problems, instead of stopping superior service generates referrals.
Success has consequences. The more your marketing. The promoter: Finally, the promoter
success you have, the more problems is the point of marketing. The goal is to
and opportunities you gain. This is the WHAT TO DO IF YOUR turn a stranger to a visitor, a visitor to
conundrum of success, and it certainly MARKETING STOPPED a prospect, a prospect to a client, and
applies to marketing a firm. As you build and narrow your market- finally, have them all talk about you as
Anyone who has started an advisory ing strategy to a consistent tactic that a promoter.
firm and has been successful with mar- works, you need to understand your The ultimate goal is to get everyone
keting reaches a point where their firm audience and know who is receiving who comes into contact with you to
has grown beyond what they can man- your message. promote and talk about you in a positive
age. In this new territory, it’s easy to feel Marketing attracts five audiences: way. Word-of-mouth marketing is the
overwhelmed — that the business is out The stranger: These people don’t best marketing.
of control. know you exist. The goal when market- Improving your marketing comes
Instead of leaning into what’s work- ing to a stranger is making them aware down to understanding your audience
ing and managing their growth, advisory of your firm. and embracing it with consistency.
firms tend to stop marketing. Firms do The visitor: Once a stranger knows If your marketing stopped along the
this because they think that if they pull you exist, you need to help them take way, restart it by talking to your most
back the marketing, the growth will action. In other words, they know you engaged clients to turn them into pro-
slow to what they can control. exist, but you don’t know it yet. This is moters. Then modify the content that
But great growth is a good problem to when you encourage them to download resonates with clients as you work back
have. As you grow, you learn how little something from your site or contact you to reaching strangers. Have a nice day/Stock.adobe.com
control you have over growth. for an appointment.
The better approach is to manage The prospect: Prospects are the Holy Angie Herbers is an independent consultant to
your growth and continue to do what’s Grail of marketing. Once a visitor acts, the advisory industry. She can be reached at
working. As you grow your firm, learn you need to help them become a client. [email protected].

40 INVESTMENT ADVISOR APRIL 2021 | ThinkAdvisor.com