Page 33 - Investment Advisor July/August 2023
P. 33
THE FAsT TRACK
By Angie Herbers
Where Advisors Go Wrong With Marketing
launching a podcast is not an effective marketing strategy.
f your firm is looking to create or formance indicators (KPIs) that a firm
enhance its marketing programs to wishes to move.
Irespond to revenue pressure caused Before delving deep into KPIs, it’s
by market volatility, you’re not alone. important to compartmentalize the three
When advisory firms experience rev- purposes of financial advisor marketing.
enue pressures due to volatile markets
and fluctuating assets-under-manage- 1. Raise brand awareness. To get your
ment-based revenues, they often turn name and your service in front of
first to marketing. people who don’t yet know you exist.
This column is about marketing strate- These people may be aware that they
gy. But before I get into what you can do to need financial advice and may be
enhance it in the current environment, it’s looking for someone to fill that need,
important to point out that the best time to but they don’t have you on their radar.
be focusing on marketing is when the busi-
ness environment is good, you have plenty 2. Close existing prospects. These
Unless you’re betting of resources and you’re not in a hurry. consumers know you exist, but they
Like the homeowner who fixes his
your marketing roof when the sun’s shining, firm own- haven’t taken action to schedule an
appointment or buy your services.
dollars on luck, the ers should have marketing programs in
foundation for your great working order before they badly 3. Generate referrals. The third purpose
of marketing is to prompt existing
need them.
With that said, there’s no time like the
marketing efforts present if your marketing is not up to clients to send you referrals.
to work best should par. You’ll be far better off starting today Here’s WHere MArKeTInG
begin with a strategy. than waiting until the good times return. sTrATeGIes Go WronG.
However, even if you’re feeling pressure
Many firms make the mistake of trying
to generate new business — indeed, espe- to create one marketing program, or
cially if you’re feeling that pressure — it’s even implement one tactic that attempts
important to create a proper strategy. to serve all three of those purposes. In
other words, they believe there is one
THe ‘sTrATeGy’ oF “silver bullet” that will help investors
MArKeTInG sTrATeGy know they exist, compel existing pros-
Let’s begin by talking about what a mar- pects to buy the service and encourage
keting strategy is not. I can’t count the clients to send referrals.
times I’ve seen a firm launch a market-
ing initiative — let’s say a podcast, a WHere To sTArT?
series of educational events, or an ad Mature marketing strategists know that
campaign — and call it a strategy. These three different programs need to exist
aren’t strategies. They’re tactics. for these three purposes. The problem
Unless you’re betting your marketing is, when firms begin to build programs,
dollars on luck, the foundation for your choices must be made.
marketing efforts to work best should Are we going to start by developing
begin with a strategy. And strategies are brand awareness? Are we going to start
built around clear, measurable key per- by targeting the people who are already
July/August 2023 InvesTmenT ADvIsor 31
