Too large a percentage of financial advisors marketing activities are unsuccessful. It doesn’t need to be that way so let’s look at the cause and the solution so that your financial advisor marketing is successful.
Financial Advisors Marketing Problem #1
The fundamental failure in most marketing is that it is designed or emanates from the financial advisor’s point of view. For example, the financial advisor may want to sell variable annuities. As a hypothetical example, let’s assume the advisor decides to use the Google Adwords program to market himself. So he designs ads littered with the phrase “variable annuity.” What he doesn’t realize is that consumers do not go looking on the Internet for the phrase “variable annuity.” Consumers look for things like “retirement security”, “tax reduction”, “planning for retirement”, etc. So by having a myopic product-centered point of view, the financial advisor’s marketing is doomed to failure.
Financial Advisors Marketing Problem #2
To rectify the problem above, our smart financial advisor will interview 15 potential clients, find out what’s important to them, and use of their language and their concerns as the focus of his marketing. Assuming our financial advisor actually does the required work, the next step is to translate those emotional desires of potential clients into language that motivates people to action. You could also get this input from 15 people at once via a focus group.
Let’s take a hypothetical example of the financial advisor focused on offering college funding services as a way to attract new clients. He decides to run seminars and titles his seminar “The Best Ways to Fund a College Education.” This is not a good title because our financial advisor has not studied copy-writing. A much better title would be “Why Your Child Won’t go to Harvard Even if He Deserves To.” So either the financial advisor needs to study copy-writing or hire somebody who’s an accomplished copywriter. The impact of good copy is a full seminar instead of a meager crowd of three people.
Financial Advisors Marketing Problem #3
Too many financial advisors’ marketing programs are based on the concept of saving their way to greatness. Rather than investing heavily in marketing opportunities that will pay off, the near-sighted financial advisor attempts to save money. You will not save your way to greatness but you can save your way to failure.
Financial Advisors Marketing Problem #4
Lack of persistence. Specifically, the average advisor will attempt a marketing approach and if it fails, give up. This is not a good route to success. No matter what you attempt, direct mail, seminars, networking, advertising, you will likely not be successful the first time you try it. You attempt to be successful by talking to experts, reading books, studying so that you understand all the relevant variables. However, nothing succeeds like experience. If you don’t have success the first time out, don’t give up but rather, sit back think about the relevant variables and which one needs to be tweaked so that your second trial will be much more successful. It’s those financial advisors who continue to tweak their approach and master it who drive trucks of cash to the bank.
[...] what’s important to clients and potential clients, but they don’t. You need to have a focus group with your clients (or prospects) and ask them. More specifics on this in a future [...]