Why did you go originally into business with your partners? And as a follow up: how long did it take you to think of an answer to that question?
I’ve worked with some advisor teams that seem like a natural fit. They finish each other’s sentences. Complement each other’s expertise. And even use the same words to tell their story. It’s usually a clean, simple story, too. One was a quant head, the other a people person, but they both served the same kind of clients. Or maybe they both have a special interest in eldercare issues, SRI or some other specialty. It’s relatively easy to walk them through the process of developing their brand and honing their value proposition. They already believe in their purpose; they just need help articulating it.
Then there’s the other kind of team.
If you want to build your business, become a Ghostbuster. I’m not referring to the movie, exactly (I didn’t even see the sequel.) I’m talking about the theme song.
If there’s somethin’ strange in your neighborhood
Who ya gonna call? Ghostbusters!
If that song were a real advertising jingle as opposed to a fictional one, it would rank right up there as among the best of all time. Its message is simple. If you have this specific problem—say, a slimy green ball of ectoplasm living in your fridge—then you know exactly whom to call. The song builds an instant connection between a customer need and a brand. You couldn’t ask for better marketing.
As I said in my earlier post, some advisors are running on empty—and don’t even know it yet. They might be cruising smoothly for now. But if they aren’t adding enough prospects to the top of their sales funnels, they won’t be able to fuel their businesses over the long run.
I don’t want that to happen to you. So I am going to share a few ideas for keeping your sales funnel filled—automatically.
There’s a looming marketing crisis the industry isn’t acknowledging. I encourage you to pay attention to it so that you can maintain sustainable growth for years to come.
In February, I attended the 2017 T3 Advisor Conference. As you would expect, the floor was chockfull of vendors promoting the latest advisor technology tools. To be honest, I was blown away by some of the tool’s available today to help advisors engage with clients. The client video resources alone were amazing; I suggest you check out the vendor presentations and follow the T3 TechHub for highlights.
The question is, who is going to watch the videos, or interact with these cool new tools?
The financial industry overcomplicates things.
Marketers across the industry will sympathize with me, we’ve all seen firms take more than a year to approve one 12-page brochure. It is not unusual for firms to appoint committees who meet to go over every single word of marketing copy with a fine-toothed comb. Of course, every part of the firm has to be involved, each contributing its own two cents. Every competing vision of the firm goes to war with every other—debating whom it serves, what its unique value proposition is, and even how it works. The brochure turns into a battleground where good ideas wind up dead and buried.
In my last post, I urged you to think carefully before launching a book or a podcast—not to discourage you from pursuing your dream to market this way, but to make sure your dream is grounded in reality.
If you’ve decided that it still makes sense as part of your well thought out marketing plan, how do you introduce your new book or podcast to the world? Here are 9 marketing tips based on lessons learned from all the book and podcast launches we’ve managed at FiComm.
Have you ever pictured your name on the cover of a book—or your podcast at the top of the iTunes charts? If so, this two-part post is for you.
Years ago, it felt like pulling teeth just to get advisors to write a simple personal finance article in the local newspaper. But that was before Youtube, iTunes and Kindle Direct Publishing gave everybody a shot at stardom. Today, advisors see The Reformed Broker Josh Brown everywhere—on blogs, in top tier publications, speaking at events, on broadcast television—and acknowledge what his notoriety has done for his career. They think, “I can do that, too.”
Maybe you can. But should you?
Do you know how to take a compliment? More importantly, do you know how to use a compliment?
Most businesspeople love positive client testimonials. Imagine restaurants without 5-star Yelp reviews, movies without 95% fresh ratings, weight loss clinics without before-and-after pictures. Amazon has architected its entire business around soliciting reviews for every product in its inventory, from books to electronics to spackle. They’re a critical success driver for its business.
When it comes to the financial industry, though, advisors are gun-shy about testimonials. Obviously, advisors face significant regulatory restraints to using client statements in their marketing. At times, the rules can go beyond prohibiting testimonials in marketing materials to severely cramping your social media presence, forcing you to turn off comments and limit engagement.
But just because you can’t publish testimonials doesn’t mean you shouldn’t pay attention to them. They have significant utility in opening your eyes to the real reasons why your clients love you—and they may not be the reasons you expect.
You’ve seen the stats. Women already control most of the wealth in America, and our share is only going up (1). Boomer women have started inheriting their husbands’ assets. Millennial women are outpacing men in academic achievement (2). So, if you’re an advisor looking to ramp up growth, it makes sense to target women as clients, right?
If you’re a guy, turn this around for a moment. Imagine you get a phone call from some other kind of professional advisor you might consider hiring—say, an attorney, or a CPA, or a small business IT consultant. The voice on the phone explains the offering, and then tells you, “I think you’ll definitely like our tech support, because we specialize in serving male advisors.” What does that even mean? Sounds ridiculous, doesn’t it?
Do you plan to spend more on marketing this year? Apparently, your peers do. According to the latest TD Ameritrade Institutional RIA Sentiment Survey, RIAs expect to increase their 2017 marketing budgets by 27%.
I wonder where all that money is going. In the survey, nearly 6 in 10 advisors say they’ll spend more on social media, and 37% plan to change up their marketing and networking to appeal to younger clients. Those trends make sense if organic growth really is slowing down, as some advisors are reporting.
Some of that cash may be going to fight the robo “threat.” As you may have read, Michael Kitces declared that independent B2C robo advisors are dying. Whether that’s true or not, the fact is that robos did disrupt the industry. They commoditized investment management, raised client expectations and catalyzed a new wave of innovation in response. Maybe a higher marketing spend is part of that trend.
But frankly, I’m worried. All those extra dollars could go to waste if advisors make one critical mistake: trying to find a silver bullet. There is no such thing.