What are the rules of marketing for financial advisors? How are things different for financial planning firms? If you could “figure out” marketing, what works, and how long it takes, would that be a benefit to you?
In this post I am going to discuss a few marketing rules and provide some tips about how to get the most out of your marketing efforts.
How long does it take to get results from your marketing?
While talking with a coaching client this morning, we discussed how long it is taking to achieve results from his marketing efforts. As we analyzed where he is today, we realized that some tactics take longer than others to bear fruit. We noticed that fostering a referral attitude pays off within sixty to ninety days. Focusing on Inbound Marketing takes between six and twelve months to show results. And marketing to business owners with retirement plan consulting takes nine months to one year or more.
The rule is: the greater the potential, the longer the time frame necessary for results
Here are a few other marketing rules applicable to financial advisors:
- Be proactive – go out and get clients until your marketing kicks in and they start finding you
- Give your marketing at least six months from implementation to analyze results
- Use a Marketing Return on Investment spreadsheet to analyze the results of your marketing tactics
- Consistently implement your marketing tactics using a marketing calendar
- Commit to utilizing social media such as facebook and LinkedIn. It’s here to stay!
- Use Inbound Marketing tactics because it makes you a better advisor and it channels clients to your front door
- Find a way to stay in touch with clients/prospects through either RSS feeds on your blog or a monthly/quarterly newsletter
- Narrow your niche – don’t market to everyone and anyone
- You can safely declare up to three niche markets – any more than three will confuse your prospects
- Focus on how you are different in your marketing message
- When branding your firm, try not to be like everyone else. Use different colors and stand out with your design
- Don’t make your message all about you. Be a client advocate and solve problems for your clients
- Try to be current in your selection of marketing tactics – too many advisors are stuck in the stone age with their marketing
- How much should you spend on marketing? Budget 10-30% of your revenue on marketing
Need help with your marketing? Request a consultation today!