Building a successful independent financial advisor firm requires effective marketing. Every action you take to attract new prospects and gain new clients matters to your bottom line. But what worked yesterday may not work today, and what’s working now may not be the best approach tomorrow. Just like you have to monitor what’s happening in the markets, it’s important to stay in the know when it comes to your marketing.
You want to ensure you are getting the best return on your investment of time and money. This means you need to evaluate your marketing strategies continuously, keeping both your short-term objectives and long-term, big-picture goals in mind. Unfortunately, business owners often miss out on money and opportunities for growth by sticking with outdated marketing.
How do you know when it’s time to pivot your marketing?
1. Your clients are giving you feedback
Marketing serves to not only attract prospects but retain existing clients and help them spread the word about you. Your ideal client holds a wealth of information about not only what they want but also what people like them (i.e., your ideal clients) want. Paying attention to their questions and feedback should be priority number one. There’s no better market research than a conversation with one of your ideal clients.
If you notice patterns in questions or find that your clients are repeatedly asking for a specific type of advice, take that as a clue. Your prospects are likely to share similar needs and concerns. Your marketing should address these needs and convey that you are tuned in to their pain points. If not, it’s time to pivot.
2. The wrong prospects are reaching out to you
Your marketing should speak to a specific target audience that represents your ideal clientele. If you specialize in working with high-net-worth individuals, your marketing will look very different from an advisor who specializes in working with middle-class professionals. If you prefer to work with young married couples, your marketing will look different from an advisor who prefers working with retirees.
If you consistently get calls from clients who are not a good fit for your firm, take a close look at your marketing and make some changes. And if your ideal client has evolved or you’ve decided to focus on a specific niche, it’s time for a marketing pivot.
3. Your content isn’t providing value
There was a time when any content would do. If you were keeping in touch with your prospects and clients on a regular basis with a newsletter, for example, you would set yourself apart and stay top of mind. These days, if you want to capture attention, build your credibility, and garner trust, people expect valuable, high-quality content. Otherwise, you’re wasting their time with fluff and hurting your brand in the process.
The content you include in your marketing should answer questions and pressing concerns, and it should help your prospects make the decision to reach out to you. If not, it’s time to revisit your strategy. How do you know if it’s providing value? Conduct client surveys, look at email open rates and clicks, and if nobody is replying to your newsletter, take that as a clue that it’s time to revamp what you are sending.
4. Your budget has changed
Marketing takes money – yes, even digital marketing on free platforms such as social media. You’ll need to account for the time, tools, technology, advertising costs, entertainment and gifts for referral partners, event costs, printing, mailing, consulting fees, staff wages, and more. No matter what strategies you plan to use, you’ll need to set a sufficient budget that doesn't break the bank.
Digital marketing is the most cost-effective approach to get results. At Crystal Marketing Solutions, we build marketing strategies for our clients based on what we think is right for their business and then choose what to move forward with around their budget. We recommend adjusting your strategy when the budget changes – either with revenue growth or cuts.
5. Your marketing looks stale or out of date
The financial services industry is more conservative than many others, and financial advisors tend to stick with traditional marketing. Over time, firms have come around to see the value of modern marketing. And in recent years, it’s become clear that ignoring the shift to digital marketing leaves money on the table.
If the last time you invested in a website refresh was more than five years ago, consider an update. Not only does an older website look out of date (and out of touch) to your prospects, but things like mobile optimization and ADA compliance requirements mean it’s time to modernize. Not only that, but if you are still not using social media, search engine optimization (SEO), and other digital marketing avenues to the fullest, you are missing out on proven ways to attract prospects.
6. Your firm is going through a significant change
Has your firm undergone a major change? Maybe you have new leadership or have grown your team. Maybe you acquired another firm. Maybe succession planning led to a younger advisor taking over for an older or retired advisor.
Congratulations! Change means progress, and it also means you should take a new look at your marketing and branding. You could be due for a complete brand overhaul or a simple refresh of how you present your firm to the world.
7. Your marketing lacks a plan or strategy
Marketing often fails because it lacks strategy. It might seem like all you need to do is write a blog post, send a newsletter, and share on social media. But if you want your efforts to get results, you’ll need a cohesive strategic plan.
Effective marketing involves identifying your goals and objectives, targeting and positioning, segmentation, promotional tactics, monitoring, assessment, evaluation, and more. Once you have your strategy mapped out, you’ll need a plan to execute. It’s worth trying to do it right; otherwise, you are wasting time and money and losing prospects to competitors. If your marketing lacks a strategic plan, what will you do about it?
Marketing allows you to focus on what you do best
As an independent financial advisor and business owner, you have a busy agenda. Effective marketing is a key element to growing a sustainable business that allows you to reach your goals. When you know your marketing is working, you can focus on serving your clients and enjoy the fruits of your business’s success.
At Crystal Marketing Solutions, we offer marketing consulting and full-service marketing services to manage all of your marketing needs. Let us help you decide if it’s time to pivot your marketing.