We are a marketing company. What is marketing you ask? After a call today I feel the need to explain what marketing really is. There seems to be some confusion.
Our goal as marketers is to draw attention to your firm. If we are really great, we are able to get butts in seats to your events and maybe even get people into your office for a consult. If we are amazing, we are able to grow your networks and get you more centers of influence.
Our job is to not to close business. Marketing is not sales. Marketing is marketing.
If you’re saying to yourself, “Okay, if marketing is marketing, what does that mean?” then let me share a story with you.
A marketing team, through tools of their trade, was able to get over 750 new prospects to take a first meeting with a firm we work with.
Wow, right? That sounds amazing.
This firm was firing on all cylinders using a high performance engine.
They had run dinner seminars. They had a Podcast.They even ran direct mail programs.
And they now have over 750 new prospects vying for a meeting.
Before I go any further, I have to ask, what is your closing percentage?
Now, what could your closing percentage be if you had 750 people to practice on?
When your marketing works, what do you need to make sure you have after all of these people are tee’d up? Closers.
That’s right, marketing brought them to you, but you still have to convince them to work with you. You have to sell yourself, and your product.
You provide a much needed service, right?
People are better off when they work with an advisor/agent like you?
You believe that, don’t you?
Selling is not a bad word. Selling is an integral part of so many businesses… it’s how we all survive. Selling doesn’t have to be just about bottom lines. It can be about providing people with the best option to help themselves.
But back to that case. Their closing percentage is 20%.
Because of this, their first year cost per client acquisition is over 40K.
And it will take them 7 years to break even.
If they could close 50% better could you imagine their growth? Could you imagine how much less their client acquisition cost would be? (I can do the math, I just choose not to.)
We are really good at marketing. You have to be good at sales.