Marketing is often critiqued or questioned about its ROI. But to be honest, it can be very difficult to measure the TRUE effect of marketing.
In the past, advisors got consistent results with marketing initiatives like seminars, running ads, or launching referral campaigns. But as marketing evolves, advisors are faced with the reality that one marketing tactic does not make for an effective marketing strategy. Advisors need to look at more metrics and the wider impact of marketing.
Measurable marketing initiatives like seminars have been successful in the financial industry for a number of reasons. However, as marketing shifts into a more personalized, relationship-focused experience for consumers, more advisors are adopting digital and content marketing initiatives to reach their audiences and bring value to their clients 24/7.
But because new marketing initiatives do not always equate to provide immediate measurable results, advisors often abandon them before they can see the results they were expecting. In other words, advisors spend too much time chasing the next best marketing tactic because they didn’t allow time for the other tactics and strategy to work.
The absence of marketing results backed by hard numbers is why many advisors flock to tactics that they think are most measurable. Even if the ROI isn’t remarkable, they know (or think they know) what they can expect.
Try synergistic tactics
In many cases, advisors need to consider synergistic tactics that together create more momentum in their businesses: some which create obvious ROI and some which create better businesses. For instance, just doing seminars when you need to fill the pipeline doesn’t generate long-term momentum. Why not pace the seminars, build better credibility by having attendees listen to a specific podcast episode before the event, ask them for topics on a form during a break at the seminar, connect with them on LinkedIn before they leave (or the next day by invitation),and then update them through social media and email every time you publish a new podcast.
There are tremendous synergies from combining successful traditional marketing tactics with content marketing, social marketing, and email marketing. They complement and build off each other.
In all my years of doing financial marketing, I’ve seen that the biggest indicator of success is a well-executed idea that is consistently deployed. Even good ideas won’t succeed if there’s no commitment to keeping it going long enough to yield the ROI you need.
This is the truth about marketing ROI:
There are different approaches to marketing for today’s advisor, and you should not expect the same kind of results from all marketing strategies. Some strategies will create short-term results, but if you take the time to see your marketing through the long term, the outcomes will be much more significant.
What can advisors do to get into the right mindset and generate more successful outcomes for their relationship-oriented marketing initiatives?
Think beyond the numbers.
When you implement certain digital marketing initiatives like websites and blogs, you might not gain significant revenue from those mediums, but you’re getting a different kind of ROI. You are portraying yourself as a professional, building your credibility, and telling people who you are, what you do, and who you work with. You are enhancing the client experience just as you would by having a nice office reception.
Be consistent and patient.
It takes time to build a recognizable brand. If you are consistently creating content that is unique and resolves your clients’ biggest challenges, it’s only a matter of time before you start seeing results. Even when you think you are not getting results, there is someone who is listening to your podcast or reading your blogs. They are getting to know you and your expertise, and they’re likely to tell their contacts about you. Consider the long-term results that will come from your consistency.
Be proactive and involved.
Don’t shy away from promoting your work. If you have a great blog, a podcast that you’re proud of, or a resource-filled for your clients, let them know. Take every opportunity you have to promote yourself and your brand. If you meet someone new, add them as a contact to your social networks. If you’ve decided to start a blog, a podcast, or host webinars, find ways to interact with your audience and make them feel like they’re part of the process. For instance, you can ask new contacts about what topics they would like to learn about in your blog and podcast.
Of course, not all marketing strategies will work for everyone. But before you decide to quit, ask yourself these questions:
- Is your strategy helping prospects experience what it would be like to work with you?
- Is your strategy helping you stay top of mind with your contacts?
- Are you providing something that’s useful to your audience?
If the answer is yes to any of the above, then you should probably keep doing what you’re doing.