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You can gauge the experience of a marketer based on what they default to when it’s time to drum up a new marketing message or campaign.
The inexperienced ones default to one of two things:
- Listing out all the different channels available for promotion; or
- Immediately cycling through “creative” ideas.
“What if we included a talking dog?” Or, “What if we riff on Coming 2 America, but we tie in finance?”
And if they get around to it, then they might try to shoehorn in elements that make some business sense (you know, small stuff like “business goals”).
No big shame in what I listed above. It happens. Many of us, in our excitement to make a splash, have spent time here.
But…this is how “creative” ideas miss the mark. This is how “flowy,” “poetic,” “wordsmithed” messages, which get an A in a creative writing course, get an F when it comes to earning new business.
It is tough to create an effective marketing message.
Just ask Aldous Huxley: “It is far easier to write 10 passably effective sonnets, good enough to take in the not too inquiring critic, than one effective advertisement that will take in a few thousand of the uncritical buying public.”
Your goal isn’t to have ideal prospects consume a message and feel so-so about it. You want them to actually do something about it.
This is can be done with the 40-40-20 rule in marketing.
What is the 40-40-20 rule?
The 40-40-20 rule says that success in marketing is attributed to:
- 40% audience;
- 40% offer; and
- 20% everything else.
This may not be an exact formula, but it is an incredibly effective representation of how to approach your marketing strategy.
If you’re not putting the right offer in front of the right audience, then the best copy and design in the world won’t help you. That being said, your messaging can still do plenty.
Let’s look at what each part means and how you can put the 40-40-20 rule to work for your firm.
40% audience – Who are you after? What are they all about?
It’s common for advisors to blow right past these questions. “I’m just looking for anyone with enough money, right?”
Not necessarily.
Who you’re after depends on the services you provide, who you work best with, your ideal client profile, and a lot of other factors beyond how many zeroes are in their investable assets.
And even if you’re just looking for people with enough money, that’s an important piece of information about your audience that should inform any outreach you do for your firm.
Consider what your firm does, then ask yourself:
- Who do we serve? Get as specific as possible.
- What unique needs do they have that I can meet? The best offers meet needs in a way that no one else can.
40% Offer – Is your offer unique, relevant, compelling and priced right?
Your offer can be anything from a one-time financial planning consultation to an educational blog post to a simple sign-up page to get on your mailing list.
Here are four questions to answer when it comes to evaluating your offer. If the answer to any of these is “no,” circle back and see what can be improved. Don’t be happy with three out of four.
- Is it unique? You have to offer something that’s at least a little different than what everyone else is selling. Another “fiduciary advisor dedicated to your best interest” is not going to catch anyone’s eye.
- Is it relevant? This is directly related to your audience. If you know your audience well enough, then you’ll know if the offer is truly something they need – something there is a demand for.
- Is it compelling? If it’s unique and relevant, chances are it’s compelling, so do what you can to remove any roadblocks and make it even more compelling. Simplify the sign-up process, let them fill out a form immediately rather than schedule a call for later.
- Is it priced right? There’s a lot of talk about focusing on the value you provide to your clients, but your price point ultimately does matter to them. Price also involves the terms of payment…hourly, flat-rate annual fee, per-plan, AUM, etc.
20% everything else – How are you going to get people to stop what they’re doing and pay attention?
Last, but most definitely not least, we have “everything else,” which comes down to your copy and creative (words and images).
Here’s the thing: If the other 80% isn’t nailed down, then the last 20% won’t make much difference. But if the audience and offer are nailed down, then it makes a huge difference.
Copy and creative are hungry beasts, and you feed them with a heaping helping of details on your audience and offer.
All too often, we see advisors putting out the same stale offer and expecting some clever wording to pull people in the door. It’s just not going to happen.
The best designers/copywriters/marketers will pummel you with questions about your audience, offer, and overall business goals before they start building the first brick of your campaign.
They need the weight of that first 40-40 so they can execute their 20 flawlessly.
Approaching your marketing this way isn’t just about building campaigns. It’s not just about supplying your marketing team with the info they need – it’s about accomplishing your firm’s goals.
Do it right, and you’ll build real connections – and grow your firm – along the way.
Angel D. Gonzalez is one of three founders and serves as chief marketing officer for Snappy Kraken (www.SnappyKraken.com), an award-winning marketing platform that is revolutionizing the way financial professionals connect with current and prospective clients.
Read more articles by Angel Gonzalez
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
