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The best-conceived marketing plans will be derailed if you allow yourself to be victimized by these two misconceptions.
That fact was illustrated by some of the negative comments on my company's Facebook ads and posts.
Some of those comments are mindless, but others provide insights into misconceptions and biases that hold advisers back from getting the business results they want and deserve.
Let's take a closer look.
On one of our ads, “How to build an irresistible lead magnet,” we got this comment: "Nobody who knows how to market needs this."
I love how clear this sentiment is… even though it’s misguided.
Unpack it and you get two major misconceptions.
Misconception 1: You can’t get better at marketing
It brings up the false assumption that you either know marketing or you don’t, and that once you know, all efforts for growth and improvement can just stop.
It’s like saying fit people don’t need to exercise. Or that smart students don’t need to study. If you have an opportunity to get better at something – to squeeze more juice out of what you’re doing – why wouldn’t you?
No two individuals’ life experiences and knowledge are same. If someone is willing and able to share their insight with you, it’s an opportunity worth taking. Always be on the hunt for new points of view. People who actively try to gain new perspectives and increase their awareness by attending webinars, reading e-books or watching video tutorials are the ones best positioned to thrive.
They recognize that niche audiences exist, and one does not need to be boldly original to reach them when there’s someone who has already invested their time and money determining what works.
Think about the methodologies you use to attract young individuals seeking advice as they plan for college compared to the tactics you use to capture retirees seeking financial advice. There’s a big difference.
Designing effective marketing campaigns to attract genuine leads and yield positive results is not an overnight process, and there’s no magic formula that works for all services and all consumers. Find what works for you by using the foundational knowledge you receive from a peer or resource to kick off your campaigns without breaking the bank.
Successful marketing campaigns require bold ideas, strategic analytical analysis, and clear objectives. Whether you’re new to marketing or a seasoned professional, there are always opportunities to expand your skill set, especially as new platforms and trends emerge daily.
Don’t feel guilty about needing help or seeking improvement. In fact, you should take pride in wanting to continuously grow. The best singers receive vocal training no matter how many times they’ve performed, and the greatest teachers keep enrolling in courses and tweaking their lesson plans to create a more well-rounded classroom experience.
When we shared tips and frameworks for how to ask for a referral without it feeling awkward or one-sided, someone commented, “If you build genuine, quality relationships with your clients they refer you the world and you don't have time for all this nonsense. Stop chasing transactions and start building relationships. I haven't had to prospect in years.”
While quality relationships and referrals are essential, relying on your existing clients to advocate for you is neither safe nor responsible. Financial advisors who stick to the same routines and practices get the same results. What happens when a new financial advisor rolls into town with better processes? Then what?
Misconception 2: Marketing is immoral
The second misconception people have is the belief that marketing is a selfish, sleazy act.
Let’s look at author Jay Conrad Levinson’s description of marketing: “Marketing is every bit of contact your company has with anyone in the outside world. Every bit of contact. That means a lot of marketing opportunities.”
Or Seth Godin’s description: “Marketing is the generous act of helping someone solve a problem. Their problem. Marketing helps others become who they seek to become.”
“Chasing transactions” or “hyping” is nowhere to be found in those descriptions.
You’re engaging in marketing whether you know it or not. From the name of your firm, to how you answer the phone – it’s all marketing. The only thing you have is a choice: Are you going to market intentionally or by default?
When you clearly present the value you provide to clients, transparently show how you go about transforming them, and lead with conviction, your marketing becomes a whole lot easier and more intentional. Your marketing becomes all about syndicating and evangelizing your truth.
Don’t give in to the little voice in the back of your head that is ashamed or scared, and don’t limit your growth because you think of marketing as something done only by (a) advanced experts or (b) scam artists.
The only thing more meaningful than your work is you. Take ownership of your firm and pursue marketing activities that will introduce you to people who will appreciate your guidance and rely on your services to turn their financial goals into reality.
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.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.