Marketing Assumptions That Cost You Money

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I’m highly motivated to help the clients who use my firm’s digital marketing services. I respect the work they are doing and want to help them generate more business so they can positively impact more investors and their families. I’m well-paid for our work and want to be sure we’re an investment and not an expense.

If there was an easy way to increase AUM, I would have found it.

Instead, I’ve uncovered these false assumptions that may cause you to spend your marketing budget unwisely.

1. There’s a magic bullet

If only you could write a fat check and the leads would start pouring in, with little effort on your part.

If you ask the most successful advisory firms how they generated so much business, you’ll be disappointed by their response. Most will tell you they get the majority of new business from referrals and centers of influence. Those with a marketing budget will say they can’t identify a particular initiative that worked, but the combination of social media marketing, content marketing, podcasts, YouTube channels and SEO raised their profile to a point where they had high name recognition with their target demographic.

If there’s a common refrain, it’s this: Marketing is a long, difficult, expensive journey. It requires time, money and patience.

Unfortunately, there’s no magic bullet.

2. Social media generates business

No one has ever told me they retained a social media marketing consultant and had a positive return on their investment.

That doesn’t mean you shouldn’t be active on social media. It raises your profile. I post regularly on LinkedIn and many readers of my posts have reached out to me, but relatively few of those who inquired became clients.

I agree with those who advise giving away content that’s of interest to your demographic and commenting on posts generated by others. I know many advisors who follow these practices on social media. Few of them can trace meaningful business to those efforts.

I have interviewed several advisors who have a YouTube channel that has produced results, but it took a lot of time and effort to get traction.

I can’t find any support for paying consultants who have a “system” for identifying leads from social media lists.

There are many firms that create automated social media campaigns and produce content for your social media posts. Before retaining them, ask for the names of 5-10 advisors who used their services and had a positive ROI. I’ve made this request of several and received no response.

3. Dry content marketing is effective

“I can’t wait to read the monthly newsletter of [name of advisory firm] to learn what’s happening in the market.”

Said no one ever.

Don’t believe me?

The next time you speak to a recipient of your newsletter ask them what they can remember about your last issue. You’re likely to get a blank stare.

It’s difficult to relate to dry data.

Readers will remember a story you tell them about a life event or an interaction with someone that changed your perspective.

Here’s a tip that will elevate your content.

More AUM. Better Relationships.

Guaranteed

My micro-learning course will increase your AUM and deepen your relationships.

If not, I’ll give you a 100% refund of the $29.95 cost.

Volume discounts are available.

More Information

We don’t relate well to perfection because we’re all imperfect. Recounting an event or situation where you make a mistake or were vulnerable will resonate with your audience and stay with them for a long time.

Here’s an example.

When the Powerball lottery exceeds $1 billion, my wife and I buy two tickets. We know the odds of winning are 1 in 292 million, but we like to be in the game. We even have discussions about how we would manage our winnings and the issues immense wealth would bring us.

It makes absolutely no sense.

If you meet me, you’ll remember that story, because you probably can relate to it.

Content marketing is challenging. Don’t waste your time unless you are prepared to share your perspective.

Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His online course, Ask: Increase Your Sales. Deepen Your Relationships, is currently available.