Why Your Marketing is Failing

Kristen LukeAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Financial advisors frequently attribute their marketing challenges to not finding that one magic solution. But the true culprits are deeper, foundational issues.

“Marketing doesn’t work.” Have you ever felt this way? Maybe you’ve tried turnkey marketing technologies, invested in lead-generation websites, or hosted numerous client events. Yet the results are the same: no new clients. The only method that seems to work is good old-fashioned referrals, but even those aren’t as frequent as you’d like.

Like many advisors, you think the solution to your marketing woes is one undiscovered tactic away. But your marketing may be falling short due to several underlying issues. These can include:

Lack of strategy

Not having a clear strategy is often the primary reason for marketing failure. Are you trying out tactics without a solid plan? Many advisors take a scattergun approach, hoping something will stick and attract new clients. It’s akin to a client choosing stocks they’ve heard are “hot” without a comprehensive investment strategy considering a client’s overall financial objectives. In both cases – whether it’s marketing or investing – success achieved is by luck not design.