Why Your Marketing is Failing

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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.

Undefined target audience

You most likely cater to a wide range of clients, each with distinct needs. This variety makes it difficult to craft a message that addresses specific pain points, as these differ significantly across clients. Creating targeted campaigns becomes a challenge. The result is a one-size-fits-all approach, which appeals to no one.

Inconsistency

If your messaging and outreach are inconsistent, it’s no wonder you’re struggling with marketing. A mixed message, whether presented through marketing materials or content, confuses prospective clients. Plus, if your marketing efforts are sporadic, you won’t gain traction, diminishing the impact of any previous efforts.

Failing to do the hard work

As with any worthwhile endeavor, marketing requires dedication. I find that many advisors gravitate toward passive tactics, like lead-generation websites or turnkey-marketing technology, rather than investing time in more hands-on, impactful activities. The activities that drive results often involve direct engagement. You miss out on growth opportunities by neglecting these more labor-intensive yet effective tactics.

Inadequate budget

Some marketing strategies can be done on a shoestring budget, especially when you’re willing to invest time in lieu of money. But certain initiatives demand a more substantial budget to make an impact. Whether it’s for advertising campaigns, events, or marketing-support services, having a sufficient budget ensures you can access the best resources and opportunities to effectively reach and engage your target audience. Without proper funding, even the most well-intentioned efforts fall short of their potential.

Failing to adapt

While consistency and focus are important in marketing, it’s equally critical to recognize when change is required. Changes should always be made after thorough analysis and careful consideration. But sticking with outdated or ineffective tactics – even when given adequate time, focus, consistency, and budget – will be counterproductive. Such stagnation results in irrelevance and missed opportunities.

Misaligned tactics

Finally, your efforts may fall short due to a misalignment between your chosen marketing activities and the actual needs and preferences of your target audience. It’s possible you’re engaging on social media platforms where your ideal clients don’t visit. Alternatively, you might be executing campaigns centered on topics that, while relevant, don’t address your prospects’ core challenges or pain points. This divergence can lead to missed opportunities and ineffective outreach.

Remember, successful marketing isn’t about finding a magic solution. It’s about strategy, consistency, adaptability, and effort. So, the next time you think, “Marketing doesn’t work,” don’t blame the tactics. Reflect on the points above and ask yourself if you’re setting your marketing up for success.

Kristen Luke is the author of Amazon best-selling book Uncomparable: The Financial Advisor’s Guide to Standing Out Through Niche Marketing. Eligible advisors can request a free copy at OnNiche.com/book.

She is also the president of Kaleido Creative Studio, a marketing consulting firm specializing in helping Registered Investment Advisors develop niche-based marketing strategies through their OnNiche™ process. For more information, visit OnNiche.com.

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