Do You Give Up Too Soon?


Jul 25 • Strategies • 9809 Views • 1 Comment

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Advisors give up too fast when it comes to marketing.

I tried that and it didn’t work.

This is a common statement I hear from advisors when they talk about an individual marketing tactic they have initiated. Another favorite go-to is,

Compliance would never let me!

In many cases, these statements are just what they seem: Excuses.

I use a wide variety of marketing tactics in my financial planning practice, including print and online advertising, seminars, public relations, email marketing and social media. Every one of these tactics contributes to bringing in new clients and building my practice, though of course some are more effective than others. Remember, a marketing tactic is just a tool, and like any tool you need to use it in the right way.

Set Objectives. Every piece of marketing that you do should have a quantifiable objective attached to it so that you can craft each tactic to best accomplish what you are striving for and measure its success. Goals may include generating requests for your free report, adding prospects to your database or scheduling a consultation. Make sure that you always have a clear call to action that matches your desired result.

Test and Improve. Most baseball players don’t get a hit in their first major league at bat, but nearly all of them eventually do get on base and some go on to achieve spectacular careers. They don’t give up after striking out the first time, and neither should you. If you’ve tried a marketing channel without success, take the time to analyze honestly what went wrong. Perhaps you targeted the wrong audience, extended an offer that did not fit, used ineffective messaging or just had bad timing.

Coordinate Your Efforts. Given the nature of our business, it generally takes multiple interactions to convert a prospect to a client, so focus your marketing to make multiple impressions on your best potential clients. A single ad may be quickly forgotten, but when a prospect sees your ad, receives an invitation to your workshop and reads your guest blog post on their favorite local website all within the same week, they will certainly take notice of you!

Let Compliance advise, not paralyze. One of the biggest issues holding back some financial advisers today is that they are so confused and frightened of compliance issues that they choose not to market at all (or worse, waste resources on bland drivel that does nothing to help build their practice). Turn your compliance officer or adviser into a resource who can help you explore solutions for marketing that are both effective and meet compliance standards.

Kristin Harad

Passionate about helping entrepreneurial financial professionals succeed, Kristin teaches how to use powerful marketing strategies in practical ways and offers free marketing training videos at Kristin is also a CERTIFIED FINANCIAL PLANNER™ professional and the founder of VitaVie Financial Planning,a fee-only firm in San Francisco, CA which she grew to six figures in less than 3 years from scratch.

Kristin teamed up with fellow The Digital FA Thought Leader Kristen Luke to make practice management resources available to the advisor community in a do-it-yourselfmanner. Kristin co-founded of The Mercato, an online marketplace for independent advisors to access tools, templates, and training to help build their practices.

With nearly 15 years of corporate marketing and ad agency experience prior to starting her financial planning firm, Kristin brings a refreshing look at how to market your practice in a common sense, cost effective and enjoyable way.

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The above article is for educational purposes only. Investment professionals should consult their compliance departments before accessing or implementing any of the marketing ideas, practices or advice found in the DigitalFA. Your use of the DigitalFA website tells us you have read and agreed to our Terms of Service.

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One Response to Do You Give Up Too Soon?

  1. Steve Saenz says:

    Excellent advice! Entrepreneurs who have a strong sense of urgency are especially prone to jumping from one idea to another without giving their previous ideas, strategies, etc. sufficient time to gain traction.

    Thomas Edison once said that, “Many of life’s greatest failures are people who did not realize how close they were to success when they gave up.”

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