How to not waste money on marketing via The DigitalFA

You’re Wasting Money on Marketing, Why and How to Fix It

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May 23 • Internet Marketing, Marketing Automation • 3015 Views • No Comments

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Before we get started, I’m not saying that financial advisors should stop spending money on marketing. However I am saying that advisors must be more strategic with their marketing dollars or they will inevitably waste money unnecessarily.

How many advisors do you know or perhaps you (if you are an advisor) have invested in marketing technology that someone else was using? Everyone was having success with it so little thought was put into the idea, the money was spent and the results didn’t match?

using proper strategies for online marketing and advertisingThrough the course of my career in the financial services industry, I have seen many “knee jerk” reactions by advisors when it comes to marketing.  Often, they find out what the most successful advisor they know are doing and try to copy their efforts. This strategy (and I use that term lightly) may often lead to dollars wasted among other resources. Successful marketing efforts typically are not something that happens by accident. Copying what everyone else might be doing is not a guaranteed quality investment of your marketing dollars. Marketing success is the result of careful planning, testing, performance measurement, and ongoing changes to get it right. Whether you are starting a new marketing endeavor with e-mail newsletters, direct mail, video, content marketing (blogging), or social media strategy; you must think strategically about your efforts to maximize your results. What do I mean by being strategic?

If you can answer these questions before spending your next dollar on marketing, you are being strategic.

Defining the Objective:

  • Who is your target audience?
  • What is the purpose of the marketing initiative (branding, lead generation, client retention, etc…)?
  • How will you define success?

Research and Due Diligence:

  • Have you done research on the marketing initiative?
  • For which demographic is the marketing strategy most effective?
  • Have you researched success stories for those using this strategy and determined why they were successful? Is it something you can replicate?
  • Is the cost of this marketing strategy within your budget?
  • Will this strategy compliment your other marketing efforts or will it be a replacement for one of them?
  • Typically how long does it take to get a return on your investment?
  • Do you or your staff have the necessary skills and adequate time to commit to this strategy for optimal performance?
  • What impact might this have on the other aspects of your business?
  • Are you comfortable with the risks versus the rewards for your business?

Implementation & Evaluation:

  • Who will be responsible for the implementation and maintenance of this marketing initiative?
  • What performance metrics will be used to measure success?
  • How will you track your results?

Before you dive into your next marketing initiative, take a step back and start thinking strategically. I understand that most people will not mentally walk through each of these questions and come up with an answer before making a decision. Although, if you are able to answer half of them, you are that much closer to being strategic with your marketing and potentially saving a substantial amount of money in the future.

Todd Greider

Todd Greider is a seasoned professional with more than 11 years of sales, marketing, as well as learning and development experience. Now as an independent consultant, he focuses on designing and implementing comprehensive learning platforms for organizations to help them reach their organizational development and revenue goals. He also focused on coaching small business owners on how to maximize their efforts using inbound marketing strategies to build their brands.

For the past 9 years, he was responsible for designing and managing a comprehensive learning platform that offered mentoring, live training, distance learning, and coaching for financial professionals across the US. These educational opportunities covered the areas of marketing, social media, financial planning, and insurance and investment product education to help financial professionals build sustainable and profitable businesses.

Todd received his bachelor’s degree in Marketing & International Business from Pennsylvania State University and is a Certified Professional in Learning & Performance (CPLP) designation holder from the American Society for Training and Development. Outside of work, he is a proud family man, soccer fanatic, amateur cyclist, and scuba diver. You may find him on Twitter (@toddgreider) or via other connection points at www.about.me/toddgreider to share ideas.

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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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