Want to Achieve Marketing Success? Assign Responsibility
February 4, 2014
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There is no one-size-fits-all solution for marketing success
When it comes to marketing for financial advisors, it would be nice if there was one thing you could do that would guarantee success. Unfortunately, even if you master all of the fundamentals, an element of luck is required for success. You could have the greatest marketing campaign in the world, with hundreds of prospective clients calling your office each week, and then something could change (like a market crash) to bring all of that to a screeching halt.
Even if you use a marketing program that has worked for other advisors in other markets, that doesn’t mean it will work for you. Your personality may not complement the program, or the prospective clients in your community may not respond to that particular sales technique.
Develop a strategy that works for you and your business. Once you find a strategy that works, implement it consistently. With numerous other responsibilities and distractions, many financial advisors stumble when it comes to implementing their marketing plans. As a result, they may not see the results they anticipated.
Delegate, delegate, delegate
To increase the likelihood of marketing success, the most important thing is to delegate responsibility to someone who will be responsible for executing your campaigns. Depending on your firm’s size, you may want to hire a full-time marketing coordinator. If that is not possible, look for a current employee who has an aptitude for marketing and the capacity to oversee your campaigns. If you can’t hire a dedicated marketing person and your current employees lack the skill or time to take on marketing tasks, a marketing consultant could help you draft and execute your marketing strategies. Find someone who can help with the internal processes, such as your referral procedures and client communications, as well as external marketing, such as events and online marketing.
Firms that leave the responsibility of marketing to their principals are rarely successful in their efforts. There are obvious reasons for this. Firm principals are usually most adept at dealing with the big picture and guiding the firm’s vision and direction. Principals often complain that the details that need to be managed to execute a marketing strategy are tedious and not the best use of their time. More pressing issues always arise that take precedent over marketing activities. If you make your marketing campaign a second, third or fourth priority, nothing will get done. And when you do engage in marketing, you will do so sporadically, which is almost as bad as not doing any marketing at all.
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