Our featured author, Angie Herbers, managing director at Herbers & Company, wants to have a sit-down about marketing strategy.
Her company specializes in the drill and has the experience to “see what works and what doesn’t work in the behaviors and initiatives within advisory firms,” she says.
The average independent advisory thinks it needs a big-splash marketing campaign to succeed and the vendors are happy to agree – after all, bigger means better for their bottom lines.
It doesn’t work, Herbers says: 99% of advisories’ marketing efforts miss their goals. She sees two reasons: first, marketing campaigns as a rule focus on products and services. Meanwhile, prospective clients are more interested in the quality of their interactions with your advisors: will it make them feel good? Surprisingly, this consideration – a pleasant advisory experience – trumps all the rest.
Second, marketing efforts usually concentrate on hip-and-trendy, ever-changing materials featuring original, eye-catching copy. It may sound right and plenty of experts will sell you on this approach. It’s a big fail, says Herbers. Continually switching your approach doesn’t snare customers, she says: it merely confuses them.
The good news and bad are the same, says Herbers: “successful marketing is very boring.” Once you find an approach that brands your product in a way that works, you’re stuck with it – so stick with it. Herbers mentions the case of Geiko’s Gecko mascot, which was dreamed up ages ago. It still works and they’d be mad to mess with it.
Is there a secret behind effective marketing campaigns? Yes, Herbers says: “For financial advisory businesses, what ALWAYS works is better communication with prospects and clients.” To study the details, click on.
For more information, please read:
How to Build a Business That Markets Itself | ThinkAdvisor