There are a number of reasons financial advisor marketing typically fails. But the #1 reason I have found is because advisors do not integrate their efforts to yield meaningful results
In other words, they're setting up a website and posting on LinkedIn, but they aren't integrating any of their efforts.
This is referred to as silo marketing and it is a slow, laborious, and super frustrating way to try and grow your business.
What is Silo Marketing?
Silo marketing is an isolated, disconnected or incomplete integration of the channels and functions of your marketing.
You could be doing multiple things, but not in a way that those efforts work together.
Silo marketing relies on one system, process, or platform as the main focus for driving online marketing results.
For example, Advisor Y spends 3 hours a day on LinkedIn trying to grow his following, increase his reach, and network. He's made a few solid connections and his impressions are really growing, but he has no system in place to pull those folks into his world. In other words, he has no way to continue nurturing them beyond the social feed.
Another example is Advisor J who spent 4K on a sales funnel, but he isn't sharing the conversion mechanism (landing page) with anyone. And because he doesn't work social, he has very few followers who are interested when he does actually post something.
No lie, not a week goes by that I don't have a conversation with an FA looking for help with a specific need in their marketing efforts. Sometimes they just want us to handle their social media or produce some content for them.
While we can certainly help with these things, we have to mention that's NOT how to see the best results and the silo approach is probably why you feel burnt out and stuck.
How do people end up marketing in Silos?
With the best of intentions, no doubt. A silo approach to marketing is something that many startups and mid-sized brands do, usually without even realizing that they are doing it. The silo approach is usually only done because of a lack of:
- Strategy
- Budget
- Understanding
Most folks don't even realize what they're missing out on by not having an integrated approach.
Five years ago when I started my business, the silo approach still worked. Social media or email marketing alone could work to grow communities, drive action, and get results.
Today, digital marketing is a complex web of properties, platforms, rules and tactics that must all work together under a unified strategy.
In other words:
- Who are you targeting?
- How often are you posting?
- What's your posting mix?
- How are you getting folks to opt-in to your email list?
- How are you nurturing them on the list?
- How can you re-engage folks already on your list who may have gone cold?
- What's working and what's not?
- Why have things changed over time? The web evolved into a much more complex marketplace.
What's the anecdote to silo marketing? Integrated Digital Marketing
It starts with a strategy based on known information about your company’s market, target audience, and competitors.
Then it combines all of the content, tactics, and channels into a unified effort--like cogs in a well-oiled machine. Each piece works to build your marketing machine.
Yes, it’s complicated, but a properly integrated digital marketing strategy that is executed well, will ALWAYS WIN over a silo approach. Even if your competitor is larger or has a greater budget, an integrated approach takes the cake.
That's why our Lexicon Advisor Marketing FinGrowth solution is all-inclusive and done-for-you. We need to align all of your efforts (SEO, social, email, ads, podcasting, webinars, etc..) to yield the highest return.
Ready to learn more?
Lexicon Advisor Marketing is your full-service, outsourced digital marketing team with options starting at $1,200/month.
We help solo and multi-advisor RIAs attract more clients they love and grow their book of business.
Put an integrated digital marketing approach in place to gain the competitive edge over those still stuck in a silo.
So if you're tired of "getting nowhere fast" with your silo approach, Schedule a Strategy Session and let's see how we can help you grow your advisory firm today.
Related: 6 Financial Advisor Marketing Ideas & Strategies That Work!