A Big Mistake Advisors Make with Marketing


Recorded at the Market Counsel Summit. Presented by: 

Advisorpedia interviewed C-Suite Social Media CEO Tina Powell at the MarketCounsel Summit in December, 2021.

"One of the biggest mistakes that advisors make when it comes to marketing is not spending enough not having enough of an allocation in your budget towards marketing to begin with. And I think that part of the reason that that happens is because advisors tend to think of marketing as a cost center, and not necessarily a revenue driver of the business.

And if advisors would just pivot their thinking, in terms of understanding that marketing allows you to connect to new audiences. Marketing allows you to deepen your relationships with your existing clients. Marketing allows you to retain your existing clients. Marketing allows you to show and to express your differentiation, what you're great at what your firm believes in. So there's lots of different ways that yes, part of it is based on costs, however, done right and done properly.

With the right execution, having the right success metrics in place, marketing, then can be thought of more as a revenue generation tool. And therefore more money can be allocated towards money marketing in a way that it should, especially for 2022 budgets.

So another mistake that advisors make when it comes to marketing is already discounting a certain strategy before they've even tried it. They might have heard that, oh, Facebook ads, this person was doing it and it didn't work. Oh, we tried a podcast and it didn't work. We tried a webinar and that didn't work. So what advisors need to do is you need to be more long term focus in the same way that you're advising your clients to be long term focus.

Think about marketing in terms of look at the long term be committed to a strategy, because marketing success depends on cadence, and showing up time after time. That regularity and that cadence, when done properly, will then help boost marketing efforts within the firm.

So be open minded, especially in 2022.  We're in the middle midst of such change right now. We're at a such a pivotal point and inflection point in our industry. Be open minded. Don't take anybody's word for trying things that didn't work doing yourself, have a plan of execution and an understanding of what success is going to mean to you."

Resources: FP Transitions | C-Suite Social Media

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