The Biggest Advisor Marketing Problems and How to Avoid Them

Today, we will discuss common marketing problems.

Each week, I speak with advisors and entrepreneurs who want to take their business to the next level. As they share the details of their marketing plan, I ask how they came up with the plan. Most often, they reply, “I think this will work.” When asked if they have done any research to confirm it will work, the answer is either “No” or “Well sort of.” While the latter response is better than the first, neither is ideal. Today’s topic includes the biggest and most common marketing problems and how to avoid them.

1. Assuming

One of the most common mistakes is assuming. Even though we know what happens when we assume, too often we still do it. Frequently, when advisors or entrepreneurs share their plan for attracting more clients, I ask who they have interviewed or where their data came from. They then sit in silence, followed by silence and then a response such as, “That is a really good question. I never thought about asking prospects questions like that.”If we want a certain type of client, doesn’t it make sense to ask them what they want instead of assuming we know what they want?“Assuming” is one of the most common marketing problems. It also is a result of the entrepreneur or advisor who is focusing on trying to sell a product or service instead of helping their prospect solve their biggest challenges. Most training courses focus on selling a productand trying to convince a person why they should buy a product. When a person feels they are being sold, they become defensive and resistant to whatever we are offering. The solution is actually simple.First, never assume anything and take time to really understand your prospect’s biggest challenges as well as the best solutions to solve their challenges. Often you will find the best solution is one of your products or services. You will also find the prospect open to the solution because your presentation changes to an approach that focuses on what your prospect wants and needs instead of what you want — which is always better.Take the time to confirm what your prospects and clients want. And never assume anything.

2. Forgetting the Plan

Another marketing problem includes failing to create a plan. An effective marketing plan includes a formula. The formula includes an inner game plan, a game plan, and an outer game plan. Miss one part and you have a problem. Miss two parts and you have a disaster.Rarely does a marketing plan include the inner game plan. Unfortunately, the inner game is where most people’s challenge lies. If you focus on winning and lack patience or an ability to listen, how successful can you be? If you suffer from a low Worth Barometer (which encompasses your self-worth and beliefs), how can you attract the clients you desire?And yet most consultants and advisors somehow think the solution to their challengeslies in more action and activity. While your HVAs (high value activities) and IPAs (income producing activities) are critical, it is very difficult to attract ideal clients if your inner game plan (specifically your Worth Barometer) is not at a healthy level. Related: 7 Key Social Media Tips for Advisors

3. Winging What You Say

One of the biggest challenges consultants and advisors face is their habit of winging what they say. Rarely do advisors have a script book that includes what they say or how they say it. Interestingly, most top producers have developed effective scripts either consciously or subconsciously. Their results prove that a common key to success is a script. If you want results, you need to learn how to effectively use scripts, so you can test and measure your results and determine which produces the best result. If you are guilty of winging it, take a few minutes and write out what you believe you say in different scenarios with prospects and clients. Then practice it until it becomes second nature. When you are in front of a client or prospect, take notes on what you actually say as well as what was effective and what needs to be improved. When you master scripting, you will be amazed at the results.

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