Last week I wrote the first of two posts on the subject of marketing, the second in a multipart blog series on how to have a healthy independent advisory business. As the first of three business systems, marketing is possibly the most discussed among financial advisors. Most of this discussion centers around what to do and how to do it. Make five calls per day, mail five letters or postcards per day, etc., etc. I’d like to challenge you to think about things a little differently.
Last week’s blog could be summed up as this: “Some people believe you have to ‘act’ to ‘be.’ Others believe you have to ‘be’ to ‘act.’ The first group lends itself to pretense and can portray a false image. One which is not a true reflection of what’s inside. The latter group does not have to ‘act’ as they are already honest, ethical, competent, etc. The disconnect can come when a person enters this business strictly for the money and has little regard for those he serves. In this case, he feels he must ‘act’ the part of an advisor. If you’ve been in the business for very long, I’m confident you know what I mean. Anyway, enough of that.
This week, I’d like to turn our attention slightly and discuss the core purpose of marketing and the various venues.
Marketing is intended to motivate the recipient to take some type of action. In essence, it must connect to the deeper part of the individual and cause them to act. Therefore, it must address the listener’s point of view. But first, you might consider taking an internal inventory by asking these three questions:
- Who you are?
- What do you offer?
- Why would anyone choose you over another advisor?
For example, people buy a drill bit to make a hole. They buy a shovel to dig. In other words, people choose this or that to solve a problem. What’s their problem when it comes to their finances? That’s what you must first identify.