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VIDEO: 3 essential marketing rules for advisors

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When it comes to effectively marketing insurance and financial products, there are 3 rules that are essential for continued growth and success. Following these rules will help you promote your brand to the public and generate more qualified prospects.

Toward the end of this article, you’ll find a video that illustrates just how effective this strategy can be. 

Advisor marketing rule No. 1: Communicate

Communication with your clients is crucial. If you fail to communicate effectively, it will be very difficult to grow your business in today’s environment.

Examine your current communication with your staff and clients. Is it effective? Is it valuable?  

Your communication with clients should always have a purpose. It should promote the brand and fundamental principles of your business while always reinforcing your mission.

Additionally, every piece of communication to a prospect or client should have a call to action. A call to action is an instruction given to your prospects or audience to incite a response. You must give people a reason to contact you.

Imagine you own a restaurant and you want more people in your town to come to your restaurant. So you decide to send out a mailer to market your restaurant. Would you:

    1. Send out a menu and hope people see something on the menu to entice them to come to your restaurant?
    2. Send out a menu with a coupon for a buy one, get one free entrée?

Hopefully, you would choose to send the coupon. That is a call to action. In any business, it is important to always provide a way for prospects to respond to your business. The financial services industry is no different.

Bottom Line: Communicate with your clients and always include a call to action.

Advisor marketing rule No. 2: Clarify your message

Your clients need to understand your scope of practice and how your services can benefit them.  

If someone asked five of your clients what you do for a living, how would they respond? Chances are they would each respond a little differently. Wouldn’t it be great if they all responded in the same way so there would be no doubt about the scope of your practice?

If you sold them a 529 plan, they may view you as a college funding expert. If you sold them a life insurance policy, they may view you as a life insurance expert. If you manage their investments, they may view you as an investment expert.

The reality is that you might do all of those things and more, but your clients might not know the other ways you can help them financially. It is important for your clients to understand the benefits you can provide to them and potentially someone they know.

There are two main reasons it is essential for your clients to understand your scope of practice.

    1. When they understand how you can help them financially, they will most likely continue to defer to your expertise when it comes to their finances.
    2. When they do not understand how you can help them financially, they may seek guidance elsewhere. Meaning, they may not know you can help them find a life insurance policy, so they go to another agent down the street who they know can provide that.

If you communicate with your clients and clarify the services you can provide to them, you have just increased your opportunity to either gain a prospect’s business, continue to do business with a client, or evoke a referral from a client. Properly communicating with your clients and clarifying the ways you can help them will increase client retention and increase revenue.

Advisor marketing rule No. 3: Maximize your efforts

Many financial advisors are looking to start the newest, fanciest and most expensive marketing campaign. The reality is, however, you should start by maximizing the tools you are already using.

What are the things you can implement in your practice today, at little or no cost, which could make an immediate impact on increasing your revenue?

What are the marketing elements you already have in place that you can improve?

A few examples:

    • Your voicemail
    • Your email signature
    • Your business card
    • Your website

Before you invest in the next marketing trend, scrutinize your current and maximize those elements to clarify your professional mission and more effectively communicate with prospects and clients. 

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