6 Marketing Mistakes Financial Advisors Make and Need to Avoid
Marketing is the key to gaining more clients. Mike Byrnes owns his own marketing consulting firm, Byrnes Consulting LLC. He spoke to ThinkAdvisor about five marketing mistakes he sees financial advisors make:
1. Not defining their target market
Byrnes tells ThinkAdvisor advisors need to narrow their focus and define a target market. Advisors need to be more specific about which type of client they want to serve. That way they can hold events targeted at prospective clients instead of being too broad.
2. Not having a strategy with specific tactics that will deliver results
Advisors need a well-thought out marketing plan with specific tactics that can easily be tracked, according to Byrnes The plan should include marketing tactics and tools, like event marketing, direct mail, email, online marketing, social media, PR and advertising. Byrnes tells ThinkAdvisor they need to be asking themselves the following questions: 1) If it’s referrals, what am I doing to get the clients to introduce them? 2) If it’s strategic alliances, are there things like joint mailings or shared PR or events that I could do together with these alliances? And 3) Am I building the right relationships?
3. Not having a mobile-friendly approach
Byrnes says advisors understand the importance of online marketing, but they don’t realize the power of smartphones. He says if an advisor’s client has to squeeze or pinch their screen to view a website or email, an advisor could potentially lose them.
4. Not having a lead-generating website
Byrnes says he often sees advisors do a poor job of capturing a lead if one comes to their website. Byrnes tells ThinkAdvisor to have a good lead-generating website, advisors need to know their target market so they can offer them something, which they will be willing to trade their contact information for. Byrnes says that can simply be a book, e-book, white paper or two-paged flyer.
5. Not having a winning content marketing strategy
According to Byrnes, advisors are now in the publishing business and they should share content on a regular basis. It’s the way to be found, win over a prospect, it’s how their clients can share to their networks and lead to referrals. Byrnes says advisors need to demonstrate what they can do, not just tell people what they do. For an example, Byrnes tells ThinkAdvisor, if an advisor wants to attract widows, they should say “here’s five things you need to know if you’re about to lose your significant other” rather than saying “this is how we help widows.” Byrnes also adds advisors should show their personal side and keep content public -- if advisors keep it private to clients he says they may lose out on potential clients that like the public content.
And here at Sequence Media Group, an award winning news, media and communications firm, we want to warn advisors about a 6th mistake.
6. Not using video and lead generation to leverage their online marketing strategies.
We’ve noticed advisors have great marketing content to share, but they don’t have the tools or know how to use that content to generate real solid leads. Using the Sequence Media Group proprietary lead generation system for video, the content you create can now be used to generate quality leads in your market. This is a big step forward in advisor marketing as it provides immediate SEO placement, distribution through our approved news channels but more importantly immediate leads in your local market as well. All with ONE video shoot. These powerful new tools will change the game for many advisors and need to be added to their toolkit and process.
Please contact us here at Sequence Media Group (480-478-0050) to find out how to use these and other tips to build your business.