As the cool autumn breeze sweeps in as we shift into October, it brings with it both Financial Planning Month and the mysterious allure of Halloween. Just as October is a month of fright and hidden surprises, financial advisors also have a chance to unveil their best marketing strategies.
However, beware of the lurking issues that can haunt your success. Let’s quickly discuss five of the biggest mistakes that financial advisors often make when it comes to marketing.
An Overall Lack of Consistency
In the world of marketing, consistency is key. Unfortunately, many financial advisors start off with a burst of enthusiasm, implementing marketing plans and ideas, only to abandon them when the workload becomes overwhelming. This inconsistency leaves potential clients without enough touchpoints and unable to find a clear path to you. To ward this off, establish a consistent marketing plan and stick to it, ensuring your presence remains steady and reliable.
The Frightening Absence of a Clear Strategy
Marketing without a well-defined plan is a journey to nowhere. Financial advisors often fall prey to this ominous lack of strategy, leading to campaigns that lack direction and purpose. It’s imperative to carve out a clear roadmap, understanding your target audience, defining your unique selling propositions, and setting achievable goals.
Zombie-Like Sales Pitches
One of the worst marketing blunders is bombarding clients with content that screams, “Buy from me!”
Instead of offering genuine, valuable insights. Clients are seeking solutions to their financial fears and woes. Don’t serve them marketing mumbo-jumbo; instead, offer helpful, insightful content that addresses their specific pain points. By understanding and empathizing with your clients, you can build a loyal audience eager for your expertise.
The Vanishing Act of Tracking
Ever felt like marketing efforts are disappearing into thin air? That’s the consequence of not tracking what’s working (and not working) and where your leads are coming from. Tracking your marketing initiatives helps you identify the tricks from the treats (the best pun yet?).
Utilize analytics and other tracking tools to measure the effectiveness of your strategies, allowing you to allocate resources wisely and optimize your marketing approach.
The Shape-Shifting Brand and Message
Unfortunately, some financial advisors overlook the importance of a steady, recognizable brand identity. First, it should remain consistent across all platforms and communications. A lack of brand consistency can make your value confusing, concerning potential clients and causing them to lose trust. Maintain a strong, cohesive brand identity to keep brand confusion at bay.
So this October, take the opportunity to exorcise these marketing demons and create a marketing strategy that’s a win for your practice. Happy Financial Planning Month and Happy Halloween!