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Good VS. Bad Advisor Marketing: Tactics to Stop and Start Doing Immediately

Do your marketing tactics strengthen your credibility and amplify your expertise? Or is it possible that your tactics are actually damaging your reputation and costing you time, money, and opportunities?

Financial advisors don’t deliberately use bad marketing tactics. That’s why I’m about to show you the differences between good and bad marketing. 

Let’s begin…

 

What does BAD MARKETING look like?

  • No clear audience
  • No clear benefits
  • No empathy for what ideal audience is going through
  • No clear story 
  • Inconsistent messaging
  • Inconsistent execution
  • No clear marketing mindset or an undefined strategy
  • Tactics that change without a clear why
  • Focuses on selling versus educating and building credibility
  • Focuses on converting leads versus building relationships
  • No one owns its execution and outcomes
  • Annoys more people than it attracts and engages
  • Creates a “sea-of-sameness” name for yourself in your industry
  • Constantly searching for the next big idea because most of what you touch loses effectiveness quickly or never really worked, or you didn’t stick with it long enough to experience the benefits
  • Focuses on short-term gains
  • Focuses on short-term ROI: direct measurable results that don’t account for long-term marketing benefits

Good marketing is good for your business. Good marketing takes time and requires effort and planning. There are no shortcuts. It builds your credibility, most importantly –– the basis for trust. 

 

What does GOOD MARKETING look like?

  • Clear audience
  • Clear benefits
  • Clear story 
  • Empathy for what ideal audience is going through because you researched and know your niche
  • Consistent messaging
  • Consistent execution
  • Clear marketing mindset and a defined strategy
  • Tactics that evolve in alignment with a clear purpose/outcome/strategy
  • Focuses on educating and building credibility
  • Focuses on building relationships
  • One person/team owns its execution and outcomes
  • Attracts, engages, and endears people to you
  • Creates a reputable name for yourself in your industry as a person who brings real value to the relationship
  • Focuses on building momentum over time and understanding the direct and indirect benefits of good marketing
  • Understands that keeping a client or inspiring them to refer is often more effective than just focusing on attracting new opportunities
  • You are bought into a long-term strategy and you stick with it
  • You create more value within your niche than other advisors because you are focused; they aren’t

 

You might be wondering how to jump from good marketing to great marketing. Great marketing can only truly be measured over many years. Great marketing is measured by the momentum it builds year after year. Good marketing done consistently over time keeps getting better and produces more and more results. 

Ready to learn more? Tune into our Top Advisor Marketing Podcast for strategies that you can use right away to shift your marketing into the good category!

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How To Step Up & Serve During and After COVID-19 Part 3 of 3

It’s a crazy time in the history of the world. A health and economic crisis for the ages. 

Your marketing will have to change, this time faster than most of you would like. Marketing has evolved but the time you have to embrace just evaporated. 

Let me explain. 

  1. Seminars have been increasingly difficult on growth and budgets. How many people will be lined up to greet you and others in the coming year? 2 years? 
  2. Networking events including conferences and breakfast meetings will stop. Who knows when and how they will resume. 
  3. Meeting clients and prospects face-to-face will continue to change as virtual meeting will be a preferred method going forward. 
  4. The way you stayed top of mind with your COI’s will evolve too. People will be less inclined to stop by with treats or just to say hi, at least not for a while. 

Why do you do any of these things?

You have planned to conduct seminars, attend events, and connect with people face-to-face so you can expand your network, start new relationships, establish credibility, and hopefully inspire advocacy or engagement. 

Marketing is about to change drastically. Are you prepared?

If you don’t already know it, you compete in the Expertise Economy. People expect you to share your expertise generously, and on their terms. This is just a simple fact. 

One of the hottest new marketing strategies to market yourself in the expertise economy is the Micro-Influencer Strategy.  

A Micro-Influencer is an advisor who owns a specific expertise, with a specific audience, in a specific region. 

We developed the micro-influencer approach. That is why our micro-influencer program is a perfect tool to put in place now, to continue your marketing, education and client acquisition. 

For many years several marketing tactics have dominated the ROI conversation; seminars, mailouts, referral programs, cold-calling or lead buying. Tactics that didn’t make measuring easy got overlooked, such as thought leadership, blogging, social media, video and podcasting. The micro-influencer approach is proving to be the best method of attracting, engaging, and building ideal relationships for mid-to long-term success. In fact what it does best is scale your credibility

Consider this as you prepare for a new marketing reality – scaling your credibility. 

Take the money you have allocated to all of the in person marketing strategies and re-allocate it to a strategy that will have long term results. For a third of the cost of a seminar/workshop, you can begin your Micro-Influencer Strategy. Begin creating momentum and begin taking control of how to market in the expertise economy. 

#RiseAboveTheNoise, #BeYourOwnLoud

You now know you need to reduce costs and increase your ability to attract, develop, and nurture relationships with ideal clients, in the medium they prefer – while they are there.  

Over the last two years, we have developed and tested this proven solution. 

Click here to arrange a brief conversation with either Matthew Halloran or Kirk Lowe. 

To your health and continued success,
The Team at Top Advisor Marketing

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How To Step Up Serve During and After COVID-19 Part 2 of 3

Your clients need you now more than ever. How are you communicating with them?

At Top Advisor Marketing, we’ve been helping advisors be their own loud. We produce and promote podcasts for them. Last week, we offered all of our advisors the opportunity to record a free C-19 podcast episode. Most took us up on it. Their clients were extremely grateful, reassured, and response rates were very high. That’s what advisors are supposed to do – communicate and guide. In fact, half (1.5%) of the 3% alpha advisors add to their client relationships are based on behavior management, as per Vanguard Advisor’s Alpha Report

It might seem strange but, this is one of the important reasons behind why we created this podcasting service; so advisors can communicate and educate clients (panicked or not) in a personal and intimate medium – when they have time to listen. 

This is what advisors get paid for and very few advisors have invested in a communication system that helps them provide consistent, timely, intimate and credible information for their clients, advocates and followers. 

“…so advisors can communicate and educate clients…when they have time to listen.”

For many advisors, their current approach isn’t working like it could. I’m not trying to be hard on your here, just realistic. You can’t be great at, or have time for, everything required of you to run a high functioning practice (business). 

  • Email is personal but it might not be getting opened and read enough unless you send one at a time versus through an email tool such as Constant Contact or ACT. You’ll need both. 
  • SMS doesn’t work well as a content vehicle. It’s great for alerts but noting of substance. Although, a quick, “Hope your family are healthy and safe!” would work perfect. 
  • Video can be highly effective, especially if shared on social media but many advisors don’t seem to have the confidence, know-how, or budget.
  • Blogs can be moderately effective but most advisors don’t do them consistently, nor are they typically skilled enough at writing to efficiently do this and convey personality and concern. In my 20 years in financial marketing, there are only 2 advisors I’ve seen consistently publish blog posts; James E Wilson, and Andrew Rosen at Diversified. 

“…very few advisors have invested in a communication system for their clients, advocates and followers.”

  • Did the C-19 episode amount to new clients or new assets? Not immediately, but it may. 
  • Does it really matter? No. Communication is meant to establish credibility and enhance relationships. 
  • Did it achieve that? Yes, and then some. Will that result in retention and referrals? Absolutely. 

Now imagine you scale your credibility using this same system. It’s no longer a communication system, it’s a business development system. One you own. 

“Podcasting is a boom. And that boom is only getting louder.” – Miranda Katz, Wired.com

Now is the time to communicate with your ideal audience, in the medium they prefer, while they are there.  

Click here are several podcasting resources when considering it as a possible communication system for your business going forward.

We can have your C-19 podcast done in 24 hours from the day you sign up and then you can send it to your clients.  That is a great way to kick off the use of this wonderful medium.  

To your health and continued success,
The Team at Top Advisor Marketing

 

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How To Step Up & Serve During and After COVID-19 Part 1 of 3

The federal, state and local authorities are acting appropriately in the interest of public safety for all, however, these precautions also carry grave social and economic implications for businesses, including your own.

Your clients need you now more than ever.

We’ve been assisting advisors who we produce podcasts for to create a short-term communication strategy for COVID-19. They all have a long-term communications strategy we implement for them but in this global health and economic crisis, we need a short-term action plan.

Here are some of the best practices we’re seeing from advisors we’ve been working with.

  1. Know Your Client
    • Talk only about what’s relevant to them, not you, or your practice, or your other clients
    • Make sure their families and communities are safe first
  2. Establish communication across multiple mediums:
  3. Content for Communication
    • Understand the facts of COVID-19 – don’t downplay crisis, focus on controlling what you can
    • Express your operational plan for coming weeks and months
    • Confirm how they can reach you and when 
    • Create FAQs on all the above
    • Interview a local Doctor about what they see and what they think you should do. Be resourceful if possible and find relevant experts who can help provide perspective and reassurance – who will also be honest
  4. Add COVID-19 FAQ page to your website
    • Lean on your broker dealer for approved messaging – they should have provided
    • Make it a link in your main menu (highly visible)
    • Reiterate information from “Content for Communication” above
    • Link or embed to podcast/blog/video
    • Add local and national links to trusted COVID-19 resources (3-5)
  5. Work your ass off 
    • Find opportunities to help clients recover
    • Don’t be too proud – ask for help 
    • Keep a journal of what this felt like and what you could have done better to prepare your clients, practices, employees and your own family
    • Be available to all who need your thought leadership and guidance
    • Mentor other advisors – help each other
    • Ask if your clients or their friends and family have had the same level of communication from their advisor. If not, call you. 
  6. Support local businesses, not national chains
    • Buy gift cards
    • Get take out
    • Take advantage of deliver or curb side pick up
    • Share your list of local businesses you’ll be supporting in your social networks – profile them, tag them

To your health and continued success,
The Team at Top Advisor Marketing