Know When Not to Market

Know When Not to Market

This tip was originally sent on September 27, 2019, but it still applies today.

There are times in your business when “marketing” should be put on the back burner. At those times, you need to concentrate on the opportunities in front of you instead of developing new ones. For example, if you are breaking away from one firm to start your own, your focus should be on transitioning clients. If your firm is merging with or acquiring another firm, all efforts should be aimed at retaining clients.

While some marketing-related activities may be required to support these objectives, the most valuable thing you can do is spend some good old-fashioned face-to-face time with clients. Once the revenue has been secured, you should have plenty of time (and money) to focus on marketing.

From Lead Magnet to Appointment

From Lead Magnet to Appointment

Recently, I made a small change in my marketing that has made a notable impact. After advisors fill out the form to request a free copy of my lead magnet (my book, “Uncomparable: The Financial Advisor’s Guide to Standing Out Through Niche Marketing”), they see an appointment-scheduling tool that I embedded on the “Thank You” page. The result? A noticeable uptick in appointments scheduled immediately following book requests.

The lesson is clear: Streamline the next steps you want a prospect to take. It’s not about flashy tools, but about reducing friction. When potential clients show interest, such as by requesting your lead magnet, provide them with a straightforward way to proceed. By embedding a calendar or a similar tool, you’re simply facilitating their journey.

Formulas vs. Frameworks

Formulas vs. Frameworks

Avoid the temptation of a one-size-fits-all marketing formula. While some advocate for a formulaic approach, the promise of success, if followed to the letter, can be misleading. Formulas are rigid and assume that what works for one advisor will work for all. However, these formulas are designed with specific inputs, and if your situation doesn't match these inputs, the formula can fail.

For instance, a formula successful for an advisor targeting young entrepreneurs might not work for one targeting older executives. Factors like demographics, financial pain points, online habits, and financial acumen can vary widely.

Instead of rigid formulas, consider a framework approach. Frameworks are adaptable structures you can tailor to your personal preferences and unique clientele.

An example of a framework involves identifying your niche, crafting a compelling message, engaging with the niche community, showcasing your expertise, and cultivating your connections. Frameworks like this offer flexibility, allowing for adjustments based on specific situations and ensuring a more personalized and effective marketing strategy.

Should You Rename Your Company to Match Your Niche?

Should You Rename Your Company to Match Your Niche?

After selecting a niche for your business, you might contemplate renaming your company to better align with that niche. While a new firm name might seem like a good idea, it isn’t usually necessary right from the start.

Choosing a niche is essentially undertaking a well-thought-out experiment. It’s possible to begin with one niche and transition to another based on evolving market insights and dynamics. It’s wise to avoid renaming your company until you’ve firmly established your niche. In fact, I recommend waiting at least three years.

Once your niche becomes overwhelmingly successful and dominates your client base, you can consider the need for a name change.

This tip is inspired by various sections of the book “Uncomparable: A Financial Advisor’s Guide to Standing Out Through Niche Marketing.”

The Power of Consistent Touchpoints

The Power of Consistent Touchpoints

It's essential to understand that the client's journey is rarely linear. Prospective clients may not immediately engage with your services, even after multiple touchpoints. They might attend an event where you speak, download your resources, or even read your emails, yet still not take action.

However, consistent visibility is key. Trust is built over time as they encounter your name and expertise regularly. A simple comment in a social media group or a relevant newsletter topic might be the trigger that prompts them to finally schedule that appointment.

Prospective clients often reach out when they face an urgent financial concern, and you want to be top of mind. Instead of viewing marketing as a straight funnel, envision it as an interconnected ecosystem of touchpoints. Stay persistent, remain visible, and always offer value. Your consistency will eventually lead to appointments.

This tip is inspired by various sections of the book “Uncomparable: A Financial Advisor’s Guide to Standing Out Through Niche Marketing.”

Amplify Expertise Through Guest Appearances

Amplify Expertise Through Guest Appearances

In today's digital age, with information overload and short attention spans, positioning yourself as a trusted expert in a niche is essential to break through the noise. One of the most effective ways to achieve this is by making guest appearances on platforms such as podcasts, webinars, and blogs tailored to your niche. Here's why:

• Enhanced visibility: Engaging with established audiences not only introduces you to potential clients but also broadens your reach.

• Reputation building: Being invited as a guest acts as an implicit endorsement of your expertise, solidifying your standing in the niche.

• Opportunities for networking: Guest appearances and posts open doors to collaborations and partnerships.

In summary, guest appearances are a strategic approach to elevate your stature as an expert, connect with potential clients, and grow your professional network.

This tip is inspired by various sections of the book “Uncomparable: A Financial Advisor’s Guide to Standing Out Through Niche Marketing.”

Establish Expertise Through Content Marketing

Establish Expertise Through Content Marketing

Content marketing is a powerful way to establish your expertise and build trust with your audience. By creating and sharing valuable, relevant content, you can demonstrate your knowledge and understanding of your niche.

Content marketing can include blog posts, articles, podcasts, videos, webinars, and more. The key is to provide content that is genuinely helpful and informative, not just promotional.

Over time, your audience will come to see you as a trusted expert in your field, making them more likely to choose your services when they need them.

This tip comes from Page 97 of the book “Uncomparable: A Financial Advisor’s Guide to Standing Out Through Niche Marketing.”

Evaluate Your Resources Before Implementing Multiple Niches

Evaluate Your Resources Before Implementing Multiple Niches

If you’re considering multiple niches, you need to evaluate your resources. Implementing marketing plans for each niche requires both staff and financial resources. If these are limited, you risk implementing multiple niche marketing plans poorly instead of implementing just one niche marketing plan well.

Having multiple niches can dissipate your focus. The more niches you have, the more champions you need, and the more marketing plans you must implement.

Before you attempt two or more niches, review your resources and ask yourself if you’re ready to go to battle on multiple fronts. If not, concentrate your efforts on a single niche. You will get better marketing results with less effort than if you attempt multiple niches.

This tip comes from Page 9 of the book “Uncomparable: A Financial Advisor’s Guide to Standing Out Through Niche Marketing.”

Understand the Customer Journey as an Ecosystem, Not a Funnel

On Tuesday, July 25, my new book, “Uncomparable: The Financial Advisor’s Guide to Standing Out Through Niche Marketing,” will be available for purchase. In celebration of the release, I will send modified tips pulled from the book over the next several weeks.

Understand the Customer Journey as an Ecosystem, Not a Funnel

Marketing for high-priced, high-commitment services like financial planning or investment management is rarely a linear, funnel-like process. Prospects often require nurturing over years with multiple touchpoints across different channels.

The purchasing process is more like an interconnected network of marketing activities—an ecosystem. It’s crucial to maintain visibility and provide value at each touchpoint.

For example, a prospect might see you at an event, download your slides, and ignore your drip emails—but see your name month after month. They might read your comment in a social media group, open your newsletter, and attend your webinar. This interconnected network of activities builds trust over time, leading them down the path of becoming a client.

Learn more about this tip on Page 145 of “Uncomparable.”

Should You Use Threads?

Should You Use Threads?

You’ve probably heard the news that Instagram released a Twitter-like app called Threads. And you may be asking yourself, should you get on it to market your business?

I’m not usually a strong proponent of joining every new social media site that emerges, simply because often, they don’t have enough of your ideal clients there to make it worthwhile.

However, I believe financial advisors should consider Threads. Since Threads is a text-based app, it’s more conducive to the type of content advisors typically share than image-based Instagram. It’s also the fastest-growing online platform of all time, acquiring 100 million users in less than five days (this number will likely be higher by the time you receive this email). This means you’re more likely to find your ideal client there.

Like any social media platform, Threads will only be effective if you engage with it actively. So, if you’re ready to actively participate with Threads, I’d say go ahead and give it a try.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.