The Marketing Cycle: Navigating Between Development and Maintenance

Instead of constantly developing a new marketing plan each year (or quarter, as I recommend), sometimes it’s best to simply work the plan. In those periods, establish a marketing routine rather than create an entirely new plan.

Throughout the nearly 18 years of my career, I’ve created marketing plans ranging from 30-page documents to one-page summaries, and from slide decks to spreadsheets. My quest has been to find the perfect framework for a marketing plan that advisors will follow.

What I’ve discovered is that the framework for your marketing plan is likely to change from year to year. It depends on the marketing mode your business is in. For example, there will be development years, where you tackle major initiatives such as a new name and brand, a new website, or implementing an intentional marketing strategy for the first time. Then there are maintenance years, where you simply work the strategy you developed in previous years.

For instance, in 2023, my business is in development mode. Therefore, I’m using a more extensive marketing plan structure, as outlined in “The 12-Week Advisor Marketing Plan.” I’m launching a new book this summer, complete with a new program and brand. Everything needs to be on a set timeline for a synchronized launch, making a detailed plan crucial.

However, in most years, when I’m in maintenance mode, I don’t use the 12-week marketing plan for my business. Instead, I establish marketing routines ingrained into workflows within our project management system (advisors would probably use their CRM). For instance, I send out a weekly marketing tips newsletter, write a blog and guest article every other week (or at least I try), and reach out to a specific number of COIs each quarter. We also run Google retargeting ads 24/7. Some of my routines are annual, such as attending the same conferences each year.

The key to successful marketing isn’t constant innovation and development. Consistency and repetition of what you develop are what will produce results. It takes time and persistence to build relationships, establish trust, and increase brand awareness and engagement. This holds true for both in-person and digital marketing, as well as advertising such as paid radio spots or online ads.

Here are some examples of marketing routines:

Daily:

• Engage for 15 minutes in groups or with connections on social media

• Run Google ads (continuous)

Weekly:

• Schedule 10 social media posts for the week

• Write a blog

• Post a blog

Monthly:

• Review marketing analytics

• Send birthday and anniversary cards

• Send email newsletter highlighting original content

Quarterly:

• Send quarterly market wrap newsletter

• Host quarterly market wrap webinar

Annually:

• Host holiday open house

Establishing routines helps you integrate marketing into your workflows seamlessly. There is no question about what needs to be done—it just gets done. There is no need to wonder what you will do this quarter or year for marketing, because if you don’t do anything but your routines, you are ahead of most advisors.

Final Thoughts

Navigating the marketing cycle involves understanding when to focus on development or maintenance. The framework for your marketing plan may change from year to year, depending on your business’s marketing mode. Development years involve tackling major initiatives, while maintenance years focus on working the existing marketing strategy.

Consistency and repetition are key to marketing success rather than constant innovation. Establishing daily, weekly, monthly, quarterly, and annual marketing routines helps seamlessly integrate marketing into your workflows. It’s crucial to use the right planning tools, like the 12-week marketing plan, during development mode and to create marketing routines during maintenance mode.

Key Takeaways

• Your business will fluctuate between development mode, when you push forward big initiatives, and maintenance mode, when you work the plan and harvest the fruit of your efforts.

• During development mode, the 12-week marketing plan is the best planning tool to use.

• During maintenance mode, create marketing routines and build them into your CRM workflows.

Written by a human. Edited by artificial intelligence (ChatGPT-4) and humans.

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About Kristen Luke

Kristen Luke is the president of Kaleido Creative Studio, a marketing consulting firm that helps Registered Investment Advisors and their employees position themselves as experts in a niche, making them “uncomparable” to other advisors.

Her book, Uncomparable: The Financial Advisor’s Guide to Standing Out through Niche Marketing, is expected to be published on July 25, 2023. Financial advisors associated with an RIA can request a free copy here: https://www.kaleidocreative.com/book.

How Embracing Dehomogenization Can Benefit Financial Advisors

How Embracing Dehomogenization Can Benefit Financial Advisors

Just as the shift from network TV to cable and streaming services has made our media landscape more diverse and personalized, a similar opportunity exists for financial advisors to focus on niche markets.

By getting to know specific client segments well, advisors can not only stand out in a competitive market but also offer services that are a perfect fit for their clients. Think of it like streaming services. They have shows for everyone’s unique taste—advisors can do the same with financial solutions for their niche clients.

By embracing this trend toward dehomogenization and finding their niche, financial advisors can follow in the footsteps of the media industry’s transformation. This approach allows them to provide tailored solutions, forge lasting relationships with clients, and build a reputation as the go-to expert in their chosen niche.

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

Expanding Beyond Your Former Client Base as a Breakaway Broker

Expanding Beyond Your Former Client Base as a Breakaway Broker

When an RIA with only two to three years of operation accumulates significant assets (e.g., $750 million), they are likely a breakaway broker. Often, their marketing strategy has focused on launching a website and mining clients from their former company. As this client base gets exhausted, the firm needs a more deliberate marketing plan.

While prioritizing previous clients makes sense initially, it’s essential to have a plan to acquire new clients and grow after a couple of years. I recommend these strategies for such firms:

• Leverage client referrals by tapping into your existing client base’s networks.

• Enhance your online presence through search engine optimization, review sites, advisor listings, and potentially Google ads.

• Focus on niches. Segment clients into top niches, assign one advisor per niche, and let them explore opportunities within the existing client base while expanding their reach.

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

Best Practices for Writing Effective Content for Your Websit

Best Practices for Writing Effective Content for Your Website

When it comes to writing content, there are best practices to keep in mind to ensure your content is engaging, informative, and effective. Here are seven best practices to consider:

1. Know your audience: Understanding your audience is key to creating content that resonates with them. Take the time to research your audience and understand their needs, interests, and pain points.

2. Write for the web: Writing for the web is different from writing for print. Use short paragraphs, bullet points, subheadings, and other formatting techniques to make your content easy to scan and read.

3. Use clear and concise language: Use simple language that is easy to understand. Avoid jargon, technical terms, or anything else that may confuse your readers.

4. Provide value: Your content should provide value to your readers. Answer their questions, offer solutions to their problems, or provide helpful information that they can use.

5. Use storytelling: Employ storytelling techniques to make your content more engaging and memorable. Use examples, anecdotes, and stories to illustrate your points and connect with your audience.

6. Use visuals: Use images, videos, and infographics to make your content visually appealing and illustrate your points.

7. Edit and proofread: Review your content to ensure it is error-free, flows well, and is easy to read. Use online tools such as Grammarly or Hemingway to help you check for errors.

By following these best practices, you can create content that is engaging, informative, and effective at reaching and engaging your audience.

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

The 52: The Magic of Repetition and Routines

The Magic of Repetition and Routines

Effective marketing requires repetition and consistency to build relationships, establish trust, and increase brand awareness. While marketing should be memorable, creative, and engaging, the implementation should be repetitive and boring.

Make marketing a regular part of your operations by building it into your company's workflows. This helps you build awareness, increase sales, stay competitive, and adapt to changing market conditions.

By marketing regularly, you stay top of mind with existing clients and COIs and reach prospective clients in your niche.

Establish a routine for activities such as content creation, social media, email marketing, and networking to ensure marketing success and stand out. Consistent effort leads to growth and success!

Written in collaboration with artificial intelligence (ChatGPT). Edited by humans.

The 52: Treat Marketing as an Experiment

Treat Marketing as an Experiment

Financial advisors should consider marketing an experiment because it allows you to try different strategies, tactics, and channels to see what works best for your business. Marketing is not a one-size-fits-all approach; what works for one advisor may not work for you. By approaching marketing as an experiment, you can:

• Test strategies: Try different marketing tactics to see which ones resonate best with your target audience. For example, experiment with social media marketing, email marketing, content marketing, or traditional advertising to see which channels drive the most leads.

• Measure results: Track metrics like new appointments and conversion rates to determine which marketing efforts are most effective. This allows you to focus your resources on the strategies that yield the highest ROI.

• Adapt to changing trends: Prospect behavior constantly evolves depending on economic, political, and social environments. By treating marketing as an experiment, you can experiment with new tactics and channels to adapt to the changing environment.

• Learn from failures: Not every marketing experiment will be successful, and that’s OK. By embracing failure as a learning opportunity, you can identify what didn’t work and adjust your approach accordingly.

Treating marketing as an experiment allows you to be more agile and responsive to changing market conditions. Continuously testing and refining your marketing strategies can improve your brand awareness, attract more leads, and ultimately grow your business.

Written in collaboration with artificial intelligence (ChatGPT). Edited by humans.

The 52: Go Ahead and Ask

Go Ahead and Ask

I’ve recently moved and have been surprised by how often I’ve been asked for referrals or reviews as part of the process. My mortgage broker asked three times—by email and text—if I would post a review about him. The movers asked me to give them a five-star review after they unloaded my furniture. And my new dentist encouraged me to refer my friends and family as I left my new-patient consultation.

If it is so easy for other professionals to ask for reviews and referrals, why is it hard for financial advisors? It’s almost a ubiquitous request at this point when doing business. In all three instances, the requests appeared to be part of the standard business practice.

So go ahead and ask for those reviews or referrals at the end of each client meeting. Build it into your business practice. The request has become so common in society that your clients probably won’t think twice.

The 52: Start with the Top of the Funnel

Start with the Top of the Funnel

I have noticed that many highly analytical advisors prioritize bottom-of-the-funnel (BoFu) marketing activities, such as client testimonials and website tools like calculators or assessments (e.g., Riskalyze), to convert leads into clients. These are important parts of the funnel, but if you are anxious to get new clients, I recommend starting with top-of-the-funnel (ToFu) marketing instead. This type of marketing focuses on attracting and educating potential clients and includes presentations, content distribution (e.g., blogs, videos) across various channels, and SEO strategies.

The logic is simple: You need to first attract visitors to your website. Only then can you improve your marketing process by focusing on BoFu activities that will convert them into clients. When you concentrate on BoFu activities first, you may have a great system for converting prospects, but there may be no prospects visiting your website to convert.

Written in collaboration with artificial intelligence (ChatGPT). Edited by humans.

The 52: Unlocking the Power of Naming: The Benefits of Hiring a Naming Company

Unlocking the Power of Naming: The Benefits of Hiring a Naming Company

I often receive requests to help advisors come up with a new name for their company or a new service offering. Despite appearing simple at first, naming can be a complex and challenging task that takes months. If you are serious about naming a company or service, I recommend hiring a company that specializes in naming. They can help you with:

1. Strategy development: The company will collaborate with you to create a comprehensive naming strategy that reflects your brand values, vision, and target audience.

2. Creative name generation: They will generate a list of potential names that are memorable, meaningful, and suitable for your brand.

3. Trademark research: The company will conduct a thorough investigation to ensure the desired name is available and doesn’t infringe on anyone else’s rights.

4. Linguistic and cultural analysis: They will analyze the name for linguistic and cultural appropriateness, ensuring it is appealing in different markets and regions.

5. Brand positioning: The company will help position your brand by creating names that evoke specific emotions, values, or benefits.

6. Domain name availability: They will check the availability of domain names for your website and suggest alternatives if your first choice is unavailable.

7. Trademark and legal support: They will provide help with trademark registration and other legal considerations related to naming your brand.

At Kaleido, we don’t offer naming services, so we recommend Tungsten.

Written in collaboration with artificial intelligence (ChatGPT). Edited by humans.

Everything, Everywhere, All at Once

Everything, Everywhere, All at Once

With its 11 Oscar nominations, Everything Everywhere All at Once has been on my mind. Not so much the movie since I found it hard to understand—the title is what caught my attention. This phrase is a fitting description of many financial advisors’ marketing strategy. The idea is that you can maximize your chances of reaching potential clients by being present in multiple places and in multiple ways. However, this scattershot approach can be problematic for several reasons:

1. It can be costly and time-consuming to implement a variety of marketing tactics. If not executed effectively, you will end up wasting time and money.

2. You may find it difficult to measure the effectiveness of marketing efforts when you spread your resources too thin. You’ll find it hard to make informed decisions on how to allocate resources.

3. You may not effectively target your ideal clients by trying to be everywhere and appealing to everyone. This can lead to a low conversion rate and a lack of return on investment.

Instead of trying to do everything, everywhere, all at once, consider doing a few things, in a few places, consistently well.

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