A Wise Investment

Don’t let a slump derail your marketing plans.

By Martin R. Baird

When the middle of the year is here and summer is about to settle in, that is the perfect time to issue a word of caution to all financial advisors: Resist the temptation to let your marketing efforts fall by the wayside as the “dog days” approach.

Right now is the time to conduct a critical review of what you have accomplished so far this year with your marketing. This will help you stay on track to reach your marketing goals.

Look back
As you conduct your review, you should look at the good, the bad and the ugly.

What worked in your marketing? What didn’t work? 

Many professionals waste a considerable amount of money on their marketing because they either don’t take the time to look at what they’ve done, or they won’t look at it with a critical eye. The way you get better at marketing is by tearing apart what you’ve done and figuring out how to do it better.

Draft a list of the marketing mistakes you’ve made so far this year. Create a list of the marketing “attaboys” you deserve, too. Post the lists in a place where they’re easy to see. The list of mistakes helps you avoid making them again; the list of successes gives you an emotional boost.

Now look at the little things in your marketing. They can be the source of future success if improvements are made. It may sound silly to ask, but was your phone number easy to find and read in your marketing materials? Were your email and website addresses there? Did you make it easy for prospects to find you?

Did the marketing message in your materials have a strong emotional draw and appeal to clients’ and prospects’ interests and their concerns? Very simple marketing points like the placement of phone numbers as well as emotional hooks can make your marketing exponentially more effective.

Let’s review
Look at the marketing goals you established late last year. How much progress have you made so far toward reaching those goals? Have you already reached some goals? Do they need to be replaced with new goals to keep you challenged? People who achieve great things review their goals often.

Make a third list—a rundown of your goals. Post copies of the list in four or six places you go to each day. Post your goals above your desk so you see them when you look up.

After you’ve finished your marketing review, you also should review your clients’ financial goals for the year to make sure they are on track. Get in touch with your clients and talk about their goals. If adjustments need to be made, now is the time to bring that up. If everything looks great, your clients will be happy to know. They might even throw more business your way. 

Look back and ahead
To move forward, you first need to look back at the list of your marketing mistakes. Do you understand why they didn’t work? Decide if you want to try those projects again, with an eye toward doing them right the second time around.

Review your marketing projects slated for the second half of the year. Do they still make sense? Did you learn anything from your earlier mistakes that would help these upcoming endeavors work better? Look at the goals you still need to reach. Do they also still make sense? Craft an action plan for what you need to do to make them a reality by the end of the year.

Now let’s face reality. Summer does tend to be a slower time. Take the time to look ahead and put a quick action plan together to jump start your marketing in September.

Take the time now to review, evaluate and look ahead. That’s what I call a wise marketing investment.

Martin R. Baird is president of Annapolis, Md.-based consulting firm Advisor Marketing and author of The 7 Deadly Sins of Advisor Marketing. Contact him at mbaird@advisormarketing.com or 480-991-6421.