Updated April 21, 2022, at 12:16 PM
If you Google, “How to be a better marketer,” you’ll find thousands of links. And while you can definitely take notes from those articles, oftentimes being a better marketer for financial advisory services is different.
If you’re like most top advisors, you’ve already identified your goals for the year and created a marketing plan around them. However, creating a plan and implementing one are two very different things.
Below are five key elements that can help you implement your plan easily.
Element #1: Weekly Staff Meetings
We often see advisors who are doing the same exact marketing activities yet getting different results. Most often, the reason for the variation comes down to the details. To ensure that you’re not letting such details slip through the cracks, we recommend conducting weekly meetings with your staff.
These meetings allow you to review all aspects of your business; making sure that responsibilities are properly delegated and most importantly, there’s a consistent line of communication among all parties.
For those of you that are a one-man army or thinking to yourself, “Our staff see and talk to each other every day,” another benefit is to ensure that you’re consistently working on your business and not in your business.
Element #2: Marketing Calendar
Having a written and functional marketing calendar is another critical component for implementing a solid marketing plan. The keywords are, “written and functional.”
It should exist somewhere where everyone can see it, and beyond telling when you have events, it also helps you see when you need to start preparing for them.
Marketing calendars can reduce miscommunication within the office and help ensure that you and your staff are well prepared for each planned event.
Element #3: Track Your Results
What if I told you that a 5% swing in your numbers could mean missing out on millions of dollars in production? Below is an example of how such a small increase or decrease in numbers could impact your results. You can see what that could mean for your bottom line.
This advisor’s average case size is $150,000 and conducts 24 individual seminars/workshops per year.
| Down 5% | Normal Year | Up 5% | |
| Average Seminar Attendance | 28.5 | 30 | 31.5 |
| Average Appointment Setting Rate | 47.5% | 50% | 52.5% |
| Average Appointment Persistency | 85.5% | 90% | 94.5% |
| Average Close Percentage | 28.5% | 30% | 31.5% |
| Resulting Production | $5,850,000 | $7,200,000 | $8,850,000 |
By tracking the results of your marketing activities on a regular basis, you and your staff will have a better idea of where your business is headed for the year and how you can keep it on track.
Related: The Financial Professional’s Inbound Marketing Funnel [Infographic]
Element #4: List of Top Clients
While it sounds like a simple thing to do, many advisors don’t keep a list of their top clients and are potentially missing out on opportunities for repeat business and referrals.
Knowing who these clients are beforehand may help you choose the nature of your upcoming social event. It can also help you determine how to interact with your clients when trying to add those special touches.
Example: It’s a good idea to send out an invitation to your clients for a wine tasting. But, a better idea is to personally invite them over the phone. This will increase the chances of them attending, as well as the chances they bring a guest.
Since you don’t have time to call every client, knowing who your top clients are will allow you and your staff to quickly decide who’s getting a phone call, and then you can delegate responsibilities accordingly.
Another reason you should consider having a list is to make sure that you’re getting proper engagement from these clients. Checking your list every month is an easy way to see if there are any clients that you haven’t engaged with who may need a friendly check-in.
Whether it’s an email, phone call, or an invitation to dinner; staying top-of-mind is the first step in generating more business and referrals.
Element #5: List of Most Wanted Prospects
It’s important to know who your top clients are. The same applies to your top prospects. Having a handy list that you can refer to increases the chances of eventually converting those prospects to clients. One example that’s worked well is to occasionally invite these prospects to your client events.
Not only does this help you stay top-of-mind, but it also gives them a chance to see the client experience and interact with some of your top clients. It’s one thing for you to tell them about how great your services are, but it’s even better when they get to hear and see it from a client’s perspective.
Since you can’t invite every prospect to your client events, knowing who your top prospects are will help you and your staff quickly identify which ones to act on.
Lastly…
If you work with us and have questions about any of these ideas or would like to learn more about some of the resources mentioned, please contact your Financial Independence Group sales consultant or All Points Media marketing strategist.
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