How you spend your marketing dollars, is one of the most important determiners of your profitability. Your marketing needs to work to bring in profits… instead of draining your bank account. The good news is that ultimately, marketing is simply a math problem.
Here are the 3 things you must do to get your marketing headed in the right direction:
#1—Make sure your marketing DISQUALIFIES prospects… as well as qualifying them.
Too many advisors throw out as big a net as possible for new clients. Hey! Money is money, right? No. Think about how much specialists make as compared to generalists…
How much does a doctor make?
As compared to a surgeon?
How much does a general surgeon make?
As compared to a heart surgeon?
How much does a heart surgeon make?
As compared to a pediatric heart surgeon?
The more specialized you are… the more those needing your services will pound on your door… and the more they will pay you.
So, who is your best client? The best way to approach this is not through words… but instead pictures. Put together a picture board of what your best client looks like. The picture board could include pics of:
- The types of restaurants they go to… fancy or burger joints?
- The types of cars they drive
- Where they go on vacations
- What their families look like
- What they do in their spare time
- What their house and neighborhood look like
- What kind of clothes they wear
- And, on and on and on
Now create marketing around those pictures.
#2—You MUST be Consistent
Now that you have a better picture of your best client… you have to let go of your urge to bring on anybody BUT your best client. You must begin turning away people that don’t fit your practice.
The key to marketing is identifying the one thing that you do better than any of your competition. Then, fiercely zero in on that strength, and who that strength most benefits.
Keep your message and marketing simple. Make sure it ALWAYS revolves around your Unique Selling Proposition. And then use it consistently… over and over. Become THE advisor that EVERYBODY who needs THAT thing comes to, or immediately thinks of, for THAT thing.
#3—Marketing is Simple Math
Crunch the right numbers.
What are the wrong numbers? Open rates… website hits… and many other things many marketing companies’ tout.
There is only one number you should be tracking in your marketing… how many prospects landed in your office based on the dollar amount you spent on a piece of marketing.
$ per prospect. That’s the number. If it’s good… keep doing it. If it’s bad… you gotta try something else.
It’s that simple.