Your 8-step marketing plan

Financial advisors understand the importance of a plan. They promote their value to clients and prospects, and most have detailed business plans to guide the growth of their practice. What they tend to be less conscientious about is a marketing strategy.

These plans don’t need to be complicated. But they do need to be based on a solid understanding of your unique value proposition, your target market and more.

A good marketing plan stems from a clearly articulated business objective. Yours may be growing a client list, increasing assets under management or earning more referrals. Each is a measurable goal that a marketing plan can help you achieve.

Your plan should focus on a singular primary objective. There are always collateral benefits, but it is best when your plan is focused on making one specific thing happen.

Achieving that central goal demands concrete action. Inertia is stubbornly real. Those able to market themselves effectively — particularly in an environment driven by uncertainty like this one — can gain ground on the competition.

Like your business plan, a good marketing plan has measurable outcomes based upon what you need to achieve. How are you going to add another $5 million in assets, or 20 more clients? The steps required to get there are unique to every advisor. Your marketing plan is a personal roadmap.

Pieces of eight

Marketing plan objectives often depend on where a practice is in its lifecycle. An established advisor may focus on increasing assets. A new one might want to establish their brand in the community. Whatever the objective is, your marketing plan requires at least these eight elements:

• Establish a measurable marketing goal to address your business objective. If you want 20 new clients, you may have to reach out to 200 people. This is a measurable goal you can act upon.
• Identify your target market. Create a persona of your ideal client. Who are they? What do they want to achieve and what is preventing them from getting there? Review your own client list and focus on which type you want more of. Then plan how to reach them.
• Figure out what makes you so great. Why are you the best person to help these ideal clients? What is your value proposition? Is it your expertise, your trustworthiness or your fees? (Hint: it shouldn’t be your fees.)
• Create a timeline. How long are you going to need to accomplish your objective? Be realistic.
• Allocate a budget. You’re good with other people’s money, so be good with yours. Your budget helps determine how you’re going to best reach your target market with the resources you have. Maximize your investment by being precise with your target and choosing how to deploy it.
• Spend the money. Execute with the best marketing mix to accomplish your goals: build that website, go on that speaking tour, place that ad — whichever channel or channels are the best way to reach your target market.
• Analyze your results. Did you achieve what you set out to do? What lessons did you learn?
• Do it all again. This is an ongoing endeavour. You need to allocate time and resources to continue your success.

Ask for help, too. If you find yourself struggling with your plan, there are professionals who can guide you.

This is especially important when it comes to implementation. There are so many options, and technology is playing an ever-increasing role. Don’t do something just because every other advisor is doing it.

Meet your prospects where they are with a well-designed message that highlights the benefits of your practice. You’ll discover that getting those incremental dollars, extra clients or media calls is within your grasp.

Darryl Jackson

Your Business

Darryl Jackson is president of Jackson Advisor Marketing, an agency that helps financial advisors grow their businesses.