After reading this article from Investment News, you may be surprised that we actually agree with it. Wholeheartedly. We've put together our reactions to (most of) the top 10 advisor marketing myths below.
1. SEO will get my phone ringing.
Umm, no. It is certainly important to have a positive internet presence. And being at the top of the Google page helps people to find you and helps you look legitimate. But the key to why we agree with this myth is "when it comes to something as personal as one's finances, people want to work with someone they can trust." This means your client gold mine is your referral base.
2. My website is an artistic expression.
While it is easier said than done, your website should be a clear and simple reflection of your brand. If you want to try a free test to see what actual users think of your website, try this: http://peek.usertesting.com/
4. Canned content is bad.
If you find a video or article interesting, chances are your audience will too. All you have to do is link to or quote the original content and add your personal opinion. Your audience is following you because they think your opinion is interesting...so share it!
We also strive to make sure the content in our marketing campaigns sounds as "uncanned" as possible. Simply tweaking a word here and there goes a long way toward sounding authentic.
6. Asking for referrals is a marketing fundamental.
The key word here is "asking." Referrals are undeniably important, but if you develop a social relationship with your clients and consistently remind them that you are ready and able to help anytime...you'll get the referrals. There shouldn't be a need to repeatedly ask.
8. You need a 30-second elevator pitch.
Business relationships are no different from personal relationships in that people love to talk about themselves. "Through active listening, you build relationships and give yourself an opportunity to sell — when the timing is right." It's all about the relationship.
9. Direct mail is an easy way to grow your client base.
I know, didn't see that one coming did you? While our campaigns are built around postal mail, aka direct mail, they have absolutely nothing in common with the types of campaigns this myth is referring to. This myth is referring to what we have dubbed "cold mailing," which is like cold calling but using dry, standard, bulk metered mail to do it. Even worse, is when you send that "junk mail" to a purchased list. Yikes!
"The trust bond is formed through repeated quality interactions, or can be passed along by recommendation from a friend, family member or professional." We use postal mail as one type of "repeated quality interaction" to remind your audience of your brand and what you stand for. Especially effective with clients doing occasional business, or those you have been reaching out to without much success, our campaigns are "conversation continuers;" something you can leverage as a reason to set up a meeting or pick up the phone.
10. Compliance kills my social media.
Stay tuned for future posts on how you can effectively leverage the social media platform and stay within the rules of compliance.