These days, every advisor is looking to buy a marketing tool. Which explains why every vendor is trying to sell one—whether they actually have anything to sell or not. As I’ve written before, the whole industry now understands that the golden era of organic growth has come to an end. Advisors know they can’t sustain themselves on referrals alone. Any firm that sticks to its old formula of rainmaking, pressing the flesh and relying on word of mouth is going to find itself eating the dust of its faster, more modern competitors. Digital marketing is critical. This is why advisors are finally, finally investing in future growth and ramping up their marketing budgets.
Why did you go originally into business with your partners? And as a follow up: how long did it take you to think of an answer to that question? I’ve worked with some advisor teams that seem like a natural fit. They finish each other’s sentences. Complement each other’s expertise. And even use the same words to tell their story. It’s usually a clean, simple story, too. One was a quant head, the other a people person, but they both served the same kind of clients. Or maybe they both have a special interest in eldercare issues, SRI or some other specialty. It’s relatively easy to walk them through the process of developing their brand and honing their value proposition. They already believe in their purpose; they just need help articulating it. Then there’s the other kind of team.
If you want to build your business, become a Ghostbuster. I’m not referring to the movie, exactly (I didn’t even see the sequel.) I’m talking about the theme song.
As I said in my earlier post, some advisors are running on empty—and don’t even know it yet. They might be cruising smoothly for now. But if they aren’t adding enough prospects to the top of their sales funnels, they won’t be able to fuel their businesses over the long run. I don’t want that to happen to you. So I am going to share a few ideas for keeping your sales funnel filled—automatically.