Market yourself – on a budget

“A prospect might not be ready to commit when they first meet you,” Gilbert says. “So, it’s important to remain top of mind. And for that, you need continuous and consistent marketing efforts.”

Establishing a marketing budget will help to focus your efforts. Gilbert recommends allocating 5%-10% of your annual net revenue to marketing. That is the rule of thumb among successful financial advisors.

Once you have a budget, you can decide how to allocate it. Your marketing plan should cover both short- and long-term strategies for reaching prospects, clients and centres of influence (COI). Your platforms can include social media, newsletters, websites, print media, radio and event sponsorships.

Your plan needn’t be complicated, but it must be consistent. If you don’t have time to work on it consistently, you’ll need to outsource some of the tasks.

– networking

Advisors with limited funds can market themselves effectively by networking, says April-Lynn Levitt of the Personal Coach in Oakville, Ont.

Referrals and introductions don’t cost much and, if you work for a large firm, your employer often will pay for your membership in your local chamber of commerce.

Inexpensive education events are another option. Co-host an event with another advisor or another professional, such as a lawyer or real estate agent. Or hold a lunch-and-learn event in your boardroom and provide sandwiches or pizza rather than host an expensive restaurant outing.

– online marketing

Every advisor needs a compelling website. Yours should clearly state who you are, what you do, the type of clients you’re looking for and how you can help them.

“When people are interested in you, the first thing they do is Google you,” Gilbert says. “If you don’t have a website, you might as well not exist. It doesn’t have to be fancy or complex – in fact, the simpler, the better – but it must convey professionalism.”

Your communications plan should include a monthly or quarterly newsletter, Gilbert says. The content should be interesting enough that people will read it and send it to their contacts. Be sure to include lifestyle and leisure information in addition to finance-related material.

Blog entries should be posted weekly. Because blogging can be time-consuming, you might be better off focusing your efforts elsewhere. One option is to work with a copywriter who can polish your thoughts.

Videos are an alternative to blog writing and they’re very popular with younger clients. But these videos must be done well, says Gilbert: “You need good equipment, and you must be comfortable in front of the camera so you can communicate your personality and message effectively.”

Many firms prohibit their advisors from using Facebook and Twitter, but all permit LinkedIn, according to Gilbert.

“LinkedIn takes networking to a new level,” she says. “In as little as 15 minutes a day, you can connect with clients, prospects and COIs by commenting, “liking” others’ posts, participating in discussions or sharing one or two articles weekly. Just make sure you have a well-built, professional LinkedIn profile.”

– evaluate your results

It’s essential to analyze your marketing plan’s return on investment (ROI) to determine its effectiveness, says Rosemary Smyth, a business coach for financial advisors in Victoria. She recommends that you review your plan every six months, at a minimum.

“I ask my clients to rank each marketing activity in terms of what’s working and what isn’t,” Smyth says. “You can measure your success with new clients by determining how many you’re attracting and the value of their assets.”

Measuring ROI for existing clients can be more challenging. Smyth suggests you start by asking your clients how they perceive the value of what you’re doing. Are they interested in receiving your newsletters, attending client events or lunches, or going to seminars on topics that interest them? If they are, then you know you’re spending your time, money and effort in the right places.

You can measure community awareness by the number of clients who report seeing your name as a sponsor for a charity golf event, for example, or who saw your photo at the opening of a new hospital wing.

Whatever the individual elements of your marketing plan, Gilbert says, make sure you’re consistent.

“It’s very easy to be distracted by unexpected client demands or market fluctuations,” she says. “But, to be successful, you must be present and visible all the time.”

© 2014 Investment Executive. All rights reserved.