Advisor marketing: The most common mistake advisors makeArticle added by Annette Bau on August 27, 2012
Joined: October 01, 2007
Ranked: #45 (1,405 pts)
Today’s topic includes the biggest and most common faux pas made in advisor marketing plans, and what you can do to avoid them.
Each week, I speak with advisors and consultants who long to take their businesses to the next level. As they share the details of
their advisor marketing plan, I ask how they came up with the plan. Most often, they reply, “I think this will work.” When asked if they have done any research to confirm it will work, the answer is generally “no,” or “Well, sort of.” While the latter response is better than the first, neither is ideal.
Today’s topic includes the biggest and most common faux pas made in advisor marketing plans and what you can do to avoid them.
Mistake No. 1: Assuming
The biggest mistake, by far, is assuming. Even though we know what happens when we assume, too often we still do it. Frequently, when advisors or agents share with me their plan for attracting more clients, I ask who they have interviewed or where their data came from. They then sit in silence, slowly followed by, “That is a really good question. I never thought about asking the person I want as a client.” If we want a certain type of client, doesn’t it make sense to ask them what they want instead of assuming we know what they want?
This problem often is a result of the advisor focusing on trying to sell a product or service instead of helping their prospect solve their biggest challenges. Most training courses focus on selling a product and trying to convince a person why they should buy a product, so most consultants and advisors have this deeply engrained as something they should do. The result is a defensive prospect who resists anything they offer. The solution is actually simple.
First, don't assume anything and take time to really understand your prospects’ biggest challenges as well as the best solutions to solve their challenges. Often, you will find the best solution is one of your products or services. You will also find the prospect open to the solution because your presentation changes to an approach that focuses on what your prospect wants and needs — which is always better.
Take the time to confirm what your prospects and clients want and don't ever assume.
Mistake No. 2: Forgetting the plan
The next most common mistake in advisor marketing plans includes failing to create a plan. An effective advisor marketing plan includes three facets: an inner game plan, a game plan and an outer game. Miss one part and you have a problem. Miss two parts and you have a disaster.
Rarely will an advisor marketing plan include the inner game plan. Unfortunately, the inner game is where most people’s challenges lie. If we focus on winning and lack patience or an ability to listen, how successful can we be?
If we suffer from a low worth barometer, which encompasses our self-worth and beliefs, how can we attract the clients we desire? And yet most consultants and advisors somehow think the solution to their challenges lies in more action and activity.
While your high value fixed daily activities (HVFDAs) and income producing activities (IPAs) are critical, it is very difficult to attract ideal clients if your inner game plan (specifically your worth barometer) is not at a healthy level.
Mistake No. 3: Winging what you say
One of the biggest challenges consultants and advisors face is their habit of winging what they are going to say. While some top producers are not aware of exactly what they say or why it works, studies show the common theme to success is a script — in other words, mastering what we say.
If you want results in your advisor marketing plan or your personal life, you need to learn how to effectively use scripts so you can test and measure your results to determine your magic formula. If you are guilty of winging it, take a few minutes and write out what you think you say in different scenarios with prospects and clients and then practice it.
Then when you are in front of a client or prospect, take notes on what was effective and what needs to be improved.
When you include effective scripting in your advisor marketing plan, you will be amazed at the results.
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