When we ask most financial advisors how they bring in new clients, the most frequent answer is referrals. If we ask what other methods they use, the response is that they don’t use any other methods. This is not the answer of someone who wants to grow their business. In order to grow your business, you have to build a complete diversified marketing plan. This is also referred to as the marketing Parthenon. This is a reference to creating a plan supported by multiple types of marketing.
Each marketing element is a column that holds up the building. If you don’t have enough columns, removing or damaging one can destroy the entire structure. Leaning on one marketing format has a similar effect on your lead generation infrastructure. This is why diversifying your marketing methods is vital for business growth. Diversified marketing means that your business won’t dry up because you’re out of the office for a month. Your leads come from multiple sources so there’s little chance that everything will fail at the same time.
An additional benefit of diversified marketing is that it expands your reach. Using direct mail and email marketing, you reach people you would’ve missed by using only use one option. When you use online marketing, you’re letting services like Google Ads do the hard work for you. There’s no need for multiple outreach attempts when your ads follow people to any site that uses ads from Google.
Diversifying your marketing is an important step toward building a self-sustaining business. You also benefit from the redundancy in your marketing plan. It relieves the stress of having to babysit the lead generation process. That’s a big step toward improving your work/life balance.
For more ways to grow your business download our free checklist 10 Things To Grow A Financial Advisor Practice.