As a financial advisor, you understand the importance of marketing and promoting your business. You may have tried different strategies like seminars, radio shows, webinars, and book writing to generate leads and build credibility. However, have you ever thought about the time it takes to see a return on investment (ROI) for these efforts?
In this blog post, we will discuss the concept of “time to ROI” and how it can help you avoid wasting time, money, and energy on marketing projects that don’t yield results.
First, let’s define what “time to ROI” means. It refers to the length of time it takes for your marketing investment to generate a positive return. For example, if you host a seminar, you may expect to see business within 60 days, which is the time to ROI for that strategy. However, for other tactics like book writing, radio shows, or SEO improvements, the timeline may be less clear.
This is where many advisors get into trouble. They invest in marketing strategies without considering the time it will take to see a positive ROI. For instance, writing a book may take 12 months, but without a plan for how to market the book, the ROI may never materialize.
To avoid this, it’s essential to have a game plan for how long a strategy will take and how it will generate an ROI. This means thinking through the details of the strategy and asking questions like, “How will I market the book?” or “How specifically will this generate an ROI, and how long will it take?”
Moreover, it’s crucial to gauge progress from start to finish and stay on track. If a project is taking longer than expected, you need to assess whether it’s worth continuing or if you need to pivot to a new tactic.
When you don’t think about the “time to ROI” before starting a marketing project, you may find yourself eight or nine months down the road, running out of money and time, and abandoning the project without seeing any ROI.
In conclusion, as a financial advisor, it’s essential to consider the “time to ROI” for any marketing strategy you implement. You should have a clear understanding of how long it will take to see a positive ROI and how you plan to achieve that ROI. By doing so, you can avoid wasting time and resources on projects that don’t yield results and ensure that you’re on track to meet your business goals.