As a financial advisor, you need to understand that marketing your services requires more than just hiring vendors and hoping for the best. This is because most advisors tend to be more salespeople than marketers, and as a result, they make the mistake of implementing marketing strategies or campaigns in ignorance. Implementing in ignorance means relying solely on the vendors’ word without evaluating whether they have the expertise and experience to deliver on their promises.
For example, you may hire a Facebook vendor to fill your seminar, and they promise to do it for a certain amount of money. However, you may not fully understand Facebook marketing to evaluate their claims, and you may end up investing thousands of dollars with no returns.
To avoid this, it is crucial to take the time to become educated before implementing any marketing strategy or campaign. There are two ways to achieve this. The first option is to self-study by taking online courses, reading books, and watching relevant content. The second option is to hire a Chief Marketing Officer (CMO) or a fractional CMO who understands marketing to help evaluate potential campaigns, vendors, and performance.
It is crucial to ensure that you hire the right person for this position. Some financial advisors often hire someone internally, which is not advisable unless you are sure they have the right expertise. An alternative is to outsource to an external CMO, which is a cost-effective way of getting access to the right expertise.
In conclusion, as a financial advisor, it is essential to implement marketing strategies from a place of knowledge rather than ignorance. Taking the time to become educated will help you evaluate vendors, campaigns, and potential opportunities, leading to better outcomes and higher returns.