As a financial advisor, it’s important to avoid multiplying failure. What does that mean? Simply put, it’s when you try to improve your results by doubling down on the same strategies that have already failed. Instead of just throwing more money at marketing, you need to think more strategically to optimize and scale your business.
For example, let’s say you send out 10,000 mailers, which results in 40 attendees at your seminar, 15 appointments set, and 2 or 3 new clients. Instead of doubling your spend on mailers for the next seminar, focus on improving your response rate to the existing 10,000 mailers. Look at every conversion point in your marketing scorecard and find ways to optimize, test and improve them. You could improve your show rate to the seminar, appointment conversion rate, show rate for the appointment, and your closing percentage.
By improving these conversion points, you can close more deals without having to increase your spend on marketing. In the example above, if you were able to close two more of the 38 attendees that did not convert, you would add an extra $20,000 in revenue without spending any more money.
Remember, the key to success as a financial advisor is not just about how much money you spend on marketing, but how you use it strategically. Take the time to work smart, and you’ll see your business grow and thrive.