As a financial advisor, you are no stranger to the constant influx of vendors who are eager to pitch their latest marketing tactics and strategies to you. From seminars to social media, email marketing to direct mail, the list of potential avenues for lead generation can seem endless. But as tempting as it may be to try them all at once, this approach can actually hinder your success.
In this lesson, we’ll explore the “vendor trap” and how to avoid it. The vendor trap is the belief that if you have more marketing tactics running, you’ll generate a larger result. However, this is not necessarily true. In fact, it’s better to limit the number of tactics you’re implementing so you can drill deep and optimize each one for maximum return on investment (ROI).
The key is to understand that there are no magic tactics. Just like ingredients in a cake, each tactic is a piece of the puzzle, but it’s the marketing recipe or plan that informs how they work together to get you the desired outcome. You need to think of tactics like the financial products you offer your clients – they need to work in context of the plan you put together.
So, what’s the takeaway? Avoid the vendor trap. Don’t waste time, frustration, and marketing dollars on tactics that don’t actually get you results. Don’t spread yourself too thin trying to master multiple tactics at once. Instead, take the time to fully implement one tactic at a time and maximize the results from it before adding a second. Over time, you may have multiple tactics implemented, but don’t take them on before you’re actually ready and before the ones you’ve already implemented are generating the results you need.
Ultimately, focus on the plan and strategy rather than the individual tactics. Beware of the vendor trap, protect yourself from it, and you’ll have much better results. Remember, it’s not the product or tactic itself that generates success, but how it fits into the larger marketing plan.