Can You Just Do Good Work And Get Noticed As An Advisor Or Do You Have To Self-Promote?: Kitces & Carl Ep 121
Sep 21, 2023
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In this episode, Michael Kitces and Carl Richards discuss the importance of self-promotion for financial advisors. They explore the balance between doing good work and selling, share marketing strategies for advisors, and discuss the mystery of success in the industry.
Unconventional marketing strategies focused on exclusivity and unique experiences can attract clients without traditional advertising methods.
Success can be achieved through doing great work in isolation and attracting unknown friends through word-of-mouth, highlighting the complexity of marketing and the importance of a personalized and authentic approach.
Deep dives
Marketing Strategies Based on Exclusivity and Word of Mouth
The podcast explores various unconventional marketing strategies that rely on exclusivity and word of mouth to attract clients. Examples include a design firm that has become renowned without a website, an advisor who only takes outdoor meetings, and an entrepreneurship professor who creates exclusive groups. These examples show that by offering unique experiences and focusing on a select group of individuals, businesses can generate interest and growth without traditional advertising methods.
The Mystery Behind Success
The podcast delves into the mystery of success and the idea that truly doing good work in isolation can garner attention and attract unknown friends. The hosts discuss Confucius' quote about a man attending to the way and how it relates to marketing strategies. They share examples of professionals who have achieved success without actively promoting themselves, such as a consultant who gained clients through private invitations and an advisor who intentionally avoids marketing efforts. The hosts acknowledge that there is no definitive answer but find the mystery intriguing.
Acknowledging the Complexity of Marketing
The episode explores the complexity of marketing and the multitude of approaches that can lead to success. The hosts discuss the challenges of traditional marketing methods and the rise of exclusivity-based strategies that rely on targeted word-of-mouth referrals. They acknowledge that what works for some may not work for others, and emphasize the importance of crafting marketing tactics that align with individual values and goals.
Embracing Uncertainty in Marketing
The hosts encourage listeners to embrace the uncertainty of marketing and recognize that there is no one-size-fits-all approach. They highlight the need to do great work and find ways to talk about it that resonate with one's values and style. The episode concludes by cautioning against relying solely on formulas or success stories, advocating for a personalized and authentic approach to marketing.
In our 121st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss whether self-promotion is essential for advisors.