Step-By-Step: A Proven (and Simple!) Content Marketing Formula Every Advisor Can Use
Oct 14, 2021
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In this episode, experienced advisor and author Carl Richards discusses why financial advisors struggle with marketing and offers tips for improvement. He also shares a step-by-step marketing project. Topics include fear of sharing work, building trust, finding a niche, overcoming fear, and taking action.
Effective marketing for financial advisors requires consistently showing up and addressing the specific problems of a target audience.
Being specific and standing out is essential in effective marketing, even if it means taking a non-traditional approach.
Developing a niche in marketing involves focusing on the unique challenges faced by specific populations and tailoring strategies to address those challenges.
Deep dives
The Fear of Marketing for Financial Advisors
Marketing continues to be one of the biggest pain points for financial advisors, and the fear of doing work in public and stepping out of the comfort zone is a major factor. Advisors often mistake the difficulty of marketing for complexity, leading them to search for shortcuts and strategies. However, the reality is that the solution is simple: doing the hard work of consistently showing up and addressing the specific problems of a target audience. This requires being different and authentic, which can be scary, but it is necessary to stand out. Advisors often jump straight to solutions without understanding the unique challenges of their target audience, and this hinders their marketing efforts. Finding a niche is crucial, and the best approach is to start with identifying a problem that interests you and then finding a population of people who have that problem.
Overcoming the Fear in Marketing
The fear in marketing is often rooted in the fear of being different or the fear of judgment. Advisors worry about how clients and peers will perceive them if they take a non-traditional approach. However, being specific and standing out is essential in effective marketing. Advisors should focus on finding a problem they are genuinely interested in solving and then showing up consistently over time with honest and clear solutions. This requires embracing the fear of being different and allowing oneself to be vulnerable by putting their own ideas and creations out into the world. It is a fear problem rather than a marketing problem, and advisors need to change their mindset and see fear as a sign of growth and progress.
Developing a Niche in Marketing
Developing a niche in marketing may appear challenging, but it can be simplified by starting with occupation-based niches. Advisors can begin by making a list of their existing clients and noting their occupations. By focusing on the unique challenges faced by specific occupations, advisors can tailor their marketing strategies to address those challenges. The process involves interviewing clients and individuals who serve the target population to gain insights into their pain points and desired outcomes. Through these interviews, patterns and common problems emerge, which can then be addressed in marketing materials, such as white papers or blog posts. By building a niche based on specific populations with shared challenges, advisors can differentiate themselves and better serve their clients.
Changing the Relationship with Fear in Marketing
Fear plays a significant role in marketing, but it can be reframed to be viewed as an opportunity for growth. Rather than resisting fear, it is important to recognize and acknowledge it. Personifying fear can be a helpful tactic, such as considering it as a guest at a party who brings valuable insights. By changing the relationship with fear and seeing it as a natural part of taking risks, advisors can navigate marketing challenges more effectively. Embracing fear as an opportunity to learn and improve can lead to greater success in marketing efforts.
Taking Action and Doing Scary Stuff in Marketing
To overcome fear and take action in marketing, advisors can find accountability partners and set up consequences for not completing tasks. This provides external motivation and helps overcome the tendency to procrastinate or avoid scary tasks. It is important to remember that fear is a normal part of doing something new and novel. Taking action and embracing the fear can lead to personal and professional growth. By engaging in projects that may not work and being willing to learn from failures, advisors can make progress and achieve success in their marketing endeavors.
