Thinking about hiring marketing help for your advisory firm? Discover when it's the right time to seek assistance and the three main types of marketing professionals available. Learn crucial questions to ask potential partners and beware of red flags during the hiring process. Explore strategies for setting a realistic marketing budget and the importance of collaboration for success. Plus, uncover alternative solutions if you're not ready to hire yet. Equip yourself with insights to scale your business and navigate the marketing landscape confidently.
Recognizing the right moment to hire marketing support is crucial for financial advisors experiencing growth plateaus or expansion phases.
Establishing clear marketing goals and budgets for the next 12 to 18 months enhances the effectiveness of hiring decisions and collaboration.
Deep dives
Recognizing the Right Time to Hire Marketing Help
Financial advisors can recognize it's time to hire marketing help when they experience a growth plateau or are in a phase of significant growth. In such cases, handling all marketing efforts alone becomes unsustainable, and seeking additional support can enhance overall business development. An example given is that larger firms often benefit from hiring a marketing manager to help manage increasing demands. Advisors should also be aware that good marketing takes time, and having patience to understand the expected timeline for results is crucial.
Setting Clear Marketing Goals and Budget
Defining marketing goals over the next one to two years is essential for advisors considering hiring help, as it aligns expectations and feasibility with the effectiveness of potential hires. Additionally, advisors should assess whether they have the budget to sustain marketing efforts for 12 to 18 months, which is important for obtaining consistent results. An example highlights the mistake of hiring based on a budget that is unsustainable, leading to negative outcomes. A realistic understanding of budget and goals fosters a more productive relationship with marketing professionals.
Exploring Alternatives to Full Hiring
Before hiring a marketing consultant or agency, advisors should consider cutting back on unnecessary marketing activities that may be overwhelming them. Sometimes, taking focused action on fewer strategies can yield better results than attempting many simultaneously. Also, investing in high-quality courses for specialized skills, such as using LinkedIn effectively, is a viable alternative to hiring someone outright. By honing their existing skills, advisors can become more efficient before deciding to commit to external help.
Identifying Red Flags in Hiring Decisions
Advisors should be vigilant about red flags that may indicate poor marketing agency or consultant choices, such as unrealistic claims of guaranteed results or fees that seem too low to be sustainable. It is also important to ask about their processes, previous client experiences, and whether they utilize subcontractors for key services. A clear understanding of the working relationship, including ownership of the accounts and cancellation policies, is vital to avoid future complications. Effective collaboration is crucial, so knowing who will manage their account and the team's structure can lead to a smoother partnership.
Are you considering hiring marketing help for your financial advisory firm but unsure where to start?
In this episode, we dive deep into the world of marketing assistance for advisors, helping you navigate the decision-making process with confidence.
Key questions we answer include:
► Signs it's time to hire marketing help (and when to hold off)
► The three main types of marketing assistance: consultants, agencies, and full-time hires
► Key questions to ask potential marketing partners before signing on
► Red flags to watch out for when vetting marketing professionals
► Alternative solutions if you're not ready to hire
Plus, we reveal insider tips on setting realistic budgets, avoiding common pitfalls, and ensuring a successful collaboration with your marketing team.
Whether you're experiencing a growth plateau or looking to scale rapidly, this episode provides actionable insights to help you make informed decisions about your firm's marketing strategy.
Tune in to gain clarity on your marketing needs and learn how to find the right support to take your advisory business to the next level.