Sunday, April 1, 2012

Financial Advisor Marketing: Marketing Is About Testing

This financial advisor marketing strategy isn't really a marketing strategy in the traditional sense.

It's a foundational understanding about what marketing is.

Marketing is simply a series of "tests" to see what works.

Believe me, I wish I could tell you that every marketing effort you launch will produce like crazy...but that is impossible.

Every time you market yourself/your business, remember, you are simply testing a marketing initiative to see how well it produces. The results of your test will tell you several things:

- the number of responses

- the number of sales (from responses)

- the quality of the leads/sales

- whether you should roll-it-out and go big with the same marketing strategy

- how well received the marketing piece/event/initiative was

- how much traffic it drove to your website

- how many requests for more information you received

- how many calls with questions (and the types of questions they are asking)

- and more.

Marketing is UN-emotional and you should not allow yourself to become emotionally attached to the outcome of any marketing effort.
I know you want every effort to be a huge success...BUT, always remember - it's a test.

With that said, there are certainly more predictably successful marketing initiatives that you can launch that will produce "guaranteed" results...you just won't know what kind of results until you launch.

You can split test for faster results. Split testing is where you create similar or completely different ads (for example) and send one ad to half of your population (as in a direct mail piece or ad), or your client base, etc., and the other ad to the other half. This will provide you with results (responses, quality leads/sales, etc) fairly quickly and you which one you should use from now on.

Once you have this data, you should use that financial advisor marketing initiative/strategy over and over again until it stops working. Don't change a thing - UNTIL it stops producing.

I once sent the same email to the same list every Monday at 10:00 AM EST for six consecutive months, because it produced the same exact response - for SIX months. When I received 20-25% fewer leads, I changed the e-mail and started over. For some reason people think they have to change their ad every single day/week/month in a particular newspaper, in a direct email campaign, whatever. My advice is, use it until it stops working. That's smart marketing.

Since 1999, Dr. Len has worked with over 3,500 doctors/professionals in 20 countries. Dr. Len is committed to helping professionals automate the growth of their practice by offering consistent marketing, networking, press and publicity. Dr. Len teaches professionals how to strategically market themselves, so they become the best known, most recognized, most respected and most utilized professional of their specialty in their town.

1 comment:

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