by Crystal Butler, 4/5/16
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Most financial advisors have a few traits in common. They are hard workers, strive to create a lasting legacy for future generations and have a passion to create their own company that provides value to customers. Here’s something else that most of them have in common: They are not marketing professionals.
Financial advisors may not have the experience or expertise needed to develop an effective marketing strategy. They may find it hard to move the strategy into an actionable plan or convert web traffic into clients, or they may have a hard time using social media effectively. It is difficult to create a compelling strategy and to implement it in the right way with the help of marketing tools.
Rather than just “getting it done” or pushing it to the bottom of the to-do list, you might hire a marketing consultant to help you do what you set out to do: keep your current clients happy and get new ones.
Here are six reasons why you should hire a marketing consultant.
1. Specialized expertise
Most consultants often have 10 or more years of experience in their industry and stay up to date with the latest trends. They track and analyze different data points to make your business as successful as possible. Additionally, these professionals understand that business growth depends on creating and managing strategic relationships with other business professionals and referrals.
When you hire a consultant, you can be confident that he or she knows what to do and will get it done.
2. Objectivity … and intelligence
One of the major benefits of hiring a business consultant is getting a fresh look at your company’s standing from a professional who is familiar with different types of businesses, or better yet, similar types of businesses. Wouldn’t it be nice to know what your competition is doing right and wrong? A business consultancy has the advantage of being impartial and seeing what your business needs to be successful. Leveraging a consultant’s experience will help you run your business more effectively and avoid making mistakes in the future.
3. Brand-building and a plan execution
A reputable and experienced marketing consultant will know the importance of understanding your business goals, creating a strategy that works and implementing that strategy. They will also help you select the best marketing tools for your business. This strategy can include things like identifying the target audience, putting together a comprehensive marketing plan and even optimizing your website’s design to make it more attractive to prospective clients. In addition, a marketing firm can help you plan your marketing campaigns to retain and add to your current client base. They are also available to set up an action plan to calm the fears of your investors when the market changes.
4. Understanding the big picture
Developing and growing a business can be more difficult than many financial planners expect. Business development includes a series of processes and techniques that are very important for actually growing the business. Expansion is only possible if the owner understands the concept that the client experience matters — from onboarding a new client to retaining loyal clients. A marketing consultant will have processes in place to make sure that this often forgotten fact is not overlooked.
5. Filling resource gaps
There are never enough hours in the day or people in the office. There is always that one thing that needs to get done, but everyone is already busy taking care of their specified job responsibilities. How do you determine who will log-on to Facebook and make your business posts, or who will design, write and send your newsletter? None of these are related to financial planning, but they are all vital to the success of your business – and they are important tasks. Instead of taking someone off a higher payoff task to take care of these, you should seek outside help. A marketing consultant will know how to complete these tasks and have the tools to do so. This is also part of their actual job responsibilities.
6. Cost effectiveness versus an additional employee
According to an article from Investopedia, it can cost 1.5 to 3 times the proposed salary to hire a new employee, train them and account for the adjustment period for productivity. With a marketing consultant, not only will there be no HR and new-hire paperwork, but there will be no additional overhead and no employee turnover. They don’t need to learn the job they were hired for – they are already trained, probably experienced, and well researched in the area.
Should you hire a marketing consultant?
If you wait until you are ready or you “need” it, it’s likely too late.
This specialist is capable of performing and monitoring a variety of assignments that are crucial for growing a business without taking away from your or your staff’s already full plates. They organize their strategies based on your feedback and their expertise. It really is a perfect partnership.
The struggle may be in creating an effective small business marketing strategy, implementing it, meeting marketing and business objectives or finding the skill to take your business to the next level. Hiring an experienced business consultancy can help you save a lot of time and trouble, as well as increase your profits.
Whatever the reason may be, a marketing consultant can infuse some much-needed life into a financial firm.
Crystal Butler is an entrepreneur, creative marketer and results-driven business consultant with over a decade of experience helping financial advisors. At Crystal Marketing Solutions, LLC she provides marketing services for financial professionals by communicating a cohesive brand and building business relationships to help them grow and thrive. Connect with Crystal on LinkedIn at crystallbutler or learn more at www.crystalmarketingsolutions.com.