Every business needs to invest in marketing in order to reach its target audience. However, when budgets are squeezed and business is suffering in a bad economy, the first thing to go is often marketing. In some cases – particularly where sole traders are concerned – marketing disappears entirely. In other cases, it is squeezed considerably.
This is a shame, because in many cases a lack of marketing leads inexorably to a lack of business. If people do not know you are there, they won’t come to you when they need your service. This applies just as much to IFA marketing as it does with any other type of business.
If you are an independent financial adviser, it makes sense to review your IFA marketing plans on a regular basis. They will certainly change, but they should never shrink. This is one area of your business where you need to be pro-active, so you can focus on getting the best results and a constant stream of potential new clients. If you don’t do this you might end up losing business and finding your competitors are doing far better than you are.
Of course, a business can have a marketing plan and yet gain very little from it. Until you try various forms of marketing you won’t know which formats work best for you. However, there are plenty of ways to get your name and business known online – you just have to work at being found. One good way of doing this is to post regular content to your website. Google values this a lot nowadays; if content has ever been king, it is surely the case now. It is also wise to set up a system whereby every new piece of content you publish is announced on various social media and networking sites. This will help you establish a stronger marketing campaign that can be ongoing.
It is also worth considering whether to invest in the services of a marketing company that can help you with your IFA marketing. If you are thinking about this, don’t just focus on the cost of the services. Think about the potential return they will bring you as well. As we mentioned early on in this post, spending little to nothing on your marketing will result in little to no results. If you spend more – and spend it in a smart way – you will be surprised how much more business you might get as a result.
In the end your business can support you through many years of successful trading, but you must approach it in the right way. While professionalism counts for an awful lot, we cannot underestimate the power of IFA marketing either. The more seriously you take your marketing, the easier it will be to focus on getting successful results all the time. You can always get rid of marketing methods that don’t work, focusing on those that do and spending more time on them. If you do this, your future is all but secure.