Financial professionals are so caught up in investment strategies and overall planning that they often forget about the similarities to marketing, mainly how diversification is a necessary component to establish a healthy and profitable marketing portfolio.
Here are some of the ways you can grow your firm’s marketing portfolio in an effective manner by using diversification, the same way you would do for your investor clients.
Define and Understand Your Current Marketing Playbook
First, look at your brand, as it’s more than just your company’s name; it’s your identity. Marketing campaigns rely on clear brand communication. Defining your objective, scope, and advantage as it relates to your position in the market is an exercise designed to help you focus on your unique value proposition within the context of who you are right now and who you expect to be tomorrow.
Next, list out every marketing medium, platform, and channel that you’re currently utilizing. Be sure to include your marketing budgets, what software/technology and vendors you’re using to execute, and what you can attribute from a lead flow and revenue standpoint. This is also a crucial time to evaluate your content/collateral and current messaging to help determine if your brand is aligned. Then, and only then, will you be able to strategically adapt and grow your marketing portfolio to sustain future growth goals.
Evaluate and Execute a Marketing Diversification Portfolio
Your marketing playbook can be simple, so stick to the basics. Based on the list you’ve now created, what are some enhancements you can make? This is your opportunity to adapt, diversify, and create new marketing extensions to grow your brand and business.
For example, why not diversify by applying digital to a snail mail campaign? It can lead to far more effective results both in the short and long-term. Brand your firm to thousands of potential clients where they are, online, while manufacturing your own first party database. Get immediate insight regarding who is engaging, how, and consistently remarket to them online and via email and text message nurture campaigns. Based on data aggregated from elite advisories and institutions across the country, we generally see about 10%-15% of all event respondents who did not confirm to attend, or who did not book an appointment at the event, will convert to an appointment within one year.
Without adding some diversification to your marketing portfolio, those households who were simply not ready at the time they received your snail mail invitation will only have the chance of being re-captured at the time the next invitation arrives in their mailbox. That next invitation may not even be you, it could very likely be your direct competitor.
Pick One Thing, Assemble a Team and a Timeline, Then Measure and Optimize Results
Right now, there are three types of people in business: Those who wait for things to happen, those who watch things happen, and those who make things happen. As marketers and business leaders, we must find the right balance between being proactive and reactive. It’s on us to execute and grow no matter what environment we’re operating in.
Now is the time to ask yourself, what is going to be your one thing? Write out your objective, goal, and expectation. Who will be your team to create a diversified strategy, stick to a timeline, and execute? Then, at the end of the day, how will you measure results and continually optimize for efficiency/effectiveness?
Holding onto that one stock or that one marketing funnel will always be a great idea. Stick to the basics. But now, challenge yourself to incorporate portfolio diversification for future growth.
