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From Invisible to Invaluable: Your Marketing Efforts and Growth Strategies · The Perfect RIA

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  Amber Kuhn: TPR nation, this is Amber Kuhn. Thank you for
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  joining me on today's Fallow up Friday, where I'll be recapping
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  this week's episode highlights and action items. On Monday,
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  Matt and Micah were talking about marketing, and if you
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  missed this episode, you have to go back and listen to the
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  opening quote. Or for those who have Matt's book, check out page
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  84. All of this was to point out that fancy graphics and splashy
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  websites are not going to get you all the clients in the
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  world, and that's because it's playing office and you're
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  missing the core essence of your prospects questions. The guys
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  pointed out that this is the case when you look at something
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  valuable for clients, such as when Micah is presenting
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  buckets. The team could make a fancy illustration of this, but
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  really the core of why that tool is so beneficial is how it's
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  articulated to clients. Now the reason they wanted to talk about
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  this, what as soon as airing in August, is because by now you
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  should have done your mid year review, and you need to remember
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  that there's a lag from prospecting and marketing to
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  getting new clients onboarded. And for the guys, they said that
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  that time period is about 18 months. So there's no excuse to
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  not be doing marketing and looking at how you're going to
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  practice and whatever you're doing, you need to commit to it
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  for at least a year. Matt and Micah took some time to talk
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  about their marketing channels, and the first was social, and
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  they said this is a do what works question, and they wanted
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  to point out the difference between advertising and
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  marketing, or with advertising, you aren't expecting a direct
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  return on your dollar. With marketing, you are expecting
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  return to come in, and social needs to fall into that
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  category, because you aren't supporting the cause of
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  Instagram. For Micah, YouTube ended up being something that
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  worked for him, but the guys pointed out that you have to be
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  careful with social because it's a place where people can just
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  sit and play office. You need to be able to show that you've been
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  able to bring clients in from social media. So for marketing
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  activities, you need to have a number associated with it. So
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  how many podcasts are you recording? How many centers of
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  influence are you calling? And social media needs to have a
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  time cap. The guys talked about their goals related to marketing
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  and how everything needs a path. Ultimately, you need to have a
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  call to action, get people off of someone else's platform and
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  onto yours. So with Rebecca, he wants to transform lives, and he
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  knows he needs to also give those who are listening to him
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  or watching him on YouTube a lead magnet to get them to a
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  site and get their email address. And with the content
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  he's creating, he's essentially trying to establish that he has
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  more expertise than anyone else, and that's why having a niche is
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  so important, if you try to talk to everyone, you talk to no one
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  with marketing. You also need to have a sounding board instead of
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  KPIs and what your range of success looks like. And
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  remember, you need to have a time period along with how much
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  money you're going to spend. The guys also said, You need to look
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  at how much time you're going to invest in being the best at
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  whatever channel you're focusing on. Micah then shared how once
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  he's driven people to his website, he'll then start
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  reaching out with either lead magnets or for in person events,
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  and with how he's doing all of that. He said you have to try
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  different avenues for him. He sometimes has to mix it up. And
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  this is all a part of the data that he's building to see what
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  works. Now, just to be clear, this is all a lot of work, and
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  you have to decide whether you're committed to being
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  successful, and some of the work can be incredibly tedious. You
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  need to do what works and be intentional about what you do.
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  The guys wrapped up by talking about doing in person
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  presentations and how you have to be able to give your
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  presentation at a subconscious level, because if not, then
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  you're only thinking about what you're going to say next. In
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  order to deliver value, you have to be able to connect with
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  people. Let's get into action items. Put the designated
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  activities each week on your calendar that will move your
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  advertising and marketing forward and measure what
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  matters. Write down what you're doing, the time involved and
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  your expectations, so that you can see your success rate and
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  how to improve. On Thursday, Jamie was talking about how to
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  grow your business and where you are in your career. She said
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  there are three stages you can go through as an advisor, which
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  are growth, freedom and enterprise stages. Now with
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  this, she said, don't judge yourself compared to where other
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  people are. Focus on where you are and what matters, and don't
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  forget that it's not all about the growth. You can't forget
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  that you're helping real people with their entire life savings,
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  and they're solving so that they don't outlive their retirement
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  savings. Jamie spent Thursday focused on the growth stage,
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  when you have less than 30 million assets under management
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  and about 30 to 50 households. She said the only thing you
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  should be focused on is growing your practice. So you need to
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  look at where you are, where you want to be, and what steps you
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  need to take to get there. You need to look at your calendar
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  and see how much time you're spending in your email or just
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  getting more and more credentials that's just playing
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  office. You need to look at your marketing and do everything you
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  can to bring on more clients. Look at what's already working
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  for you and where your clients are coming from. From there, you
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  can start to do a trends now. Jamie shared an exercise on
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  this, which is figuring out who you're speaking to. And as Matt
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  and Micah mentioned on Monday, if you're speaking to everyone,
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  you're speaking to no one. So for this exercise to first
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  decide which planet you want to target, then which continent and
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  which country, in state and so on, until you really build to
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  the location, then look at the clients you already have,
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  because those are the ones who are willing to pay for your
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  services. And keep going layer by layer to get clear on who
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  those people are, their ages, relationships, where they work.
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  And from there, you can start to develop your niche. So with
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  marketing, you really need to narrow this down and focus
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  consider how you can establish a reputation that is so profound
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  that business is attracted to you. Now, what about outsourcing
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  your marketing? Jamie said, every time you hire a marketing
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  agency, you're going to pay a ton of money and they're still
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  going to ask those same questions. She mentioned,
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  they'll want to know your target audience and your avatar, so you
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  need to go through all of your data. Now, one of Jamie's
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  biggest tips was to look at what kind of recreational activities
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  do your clients participate in. She said doing the things that
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  you enjoy doing with your clients is a profound referral
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  source. She also said that in this stage, Centers of Influence
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  don't know how to refer to you. You need to empower them to know
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  how to talk to you, so invite them to the activities that
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  you're doing for your client and talk to them about a random case
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  study. You have to teach Cois and people in your network how
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  to mention you without it being awkward, and the best ways to
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  help them understand what you do. Now, once you've narrowed
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  down who you should be working with, then you need to focus on
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  the topics you feel you can develop an expertise on and that
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  you have an interest in. You want to become that go to person
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  on a particular topic. And when you do that, you'll also just
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  naturally get a lot of happenstance knowledge. Once you
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  have this, Jamie said thing, go write all your content on this.
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  Remember everything you're willing to work in marketing
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  will work. So when you're in this growth stage, Jamie said
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  you need to be refining your client presentations so that
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  clients leave your office wanting to refer someone else to
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  you because of the value you've delivered, and you need to go on
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  your marketing and help you grow your practice. That wraps up
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  this week's recap. So TBR nation, if you're looking for
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  more resources, or if you have a question, be sure to email us at
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  lifestyle@theperfectria.com. Thank you for joining me, and
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  please share this or any of our episodes with another advisor or
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  team member who you think might benefit from listening. And be
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  sure to subscribe to The Perfect RIA Podcast so you don't miss an
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  episode. Until next time, happy planning!