Think Your Firm Is Marketing Effectively? Take This Quiz
Q1: My company doesn’t have a blog.
Seriously, who needs a blog…
Q2: I’m guilty of “social media abuse”.
I started a LinkedIn page and am tweeting several times per week, but don’t really have a strategy around that. Sometimes, I find myself forcing myself to push out information multiple times per week.
Q3: Every quarter I send out a newsletter, but other than that I’ve not pushed out any new material for a while now.
Q4: I’m not measuring my ROI on marketing.
I don’t know if I’m “breaking even”, generating revenue with my marketing dollars, or even making a huge loss!
If you answered YES to any one of the above, you need to be thinking about how to market more effectively. That doesn’t mean you are doing a poor job at marketing your product/service, but there certainly is room for improvement in value, thinking, and consistency to see greater effect in your marketing effort.
1. Have a blog.
If the word ‘blog’ reminds you of people who post pictures of their dog learning a new trick (or – people pouring out their emotions online), think of this as ‘Commentaries’, or ‘Insights’, or even 'News'; whatever you want to call it. Your commentaries, your insights, and your news. The idea behind this is that you are constantly pushing out new and original information. Think: thought leadership.
2. Social Media Abuse
Social media marketing is a complex and sensitive marketing tool - and if used the wrong way, it can be detrimental to your business. Two ways that you can be “abusing” your social media platforms: (1) Communicating irrelevant information that floods your followers with useless information and (2) not interacting.
1. Communicating irrelevant information - It starts from not having a strategy. Which means you don’t have a process. Not researching why your customers are online and what they are looking for in the online sphere in the first place. Sending tweets for the sake of hitting a target of # of updates/week. Flooding/spamming is the sure-fire way to quickly lose friends!
2. Not interacting – the best way to understand this is like if someone walks into a Dry Cleaner’s. The machines are running and all the lights are on, but there’s no one available to respond to you.
3. Consistency in Marketing Campaigns
You can’t build a brand in a year. Similarly, you can’t build a brand by having campaigns (as good as they may be) on an inconsistent basis. Mark Manson talks about how we have transitioned to an “Attention Economy” in which information is becoming limitless and free . The keeper of knowledge is no longer in control, but rather those who can command attention. If you can do so consistently – even better.
You can’t count on building a new website and hoping to gain new clientele from that. Or simply shooting an ad and having it up on YouTube over the Christmas season. Your prospective clients/investors/customers will have already visited 10 other websites and visited 10 new videos before the day is over. It’s about commanding attention over a sustained period of time.
It comes down to being current. And being consistent. To be engaged with new prospects, leave bread crumbs – a lot of them. If someone is interested, and you really are worth talking to, they will find you.
4. Your Marketing ROI
Change your thinking: marketing is an investment, not an expense. And because of that, you need to calculate your return on investment. These metrics will inform you whether you are getting the intended results, or if it is time to change your approach.
You can’t be wasting your time and money on things that look great, but don’t bring in any conversations or dollars.
So, what exactly makes the above effective?
Blogging doesn’t cost you anything, apart from your time. And you don’t have to be writing as frequently as you think you have to be. In the investments industry, two articles per month are all you need to be pushing out more content than most are. You get to make sure it’s relevant to your clientele and prospects.
Social media is free, or costs next-to-nothing. Formulate a strategy and process on how you want to leverage it, and use it to push your own content so that your followers get fresh, new information.
Do the above consistently. Command attention over a sustained period of time and you will leave your own trail behind. When someone needs your product/service, you will be on the top of their minds.
And measure your marketing ROI, because that’s a smart thing to do.
By Alan Chu