Seven Unconventional but Successful Marketing Tactics

A growth rate drives the tactics

We next ask, "What marketing tactics do I need to support that growth number?"

For example, selecting a 5% growth rate requires only one or two tactics and no overall marketing system.

A 20% target growth rate could mean half a dozen tactics supported by a sophisticated marketing system and a large promotional budget.

Using the rule of thumb that the higher the target growth rate, the more tactics and the more sophisticated the marketing system, here is a starting point for your thinking Based on a target growth rate:

• Up to 5% – One or two targeted marketing tactics, usually referral/relationship-based
• 6% to 10% – Two to four targeted marketing tactics, basic marketing engine
• 11% to 15% – Three to five marketing tactics, comprehensive marketing system
• 16% to 20+% – Four to eight marketing tactics, advanced marketing at scale

Once you have your target growth rate, the next logical question is, “What tactics will you select?”

I did not say “tactic.”

No single tactic will drive significant growth; tactics work together, and multiple tactics increase the likelihood of achieving your plan.

Advisor marketing tactics for fun and profit

Each industry has a typical marketing playbook and tactics.

You are likely familiar with common advisor marketing tactics like:

• Referrals from clients and your network;
• Search engine optimization and website marketing;
• Creating social media connections for warm calls/emails through Facebook or LinkedIn;
• Networking and advertising in a target zip code/community;
• Radio shows or podcasts;
• Email marketing;
• Marketing seminars; and
• Marketing through centers of influence like accountants and estate attorneys.

Your growth plan may include one or more of these marketing vectors familiar to advisors.

In interviewing advisors over the years, I also uncovered some fun tactics firms use to build and grow their practice.

Consider guerilla marketing campaigns that competitors cannot copy or that might be an excellent fit for an advisor's skills or the specific target market.

Seven unconventional but successful tactics

Here are seven uncommon marketing tactics that were hyper-successful for the firms that used them:

1. Sublease space to complementary wealth management professionals

A financial planning firm rented space to an accounting and tax practice. It gained over 50 new relationships through its shared space and the strategic alliance.

2. Birthday lunch where clients bring a friend

A friendly advisor hosted a bring-a-friend lunch on the client's birthday.

The advisor stands up when the friend arrives and leaves the two friends alone for most of the lunch but gains dozens of new introductions yearly.

3. Teach a class to your target market

An advisor taught a public speaking class to area professionals who just happened to be her target market.

While financial planning, investment, and retirement planning seminars and webinars can also work, don't limit your speaking or teaching to financial planning or investing topics.

4. Become an expert/teach a class to complementary professionals (referral sources)

A financial professional with a legal background taught a CE credit course sponsored by a third-party organization and built a niche practice almost entirely with this strategy.

5. Radio or podcast with guests who can refer

A financial advisor loved interviewing experts in different areas of interest to wealthy individuals, such as personal trainers and specialists in finding second homes.

He gained a referral from each guest/show and some business through his audience.

6. Network through your sport or activity

Golf is an everyday networking activity, but it will only work for some advisors.

One advisor was a highly ranked tennis player who loved doubles competitions because it was easier on his knees and a great way to network with other country club members in his metro area.

Don't force an area of interest. Less common activities like bridge or collectibles may also work well for advisors.

7. Select boards or non-profits for networking and brand-building

An advisor with a local focus surveyed the non-profit landscape and realized there were two influential non-profits in his target zip code, so he joined the one that interested him the most.

Another wealth management firm, which targeted the 100 wealthiest families in its city, selected a strategy of supporting the arts and, through a multi-pronged approach of sitting on key non-profit boards, gained a 33% market share with the wealthy families.

When building your plan, use these guerilla and non-traditional marketing tactics where they are a unique fit for the target market or skill set.

For example, a growing ensemble practice of two partners may have three to five core marketing tactics executed by a full-time or fractional marketing team and one or two non-traditional tactics unique to each partner.

Think like a gourmet chef to get the right mix of tactics

Like a gourmet chef selecting fresh ingredients and precisely measuring them to yield a tasty dish, the secret to a practice-growth system is to choose the specific tactics appropriate for that plan.

Back in the days when I was creating at least one new, comprehensive marketing plan a month for my advisory clients, I tracked how my teams performed against peer firms in their wirehouse or broker-dealer network.

The typical scenario was that a firm was experiencing single-digit growth and running one to two tactics that might have been based on referrals or relationship-building.

An essential step in the planning process was to narrow down to an addressable target market like those planning for retirement in their area or business owners in a specific industry exiting a family business.

We would select two to four marketing tactics appropriate for the situation and then tailor the firm's marketing to the target market, such as the website, prospect content, and promotion.

On average, using this process, my advisory clients experienced double the AUM growth rate of their peer firms over five years.

Where art and science converge is selecting the right mix of tactics for your situation and your target growth rate.

Case study

An ensemble RIA practice of two principals and two support professionals used the early part of the pandemic to design new client management processes, update its service tiers, and hire a planner to position itself to scale to the next level of growth.

The partners figured that growth would take care of itself with the added capacity and better processes.

The team was frustrated when year 1 of the new model only saw a 5% growth rate in net new assets, primarily from existing clients and referrals from existing relationships.

In year 2, the team did some additional planning and targeted a 10% growth rate in AUM.

The firm continued its two winning tactics of account growth and client referrals.

The principals felt they needed two more winning tactics to reach the 10% target growth rate. They decided to recruit and support more significant relationships.

The firm reviewed its top relationships, worked backward to the source of those new clients over time, and found five influential professionals had referred most of those relationships.

The firm decided to host joint events with these influencers early in the year and add a content marketing ladder geared to educating contacts to become clients. The ladder included a White Paper, periodic webinars and nurturing an email list through a basic marketing automation package.

The combination of these new tactics was so successful that the firm added all the new clients it wanted for the year by the end of Q3.

It stopped proactive marketing and took Q4 to integrate those clients into the practice.

Not all marketing plans with new tactics will exceed expectations and the desired growth rate.

Many firms review marketing tactics' performance quarterly to ensure each tactic generates the expected quality and quantity of leads, clients, and fees.

Leading firms also monitor the health of the growth system by tracking new marketing leads, new business appointments, active opportunities, and projected fees in the sales pipeline.

Need more certainty about your marketing tactics?

Start with your target growth rate for 2024 and work back to select your tactics and develop your plan.

Bob Hanson is a fractional marketer and author of Marketing Power for Financial Advisors. To get his new checklist, Nine Questions Advisors Must Ask Before They Hire a Marketing Agency, Fractional or Full-Time Marketer, click here.

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