I just spent a couple of months promoting an investment strategy that’s based on return on investment, and it’s gotten me thinking about the investments that all of us make in terms of our businesses, our relationships and the decisions we make every day about where to invest our time and energy. That lead me to a conversation with Brian Lauzon, managing principal at Advisor Assist, about what return on investing in marketing really means.
You have to have some idea of an ROI in this area, because without it, you can just throw money at various marketing strategies and not see much in the way of a return. But, like any other investment, you have to be intentional about what you are doing, create a strategy and execute that strategy over time and give the strategy time to work before you decide whether it’s working or not.
And that’s the rub. All too often, financial services companies and financial advisors throw something at the marketing wall and hope it sticks and complain when they don’t get anything back. That could be a direct mail piece, an email sent to prospective clients, a new website, a white paper, a webinar, whatever. Without refining the message, creating a campaign and consistently executing that campaign over time, the results won’t happen. And even then, the results may not be in the form that’s expected or come at the precise time you hope they will.
Think about it just like you would think about your investors or your clients. If I invested in your mutual fund or hired you to manage my portfolio for six months and then pulled my money out, saying that I hadn’t gotten my expected return, you would likely tell me that I hadn’t given it enough time. You’ll tell me that your strategy is a long term strategy and six months is just too short of a time to decide whether the return is worth the investment.
Just so! I’m just saying that just as you have to give investment strategies enough time to work to gauge whether they are effective — or not– you have to do the same with marketing strategies.
Of course, whatever marketing you are doing should be tied to an actionable plan, specific goals and a targeted audience. Then, If you then intentionally create content and promote that content, your strategy will have legs.
And that’s another critical aspect of content marketing — great content lives forever. House it in the right place, promote it effectively and the results will eventually come. Maybe not today or tomorrow or even in a year. But if you build it right, they will come…