Are you frustrated with the results of your marketing efforts? Are you pulling out your hair trying to figure out what you can do to turn your marketing around? We’re oftentimes left to struggle with the ‘why,’ and sometimes the answer is challenging to uncover. Why did that seemingly sure-thing marketing strategy turn out poorly? From my experience, every marketing trip-up (and we all have them) can be understood and even quantified if we apply the following theories:
1. The “College Try” Theory: We try to make the marketing activity work but secretly we hope it doesn’t work so we don’t have to do it again. A good example of this is social media. Ask yourself, did I give this marketing effort enough time to truly develop before I decided to give up on it? Did I try it just to say I did, without being truly passionate about whether or not it succeeded?
2. The “Doubled Investment” Theory: We apply the same amount of diligence to our time investment as we do with the monetary investment. For example: hosting a seminar where a significant amount of time is spent on practicing a compelling presentation and the follow up strategy. It is not just a monetary investment but one of time too. One without the other is frequently disappointing. Ask yourself, did I spend enough time on both my presentation and follow up to truly make this work?
3. The “Stroke A Check” Theory: The hope is that if we write a big check to initiate a marketing activity, the new business will flow in. The reality is that without a combination of money and focus, just applying the former is often not nearly as successful as one would want. Ask, did I just throw money at something hoping that it would work, without really taking a look at how it would work?
4. The “Repelling Message” Theory: This one is the most prevalent of all because we often don’t know we’re doing it! You may be implementing the techniques correctly with your marketing activities, but if what you say verbally or in writing is not compelling to others, it is often having the opposite affect. Examples of this are seminar presentations, prospect meetings, website messaging, email marketing, etc. We think we are being compelling, but the reality is different and the only way we know is by soliciting real feedback. So ask others what they think, suggestions for improvement, etc.
5. The “Assumption of Success” Theory: We assume just because a marketing strategy works for someone else that it will work exactly the same way in another market with another advisor and other prospects. Although using a successful marketing strategy from someone else usually increases our odds for success, we still need to make sure that all of the parameters are equal. It seems obvious, but what works in Wisconsin may not work in California. Ask yourself, is this strategy right for my target? Is there something I can do to make this strategy a better fit for my audience?
So the next time you ask yourself ‘why,’ consider these theories for your answer. And once you discover the ‘why,’ determine what you can do better and continue to move forward with your marketing.
Originally published June, 2014 here. Reprinted with permission.
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