Advisor Marketing Made Simple: Episode Summary

Episode Title: 7 Questions to Ask Before Hiring Marketing Help
Release Date: November 13, 2024
Hosts: Taylor Schulte and Kendra Wright

In this insightful episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright delve into the critical considerations financial advisors must address before bringing marketing assistance on board. The discussion is structured around identifying the right time to hire, understanding budgetary constraints, recognizing red flags, exploring alternatives, and strategically selecting the appropriate marketing partner. Below is a comprehensive summary capturing the essence of their conversation, enriched with notable quotes and timestamps for easy reference.

1. Recognizing the Right Time to Hire Marketing Help

Kendra and Taylor begin by exploring the signs that indicate a financial advisor might need to hire external marketing support.

• Growth Plateau or Major Growth Mode:

  • Kendra (00:00) emphasizes that a plateau in growth or being in a phase of significant expansion are primary indicators for seeking marketing assistance.
  • Taylor (01:09) shares his personal experience of hiring a compensation consultant to formalize team structures, highlighting the necessity of bringing in a marketing manager or agency as the firm scales.

• Need for Specialized Skills:

  • Kendra (03:28) points out that certain marketing strategies require niche expertise, such as optimizing YouTube thumbnails or crafting effective hooks, which justify hiring specialized consultants or agencies.

• Patience with Marketing Outcomes:

  • Kendra (01:09) underscores that marketing, especially digital, demands time to yield results, likening it to financial planning's long-term commitment.
  • Taylor (02:13) reinforces the importance of patience, drawing parallels between achieving financial goals and marketing success, warning against agencies that promise immediate lead generation.

Notable Quote:
"Marketing does not save your firm overnight." — Kendra (02:13)

2. Exploring Alternatives to Hiring

Before committing to hiring, Kendra suggests evaluating whether simplifying existing marketing activities could suffice.

• Streamlining Marketing Efforts:

  • Kendra (11:17) recommends cutting down on the number of marketing activities to focus on what’s already working, such as enhancing client referral processes or leveraging existing networks.

• Investing in Specialized Courses:

  • Taylor (12:17) proposes that advisors might benefit from taking high-quality courses to master specific marketing aspects, like LinkedIn, rather than immediately hiring a specialist.

Notable Quote:
"Instead of hiring someone, first cut how many marketing activities you're trying to do." — Kendra (12:17)

3. Determining Your Marketing Budget

Understanding and setting a sustainable marketing budget is crucial.

• Budget Categories:

  • Taylor (07:23) breaks down marketing budgets into three categories:
    • Consultants: Typically range from $100 to $300 per hour.
    • Agencies: Can start at $1,500-$2,000 per month and scale upwards based on services.
    • Full-Time Hires: Costs can vary between $50,000 to $100,000 annually, depending on expertise and complexity.

• Sustainable Budgeting:

  • Kendra (07:01) shares a cautionary tale about a client who initially had an unsustainable budget, leading to a temporary partnership that was mutually beneficial upon re-engagement with a revised budget.
  • Taylor (05:13) emphasizes the importance of having a budget that can be maintained for 12 to 18 months to ensure long-term marketing success.

Notable Quote:
"If you can’t sustain your budget for 12 to 18 months, you’re likely setting yourself up for failure." — Taylor (07:01)

4. Key Questions to Ask Before Hiring

The hosts outline seven critical questions advisors should pose before hiring marketing help to ensure alignment and effectiveness.

1. What Are Your Marketing Goals for the Next One or Two Years?

   • Kendra (05:14) uses this question to gauge whether the advisor’s expectations are realistic and achievable.

2. Do You Have a Budget You Can Sustain for 12 to 18 Months?

   • Ensures financial commitment aligns with marketing timelines.

3. Will the Work Be Custom or Template-Based?

   • Taylor (20:54) advises understanding whether the marketing services will be tailored or rely on pre-made templates, impacting both cost and personalization.

4. Tell Me About a Client Like Me That You’ve Helped.

   • Kendra (22:53) highlights the importance of understanding the agency’s process and ownership in past projects to assess compatibility.

5. Who Will I Be Working With?

   • Taylor (23:10) stresses knowing the actual team members involved, especially in agencies that might outsource services.

6. What Happens If We Don’t Like Working Together?

   • Kendra (27:16) recommends clarifying cancellation clauses to avoid long-term commitments that might not be beneficial.

7. If I Need Additional Services Beyond Our Agreement, What Does That Process Look Like?

   • Addresses potential out-of-scope work and associated costs to prevent unexpected expenses.

Notable Quote:
"The more customized it is, obviously, the more expensive it's going to be." — Taylor (20:54)

5. Identifying Red Flags

Kendra and Taylor discuss various red flags that advisors should watch out for when evaluating potential marketing partners.

• Outrageous Claims and Low Pricing:

  • Taylor (29:30) warns against agencies that offer deals that seem too good to be true, indicating potential underperformance.

• Lack of Specialization in Financial Services:

  • Kendra (30:17) notes that while specializing in financial advising isn't a necessity, agencies lacking this focus might offer fresh perspectives but require careful consideration.

• Negative Talk About Past Clients:

  • Taylor (31:19) advises listening to how agencies speak about previous clients, as negative remarks can signal poor professionalism or client relationships.

• Locked-In Ecosystems:

  • Kendra (32:29) cautions against agencies that build proprietary systems or templates, which can make transitioning away difficult.

Notable Quote:
"If you get a quote that seems too good to be true, you're probably in the wrong place." — Taylor (29:59)

6. Strategies for Finding the Right Marketing Partner

The hosts offer practical advice on sourcing reputable marketing help.

• Leverage Personal Networks:

  • Kendra (34:12) recommends asking trusted contacts for referrals, mirroring how financial advisors are often found through word-of-mouth.

• Research and Due Diligence:

  • Taylor (34:36) suggests thoughtful research, such as searching for specialized services like "SEO for advisors," and scrutinizing agency responses to ensure credibility.

• Evaluate Past Work and Client Success:

  • Kendra (38:39) encourages evaluating examples of an agency’s past projects and their impact on similar clients to ascertain fit and effectiveness.

Notable Quote:
"Marketing is kind of like going to war. I want to know who I'm fighting beside." — Taylor (24:28)

7. Conclusion and Final Thoughts

As the episode wraps up, Kendra and Taylor reiterate the importance of clarity in marketing goals, budget sustainability, and strategic alignment when considering external marketing help.

• Clarity and Focus:

  • Kendra (37:34) emphasizes understanding ideal clients, setting clear goals, and budgeting before initiating the hiring process.

• Collaborative Effort:

  • Taylor (18:45) and Kendra (16:46) discuss the necessity of collaboration between advisors and their marketing partners to ensure successful outcomes.

Final Notable Quote:
"If you don’t know who you love to work with, it's going to be really hard for marketing support to bring more of that awareness and attention to your firm." — Kendra (38:39)

Key Takeaways:

1. Assess Readiness: Determine if your firm is experiencing growth stagnation or rapid expansion to decide on hiring marketing help.
2. Define Goals and Budget: Clearly outline your marketing objectives and ensure your budget can support sustained efforts.
3. Ask the Right Questions: Utilize the seven critical questions to evaluate potential marketing partners effectively.
4. Watch for Red Flags: Be vigilant about unrealistic promises, poor client relations, and restrictive service models.
5. Leverage Networks: Use personal and professional networks to find trustworthy marketing consultants or agencies.
6. Prioritize Collaboration: Successful marketing partnerships require active involvement and clear communication between advisors and marketers.

By meticulously considering these aspects, financial advisors can make informed decisions that enhance their marketing strategies, foster growth, and ultimately, elevate their firms’ success.