Advisor Marketing Made Simple Episode Summary: "Advice Line: How To Focus Marketing When You're Split Between Two Niches (Thomas Cook)" Release Date: February 12, 2025
Hosts: Taylor Schulte and Kendra Wright
Guest: Thomas Cook, Retire to Teleco

Introduction

In this episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright welcome Thomas Cook, a financial advisor from Knoxville, Tennessee, representing the firm Retire to Teleco. Thomas seeks guidance on refining his marketing efforts as he navigates managing two distinct business niches. The conversation delves into his current strategies, challenges, and the pivotal decision-making required to achieve his ambitious growth goals.

Guest Background

Thomas Cook has been an advisor since 2017 and launched his own IRA firm, Retire to Teleco, a year prior to the episode. His firm caters to retirees in Teleco Village, an affluent retirement community in Tennessee, managing assets worth $7 million with a target of reaching $50 million in the next five years.

Current Marketing Efforts

Thomas initially operated a virtual practice under the name "Refine Your Plan," aiming for a broad audience. However, prompted by his wife's advice, he pivoted to a more localized and in-person-focused approach, rebranding as Retire to Teleco to serve the pickleball-playing retirees in Teleco Village.

Notable Quote:
Thomas Cook [02:03]: "I want to find that one thing that I can be better at."

He implemented in-person marketing by sponsoring the local pickleball club, organizing clinics with a professional player, and hosting events like "Pickleball Pro vs. Local Legends." This strategy significantly increased his visibility and client base within the community.

Additionally, Thomas supplements his in-person efforts with educational activities such as teaching at the local library and experimenting with digital marketing channels like blogs, podcasts, and YouTube. However, his dual-focus on both in-person and online marketing has led to a scattered approach, diluting his effectiveness.

Notable Quote:
Thomas Cook [05:08]: "I have been so shotgun approached in my marketing efforts and I have been divided in my attention and energy."

Challenges Identified

1. Dual Niches: Managing two distinct business focuses—Retire to Teleco and Refine Your Plan—has fragmented his marketing efforts and resources.
2. Inconsistent Marketing: Attempting multiple marketing channels without a cohesive strategy has resulted in wasted investments, such as a $3,000 local newspaper campaign that yielded minimal returns.
3. Scaling Impact: While Thomas is passionate about making an impact through educational content for younger professionals, he struggles to balance this with the immediate business growth needed from his primary niche.

Notable Quote:
Kendra Wright [06:35]: "Have you decided to focus on Retired at Teleco? Are you still trying to balance Retired at Teleco and Refine Your Plan?"

Hosts' Analysis and Guidance

Taylor and Kendra emphasize the importance of focusing on a single, well-defined niche to achieve sustainable growth. They challenge Thomas to prioritize Retire to Teleco, given its potential for profitability and alignment with his immediate business needs.

Notable Quote:
Kendra Wright [11:24]: "If you don't grow, do the right things the next two years, you're going to have to sell your house."

They highlight that while impact is essential, the primary focus should be on building a robust financial planning practice before scaling to broader educational initiatives. This strategic focus will provide the foundation needed to later expand his impact without compromising business sustainability.

Notable Quote:
Taylor Schulte [19:03]: "If you don't grow, do the right things the next two years, you're going to have to sell your house."

Strategic Recommendations

1. Niche Consolidation: Prioritize Retire to Teleco as the main focus to streamline marketing efforts and resources.
2. Content Pivoting: Redirect the YouTube channel's content to cater primarily to retirees, aligning with the firm’s niche while maintaining educational value.
3. Marketing Funnel Optimization: Develop a focused marketing funnel that leverages community engagement and targeted digital content to attract and convert ideal clients.
4. Systematization: Implement consistent marketing practices and delegate tasks where possible to maintain focus and efficiency.
5. Impact Scaling Post-Growth: Once the primary business achieves stability and growth, consider reinvesting in broader impact initiatives like educational content for younger professionals.

Notable Quote:
Kendra Wright [32:58]: "If you love YouTube, we can talk about what your marketing funnel could look like. There's a couple different paths we could go down."

Thomas's Reflections and Commitments

Thomas acknowledges the need to refocus his efforts on Retire to Teleco, understanding that a concentrated approach is essential for meeting his financial goals and sustaining his business. He recognizes the value of setting aside secondary projects, such as his young professional YouTube content, to prioritize immediate business growth.

Notable Quote:
Thomas Cook [45:57]: "The number one thing for sure will be the YouTube, have the retirement focus and be getting people to that financial planning process."

He commits to realigning his marketing strategies to support Retire to Teleco, leveraging his existing community connections and refining his digital presence to better serve his target demographic.

Conclusion

The episode concludes with Taylor and Kendra reinforcing the importance of strategic focus and the potential for future impact once the primary business is well-established. They commend Thomas for his dedication and encourage him to integrate his passion for community engagement with a streamlined marketing approach to achieve both income and impact.

Notable Quote:
Kendra Wright [46:37]: "Thank you for showing us how those two sides can integrate and align. You can have income and impact."

Thomas leaves the conversation with a clear action plan to concentrate on growing Retire to Teleco, leveraging his strengths in community engagement and refining his digital marketing strategies to solidify his firm's position and achieve his growth targets.

Key Takeaways:

• Focus is Crucial: Consolidating marketing efforts on a single niche can significantly enhance business growth and sustainability.
• Strategic Content Creation: Aligning digital content with primary business objectives ensures more effective client acquisition.
• Systematization Over Scattershot Approaches: Implementing consistent and targeted marketing strategies yields better results than attempting multiple disparate channels.
• Balancing Income and Impact: Prioritizing business growth creates a stable foundation upon which broader impact initiatives can be built.

For more insights and resources, listeners are encouraged to visit taylorschulte.com and consider applying to join future Advice Line episodes.