Does this make sense to you?
Someone spends $100,000, $200,000 or $300,000 a year to market new clients into their firm. But when I ask basic marketing return on investment, cost of client acquisition and budgeting questions, they’re at a loss for words. Why? Because they’re “too busy” to know. That’s crazy.
One of the most successful advisors I’ve ever met told me,
“Know your numbers, know your business.
Don’t know your numbers, no business.”
Chew on this. If you’re spending big money towards new client acquisition, you’ve already made the toughest decision. For that, I applaud you. You believe in yourself and are backing it up. But moving forward, be smart about it. What other successful, long-term focused business (not successful salesperson, but successful business) would spend that kind of money, yet not run tight tracking on results?
I’m not suggesting you step away from meeting with clients to crunch numbers and move marketing dials. After all, you’re probably best when you’re face to face, belly to belly, with the people who need your help. But what could a marketing manager do for your firm? Depending on your part of the country, that full time professional will “cost” you $40-$120,000 per year. Is it worth it?
Yes. Yes. Yes. If you’re spending significant money to attract new clients, there is zero doubt a marketing manager is worth the money.
- They’ll take weight off your shoulders and allow you to focus where you shine most. That allows you to convert more often, run more meetings and generally smile more.
- They can take the marketing money you’re already spending and maximize it. They’ll stay on top of tasks like tracking, ROI, budget movements and deployments, leads that fall through the cracks, drips between meetings and creating the BEST client culture around. All this leads to more success.
- They can take over opportunities you’re currently missing. Think about current client events to prompt more revenue and higher retention, think professional referral sources you’re not taking time to approach and think charitable opportunities for your firm just to name a few.
What would it take to break even with that marketing director’s pay? How many additional assets? And how much stress relief and excitement does it create as well? You’re now able to move into the future and take advantage of everything you learn! You’ll be proactively planning instead of reactively responding.
Know your numbers, know your business. Time to make that happen.