The biggest breakthroughs in our business generally happen because of one of two reasons: 1. We approach a problem from an entirely new perspective, or 2. From an extremely painful experience, which generally causes the new perspective in option #1. In other words, it’s the obstacles that we confront that lead to the biggest breakthroughs.
I often discuss with advisors their fear of or lack of skill in marketing. Very few of us got into the advisory business in order to become marketers. I think it’s fair to say that we like to do financial planning and work with people; the marketing we do is typically viewed purely as a necessary evil. It’s possible though that we can learn to see marketing as what it is, the most valuable element of a thriving business, but we probably come to see it that way because we’re in so much financial pain at some point that we’re ready to see marketing (or selling) differently than we used to.
If you’ve been around the marketing parts of our business long enough, you’ve likely heard of Dan Kennedy. He’s the marketing guru who shaped so many of us. In one of his many marketing newsletters, he said something that was so interesting and so profound that it stopped me in my tracks. He said, “Wealth can be based on many different things – unique or proprietary intellectual property like patents, trademarks or copyrights, a great product or service, a crying need or fervent desire of a market, personal expertise of substantial value, etc. – but most wealth is fueled by a reliable, effective marketing apparatus, system and plan.”
The advisors I meet who are at their wits end have done as little marketing as they deemed necessary in their business. When they needed some leads, they’d figure out how to do some marketing. The problem is, this on-off marketing creates an ebb and flow volatility that can drive a person to madness. On the other hand, the advisors I meet who are rich have gotten so by building or benefitting from a marketing machine much like one that Dan Kennedy described. The poor advisor is experiencing pain resulting from too few opportunities, while the rich advisor creates his or her own temporary pain by investing aggressively in the consistent marketing necessary to result in reliable and effective systems of opportunity. The difference may seem subtle, but I can assure you, it is not.
So, what will you do with this? If I can encourage you in some way, I’d encourage you to take a moment and honestly assess which type of pain you’re feeling: pain that stems from lack of opportunities, or are you feeling pain that is of your own making, the pain of aggressive investment? The latter is most likely temporary and will eventually transform into riches for you and your family. The former is just a shame.
This might be the moment for you when you finally put an end to the ebb and flow, feast or famine pain that is all too common in our great business. This may be the time when you choose to take ownership of your circumstances and invest in a proven marketing system that can provide you with reliable and effective results. If you’d like us to assist you with this, let us know. We’ve experienced the breakthrough that leads to a very different future. Maybe it’s time that you do the same.