Mastering Marketing, Branding, & Business Development as an Advisor

Mastering Marketing, Branding, & Business Development as an Advisor


– Hi, this is Coach Joe Lukacs
and welcome to this episode
of the Magellan Network Show.
In this episode, I want to
talk about three very different
but at the same time, interrelated
scenarios for advisors.
I want to talk about
marketing, I want to talk about
branding and I want to talk
about business development.
Three things all of you need
to master and what the key
differentials are.
So let’s get into today’s episode.
So, you know when I started
coaching back in the early 90’s
advisors needed to really
be marketers in the sense of
personal connecting, right.
Whether that was on the
phone, whether it was cold
walking, networking, centers of influence.
That was our marketing game.
We didn’t really give a lot
of thought to branding because
back then, well the firms
did the branding, right.
The big wire houses and even
the insurance companies, they
were the brand and you know,
we were part of that universe.
Today it’s a whole different world.
You know, with the internet,
with social media today
advisors have got to realize
that they have to master the
marketing and branding game
because it’s a whole new
development recently and I
spent a lot of time talking to
my clients about this.
And the first thing we
want to do is differentiate
the three areas, right.
Marketing, branding, business development.
So let’s talk about marketing.
Marketing is a really a
code for messaging, okay.
So, newsletter’s, podcast’s,
social media post’s,
video, audio, anything you would put on
Facebook, LinkedIn, and
you would tweet out.
Anything you would put via
email in a global sense, right.
We would consider that
marketing, which is your
voice, right.
Which is kind of getting your
uniqueness out there in space.
Branding is about what we call
“the storefront”, so that’s
your website, that’s all
your social accounts.
So your LinkedIn page, your
Facebook business page, if you
have a Twitter page
You know, they all need to
feel and look the same and they
need to be top-notch.
Your branding is really
now first impressions.
Think about this, for a lot
of you who have been around
this game for a while, first
impressions in our space,
you know, 10-20 years ago was
what, when somebody showed
up and checked out our office, right.
What the office building looked
like, what reception looked
like, then you go and meet
them maybe for the first time
they actually see what
the heck you look like.
And, you know, whether you
got a suit on or corporate
outfit, whatever it was,
right, we’d go ahead and do.
That was first impression.
Today it’s, people look at your website.
And they draw a conclusion
on what they see there.
So if your website is not a
21st century dynamic with video
and video sliders and tells
a great story, that’s like
stuck in 1990’s, you’re
at a disadvantage, okay.
So the branding part, what
you have to really look at is,
am I really, is it really the
best possible it could be.
So we’ve got marketing our
voice, right, which is our
messaging.
Branding, which is our storefront.
Now business development is
what we call “contact game”,
right.
This is where you do your one-on-one’s.
So, this is when you’re maybe
networking in a group, right.
Maybe you’re talking to
centers of influence.
Maybe you’re asking for
referrals, maybe you’re following
up on a prospect, right.
You’re doing things like that
that are really kind of the
business development side.
That’s kind of the real
cannonball one-offs and so you’ve
got three buckets.
And you know, like I said,
we’ve got to master all three
and I spent a lot of time and
energy the last couple years,
not that I’m a marketing coach
and I never would say that.
There are a lot of other people
you kind of do that for a
living, I don’t do websites or anything.
I ride shotgun with my
clients on those things.
Let’s talk about best
practices in each one of them.
So, let’s talk about branding real quick.
So what are some best practices?
Number one, your website when
you look at it, are you proud
of it?
Is it current?
Is it mobile-friendly?
Is it dynamic?
So dynamic content, video,
audio, you know does it have the
the thing.
Do you have that stupid contact
dust tab, which nobody ever
fills out the form or do you
have something that say’s
“book your introductory phone
call” and it’s linked to a
scheduling application like
Calendly or ScheduleOne’s or
Appointlet or something like that.
So you can empower your
marketplace, right, to go ahead and
get some of your time.
So websites matter, they need
to really be your storefront
and I would say this, I’ve got
clients that will spend 15,
I had a client this year
who spent $10,000.00 on
video shoots.
For his website, $10,000.00
for video shoots,
for his website.
But if you saw his
website, you’d go “yeah,
that is a successful team”, right.
So, my point being you know, years ago,
when the old saying was what?
Dress for success, right?
You started in your career,
you would buy suits you could
not afford and look I did this.
You know, my wife made me buy
custom clothes and I used to
walk lower Manhattan, I had
the French cuffs on and because
this was the brand, this
was the image right.
There’s no websites back then.
Today, you still have to
dress nice but you got to put
money into your website.
You got to put money into
your Facebook business page.
You got to put money into
your LinkedIn account, right.
Getting it built out, paying
for it, things like that.
That’s all part of your brand.
So, just make sure, ask yourself,
“on a scale of one to ten,
how’s my website? How’s my
LinkedIn? How’s my Facebook
business page? Oh, I didn’t
know I even had to have that”.
Yeah you do, all right.
LinkedIn, Twitter, all
the channels, right.
And trust me Instagram’s
not too far behind.
So just kind of think about
each one of those areas
and say then what do I need to
do to improve going forward?
Now let’s talk marketing.
So marketing comes in
different modalities, right.
Let’s just talk about messaging, right.
Marketing means message and voice.
So voice has some different
elements to it, right.
It could be video, it
could be audio, it could be
text/written word, it can
be images, pictures, right.
There’s four modalities and
ideally you wanted to play
all four on a regular basis.
Now some of you sit there and
say, “well what’s the word
regular mean?”.
What I tell my clients is that
you know, we need to be out
there literally everyday
playing in traffic in our
social game.
So, what that means is
that we’re posting daily,
some small content.
We’re doing some larger stuff,
like maybe once or twice a
month we’re doing like a video
blog, we’re doing a podcast
or we’re doing something like that.
But it needs to be, here’s
the key thing and I want to
really make this point.
Do not,
do not confuse buying third-party junk
to original content, okay.
A lot of you, and I’m connected
to a lot of you on you know,
LinkedIn and other places
and I’ll seem to see
the same social word piece, 15 times.
Remember, marketing is about your message.
Let’s really have the sidebar
conversation for a second.
What are we really trying to do here?
What’s the goal of all this, right?
What’s the goal of the website?
What’s the goal of the marketing?
What’s the goal of the
business development, right?
What’s the outcome that we seek?
There’s a difference between
corporate marketing and
personal branding.
I submit to you that you’re
in the personal branding
business.
You’re in the personal
branding game and here’s why.
People hire you because of who you are.
Not the name on your business card.
I don’t care what some larger
organizations tell you,
they’re BS’ing you, it’s a lie.
People hire you because of you.
So when you look at your marketing, right.
Your messaging, your voice.
Is it really, truly your voice?
Or is it I’m buying
some third-party stuff,
I’ve got some videos from somebody.
Some of you have videos from
other people, I don’t even
know who these people are.
You know, you go hire a
company and they give you this
thing on financial planning 101
and you’re not even the teacher.
That diminishes you.
I’d rather you have
nothing on your website
than somebody else, okay.
So with the marketing, it has
to be real, raw, authentic.
And I know what you’re saying,
“well Joe, we got compliance
and it’s a pain in the
ass” and I get all that.
But look, I’ve had clients
in every major organization,
who authentic messaging,
they just have to plan.
You know, the message you
want to put out today probably
needs to be created three weeks ago.
And you have to let it weave
through the compliance track
right?
It’s doable but you got
to make the time to do it.
And I will say this, you
know we were in Minneapolis
earlier this year at a one
day mastermind which I hosted
and we’re talking about
social media and Facebook ad’s
and boosting content, right.
So, the reason why you want
a Facebook business ad and
Facebook business page is you
want to take your original
content, post it and then
boost at your target market
which all of you need, right.
For like $30, $50, $100, whatever it is.
And you know, one of the
participants there, they made the
comment which I wish I would
have thought of the comment,
it’s a powerful comment.
He goes, “so what you’re saying
to me is, you know, for like
$100, I can take like a three
minute video or an audio or
a block post or something
and I can put it up on my
Facebook business page and I
can push it out to a target
market and I can probably
get maybe 500, 1,000 , 1,500,
2,000 people looking at it?”.
I said, “yeah that’s about right”.
He goes, “well man, that’s
like the equivalent of doing
like 2,000 cold calls everyday”.
And you know I thought
about that for a second.
I said, “you know what, that’s right”.
So, a lot of you look at your
social and you say why am I
doing all this stuff.
So ask yourself, if I’m putting
stuff on LinkedIn or I’m
putting stuff on Facebook or
I’m tweeting stuff out, is it
really my content or am I
just grabbing stuff, you know,
copying and pasting, the way
it goes and all it’s doing is
creating a product for you.
It does nothing for you, by the way.
Because it’s not your voice.
You want people to get a feel
for your marketing, it’s got
to be about, people need to
get a feel for who you are.
As a human being, as a professional.
So they’re comfortable in
reaching out to you, marketing is
about rapport building
and also about building
a communication bridge.
Once you build that communication
bridge and they feel
they can trust you, they like
you, right, they resonate.
Then they’re more open to
want to reach out to you
when they have a need, period.
So, if your messaging is not
doing that and it’s just like
information, remember the last
thing our society needs is
more information.
It needs inspiration,
it needs guidance right.
So, if your pumping out you
know, the latest market update
or the latest what our economist
says or this or that and
all those, no but first off nobody cares.
Number two it’s financial
pornography, in fact it retards
progress.
I rather you talk about a
client situation, I rather you
discuss case study.
I rather you have a picture of
you at a client event saying,
“hey I want to thank all my
clients for coming to this wine
tasting and it was great and
by the way if you never want
to talk to me, you know, email
me or go to my website or
whatever”, and you put a little
next step out there right.
That is way more powerful
in a marketing message
than a market update that’s not yours.
Okay.
So marketing, branding,
everybody get that?
Good.
Now, business development
really has not changed that much
but the modalities have changed.
Let’s talk about business
development, you know I was
talking to a client and he’s
been in the game for probably
about 20-25 years, same as me.
And we’re talking about following up.
Like, we’re talking about you
know contacting our client
centers of influence, right.
CPA’s, attorneys, P&C people,
you know there’s a list there.
And just following up on
referrals that never said yes or
he does workshops of people
that, you know, never engaged
even though they attended a workshop.
And you know, his whole things
is to you know, do this,
for those of you doing the
audio, I’m picking up my iPhone
and the first thing we
want to do is call people.
And I’m going to submit to
you, that is the worst thing
to do and here’s why.
How often do you pick up your
phone, when you don’t know
who’s on the other end?
And even if you know who’s on
the other end, how often do
you not pick up the phone cause
you’re just not in the mood
to talk to them, right?
Think about your own behavior,
we have caller ID everywhere
now, there’s no slipping by, right.
So, to sit there and to call
somebody and parachute in,
to me is the same thing as
the 1950’s when you had the
door-to-door vacuum salesmen.
They just knocked on the door,
they had no idea what was
gonna be on the other end.
It could be, it could be you
know, a husband and wife in the
middle of a fight, it could
be kids, you have no idea what
shows up, right?
So, same thing on a phone call now.
You have no idea what you’re
getting yourself into and
quite frankly you’re not
going to get anywhere, you’re
gonna get the voicemail.
And now you’re gonna play the game, right?
Are they gonna call me back?
I don’t know, right.
When do I call again?
All the BS
So, business development
is done electronically.
It is done via text, it is done via email,
it is done via direct messaging
through our social apps.
So LinkedIn, direct
messaging, Facebook message,
things like that.
You do it so number
one, your not obtrusive.
Number two, you make it convenient
for the person to respond
back to you, right.
Think about it, just think
about how, look we can debate
whether it’s a good thing
and some of you people in my
generation, right.
The 50-plussers, look you’re
like, well it’s you know.
Hey, that’s the game.
So you can sit there and
bitch about it, like you know,
I’m gonna do it my way.
Well good, then your bank
account’s gonna suck, right.
This is reality.
This is how the game is played.
So, it’s like sports.
When they change the rules
of the game, the players have
to adapt to the rules otherwise
they’re out of the league.
You’re in that same boat, all right.
So our business development
game is gonna be played
electronically.
We’re gonna ping people, we’re
gonna follow up, we’re gonna
reach out, we’re gonna
do it electronically.
Because that’s the
professional way to do it.
And we’re not, and I’m not
talking about taking like a group
email and blasting these one,
like, generic message out to
50 people.
“Oh Joe, I did 50 contacts today”.
No you didn’t, you put a
newsletter out maybe, but that does
not count as a contact, right.
So I want specific notes, I
want video bom bom’s if you’re
firm allows you to do that.
I want all these things done
in a 21st century manner
cause that is the
business development game.
And I’m telling you, from the
clients that I have that to
have embraced that game, they’re
seeing tremendous results.
Set’s them totally apart, right.
So, let’s recap this episode.
One, understand branding.
Website, social site, I mean
you cannot over invest in that.
Two, your marketing, your
messaging has got to be you.
You have to create the content,
you have to write it, you
have to videotape it, you have
to audio record it and for
some of you who want a quick
“well Joe, how do you, I don’t
have time for that”.
Think of it this way, you
shoot a video five minutes.
Mine are a little bit longer
sometimes but let me tell you
what we do here.
We have a video, we shoot it right here.
We then take the audio,
now I’ve got a podcast.
We now take the transcription
and now I’ve got blog posts.
I can chunk it out and we
have block posts, right.
And if I wanted to I could
take a picture of myself doing
this and now I’ve got an image.
Here’s Joe shooting his latest
podcast, latest Magellan
Network Show, right.
So I can do one thing and multiple things.
Think about every time you
do a client event or even a
public even, you’re out
there doing those things.
Make sure you have
somebody taking pictures.
I don’t care, it could be on your iPhone.
You know, take pictures right
and then you have something
that show’s authority because
you’re with a bunch of
people that are your clients right.
If you happen to do any kind
of speaking, make sure photos
you’re taking, authority in
the front of the room right.
All those things are important.
So it’s not that complicated
to create content.
You just gotta think differently.
You gotta think, how many
times have you gone to a
conference?
Think about this real quick,
I know we’re going way over
time here but I want to
get this to you guys.
How many times do you go to a
conference and you go and you
get educated, you listen to
a speaker, maybe get some CE.
Why don’t you promote that?
Hey I’m in St. Louis, or
I’m in San Diego, or I’m in
New York or I’m in Chicago
and I’m at this thing learning
about this, right.
Learning about real estate
trusts, learning about estate
planning, learning about taxation, right.
Whatever it is, why don’t
you get a picture of you
in the room.
People will do it for you.
And you showcase number one,
what we don’t do, and this is
a whole nother subject for
me in a different episode,
our industry sucks.
And I mean sucks with a
capital S, at communicating
everything that we do to
stay on top of our game.
How often do you indicate
your continuing education, the
conferences you attend, the
training’s you attend, all this.
And you need to be promoting
the crap out of that.
Because otherwise your clients
say, “what do you do all
day?”, all right.
So, there’s a lot of things we
do but you’ve got to promote
them.
It is not gonna happen because
you just think about it,
you gotta go do it, all right.
So, I hope this message, I
hope this episode provides you
some clarity, some value
on how you need to play the
game going forward.
I invite you to come join me
inside Magellan Network for
30 days on me.
We talk a lot about
marketing and branding.
It’s a great place to kind of
get a little different take
on things.
So, you’re more than welcome
to come play there with me
and I encourage you.
There’s a link somewhere
here to go make that happen.
You fill out an application.
And until the next episode
of the Magellan Network Show,
this is Coach Joe Lucaks saying
hey, thanks for watching and
listening.
I want you to make it a great day.
Let’s go get them.
And then one, two, three, off we go.

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