Centered around the theme of growth, DeVoe & Company’s 2023 Elevate conference in Nashville, Tennessee, last month invited hundreds of advisors to learn from RIA industry experts and discuss strategies among peers. Focuses of the educational sessions included the power of a strong referral system, the strategy behind becoming a client advocate and the healthy future for the growing RIA space.
From the perspective of two public relations and marketing professionals, one of the biggest takeaways was how firms should leverage a comprehensive public relations and marketing campaign to complement their growth strategies. While many speakers touched on the power of a strong brand, few dug into the details. Below, we dive into the strategies discussed that would pair well with a marketing campaign.
Growth begins with strategy and continues with a marketing approach
As time keeps ticking and clients get older, your firm depends on steady growth to survive. Tim Kochis, special advisor at DeVoe & Company, delved into the nuances of creating a growth mindset across your firm, as it relates to attracting new clients, advisors and staff, and even new firms. Across the board, one of the best ways to do that is by creating a unique value proposition, Kochis said. But the work doesn’t stop there. Once you’ve zeroed in on your “wow” factor, you need to tell the world.
That’s where your marketing campaign comes into play: a steady drip of practice-management highlights and media coverage in key publications, blog posts on your website or even a podcast — whether it’s your own, or hosted by a friend or industry center of influence. Do the work and showcase it across social media, your website’s newsroom page and other active mediums.
The apex of marketing is constantly in flux
According to Jim Cahn, chief investments and business development officer at Wealth Enhancement Group, the reality of growth is that everyone claims they want to scale, but not everyone actually tries. When it comes to your marketing strategy, he recommends a diversified approach similar to how you would diversify your portfolio, because of the constant need to reinvent your strategy and keep up with the times.
Think about the revolving doors of social media, for example. What started with Facebook has evolved into different channels with different rules, formats, mediums and audiences. As the attention of consumers evolves, so does your marketing approach. What’s hot right now — think viral TikTok sounds and trends — will be dated by next year. Identify the mediums in which your firm feels its content will generate the most interest from targeted audiences, and then put in the time, research and energy that will help the campaign pay off.
Secrets of high-growth marketing campaigns
One secret unlocked during a DeVoe conference panel moderated by Gregory FCA President Joe Anthony: You have to be intentional with your marketing efforts. Choose a passion and run with it. If your passion is client service, focus your energy around exemplifying those services. Showcase your testimonials, case studies and services across all your available channels of communication in various mediums. There’s a hundred different ways to tell a story and get your message across. Your goal is to uncover them all.
Organic growth is a challenge that depends on active efforts across your team, including marketing. The best campaigns emphasize a unique, targeted and comprehensive approach, with all lines of business actively participating.
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