I met with three successful fee only financial advisors last week and each one was spending more than 30% of their revenue on Marketing. I was blown away. Their business coaches are pushing them to grow their revenue. I get it. Makes sense but let’s look at how we grow revenue and the most effective and efficient use of time and money. Not all marketing dollars are created equal.
I keep a detailed record of every marketing dollar spent, every hour of marketing time spent and then I compare that to the growth in revenue from those marketing dollars. Having done this for many years, I absolutely guarantee you that the Pareto principal applies. 80% of your best clients are coming in from 20% of your marketing efforts and dollars. Let me show you how to effective track your marketing ROI.
Take a look at your results. Where are your best clients coming from? Referrals? Online ads? And where is your money going?
Once you determine where your best clients are coming from, likely two main sources, then double down there and remove everything else. Put those wasted dollars back in your pocket!
Tracking, recordkeeping is the backbone of your business. Clients always think this applies only to bookkeeping and financial records but ROI worksheets on every aspect of your business will be the difference betweeb huge success and minor success, if at all.
Remember, what you focus on grows, guaranteed.
PS: April is a short month. I only have three spots available for one on one intensives in April. Reach out to me if you’d like to get into my calendar. Let’s get your cash flow cleaned up and your profits doubled.