A popular definition of insanity is doing the same thing repeatedly and expecting different results.

Many financial service firms don’t seem to appreciate this truth.

If they did, they wouldn’t keep making the same marketing mistakes over and over.

Here are some of the most common promotional errors asset managers and other financial firms make and how to avoid (repeating) them.

Spend Money. Get No Benefits.

Picture it: You purchase something online, and it never gets delivered.

You do it again—same result.

That’s no different than spending money on marketing and getting no measurable return.

You monitor metrics related to financial performance all the time. Shouldn’t you do the same for your promotional activities? It’s so easy to check digital marketing metrics in real time. Why not do it to ensure you generate the promotional results you’re paying for?

Key takeaway: It isn’t enough to passively post on social media. You must actively engage with your followers. Answer questions, respond to comments, and encourage dialogue—all within legal and compliance requirements. It will keep your followers engaged and active on your social sites.

Incomprehensible Messaging

Step back and pretend you’re an outsider. Look at the messages your firm regularly shares on social media, on its website and blog, in its sales support materials, and through its representatives.

• Do they seem to come from the same firm?
  
• Are they delivered in a similar tone and voice?
• Do they tell a coherent story?
• Do they use financial jargon, or are they understandable to the people you’re targeting?

Key takeaway: If your marketing and communication materials seem disconnected or challenging to understand, it could be time to develop a fresh messaging strategy. It should include a series of clear, compelling messages that support your marketing efforts and can be integrated into your sales and ongoing client experience processes.

Once and Done Marketing

Many financial firms are too quick to admit failure regarding marketing. They attempt a promotional effort and give up when it doesn’t work right out of the gate. With all the data available today, a failure should never be considered an endpoint. It must be thought of as a learning opportunity.

Key takeaway: A promotional failure is a chance to use data to see where the marketing experience trails off (for instance, in social media, on a landing page, or maybe in lead follow-up) and make improvements until it becomes a successful promotional effort.

Are you finding yourself repeatedly making the marketing mistakes explained in this article? Need a fresh perspective on your marketing? Schedule time with Dan Sondhelm. He and the entire Sondhelm team are great sounding boards. They can give you a fresh perspective on your marketing activities and point out opportunities for improvement.