There are so many ways to market your practice as a financial advisor. Some are easy to tell when they’re successful, meaning you do x and you see y as an immediate result.
Others, like sponsoring an event for example, are not so obvious. Sponsorships can be a highly effective way of building your brand and attracting fresh prospective clients, but they can also be a total waste of time and/or money. Since you have zero desire to waste either of those two things, it makes a whole lot of sense to understand what the true cost of each particular marketing initiative is so you set an expectation of the outcome and measure the results to determine if this is an initiative to repeat or not repeat.
In this episode of lesson learned, I dive deeper into this, starting with what it means to understand the true cost of an initiative.