“Advertising is just a symptom, a tactic. Marketing is about far more than that.” – Seth Godin
Advertising is just one method by which you might let people know about your business, but that is very different from educating them. For the most part, advertising is publicly telling people your business exists and what it does, then repeating it over and over again in the hopes it will sink into people’s brains.
“All advertising is marketing, but not all marketing is advertising. Marketing is an all-encompassing, essential practice, which includes elements such as organisational strategy, customer research, trend investigation, public relations, social media promotion, product design, pricing techniques, promotional campaign activities, distribution management, demographic analysis, positioning, competitor research, innovation, concept design, bundling, content creation, copywriting, and so on. All of these efforts need to be working together to build a successful organisation.” – Christopher Melotti
I see most Brokers doing what I call standard or ‘business card’ advertising. These are the ‘I’ve got 30 lenders and you can trust me to get you a better loan’ or ‘I’m a home loan specialist’ type of ads, followed by your name, rank and serial number. There is a place for that message as part of your total marketing, but it is only a very small part. And given that most Brokers
advertise in this way the only possible result is that you will get an equal share of the public’s responses to all these similar ads depending on how often and how many people you can get to see it.
“A lot of advertising and marketing messages are really no message at all – they’re just business cards.” – Dan Kennedy
The Broker that wins in that situation is the one that generates the greatest profit from every client and therefore has the greatest advertising budget — because they have harnessed the maximum potential Lifetime Value of their client, as I have discussed previously. You may be fortunate to find an area where other Brokers aren’t advertising, but given your prospective clients will see other similar ads elsewhere anyway, there isn’t a great advantage to finding new places to advertise – and even if it does work well, in the competitive industry that is Broking, other Brokers will eventually advertise there as well.
Our challenge, then, is how do we educate our potential clients and referrers.
“Marketing is getting the right message to the right people (your market) via the right media and methods – effectively, efficiently and profitably.” – Dan Kennedy
Marketing has 3 components – Media, Message and Market
* The below is taken from Dan Kennedy’s book – ‘The Ultimate Marketing Plan’.
“Is your marketing built around the most powerful, persuasive, intriguing, compelling, fascinating message possible? Or is your message ordinary, me-too-ish, dull, mundane, unexciting, plain vanilla, just-the-facts ma’am, easily ignored, very forgettable? Or worse, just about a commodity? Or worse still, just about cheap or lowest price?
Have you determined precisely who your message should be for and figured out how to put it in front of them (i.e., your market) – quite possibly at the exclusion of all others, or at least with a disregard for all others? Or are you a vague generality, for anybody – and thus for nobody? Are you dissipating rather than concentrating your marketing firepower, trying to be noticed and heard by a population far greater in size than your resources match?
Are you wisely investing in the most appropriate media for delivery of your message to the prospects in your chosen target market? Or are you using media because everybody else seems to be or it is popular or a salesperson arrived and pushed you into it or because it’s the way you’ve always operated? Note: different media are best for different businesses and different target markets at different times.
Are you both effective and efficient? Or are you choosing the easiest or simplest or the most efficient means out of laziness or ignorance or ‘too busyness’ or in surrender to recalcitrant employees of poverty consciousness and cheapskate behaviour?
Are you accurately measuring the true, net return on investment from each marketing investment? Or not? Or guessing? Or carrying around opinions not verified by fact? Or do you believe you are ‘getting your name out there and waiting/hoping?
Is your marketing profitable, does it make you more money than it costs? Or are you just focussing on what you can afford, trying to get clients as cheaply as possible without looking at the best business opportunities. Or do you look only at what it costs, not its return on investment.”