Imagine that you decide to drop all your firm’s marketing efforts today – no more website, marketing brochures, social media or community sponsorships. Picture what your firm would look like 10 years from now.
My prediction: It would look the same as it does today.
It might even look worse.
If you’re lucky, you will have a little organic growth from a few client referrals, which will make up for any clients you lose. In a worst-case scenario, your firm will be doing a lot worse than today, since you wouldn’t have made any efforts to make up for the natural attrition of clients.
In today’s competitive environment, marketing is an essential component of a strong business plan. It’s the way that you let people know about you, your firm and the services you have to offer. Most advisory firms want to attract more clients, yet few firms can achieve the results they want unless they make a concerted effort to let people know about their business. Savvy firm owners realize that they cannot survive without marketing. Competition is fierce, and it is too easy for quiet voices to get lost in the noise.