Welcome to Wealth Matters Consulting’s 3 Minute Marketer series – your quick guide to mastering wealth management marketing and communications. Get key insights in under three minutes as we explore critical topics for busy wealth managers. Our CEO and founder, Rosemary Denney, shares valuable tips on marketing, business development, communications, brand building, growth and media exposure. With decades of experience working with top firms, she offers practical resources to enhance client relationships and expand your business.
Today, we’re tackling a common question: “How much should you be spending on marketing?” Rosemary explains that while firms typically spend about 1.4% of their annual revenue on marketing, industry benchmarks suggest aiming for around 5%. While this may seem like a lot if your firm has about a billion dollars under management, we’ve seen that firms that wisely invest in their marketing efforts tend to experience more growth than those that underinvest.
To maximize your marketing impact, consider these four strategies:
- Good content: Focus on creating relevant and interesting content tailored to your ideal client profile.
- Effective public relations: Gaining visibility through top-tier media placements can enhance credibility and brand reach.
- Intimate events: Hosting small, targeted events can be highly effective for building client relationships and converting prospects.
- Strong branding: Distinctive branding helps your firm stand out in the crowded marketplace.
So, are you spending enough on marketing? For customized advice on optimizing your marketing strategy, reach out to us; we’d love to help you.