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5. Not Measuring Results

5. Not Measuring Results


Not every marketing technique can be individually measured. Public relations in particular can be difficult to evaluate in terms of time spent versus results. A relatively simple way to measure your overall marketing is with a brand recognition survey benchmark. Professional market research companies can do short top of mind awareness surveys for surprisingly low costs. The surveys first ask the respondent an unaided question – “When you think of quality financial advice and service, who do you think of?” Subsequent questions offer increasing aids – “Have you heard of Bob Smith Investments?” – and gauge the positive or negative impression the respondent has of the company. After implementing your marketing plan, you measure again. Have you moved the awareness needle for your target market? Although you won’t know from this type of survey what specific marketing techniques worked, it can be helpful in evaluating your overall marketing effort, particularly if PR plays a large part. Assigning specific toll-free phone numbers or website URLs to a particular marketing piece or advertisement can help you measure effectiveness of the piece itself.


Kirk Hulett is the senior vice president of Strategy & Practice Management for Securities America (www.securitiesamerica.com). He is the author of two books on human resources issues for financial planners and investment professionals, Hiring to Grow: A Practical Workbook and Managing for Performance: The Cycle of Success. Hulett is also co-host of the “Advisorpod” practice management series on www.AdvisorPod.com.



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