“You like my ring? It’s my grandmother”. Make sure to watch at least up to 13:58 in the video above to catch the joke. Hilarious and Powerful stuff!
If you watched any of our popular March Hangout Madness series on Digital Marketing, you probably heard me mention the term “Purple Cow Financial Advisor” a few times. A “Purple Cow Financial Advisor” is a financial advisor that is remarkable, memorable, and sharable. Notice that I didn’t say obnoxious or rude. In fact, there is a HUGE difference between obnoxious and outrageous. And those of you who can master being outrageous and remarkable will never have to worry about why consumers are ignoring financial advisors, because you will be so busy stealing clients from your competitors that you don’t have time to notice anything else…
Do you know why Consumers are Ignoring Financial Advisors?
To begin, I highly encourage you to watch the Ted Talk video at the very beginning of this blog featuring popular Ted speaker and “Purple Cow” theory inventor Seth Godin. He starts his Ted talk off with the true story of sliced bread. Today, we all take sliced bread for granted, and there is even an old cliche saying that is still used today that goes something like this – “Advisor Internet Marketing is the coolest thing since sliced bread“.
But did you know that sliced bread was around for 15 years before anyone ever wanted to use it. Not only that, it was considered as a failure by almost everyone that came across it, and people continually told the inventor of sliced bread, “Why would anyone need this?”
Then, a company called Wonder Bread came along who knew how to create a story and do marketing that would spread. And the rest is history.
Financial advisors are in a similar boat today as products like sliced bread were many years ago. Due to commoditized financial products, the ability to buy life insurance online and skip the agent completely, not to mention the ease of buying most securities online with 2 clicks of a mouse, many consumers are actually scratching their heads wondering, “Why would anyone need a financial advisor?”.
Fortunately for our entire industry, not all consumers think this way. But the consumers who desire to work with a financial advisor today are demanding and advisor who is unique, an advisor that can give them service that is memorable and remarkable, and someone that they feel almost excited to tell other friends about. Unfortunately, that does not describe most of you.
“Ideas That Spread Win”
The main theme in Seth’s Ted talk above is that “Ideas that spread win“. And the only way to cause change and get your message across is to get your ideas and your unique selling proposition to spread. Why do you think that Luke and I did 31 hangouts in 31 days? Certainly not because we just loving doing hangouts that much. It was because we wanted our idea and our unique message of helping financial advisors “Go Digital” to spread like wildfire…and it did!
Before you do your next seminar or client appreciation event, your next blog, your next radio show, or your next direct mail piece, ask yourself this one question…
Is what you are doing REMARKABLE?
If it isn’t, then eliminate it and go back to the drawing board. In today’s fast paced and niched world, mass marketing does not work, and you must learn to sell to people who are listening and want to hear your remarkable story. The great news is that they are certainly out there, you just need to be a bit more outrageous and remarkable to have them banging on your door.
And the main reason why consumers are ignoring financial advisors is pretty straightforward and blunt…they don’t care about you (or any salesperson, product, or service that isn’t remarkable). Consumers have WAY too many choices, and too little time. So if you aren’t standing out in the crowd and offering remarkable (meaning worth making a remark to someone else about), then you are on your way to becoming a commodity yourself.
This graph just about sums it all up.