Episode 30 : 05/31/2017

Boomerang marketing with Tim Reid

Tim Reid

Host and Author
"The Small Business Big Marketing Show"

Hosts:

Ben D. Jones
Managing Director – Intermediary Distribution
BMO Global Asset Management

Emily Larsen
Product Strategy Manager
BMO Global Asset Management

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Boomerang marketing with Tim Reid

With social media sites like Facebook, Twitter and YouTube amassing users in the billions, we are living in the era of content self-creation – and it has reached the wealth management industry. In this episode, Tim Reid explains how financial advisors can leverage modern marketing channels to transform their mountain of knowledge into a strong brand. Tim is the host of Australia’s most popular business podcast, called “The Small Business Big Marketing Show” and author of “The Boomerang Effect.” In this episode, you’ll find inspiration and useful exercises to get started with what he calls “helpful” marketing.

In this episode:

  • Why advisors are sitting on a mountain of knowledge that needs to be shared
  • All about the “Boomerang” effect
  • What “helpful” marketing really means
  • What makes good content, and when to start creating it
  • Why content marketing requires time and attention

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Transcript

Tim Reid  You’ve just got to start.  Way too many put things off until they’re perfect.  Perfection gets in the way of production. Guys and girls, you are standing on a mountain of knowledge.  You guys know so much about wealth creation and wealth protection, why not share that knowledge.  Why not share that knowledge through all sorts of marketing mediums; online, offline, old school, new school.  You are doing yourself, your prospects, and your business a disservice by not sharing it.  

Ben Jones – Welcome to Better conversations. Better outcomes. presented by BMO Global Asset Management.  I’m Ben Jones.  

Emily Larsen – And I’m Emily Larsen.  In each episode, we’ll explore topics relevant to today’s trusted financial advisors, interviewing experts and investigating the world of wealth advising from every angle.  We’ll also provide you with actionable ideas designed to improve outcomes for advisors and their clients.    

Ben Jones – To access the resources we discuss in today’s show, or just to learn more about our guests, visit bmogam.com/betterconversations.  Again, that’s bmogam.com/betterconversations.  Thanks for joining us.  

Emily Larsen – Before we get started, one quick request.  If you have enjoyed the show and found them of value, please take a moment to leave us a rating or a review on iTunes.  It would really mean a lot to us.   

Disclosure – The views expressed here are those of the participants and not those of BMO Global Asset Management, its affiliates, or subsidiaries.    

Tim Reid – My name’s Tim Reid and I’m the host of the Small Business, Big Marketing show, which is the number one marketing podcast in Australia.  

Ben Jones – I’m really excited to be talking to Tim on this episode.  He has an amazing podcast, which I’ve listened to for a number of years and today Tim is going to show us how financial advisors can leverage modern marketing channels to become thought leaders by creating content from that mountain of knowledge that Tim referenced at the top of this episode.  You’re going to want to listen to this entire episode a few times, as he shares a wealth of knowledge that can be applied directly to your business.  

Emily Larsen – Today, we’ll also be announcing the winners of the contest from episode 28, so stay tuned through the end of the show when we’ll announce the winners.  On today’s show, get ready for a lot of inspiration, practical applications, and exercises you can do to leverage marketing for your business.  

Ben Jones – Tim joined me via Skype from his recording studio in Australia.  I’ve been a big fan of your show for a while and I’ve enjoyed the podcasts for quite some time and it seems like really over the last four or five years, you’ve kind of become quite the evangelist of modern marketing techniques.  How did this all come about?  

Tim Reid – Well, one day I went through my family tree, Ben, to realize that there are no employers in site, that everyone for generations had been employees and I thought that was really interesting because I was about to embark on becoming an employer and starting my own marketing business.  I have a complete and utter respect, and empathy, and passion for small businesses; the courage they show, the daring, the innovation, I love all that.  Every time I speak to a small business owner and they find out what I do, they’re incredibly interested.  They ask for ideas about how to grow their business, and if I share an idea with them, they generally implement it and I found this extraordinary.  Because, having been in corporate, we would have to meet about that idea for at least 10 times before anything was done.  So like, okay, I’m going to work with small businesses and I started my marketing business.  At the time it was called The Ideas Guy, but what happened a year or two into that, Ben, was that obviously, as any marketer or as any business owner should ask is what makes me different.  And I started a podcast called the Small Business, Big Marketing show, which was my way of creating a voice for myself, my way of sharing my knowledge and getting others to share their knowledge.  And the podcast just took off, mate.  It just like — it touched a nerve with my audience and eight years later I continue to do it.  It’s the number one business marketing show in Australia, soon to be in America hopefully.  And also, it’s led to some other amazing things like speaking and all sorts of things which we can talk about.  But that’s my story.  

Ben Jones – And I mean you’re up to about — what, 350 or so episodes.  

Tim Reid – Yeah.  

Ben Jones – And it seems like you’re having more and more fun every episode.  Is that true?  

Tim Reid – Look, yes it is.  That is dependent on the guest.  So, the premise of my show is that I look for a successful small business owner somewhere in the world that’s got an interesting story and that’s using marketing effectively.  Now, around that interview, I do some other things.  I have a couple of segments; one about productivity tools, one where I share a low cost or no cost marketing idea, I share a marketing opinion, so I’m always looking for ways to make it — I guess fun is a good word.  I think sometimes us business owners shy away from fun.  But I feel like I’ve found — and I’m constantly trying to hone in on this intersection between education and entertainment.  And to me, that’s my intersection, right.  So, you can go and find another marketing podcast that is highly educational but will be boring.  There will be others where they just try to just be way too funny and you learn nothing.  And for me, I’m just always looking for that way to impart knowledge in an engaging, even funny, way sometimes.  And I think that’s been my point of difference.  So, thanks for recognizing that, and it’s a constant challenge to maintain.  

Ben Jones – Now, I want to dive into this mountain of knowledge.  I think many advisors know a lot and, in fact, maybe at times they know more than they should.  And just the way that they communicate that is overwhelming sometimes to their clients.  But when you talk about sharing this mountain of knowledge, are you talking about sharing things that are unique to them and their firm, or general information?  

Tim Reid – Correct, correct.  Care less about their firm, care more about me the investor, the consumer, the prospect, right? What I mean by the mountain of knowledge is that there are advisors listening who specialize in retirement.  There are advisors listening that specialize in people that — 30 to 50 year old women in white collar careers.  There are — everyone should specialize in something and everyone knows a lot about something.  So, my advice is to share it.  As people are listening to this they think oh, gosh, if I give away all my IP, then my competitors are going to take it and they’re going to overrun me.  But, what I find is in sharing that mountain of knowledge you’re standing on, you build a very loyal group of people who love what you do and talk about you to others and are with you for the long-term.  I just think it’s a really, really powerful thing to be able to — and the modern marketing world allows us through video, audio, blogging, social media to do it so easily and cheaply.    

Ben Jones – You know, I think it’s a great example.  I think on a recent show I think I heard you mention to one of your guests that had given away the recipe for his famous hamburger and it’s a great example of you give the recipe, you give the ingredients to someone, you’ve basically given away all of your IP as you would say.  But, you haven’t passed along that tacit knowledge that is unable to be passed along.  They could have all the ingredients and the steps, but it would come out maybe just a little bit different, and so you actually kind of build a community of people who understand what you’re doing and maybe are even more impressed with the way you do it.  

Tim Reid – Correct.  And that episode you’re referring to is even more amazing because that guy sells product.  He sells a burger and he literally told us — and his buns are unbelievable.  That sounded wrong, but stay with me there.  His buns are the best buns I’ve ever found for burgers.  He told us where he gets them.  So like you could literally go and buy all the different ingredients and make the same burger that he sells for $15, $20.  What’s really interesting to the advisors listening is that you guys are service providers and what I love about the idea of sharing your knowledge is that people buy from people, right?  Another mindset thing, Ben.  People buy from people.  So, whilst you might share your knowledge and the financial advisor down the road shares her knowledge, and so on, and so on, it’s how you share that knowledge.  It’s how you deliver your content, how you create a customer experience that’s going to set you apart because people buy from people.  And again, let’s reference my podcast, the Small Business, Big Marketing show.  There’s lots of marketing podcasts out there and they’re all delivering, they’re all talking about all the same topics; customer experience, and Facebook, and networking, all this type of stuff.  But, as close as I can get when people say why is your show the most successful, I think it’s because of the way I deliver it.  Right, and so lesson for advisors, don’t be concerned about sharing your knowledge.  Focus on the brand that you are going to build, the personality you are going to create.  Because that’s why people will love you.  

Ben Jones – One of the things that struck me is do you have to be a thought leader in actually sharing a lot of unique perspectives or opinions? or can you just provide helpful information that might also be available in other places?   

Tim Reid – By sharing the information, by sharing helpful content, you will become a thought leader, right?  You don’t have to be a thought leader to share helpful content.  This is the great thing about the marketing strategy that I talk about, which is – be helpful.  In doing so, people will start to connect with you, they’ll start to trust you, they’ll start to become familiar with you.  And in doing that, you become the thought leader.  Yeah, you might be the thought leader in your local suburb, in your county, in your state, in America for a particular thing.  It’s absolutely possible and that’s what’s so, so exciting is that as a financial advisor, sure, spend time building your business brand and the products and services that you sell, but know that in the marketing that I’m talking about, you are going to build your personal brand just as quickly and strongly if you follow these rules.  

Ben Jones – Now, I want to talk about those rules and I believe you coined this term the boomerang effect, which also is the title of your book.  Can you kind of explain what this boomerang effect is and then get into how it works, and what those tools, and how you should go about the steps?   

Tim Reid – So, we’re clear that a boomerang is a device used by our indigenous people that you throw and it comes back to you, correct?  

Ben Jones – Yes we are.  

Tim Reid – Yeah, good.  So, the boomerang effect is when you get back from your marketing far more than you put in — when the result of creating helpful marketing is that it returns multiples.  Okay, so here’s what I mean by that.  My book, The Boomerang Effect, talks about how to implement a helpful marketing strategy.  It’s pretty simple.  Identify the starting point, identify every question you’ve ever been asked by a prospect or a client, and start — and go about answering it.  Because you’re doing it already.  You’re doing it on the phone, in your e-mail, at events, networking events.  You’re doing it.  I’m suggesting you start to capture the answers to those questions.  This is only one component part.  But, start to capture the answers to those questions on video or audio or in the written word or a mixture of all three.  That’s a really good start.  Now, let me give you an example of the boomerang effect in my business, Ben, how it’s taken effect is that I have — I started off as a little marketing consultant.  Many out there.  I differentiated myself by being helpful through the Small Business, Big Marketing show, the podcast that I started.  Once I did that, over time — not immediately — but I started to get requests from people to come and speak at conferences.  I’d get requests from people wanting me to coach them in their marketing.  And I started to see — iTunes, I get all these reviews on iTunes.  People leaving kind comments, I’ve been getting e-mails, and social media hit-ups, and it’s like wow, this is really interesting.  Then, over time, the boomerang effect for my business is that I now speak at about 60 conferences a year.  I now have a book that is an additional revenue stream.  I have an online club where people can access me on a daily basis and ask me marketing questions.  My show is now available on all Virgin Airlines exit Australia both domestically and internationally.  And, my business is growing exponentially.  And so that’s the boomerang effect in action.  Quite simply, when you are helpful, amazing things happen.  

Emily Larsen – It’s such a powerful statement.  When you are helpful, amazing things happen.  That boomerang effect as Tim has coined it has done wonders for his business, and that’s why he’s so eager to share how it can do wonders for yours.  Deciding what medium is best for you might take some experimentation, but Tim’s advice is to find something that feels comfortable and fun for you, like a hobby.  Whether that’s blogging, podcasting, speaking, book writing, or anything else is really up to you to decide.  But you don’t have to do it all.  You just start with one thing.  Here’s a quick exercise to get you started:  

Tim Reid – One of the things I get my audience to do, Ben.  First of all, I acknowledge that the smart phones we have, we all carry in our pockets these days, are the most amazing marketing tool that’s ever been invented.  The phone is the least interesting part of it.  It’s got a video camera, a stills camera, it’s got a voice recorder, it’s got social media marketing, it’s got e-mail marketing capabilities.  It’s incredible.  So, one of the things I ask them to do is okay, I’ve just explained the idea of identifying all the questions you’ve ever been asked.  Pick the question you get asked the most.  Just pick it.  So, they pick it, identify it in their head.  Now, that question that they get asked the most is also most likely the question that they know the answer to.  So, there’s no need for a script in what they’re about to do.  They know the answer.  So, I then ask them to pull their smart phone out, open up the video camera, pair up with the person next to them, and video each other answering their most frequently asked question.  They do that for five minutes max and then we debrief it.  Now, two things happen.  One is most of them have just created their first piece of helpful marketing content.  Happens to be a video.  Secondly, they’ve experienced just how easy this is because they know already the answer.  There’s no need to make anything up here.  They felt completely comfortable in doing it.  So, it’s a really good exercise to do.  I’d encourage anyone listening to, after this episode is finished, get their smartphone out and do just that.  

Ben Jones – I think that’s a great exercise, and one of the things I wanted to ask you is as there’s more and more content out in the marketplace and we’ve seen proliferation of YouTube — I think there’s some odd billions of hours of YouTube watched every year — I’m sure there’s an actual stat, but I’ll make that one up for now.  But, what —  

Tim Reid – I think it’s like — it’s something crazy like — it’s like 60 hours of video are uploaded every second.  Something silly like that.    

Ben Jones – It’s mind-blowing, and so what makes for really good content and makes your content stand out? Because it seems like it’s almost, since it’s free, there’s almost a little bit of a quality war that’s occurring.  

Tim Reid – Yeah, so a couple of things there.  One is there’s a limiting belief around — and I hear this way too often — which is there’s already enough content out there.  I don’t want to be responsible for further proliferation of it.  My advice to those who think that is get over it because you are doing, again, yourself a disservice by not sharing that knowledge.  So, the creative challenge, Ben, is to make your content better than the rest.  Now, who’s the rest? Well, the rest might just be the financial advisors again, as I said, in your city, county, state.  You don’t have to think so big that I have to be the best in America.  Just be the best amongst your people.  So, that’s a good mindset to have.  What makes good content is when we do this debrief on the video — little video exercise — in my keynote, one of the things that people say is that I loved it, I would do it again, but I was very self-conscious.  I was concerned about my hair, or the sound of my voice, or the fact that I umm’d and ah’d.  And I’m like you know what, that’s great because people buy from people.  You’re being yourself.  Don’t edit it out.  Don’t try and make it perfect.  I’m not asking you to create a Hollywood production here.  I’m asking you to share your knowledge authentically as the person that you are.  Don’t put on a marketing voice, don’t try to elocute every word to within an inch of its life, just be yourself, share your knowledge, pretend you are talking one on one to your favorite customer.  And all of a sudden, you will start to create content that is empathetic and resonates with those who you want to do business with.  And there will be advisors out there who just, they’re questioning themselves.  They’re listening right now and they’re questioning — again, don’t like the sound of my voice, ah, um.  They’ll be finding reasons.  They’ll be attacking themselves personally finding reasons not to share their knowledge.  It’s like – don’t.  People deal with you right now because they like you.  There are advisors down the road, around the corner, who sell the same products, who offer the same insurance policies, who recommend the same investment strategies.  Why are people going to go with you?  And the answer is you.  

Ben Jones – So, how do you get started with helpful marketing?  Well, the first thing you can do is complete Tim’s video exercise as soon as you’re done listening to this episode.  As a note, make sure to follow your firm’s compliance process before you send that out to the world.  Now, one question you might be asking yourself is – do I need a marketing plan or a brand persona first before I get started?  

Tim Reid – The definition of a brand is that it’s an emotional attachment.  In fact, in the dictionary — that’s the marketing definition, it’s an emotional attachment — in the dictionary, it’s an indelible imprint.  So, we think about branding a cow.  Hello to all you advisors out there in Texas.  When we brand a cow, we leave an indelible imprint, an imprint that’s there forever.  Likewise, when we create a brand for our business, we are wanting to leave an indelible imprint in the minds of our clients and our prospects so that when it’s time to think about insurance advice, investment advice your brand, your financial advisor brand is top of mind.  That’s just how it works.  

Ben Jones – Now I know you like to spend a lot of time talking about the modern marketing techniques and channels available to advisors.  And when you think about these various channels from self-publishing to video to podcasting or the written word, on the time impact continuum, is there one of these that has kind of a better payout than another?  Or how do they rank across that continuum as far as the effort to create something?   

Tim Reid – Goodness, the time impact continuum.  I must <laughter> I’m just reaching for my physics ball, hang on.  Look, here’s the thing — In terms of time and impact, helpful marketing has a slower burn than say running an ad on the radio.  But — and that doesn’t make it right or wrong.  I mean — there’s — in your market mix, there’s room for both.  The problem with running an add on the radio, and I’ll use that as kind of a general comment around advertising or direct marketing or letterbox drop, all of those kind of direct response, instant response mediums, can be fantastic.  But once that ad on radio is finished, you’ve got to find more money for the next ad, and the next ad, and the next ad.  And it keeps going.  Now if you’re finding a dollar — if the ad is costing $1 and you’re getting two back, keep running those ads.  But in my experience, that’s rare.  It does on the time – or on the time impact continuum, it’s right up there, is that kind of push marketing of advertising and direct selling.  Helpful marketing — slower burn.  What I say to people in my key note and anyone who’s willing to listen, is that helpful marketing — if you’re going to create it — if you like the idea, then create a piece, a solid useful piece of helpful marketing a week for six months, and don’t look at the scoreboard.  Don’t look to see if page views are going up, don’t look to see if you’re getting more shares or likes on Facebook.  Don’t look to see if you’re ranking well in the iTunes store if you start podcasting, just keep creating.  And I promise you that if you do that, there’ll be a point in that six-month period where people will come into your office or contact you by e-mail and say hey, I saw that video you created, I listened to that podcast episode you did on residential versus commercial property.  And all of the sudden — and this is what happened to me — all of the sudden, you’re going to start to get this feedback where you go wow, people are listening, this is cool.  They’re benefiting from it.  And so it just takes a little more time.  Not to say that if you put out a blog post up tomorrow or a podcast episode out tomorrow, you’re not going to get an inquiry or a lead.  But just be patient.  

Ben Jones – You know, I really like the idea of these modern marketing channels for advisors because in most cases, they’re attainable from a financial perspective.  They’re not so expensive like advertising or some of these other things that might be out of reach for your local financial advisor practice or office.  But big businesses try to measure marketing in ROI, and like you mentioned, we’re not going to go into that.  But you could spend a whole lot of time explaining how hard that is to calculate.  But for an advisor here, it’s not a financial investment, it’s really — what you’re asking them to do is invest their time.  And then over a longer period of time they’ll start to see the impacts of that.  And I think if you were to take your advice of doing the six months — one piece a week for six months and putting it out there, at that point, they should start to be getting some feedback from the audience to know that it’s working.  

Tim Reid – Yeah, because here’s the thing — people will find it organically; they’ll just trip over it because you should start to see your Google rankings improve.  So by all means, measure that.  If you want to rank well for, tell me Ben, what’s an advisor listening — what would they want to rank well for?  

Ben Jones – Well, I would think that — I’m in  Milwaukee today, and so I would think a financial advisor in Milwaukee might want to rank well for the most trusted financial advisor in Wisconsin.  

Tim Reid – So that’s a fairly short key word, but absolutely why not go for it?  Financial advisor in Milwaukee, real estate specialist.  A bit of a longer key word, less people search you for it.  Those people searching for it are closer to buying, so why not create a piece of content around that?  So you’re going to start to rank well organically.  The other that’s going to happen is that as you create this helpful content, one piece a week for six months.  And by the way, I’m being a little bit kind of soft on you.  If you want to really kind of amp it, do two pieces a week for six months.  But you create a piece a week for six months, at the end of six months, you’re going to have 24 pieces of solid, helpful marketing content.  Let’s say you get a phone call.  The financial advisor in Milwaukee gets a phone call from someone who says you know I’ve got a question around real estate advice, tossing up the to go, commercial or residential.  In fact, I’m actually tossing up whether to go with equities or with property.  And that advisor, if they follow this strategy, may well have a video or a podcast episode, or a blog post, or an e-book, or something of substance that they can say to that prospect: Listen, do you mind if I send you a link to the video or whatever it is that actually answers your question in even greater detail?  Now what’s that prospect going to think of that advisor?  They’re going to think they’re an absolute thought leader.  

Ben Jones – And an expert.  

Tim Reid – And an expert.  They’ve gone through the trouble of creating a video that answers that question or a piece of audio, whatever it is — this is fantastic.  So this is how it works.  I love nothing more than when someone asks me a question and I’ll answer it.  I’ll still answer it in front of them, but then I can say to them: Hey listen, I’ve got a podcast episode that goes into even greater detail.  Do you mind if I send you the link to it?  So by the time they get home, I’ve sent them the link and they listen to it.  And they go wow, this guy really knows what he’s on about — or doesn’t.  

Emily Larsen – I think it’s important to keep in mind when you’re just starting with helpful marketing that it is a slow burn, as Tim says.  It’s not something you should try only once or only for a week.  Take the time to create content each week for six months before you try and assess if it’s working or not.  Now let’s discuss customer loyalty and the topic of tribes.  

Ben Jones – I think every marketer loves to use the word tribe, and who’s your tribe, and I’m not even sure where that originated from.  

Tim Reid – No.  

Ben Jones – Explain to me when marketers use the word tribe, what exactly is it they’re describing or trying to create?  

Tim Reid – Look, I think — I think it actually came from Seth Godin, sort of a bit of a marketing doyen who’s written a whole lot of different books around marketing.  I think that’s where it came from, could be wrong.  And my interpretation of a tribe is that group of people who have the highest propensity to want to buy from you, who love what you do, who are evangelists for what you do.  They’re with you for the long-term; they love to talk about you to others.  So when someone — they’re at a dinner party or barbecue and someone says just came into $50,000, I don’t know what to do with it.  That person is going to say you have to go and see Mr. Milwaukee financial advisor or whatever.  They talk about you on social media, that’s called word of mass.  I know word of mouth works, but word of mass is just as important.  So this is a group of people who just love what you do, yeah?  And you will build that through the helpful marketing strategy.  You will build that exponentially.  Everyone listening will already have a tribe.  It could be two people, it could be 200 people.  If you follow what we’ve been talking about in this episode, Ben, that will increase exponentially.  And I actually use the word best mates, that’s my kind of take on tribe.  A lot of marketers use target audience, I hate that phrase.  I don’t think it’s like an audience.  An audience sits in a row and they’re waiting to be targeted, I don’t think that kind of — doesn’t sit well with me.  But tribe or best mates seems to work for me.  

Ben Jones – How exactly — especially in service businesses, how do you think about kind of creating customer loyalty because — or are there any formulas that you’ve discovered from your guests or from your experience for improving it?  

Tim Reid – Look, creating customer loyalty — again, none of this is brain surgery.  The best marketing is a great product or service, right?  You deliver the best product or service; you are a long way to having a loyal customer.  Now in a world parity in which we live, where all insurance policies are very similar, all investment vehicles are very similar, we do need additional things there that differentiate us.  So put the hard work into understanding who those key people in your business — we call them avatars.  Kind of a weird word I think, but who are those avatars that you should have in mind when creating your marketing.  And let’s call them buyer personas; I actually prefer the phrase buyer personas than I do avatars.  But — and it’s alright to have two, three, four, five different ones.  And asked a series of questions — I’ve got a discussion going on inside the Small Business Big Marketing forum at the moment where it’s like what questions do you need to ask in order to get clear on your buyer personas.  Questions like — start off by describing them demographically which I think is boring, it doesn’t tell us much.  But get clear on age, gender, income, location, qualifications.  But then start to get really psychographic on them, sociographic on them.  What’s a day in their life look like?  What annoys the hell out of them?  What problem or blockage do you help them solve?  What do they value most in their life?  What keeps them up at night?  Who do they trust for information?  These are all questions that in answering them, will help you build up a profile of each of your individual buyer personas.  You know, I interviewed a fellow who owns the biggest caravanning business in Australia, a business called Jayco.  They make caravans.  And on the production like for manufacturing the caravans, there is a photo of the person or the couple or the family for whom that caravan is being built.  So this business has taken the concept of buyer persona to a whole new level.  They have actually got a photo of the real people that are going to own that caravan.  And for the people on the production line, that makes it a very personal experience.  I think it’s Amazon — I think it’s Jeff Bezos who in the board room table at Amazon’s head office has an empty chair at all meetings.  And that empty chair represents the buyer, the customer.  So I think it’s really important that we also keep them top of mind.  And if we do that, it can only force us to create products, services, a brand, an offering, a customer experience that’s going to really, really resonate with people who want to buy from us.  

Ben Jones – No, I think that makes a lot of sense.  And I really like the idea of kind of creating these personas.  And I think many advisors who have focused on a niche or fell into a niche, probably know the problems those people have that they’re trying to solve for them.  They know how they spend their day, who they spend their day with.  And so a lot of those questions should actually be fairly easy for an advisor to think through and really get to know their client a lot better.  One question I do have is for many advisors, they’ve created that emotional attachment to themselves and maybe not the brand of their firm.  And we just recently did an episode on succession planning, when an advisor retires and the successors of the firm kind of take over.  How should an advisor think about getting that emotional attachment to the brand and no so much just themselves?  

Tim Reid – You know, I think there’s two parts to that, Ben.  One is that the reality is — and let’s say we’re talking about the principal of the advising business.  That principal, he or she started the business.  And as a result, they — I think it’s their responsibility to set the tone for the brand.  We’re using Milwaukee Financial, let’s use Milwaukee Financial.  The owner of that business should set the tone and the personality for that brand.  And that is what will — that’s the first step.  The second step is within that business, within Milwaukee Financial, there is a number of different people.  There might two, three, four planners, para-planners, advisors, all sorts of different people that will be client-facing.  And each one of those people should have permission to build their own personal brand as well.  But operate within the context of the greater Milwaukee Financial brand.  There’s a great example, I spoke to the fellow years ago now who brought Virgin Airlines to Australia, alright?  And he talked about the fact that — we were talking about just how powerful and how strong the Virgin brand is.  But he also used the example of like — so with the cabin crew, the cabin crew have to dress in the Virgin uniform, they have to adhere to the Virgin brand values.  But they also have permission to bring their own personal brand along.  And he used the example of a woman he had recently employed in cabin crew.  Her job prior to doing that was she was the face painter at kids’ parties, alright?  So here she is, cabin crew on a Virgin Airline.  She has to adhere to the Virgin brand, but when a kid mucks up or is sad or is crying in flight, she has permission to pull out her face painting kit, paint the kid’s face, and become that face painting person.  Her own kind of brand, if you like.  So there’s that mix of building your business brand and letting the people within it develop their own personal brands, and I think that’s a very powerful kind of again, intersection if you like, to establish.  

Ben Jones – Yeah, I really like that just kind of let humans be humans in that case.  What an opportunity for her to brighten the day of someone, and it reflects well on their brand.  

Tim Reid – Yeah, that’s it.  

Ben Jones – I want to get to some concluding thoughts.  And I know in your podcast, you talked about the top three attention grabbers.    

Tim Reid – Yeah.  

Ben Jones – We also have some traditions here.  When an advisor gets the boomerang effect right, what does it feel like?  

Tim Reid – Sweet.  It’s like hitting — you know they talk about the sweet spot.  When you hit a tennis ball or smack a golf ball out of sight.  It just feels sweet.  You just feel like innately, you have found that right mix of sharing my knowledge in the right places to the right people.  And you’ll know it when it happens.    

Ben Jones – And if you were to summarize our entire conversation today in one or two sentences, what would you say?  

Tim Reid – Can I do it in two words?  

Ben Jones – You got it.  

Tim Reid – Be helpful.  

Ben Jones – Last but not least, if you were to attach a warning label to our conversation today, what would you want it to say?  

Tim Reid – Be patient.  Seriously, like let’s not over-complicate it.  Don’t look for anything more.  Marketing causes so much frustration and anxiety in so many business owners.  There’s lots of ways to market your business, we’ve only talked about one today.  There’s lot more.  None of them are right or wrong, but I’ve seen the power of this.  So be helpful, share that mountain of knowledge you’re standing on.  Be patient, the results, the return, the boomerang effect is not going to take effect overnight, and enjoy the ride.  Because one thing I want marketing to be for everyone listening, to all small business owners everywhere, is I want it to become a hobby.  Which sounds really weird, but when something is a hobby, you’ll find time to do it, you can’t wait to do it.  You’ll throw a bit of money at it because you enjoy doing it so much.  And it becomes part of just what you do, and that’s where I want to get people to.  

Ben Jones – So let’s summarize some of the action steps from the vast amount of knowledge that Tim has imparted on us.  

Emily Larsen – Focus on helpful marketing.  Write down five of your most frequently asked questions and create a video, audio, or blog post to answer one of those questions.  Remember to pick the medium that you feel comfortable with.  

Ben Jones – Take that video, blog post, or other content, and post it to your website.  Social media, etc.  In other words, you want to market your marketing.  Again, make sure to work with your compliance department to stay within their guidelines.   

Emily Larsen – Create one piece of content per week for six months before you start to judge your ROI for that content.  If you want a bigger challenge, you can always crank it up to two pieces a week for those six months.  

Ben Jones – Lastly, a wise piece of Tim’s advice: Don’t listen to those limiting beliefs inside your head.  Go ahead and get started right away.  

Tim Reid – If you’d like to listen to my podcast, the Small Business Big Marketing show, you can go to smallbusinessbigmarketing.com, or go to iTunes and subscribe for free.  If you’d like to ask me marketing questions on a daily basis, you can join the Small Business Big Marketing club which is an online forum which you can go to crankmymarketing.com.  And look — I speak at conferences if there’s anyone who wants me to speak at a conference, timreid.com.au is my speaker site.  That’s enough.  That’s enough self-promotion.   

Ben Jones – Tim, really appreciate you sharing your mountain of knowledge around marketing today, and I look forward to maybe continuing the conversation another time.    

Tim Reid – Aw, good on you, buddy.  And thank you for taking the time.  Great questions, the fact that you listen to my show provided some great insights and discussion.  I hope there’s a lot of benefit in it for those that were listening.  

Emily Larsen – And we hope that there’s a lot of benefit for those listening to this episode as well.  We have plenty of links to the resources mentioned during the show.  You can check them out at bmogam.com/betterconversations for all of the show notes, including links to Tim’s podcast and other websites.  

Ben Jones – There are a few other episodes of the podcast that tie into the discussion today, so we’ve provided links to those in the show notes as well.  But now, it’s time for the winner of our contest for Dina’s book.  Drumroll please.  

Emily Larsen – As mentioned during our previous episodes, we’re giving away three signed copies of Dina Renee Weiss’ book, Ready to Launch.  The first winner is RLIRL.  The second winner is ZHAYMARK.  And the third winner is Amazingly Useful App.  The winners again are RLIRL, ZHAYMARK, and Amazingly Useful App.  To claim your copy of the book, please e-mail your shipping information to betterconversations@bmo.com.  Thanks so much for your support and your comments.

Ben Jones – Thanks for listening to Better conversations. Better outcomes. This podcast is presented by BMO Global Asset Management. To learn more about what BMO can do for you, visit us at www.bmogam.com/betterconversations.

Emily Larsen –We value listener feedback, and would love to hear what you have thought about today’s episode.  Or if you’re willing to share your own experiences or insights related to today’s topic, please e-mail us at betterconversations@bmo.com.  And of course, the greatest compliment of all is if you tell your friends and coworkers to subscribe to the show.  You can subscribe to our show on iTunes, Google Play, the Stitcher app or your favorite podcast platform.  Until next time, I’m Emily Larsen.   

Ben Jones –And I’m Ben Jones.  From all of at BMO Global Asset Management, hoping you have a productive and wonderful week.     

Emily Larsen - This show and resources are supported by a talented team of dedicated professionals at BMO, including Pat Bordak, Gayle Gipson, Lindsey Blinstrub and Matt Perry. The show is edited and produced by the team at Freedom Podcasting, specifically Jonah Geil-Neufeld and Annie Fassler.  

Disclosure- The views expressed here are those of the participants and not those of BMO Global Asset Management, its affiliates, or subsidiaries. This is not intended to serve as a complete analysis of every material fact regarding any company, industry, or security. This presentation may contain forward-looking statements. Investors are cautioned not to place undue reliance on such statements, as actual results could vary. This presentation is for general information purposes only and does not constitute investment advice and is not intended as an endorsement of any specific investment product or service. Individual investors should consult with an investment professional about their personal situation. Past performance is not indicative of future results. BMO Asset Management Corp is the investment advisor to the BMO funds. BMO Investment Distributors LLC is the distributor. Member FINRA/SIPC. BMO Asset Management Corp and BMO Investment Distributors are affiliated companies. Further information can be found at www.bmo.com. 

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