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This article was inspired by the many advisors I speak with who believe that television appearances, in isolation, are a valid marketing strategy. TV really is more about feeding your ego and the appearance of superiority (and thus not my favorite marketing tactic) but here’s how to use this exposure in concert with other more viable, modern, down to earth, and affordable marketing strategies.
The #1 problem with TV appearances
I’m not going to argue that getting attention is going to hurt anyone’s business. But I do have a bone to pick with advisors who think that an occasional TV appearance is enough to build a business upon.
Let’s say you pony up the 6,000 yen a month and hire a PR agency. After about six months or so they get you hooked up with some air time. Now first of all, it’s not as if you’re going to get a slot on the evening news without a proven track record of driving ratings. Like anything else this is a meritocracy. Most likely you’ll be on during the mid day sometime.
Now let me ask you this. Who watches CNBC at 11 Am on a Tuesday?
Other financial advisors do! Precisely the target market!
Or even worse – retired DIYers who are news junkies and could rattle off the last five of Jim Cramer’s top picks. When you see these clients, run in the other direction.
The #2 problem with TV appearances
Keep in mind also that with TV, you’re relatively limited in what you can actually say. The station has a brand and the producer is not really going to let you deviate too far from the norm. Forget about being outspoken on anything – Bloomberg TV is not the place for this.
Result: diluted, commoditized messaging that fails to set you apart. Kiss your brand differentiation goodbye!
The #3 problem with TV appearances
Unlike with online marketing such as social media, there’s no direct way for people to capture your info. It’s not like you’re allowed to flash your website, phone, and Twitter handle over and over again. You’re lucky if the viewer even catches your name.
The only way people get to know you is if they see you over and over again on a particular segment. Usually to get a regular spot you have to buy advertising from the station. Mucho pesos!
The #4 problem with TV appearances
Being on TV is an ego boost, no doubt. I get it: you want to be a movie star. Pierce Brosnan beat you out for the Bond role, I know it was traumatic.
I’m not sure that being portrayed as the most immortal, superior, all powerful, super human, competent advisor in the world is really going to get you anywhere anymore. I mean, didn’t that image get knocked off the pedestal when the 2008 recession happened and all your clients’ portfolio crashed 30% and there was nothing to do about it other than convince them to have faith and wait it out?
People make the decision to work with you based upon your personality and how much of it can you really show in 20 seconds of air time talking some mumbo jumbo about the Fed interest rate hikes?
Not so great for coming across as a relatable and cool to spend time with – but it sure is great for your ego, though! You can show your mom and she'll be so proud!
How to improve ROI on TV appearances
I’m a keynote speaker and much like being on TV it’s an isolated event. I speak for 45-60 minutes, people tune in for about five of them, and then at the end a bunch of them approach me to chat, a percentage of which I close immediately. The rest get placed into my sales funnel so that I can try to offer valuable content that engages them through my monthly webinars, podcasts, blogs, and social media.
It’s not easy to convert them but over time I do manage to do so; it’s a process I constantly attend to.
TV appearances can do much more for you when complemented by a good healthy follow up program. It’s not like years ago when TV was the only game in town. Unless you lock down the deal right away, you’re competing with other advisors pushing their content in your prospect’s face.
If the prospect likes you, there’s no saying they won’t like the advisor on the next segment just as much. And what if he or she has a robust marketing program that constantly serves this prospect with entertaining blogs, podcasts, YouTube videos, Livestreams, you name it?
Here’s the result: your measly one TV appearance gets drowned out in all the noise.
Unless you get out there and start banging your own drum. Do you really have a choice?
Sara’s Upshot
Despite all the drawbacks of investing in TV marketing, it does have a place in your marketing strategy. It can’t hurt to get one news clip for your highlight reel. If you’re dead set on TV, do the dollars invested a favor and include a supportive marketing strategy that keeps your brand in the prospect's view after the show airs.
New to social media? For detailed instructions on how to execute some of the social media strategies I’ve mentioned here I welcome you to check out my monthly membership dedicated to this topic.
Sara Grillo, CFA, is a top financial writer with a focus on marketing and branding for investment management, financial planning, and RIA firms. Prior to launching her own firm, she was a financial advisor and worked at Lehman Brothers. Sara graduated from Harvard with a degree in English literature and has an MBA from NYU Stern in quantitative finance.
Read more articles by Sara Grillo
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
