How much you spend on marketing will depend on a few different things. Your marketing budget will depend on:
1. How long you've been in business
Newer firms may need to spend more money on marketing and advertising. Once you get on your feet, you may be able to pull back a little bit.
2. The size of your company
How many employees do you have? How much money are you bringing in on an annual basis?
3. The amount of referral business you are able to generate
Happy clients will refer you their friends and family members. The best part about these leads? They're free.
4. The level of competition in your local market
Are there many financial advisory firms in your town? Or, are you the only shop in town?
5. Long-term business goals
Are you looking to grow your business substantially? Or are you just looking to keep your existing client base?
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If you are not ready to spend 8% of your revenue on marketing, start small and you can work up to this. Start with a few hundred dollars a month. Marketing your financial advisory firm takes hard work and some trial and error. Over time, you will find the right strategy for your financial advisory firm.