In the recently published Kitces.com 2024 Marketing Study, various marketing tactics were evaluated for their success rates. Client referrals topped the list at 95%, while newsletters lagged behind at just 11% (Page 25). However, these numbers can be misleading.

Rarely does a new client result from a single tactic—except, perhaps, in the case of direct, one-on-one interactions such as referrals, cold-calling, and solicitations, which naturally score high due to their direct measurability.

But as I discuss in my book, Uncomparable: The Financial Advisor's Guide to Standing Out Through Niche Marketing, effective marketing isn’t about relying on just one tactic; it’s about building an ecosystem. An ecosystem nurtures relationships through multiple touchpoints—from first awareness, to lead generation, to nurturing, to conversion—ensuring that no single tactic bears the full weight of client acquisition.

The ecosystem includes tactics that scored low in the study, such as social media, webinars, podcasts, newsletters, and blogging. When integrated into a cohesive strategy, even these lower-scoring tactics play a vital role in driving long-term success.

Not all marketing tactics are lead generation tactics; some play other essential roles in the ecosystem.