In July, Kitces.com released its 2024 marketing study, “How Financial Planners Actually Market Their Services.” Since it's unlikely that most people will read all 108 pages of the study, I am covering the key highlights over the next few weeks.
The study found that “most practices (65%) did not have an established niche, and 58% had no routine marketing planning process” (Page 15). However, “high-growth practices are far more likely to be niche-focused. While 45% of high-growth practices predominantly target at least one niche, only 29% of other practices do” (Page 65).
Last week, we learned that marketing is becoming more expensive and less effective. These findings suggest that one way to improve marketing results is to focus on a niche and adopt a formalized approach to marketing.