It may seem like a frivolous comparison, but the intent behind both meal prepping and maximizing efficiency in marketing is pretty much the same. For example, cooks say meal prepping works well when their time, budget, and brain space are limited.
Market costs have been putting many small financial firm owners in a bind. The need to reduce costs across operation areas has almost half of small business owners bringing their marketing efforts in house, according to new research from marketing software leaders such as Constant Contact. At the same time, the need to find prospects is increasing as many prospective clients are also looking at ways to maintain more of their investment income. That puts financial advisors leading small firms squarely between the proverbial rock and a hard place. But there is an answer, and it may be to borrow a popular trick from household management: meal prepping.
Forbes recently reported that 94% of small businesses plan to spend both more time and money on marketing in the near future.[1] Many of them think that increasing the variety of their marketing efforts, such as using multiple marketing channels, can lead to better results.[2] But about half of small businesses have only an hour or less each day to spend on marketing. They report that planning marketing efforts is among the most time consuming parts of these marketing efforts. The result is either stress or a need to boost efficiency.
Today’s marketing options are much more extensive, and small businesses are expanding how much they spend on them. Wellness experts suggest that doing things you are already capable of can increase confidence.[3] That’s why thinking of tackling the marketing efficiency problem through the lens of a less important task, like meal prepping, can reduce stress. And by engaging in the task more often confidence levels around it can increase.
It may seem like a frivolous comparison, but the intent behind both meal prepping and maximizing efficiency in marketing is pretty much the same. For example, cooks say meal prepping works well when their time, budget, and brain space are limited. And, they say it helps them stick to a budget.[4] Those are similar to the needs expressed by small businesses concerning their marketing concerns. If you aren’t familiar with it, “[m]eal prepping is simply the act of preparing a meal or recipe, then portioning it out to create grab-and-go meals for later.” The downside of preparing ahead is that it places convenience ahead of variety,[5] which might sound like a poor fit for small businesses that want to increase the number of channels they use for marketing. The good news is that the marketing channel variety is not the meal in the meal prepping, but the ingredients.
Marketing efficiency can be measured in a number of ways, including by calculating some or all of the following metrics: cost per action, click throughs, and conversion.[6] Many marketing coaches suggest that for those working on multi-channel marketing they consider which of their range of options can result in the lowest cost per action. Adopting a menu planning approach, that is, using one marketing asset across multiple channels the same way you’d use the same roasted carrots across multiple meals, can drive down the cost per action.
“Meal prep is preparing full meals ahead of time and portioning them for quick, grab-and-go meals. But many people also use the term “meal prep” when referring to weekly food prep of recipe ingredients.”[7]
Here, maximizing marketing efforts falls into the later example, that is preparing the ingredients ahead of time. Small businesses can use the same marketing assets, such as videos, photos, and statistics, across multiple channels. For example, a longer marketing video concerning preparing for tax season can be edited into smaller pieces to be used on social media with short formats, such as Instagram. Photo stills from the video can be used in newsletters and blogs and on static social media feeds such as Threads and X. In that way, one video (the ingredient) can be used across multiple efforts. That’s not all though. By preserving portions of that marketing asset, it can be used again later in connection with other assets. Snippets of an interview with a client relations manager used in the summer could be added to a Thanksgiving marketing asset concerning the gratitude team members have for their clients.
[3] https://www.verywellmind.com/how-to-boost-your-self-confidence-4163098
[4] https://www.plantoeat.com/blog/2023/01/the-ultimate-guide-to-meal-prepping
[5] https://www.budgetbytes.com/meal-prep-101-a-beginners-guide
[6] https://www.wrike.com/marketing-guide/faq/what-is-marketing-efficiency
[7] https://www.plantoeat.com/blog/2023/01/the-ultimate-guide-to-meal-prepping
These articles are prepared for general purposes and are not intended to provide advice or encourage specific behavior. Before taking any action, Advisors and Plan Sponsors should consult with their compliance, finance and legal teams.
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.
get xpress proposal
