Want FinServ Digital Walk-Ins? 5 Steps to Drive Prospects to Your Advisor Storefront
Unlocking the power in your firm’s digital toolbox can be directly tied to larger accounts and more revenue. In 2017, advisor production gained from FinServ digital walk-ins helped increase revenue by 6.9 percent, according to a Broadridge ESI Thoughtlab report.
How Data Drives Customer Acquisition
Sixty percent of marketers say that inbound marketing generates the highest quality leads. By adopting digital solutions, advisors get more hours back in the day, while strengthening customer relationships. Challenges, like lack of targeting and vague messaging, can be overcome by following the five steps below:
Define Your Ideal Prospect
Attracting perpetual browsers who didn’t buy anything was a sore point for the brick-and-mortar financial services marketers of yesteryear. Today’s equivalent is the time-strapped advisor who reflexively casts a wider net to catch prospects who will never be a good fit. Accuracy pays dividends. By data-mining and defining the wealth profiles and demographics of their best clients, advisors can construct a more accurate picture of their ideal prospects.
Pinpoint Your Prospects’ Most Pressing Needs
Financial advisors should focus their marketing and content on what their ideal client cares about most. Effective digital marketing has to engage by pressing the prospect’s most relevant buttons. “Research also shows that an excess of choices often paralyzes buyers,” according to this New York Times report.
Turn Consumers’ Heads — And Drive Them to Your Storefront
The job of the advisor is not to attract a crowd, but to connect with the individual. Advisors and marketers who deliver laser-focused messages to a predefined prospect rather than broad content for mass market consumption will generate more leads and client conversions. At Broadridge Advisor Solutions, we’ve seen targeted campaigns drive qualified leads to advisors up to 16 times greater than the results obtained from marketing blasts aimed at vaguely defined, general interest audiences.
Set the Stage for Conversion
Using targeted, compelling language based on client preferences is critical. Accordingly, your advisors need specialized campaigns to drive traffic to their “digital storefront” (i.e., their website), where prospects can register and access premium content. Additionally, advisors need to be on the right mix of platforms — such as LinkedIn, Facebook, Twitter and Instagram — to be visible where their prospects are.
Measure, Optimize and Repeat
By continually analyzing results and fine-tuning their messaging, advisors improve their conversion rates. The same is true for engaging digital walk-ins at your advisors’ digital storefront. Advisors who rely on actionable data, machine learning and artificial intelligence to identify and convert prospects will not only keep their pipelines filled with promising individuals, but will also ensure they are the firm that the best prospects choose and refer.
Working Your Digital Storefront
Using the above steps can make the difference between a cash register that gathers dust -or overflows with new revenue.
A small increase in retention goes a long way, too. Average advisors replace clients at eight times the rate of higher-retention advisors, according to a PriceMetrix study.
Better retention begins with knowing the clients and personalizing their experiences, as well. While cognitive marketing tools take the work out of nurturing their clients’ interest on the subjects they care about, your advisors can deploy their energies to focus on winning the digital battle for new business.