Financial Advisors know all too well that they always need leads to keep the client roster and firm thriving. Especially in this competitive industry, a steady stream of prospects can make or break a business. It should come as no surprise that generating these new clients takes an investment in your firm.
In this Internet age, Digital Marketing is proving to be the most effective way to reach new prospects and convert them into clients. So why are some advisors still not investing in the best methods for lead generation? They may not know how to begin.
The five points outlined below will shed light for anyone wondering how to start getting leads to ensure success and what the investment entails.
Is Outsourcing Affordable?
With today’s consumers so often online, the Internet has brought more opportunities for marketing to interested prospects. While the nuances of Digital Marketing may be new to some, there are experts already well-versed in this high-tech arena. When you partner with an expert, you benefit from their specialized resources and staff. The costs are tailored for the goals and services your firm may need. Because learning as you go can quickly drain a budget and may inadvertently turn prospects away, outsourcing special tasks are more effective, providing your firm valuable tools and expertise.
If for instance, you find that a Digital Marketing Agency can work toward your specific goals for about $1500 per month, consider what this amount gives you. Think of the full staff of professionals proficient in internet design, copywriting, strategy, and analytics that utilize high-tech tools for generating traffic, capturing leads, and converting new investors for you.
Now think of how much greater the costs and risks are to go it alone or to hire an employee to get up to speed and create digital marketing from scratch. Considering all that goes into effective lead generation, it is safe to say you will not pay more for a digital partner than it would cost you to do the same work alone. Not to mention, any investment that effectively generates leads is well worth the boost to your bottom line.
How Much Is Digital Marketing?
Advisors who are brand new to the business and those needing to jump-start their client roster may choose to allocate more to lead generation, while seasoned advisors with a long list of investors may spend less on leads and more for customer retention.
In any case, experts recommend investing in marketing a portion of your firm’s total revenue in the range of 3% to 7%. If you are like many advisors, you may not yet have a marketing budget calculated for your firm and you may be wondering how you can ensure that every dollar is effectively spent on building your success.
Whether you opt for a custom plan or a package offer, there are lots of services that can be tailored for your firm’s specific needs. Knowing the Digital Marketing services available will help you choose the options to grow your firm in the most cost-effective way.
Digital Marketing can include services such as:
- Conversion Marketing
- Web Development and Design
- Content Creation
- Email Marketing
- Social Media Campaigns
- Search Engine Optimization (SEO)
- Data Architecture
- Results Reporting
- Referral Registry
Define Your Market For Greater Savings
Another way to ensure your marketing dollars are spent effectively is to clearly define your firm’s target audience. When you have answered the question of who your firm is best equipped to serve, it will direct your efforts on your important target. From the image and tone used in your messaging and graphics, to the delivery method of relevant offers--you will be able to focus all efforts on your ideal audience. Creating dedicated marketing unique to the group you serve will get more attention, deliver greater value.
With the advanced tools and data tracking offered through Digital Marketing, it is easier than ever to see the returns on your investment. A Digital Marketing partner can help you understand how strategies are performing for you in relation to dollars spent. Many advisors move from one tactic to the next but never track the results.
Most likely, they lack the know-how or tools to generate and utilize valuable data. In this way, a Digital Marketing provider will benefit you by generating reports that detail costs. For example, if you invest in search engine optimization, a Digital Marketing provider will count Internet traffic for you before and after your campaign to show you returns. This paints a clear picture of the value you are getting from each Digital Marketing strategy.
Furthermore, a Digital Partner can create and manage specific offers unique to your different advertising channels in order to track which leads came from each—and which generates more value for you. Being able to analyze and see what really works is the very best way to make cost-effective adjustments that result in profit. Staying current of results puts you in a powerful position to accurately budget for the top-performing strategies and thereby ensure that each dollar is effectively contributing to the growth of your firm.
The Benefits Of A Digital Marketing Partner
Powerful online opportunities take tools and know-how to navigate. Firms that partner with a Digital Marketing expert are realizing greater rewards. A Digital Marketing Agency can deliver measurable results that help your firm reach new levels of success. If you can find a Digital Marketing Agency that also has expertise in the financial services field, this is ideal. Partnering with a specialist that is fluent in your industry gives you added peace-of-mind when navigating unique topics such as financial trends and compliance.
One such provider is Paladin Digital Marketing, an agency focusing solely on serving firms and independent advisors since 2003. Paladin Digital Marketing offers several different price-points and levels of service depending on needs, including comprehensive strategy, analytics, branding, and development.
Invest In Your Success
The Internet has changed everything, including how savvy consumers make decisions and how businesses can best reach them. When a prospect is searching the internet for topics related to financial advising, they are interested and ready to learn more about becoming your next investor.
Make sure your online efforts are doing all they can to help these viable leads find you. Whether you have worked with an agency before or are new to the benefits of a Digital Marketing partnership, an expert on your side will provide you with the tools and experience to start generating profitable results.