In an increasingly competitive landscape of more than hundreds of thousands of financial advisors, it can be challenging to stand out and differentiate yourself by simply offering comprehensive financial planning and great service. One of the most crucial but difficult tasks is not just perfecting their craft, but figuring out how to get new clients and ultimately grow your business. An advisor needs to learn how to effectively market their services and communicate their value to audiences that they might do business with. Here are a few strategies that will help you.
Know your niche market
You should be able to describe your target audience to anyone with such clarity that they should be able to visualize it. Research and learn more about the demographics as well as psychographics. You cannot be delusional enough to believe you market to everybody. The riches are always in the niches and you need to specialize in knowing your ideal client. There are a host of options to choose from- retirees, divorcees, company executives, dentists or plumbers. The idea that casting a wide net will inherently translate to more business is wrong.
Listen to what your clients have to say
A client-centric approach never fails. Your current and past clients are a group your marketing team should focus on since if you’re not reaching out to them, you can be sure your competitors definitely are. Send out thank you letters or birthday cards that are sincere. These will go a long way in getting your clients to give you referrals. Additionally, address every complaint that you receive from unhappy clients and resolve them promptly. Let your clients know that you value their input and they will be more likely to do business with you again.
Know how much money you make per direct outreach
You are blessed with the incredible ability to control your income! Figure out the number of calls it takes for you to make an appointment and then the number of appointments it takes to get a client. If you know how much you make per client you should be able to quickly figure out how much you make per phone call. If you want to make some extra money, pick up the phone. You ideally need to keep track of- the number of calls you make, the number of completed calls and the number of appointments you set. While implementing these marketing ideas, knowing your numbers can be highly motivating but also discouraging along the way. Don’t let it get to you.
Focus on conversions
Channelize all your energy towards your site’s user experience, traffic is great but ultimately worthless if it’s not converted into paying customers. You should strongly consider hiring a web designer who will make your site easy to navigate, to follow information with ease thus ensuring enhanced user experience. Your clients do not have the time for financial jargon, broken links or an outdated website. Have your contact information on every page and take extra care to maximize your “above the fold” use.
The ideal thing to do is to work with a marketing agency. If you have been looking for one, you’ll quickly learn that no two agencies are the same and none can guarantee results. It’s also a time-consuming process. But for the sheer efficiency and seamless operations, you might want to consider a financial advisor marketing agency for your next campaign.