Is your firm guilty of dipping in and out of it’s marketing efforts?
If so, you’re not alone–it’s a common theme in the financial services industry. Many financial firms flirt with the idea of marketing, but never actually commit to anything longterm. Instead, they perform what we call ‘Random Acts of Marketing’.
Random Acts of Marketing can be defined as low-value and low-strength marketing activities that keep you busy, but lack in concrete results. For example, a firm spontaneously runs a social media advertisement via LinkedIn, with no follow-up or nurturing plan in place to engage the leads that come from it. This means that all of the potential new business from this ‘random act’ are lost.
With inconsistent and ill-thought-out planning, firms lose both money and time that could have been put to better use.
So, what’s the solution? A strategic marketing plan.
With a realistic plan in place, you can source, nurture and convert a consistent number of leads without wasting valuable resources.
Avoiding The ‘Random Acts of Marketing’ Trap
Think about what you want to get out of your firm’s marketing–it’s important to have a goal or target in mind. For example, your goal might be to collect more ‘warm’ leads (a prospective client that has already been introduced to your brand and what you offer). Setting an objective will ensure that you and your team are working towards the same aim.
However, a goal is just a dream without specific targets and a deadline to work towards. Decide on realistic time frames and a target number of new business leads for each campaign to create an efficient plan. This information will also enable you to budget accordingly, without overspending.
Once you’ve decided on a goal and deadline, you can start formulating a strategic plan for HOW you will achieve your objectives.
To do this, it’s important to brainstorm a list of campaign ideas, considering the prospect’s journey from start to finish. You’ll then want to play ‘Devil’s Advocate’ with your ideas, considering how or why they might fail and tailoring them accordingly to avoid potential pitfalls.
Here’s an example of a lead generation campaign we at Propero Partners would design and implement for a client to help them collect more warm leads:
Step 1: Run a paid-for social media campaign to a ‘gated’ piece of content about something that would pique the interest of your target audience (for example, run ads to a downloadable guide which is only available upon providing an email address)
Step 2: Add all of the collected email addresses to an automated email sequence (a number of automated emails that are sent at specific intervals)
Step 3: At the end of the sequence, once the leads have been warmed to your firm’s brand, add your contacts to your newsletter and/or blog email lists so that they continue to get messages from your firm
Step 4: Monitor the analytics from the email campaigns and personally follow up with the contacts that demonstrate the most interaction and interest
Step 5: Offer the most engaged leads a chance to call or get in touch about their pain points.
Once you’ve decided on a campaign to run with, it’s important to get the wheels in motion by assigning project drivers (individuals who are responsible for pushing the project forward) and project milestone deadlines. This will ensure your plan gets moving, instead of being pushed to the side and forgotten.
To discuss the progress of your campaigns and any areas that might need improvement, it’s also important to have quarterly, monthly or weekly meetings. These meetings will enable you to get the most out of your current and future campaigns, as you can highlight or address successes and failures as they occur.
Relying on ‘random acts of marketing’ is a surefire way to stifle your firm’s growth. Instead of dipping in and out of your marketing efforts, focus on implementing a strategic marketing plan to generate new business and take your firm to the next level.
Find out more on how you can generate a list of qualified prospects and get a consistent stream of new enquiries, by downloading our guide; ‘The 3-step process for attracting clients and growing your financial service firm’s revenue.’