A multi-channel approach to marketing can help increase conversion rates.
As a financial adviser, you face tough tasks every day. From managing complex portfolios and nurturing client relationships to pursuing new leads and maintaining licensing standards, it can often seem like there is simply not enough time to focus on marketing and business growth.
However, developing and implementing an effective marketing strategy is crucial to the success of your practice. Taking a more active approach to marketing your products and services to consumers seeking help with money issues can mean more leads, increased conversions and a significant uptick in revenue.
According to some experts, the best way for financial advisers to improve their reach with prospects and generate more leads is through a multi-channel marketing approach.
What is multi-channel marketing?
Multi-channel marketing is a way to communicate with customers across a variety of platforms. Ultimately, the goal is to target the right prospects at the right time with the right message, sparking interest in your services and motivating them to take action using the communication channel they prefer.
Multi-channel marketing involves both direct and indirect communication, online and offline, including:
Brochures or catalogues
Why is multi-channel marketing important?
Simply put, a multi-channel approach makes it easier to meet your customers where they are. Today’s consumers have greater control over how they receive marketing communications and more choice than ever before when it comes to accessing that information – or not.
Recent data suggests that a majority of consumers prefer to engage with companies on multiple channels before they commit to making a purchase or entering a service agreement.
For example, a prospect receives a direct mailer advertising low cost financial advice. She goes online to visit the firm’s website and reads a few blog posts offering help with money issues and a handful of testimonials from satisfied clients. She fills out the website’s contact form, requesting more information be sent to her via email. After reviewing the email, she places a call and is connected with an independent certified financial planner, who is then able to book her as a new client.
Of course, not every lead conversion follows the same path, but this scenario illustrates just how much control consumers have over the purchasing process and the importance of engaging leads on more than one platform in order to communicate effectively.
Every step in our example was initiated by the prospective client, yet the financial advice firm was able to convert the lead because of its multi-channel marketing approach. Neglecting any one of the platforms would likely result in a missed opportunity to convert that lead to a revenue-generating client.
What can financial advisers achieve through multi-channel marketing?
The benefits of a multi-channel marketing strategy are well established:
24% average increase in return on investment
9.5% average increase in annual revenue
7.5% average decrease in spend per contact
Roughly 50% of multi-channel marketers report hitting financial goals.
Businesses using more than 4 marketing channels outperform their competitors using just 1 or 2 platforms by an average of 300%.
These numbers are certainly impressive, but there are even more tangible advantages for financial advisers using a multi-channel approach to their marketing.
1. Make an impression
The more widespread your firm’s presence, the more opportunities prospects have to find you. This is especially key for financial advisers because consumers may not need your services right now. But if you maintain an ongoing line of communication across many platforms, prospects are more likely to remember your name and seek out your services when they need them.
2. Time it right
As we mentioned earlier, modern marketing means sending the right message at the right time. A multi-channel strategy makes this easy, as you can reach your audience at the ideal moment on the platform they most prefer.
3. Expand your reach
Spreading your marketing communications across a variety of platforms means you can target a much larger audience than using a single- or dual-channel approach. For financial advisers, this can be a game-changer, as it allows you to reach consumers who may not even be aware that they need clear financial advice until they encounter your messaging.
4. Quicken the pace
One recent survey noted that the average lead interacts with a company about 35 times before they are ready to engage services. Multi-channel marketing can speed up this process significantly, capturing potential clients’ attention wherever they look.
5. Control organic reach
There are aspects of marketing you can easily control – like paid advertisements, direct mail, website content and social media accounts – and those that are more difficult to manage, including things like word-of-mouth, client reviews and social media engagement. Communicating with consumers on multiple platforms can help improve your command over these organic marketing elements, which can boost your overall reputation.
Implementing a multi-channel marketing strategy that works
There are three main elements to a successful multi-channel marketing strategy:
Ideal client profile
Consistency across channels
First, you must develop a singular profile of your ideal target audience. Use data to gain better understanding of how your ideal client behaves across platforms and touchpoints, and how converting their business can add value to your firm.
Next, be sure any plan you implement is well supported by the necessary technology and analytics. Look for systems that can help you manage campaigns, automate marketing functions, expand to digital channels, and engage advanced data collection and analysis.
Finally, it is crucial to maintain consistency in your messaging across all communications. This not only eliminates confusion for prospects who may encounter your services on many different platforms, but it also helps establish your firm as a trustworthy source of financial planning help.
Creating a multi-channel approach to marketing your financial adviser services requires some careful thought and planning, but the huge potential for returns with little to no extra cost is well worth the effort.
Lead Tech harnesses a multi-channel approach to our consumer marketing and lead generation. This means we can deliver the leads you need in the most cost-effective way. Talk to us today about how we can work together to grow your business.
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Lead Tech provides high-quality leads for the financial advice, equity release, retirement and private medical insurance markets.