The truth is, many advisors still run very inefficient marketing campaigns. Many still use “popular” advertising techniques to reach their prospects: seminars, radio, email and direct mail. And while their marketing content may be good, the majority fail to target each of their prospects efficiently.
Why do so many advisors cast such a wide marketing net? It’s as if they are trying to reach everyone in their market with the same message catered to those ready to take action today; however, most prospects are not ready to change advisors or attend a seminar, today. Now they may be willing to engage in those possibilities at some point in the future, but that all depends on you.
In most cases, advisors who utilize these “mass marketing” methods see only a 1 percent to 2 percent response. For example, an advisor may send out 5,000 invitations to a seminar but only see 50 people respond.
But what about the other 99 percent of prospects? Essentially, they are lost to the advisor and the advisors’ marketing dollars are wasted – simply because they did not understand how to target the other 99 percent of prospects who are interested, but not ready to take action today. The issue is trying to apply catch-all methods of marketing instead of utilizing marketing techniques that speak to and nurture prospects based on where they are today in the buying process.
Imagine an advisor dumping all his or her marketing budget into a funnel, but the funnel has holes in it, allowing the majority of the money to spill out. This is a common example of an inefficient sales funnel. However, the fallout isn’t necessarily wasted if you know how to engage with each of your prospects through the various stages of the buying cycle – as we discussed in last week’s blog.
Thrive not just survive
Why do so many advisors survive and only a few actually thrive? How can you ensure you are among those that thrive? You need to ask yourself this question: What marketing systems do you have in place to help you engage with prospects that would otherwise fallout?
For example, next time you invite prospects to an event, consider offering additional calls to action. Offer potential prospects a free report or video series. By doing so you’ll position yourself to continue engaging with them over a period of time until they are ready to take action.
Key points to remember:
- Create a marketing plan that allows you to engage with each prospect based on where they are in the buying process.
- Don’t let leads slip away – follow up!
- If your current marketing systems aren’t working change them!
Bottom line, what separates average advisors from the those who excel is two things – strategy, and follow up. Are you ready to thrive? Then implement a marketing plan that will attract and retain leads, or refine your current plan to do so. Marketing plans are crucial to every advisor’s business. No matter how small or big your practice, set aside time to improve your processes, and in time, you will reap the rewards.
To learn more about how to build successful plans to engage each and every prospect, check out this free marketing analysis here.
For more information on sales and marketing automation and strategy you can also visit, www.AutomatedAdvisor.com.
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