Snappy Kraken, the advisor-focused marketing technology company, announced a partnership that leverages prospective clients’ interest in finding their “risk number” created by Riskalyze’s assessment tool to help advisors get more clients.
The new offering was formally rolled out Thursday at Riskalyze’s Fearless Investing Summit in San Antonio.
Snappy Kraken cofounder and CEO Robert Sofia said in a statement that the firm has built a digital marketing campaign designed to generate more Riskalyze leads for an advisor’s business.
“We’re big fans of Riskalyze,” said Sofia in an interview. While advisors are happy to attract new client leads by placing Riskalyze’s lead generation questionnaire (LGQ) on their websites, the challenge, Sofia said, is “how to drive more traffic” to advisors’ sites from prospects who wanted to find their risk number.
Thus the custom marketing campaign, that includes a package of email blasts, coordinated social media posts and advertising spots to run on Facebook and Google.
Advisor users can go to Snappy Kraken’s site to sign up for the campaign, including uploading their logo. There is no charge for the campaign for existing users, except for the advertising (Snappy Kraken does offer a free trial of its services). Existing users pay $79 per month for Snappy Kraken’s range of marketing services that includes email campaigns to leads, newsletters and social posts.
(In April, ThinkAdvisor wrote about a new video service that the company launched for advisors.)
Regarding the cost of the advertising, Sofia said his firm partners with a large online advertising firm that allows it to offer an attractive price point for advisors, and guarantees a certain number of page views of those ads.
How important is web advertising? Sofia says that such advertising is “extremely popular in every market but the advisor space,” despite third-party research which found that advertising yields $2 in business for every $1 spent on Google and Facebook advertising.
Having run the Riskalyze program in beta for six months, Sofia says the “results are much better than Facebook and Google advertising” for advisors.
And considering how advertising can help convert leads into clients, which Sofia says feedback from its 1,100 clients confirms, the return on the advertising spend is well worth it.
“Some people discount the value of advertising,” but he argues that the power of brand awareness that comes from that advertising is extremely valuable since it “builds brand equity over time.”
Considering the “lifetime value” of new clients, especially for advisors who charge a fee on AUM, Sofia says “spending a couple hundred dollars” on online advertising to add even one wealthy client is well worth it.
Connecting the dots between the Riskalyze deal and Snappy Kraken’s marketing offerings, Sofia says, “We’re trying to help advisors be better known in their communities” while helping prospects and clients to “take the right amount of risk in their portfolios.”
“One of the biggest fallacies about advisor marketing that we’re helping to overcome,” he says, it that advisors can just create a website and post on social media “and you’ll get clients.” However, if you take those steps “and nobody sees it, what’s the point?” Since Snappy Kraken guarantees page views, he says that a “$3 click can get you a $3 million client.”
Related on ThinkAdvisor: Snappy Kraken Aims to Change Bad Advisor-Video Relationship