Make Marketing Data Your Best Friend
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I’m making a bold claim: Data should be the top driver of your marketing strategy.
To understand why, consider Bob Dylan’s lyrics, "the times they are a-changing." Marketing for financial advisors historically meant placing an advertisement in a magazine or sending mailers to promote a special offer for wealth management services. But digital marketing has replaced traditional marketing efforts, opening up a whole new world of lucrative opportunities for advisors. But even though digital tactics – think social media and email marketing, among others – have made marketing easier, capitalizing on and measuring those efforts takes some forethought.
Leveraging data to propel your marketing strategy starts with a couple of core questions: Why are prospects reaching out to you? What problems do they think you can solve for them?
Unlike traditional marketing, which was largely print-based and would often disappear into the circular file, providing no real insight into who viewed or took action on them, digital marketing lets you track where potential clients came from and why. This information can help you establish more defined client niches, which are fleshed-out personas that describe who your ideal clients are. Defining your niches helps you better tailor your marketing efforts and increases your chances for success by providing more relevant content, messaging, and education.
There are three reasons why new prospects request information. Major life transitions trigger a wide range of financial changes and consequences, from divorce to the birth of a new child, to an impending retirement. Prospects may have had a significant windfall, whether it be an inheritance or a sizeable bonus, and are confronted with a wide range of financial questions and concerns they may not be ready for. The third is market pullbacks, which can have short-term, negative effects on an investment strategy, and push prospects to search for a second opinion. Conversely, market gains make some prospects develop a case of fear of missing out (FOMO) and could be the push they need to reach out to a financial advisor and start investing.