Note: This article is courtesy of Iris.xyz
By Kirk Lowe
Everyone in financial services understands that advisors generate 75-90% of all their new business from referrals. That doesn’t mean they’re generating enough revenue however, as most advisors will tell you they want more referrals, more leads, more clients.
Advisors pursue many tactics to generate more leads. Oftentimes, it’s a mishmash of ideas from Advisor Marketing Guru #1 mixed with some ideas from Advisor Marketing Guru #2 and then, a gentle sprinkling of what worked for 2 or 3 advisors that spoke at last years conference. Advisors have been chasing this dream forever, the perfect formula to attract ideal clients – not necessarily leads by the droves, but certainly more ideal leads.
Here are 7 reasons advisors struggle with generating leads.
1 – No Story
People want stories. They already know advisors “sell” financial products, some even “prepare financial plans”, but few people truly understand what an advisor can really do for them. They don’t often know the answer to the three big “why” questions: Why you? Why me? Why plan?
Your story should give people what they need to be able to identify you and your services as different, better and highly relevant to them. When you figure out your story, you’ll have the opportunity to turn it into your brand and then use that to your advantage in all of your lead marketing. Your brand precedes you. It gives you clarity and focus. Your lead marketing will be way better just having gone through the process of creating your story. With a compelling story, your ideal prospects will know you are right for each other. They will begin to experience your brand.
2 – No Credibility
Credibility isn’t simply experience, credentials or success. Credibility is proof of expertise and that you understand your audience and their needs. It’s proof that you have a process, a game plan, to help them. Credibility can be exhibited in several ways: via social media, a compelling and rich website, valuable highly relevant content, and a clear niche audience and expertise.
Achieving credibility is a seasoned advisor’s rite of passage. Credibility is earned each and every day. Credibility is daily proof you know more, care more, give more and will do more for your audience. It’s why marketing is so important because marketing, specifically digital marketing, can help you ooze credibility and outshine other financial advisors – your competitors.
3 – All “ASK”, No “GIVE”
“Contact me today for a free, no obligation, financial consultation” has to be the least effective call-to-action ever and yet it’s the most prevalent on most advisors websites. It may be appropriate and well intentioned but it simply isn’t effective.
On my company website, TactiBrand.com, I get 4-6 form submissions a year. In contrast, I get 2,000+ downloads of my papers. I get thousands who read my blog posts every month and who also listen to my podcasts, Mod Marketing. I get most of my inquiries via LinkedIn messages.
The value of my content drives my ability to generate leads. I tend to “give” way more then I “ask”. Even when I’m asking it’s usually to get advisors to show up somewhere so I can give.
The same holds true for financial advisors. Advisors who have lots to give have a significant advantage over their peers. In addition, this advantage will multiply once fee transparency is in effect. The trouble for most advisors isn’t that they don’t get this concept, most do. The problem is that most advisors don’t have a process or the time to produce the content they know they need.
Click here to read the full story on Iris.xyz.