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.