The Summary -
- Of course it can! Here's why. . .
- Inbound marketing establishes credibility, thought-leadership, trust, information and social proof by guiding prospects into your world.
- Targeted outbound prospecting creates top of mind awareness and higher quality conversations with ideal prospects by gently and professionally introducing your brand into their world.
- Together through guiding and introducing you fast-track your efforts to convert strangers into well serviced clients.
- See the graph at the bottom to understand how your marketing method impacts how often you need to interact with a prospect.
Whether you’re targeting high-earning millennials or boomers entering retirement the crucial question is not who you’re targeting, but how you are trying to reach them.
To grow your assets under management in this highly competitive market requires a multi-reach strategy.
Effective marketing requires a balanced inbound and outbound marketing strategy. Here’s why -
Inbound Lead Generation vs. Outbound Prospecting
Inbound marketing is one of the essentials to keeping your pipeline filled with prospects. Someone comes to your website, after a web search or reading a social media post or ad, and you try to capture him or her with an offer, or they talk to an online sales agent for more information.
Or you have a content marketing plan and try to ease them into your sales funnel with a free downloadable book or whitepaper, showing you understand the customer’s pain points.
You aim for a certain number of visitors each month and a percentage of this inbound lead generation is turned into paid business. Your goal is to increase this percentage by fine-tuning your offer or content strategy.
Inbound marketing is an excellent long-term strategy, but can take months to build sustainable momentum. However, when combined with outbound marketing, the results compound.
For example, for every person who engages with your site, there are many more who leave without leaving any imprint.
They might not be interested what you have to offer at the moment. Perhaps they’re busy, or not in an awareness, research or decision mode right now, but this might change later.
There are tools available that can track anonymous visitors to your site and can even tell you about their company. Then it’s just a matter of a sales phone call or email marketing campaign. (Of course, outbound marketing can include traditional advertising methods as well.)
Yes, email marketing. This is a distinctly unsexy tool in an era of social media and mobile relationship building, but it is extremely effective and a proven means for financial services marketing to an inattentive and saturated audience.
Of course, you must have a good list of prospects – purchased or built organically yourself – who are good prospects for your services, and then manage your communications to appeal to their needs, so they don’t lump you in with SPAM.
Using LinkedIn is an excellent outbound way to connect to your ideal client if implemented correctly. What does “correctly” mean?
Simple, if after connecting with a prospect you send a manifesto of how’d you’d like to “help”, there’s an almost guaranteed chance the prospect is turned off.
Want proof? Check your own conversion rates.
If this tactic isn’t converting, it’s harming your firm’s perception and you need a less-saley strategy.
Need proof that just “showing up” on LinkedIn is not enough?
A quick search of “Financial Advisor” will show you exactly what your competition is saying, which sadly read the same as everyone else.
The unspoken reality of LinkedIn is this -
- Since everyone is selling something, you have to do the opposite - sell nothing and always be helpful.
- No one actually reads articles. We all skim to see if there’s anything of relevance to us.
- The point of LinkedIn is to build relationships and not spam your network with unoriginal content.
- Engage personally and win professionally.
Why You Need Both For Lead Generation
Inbound marketing pulls in business – it comes to you. With outbound prospecting you reach out to your target – you go to them. Push and pull – you need both or your financial services marketing will always feels like it’s missing something (and it is).
One of the powers of inbound marketing is that is educational, non-promotional and focused on providing value to your target. It builds a brand relationship over the long term.
It also requires more investment upfront and results take time to build. However according to a report by Kapost, the results are clear:
- The average cost per lead drops 80% after 5 months of consistent Inbound Marketing.
- Inbound Marketing yields 3 times more leads per dollar than traditional methods.
- Inbound Marketing can result in doubling the average website conversion rate from 6% to 12%.
According to research by Hubspot , Only 29% of people want to talk to a salesperson to learn more about a product, while 62% will consult a search engine. This means if your firm does not present excellent content on the topics prospects are interested in, your competitors will (and are).
It’s also reported that inbound marketing converts three times as many leads as other methods, while costing about 62% less.
So why should you even bother with outbound?
With outbound marketing, you are able to get your message out to your ideal target audience to fast-track their awareness of your company.
When implemented correctly (meaning non-salesy), it’s a great way to invite your ideal client to engage with your company earlier in their buying cycle.
This will go a long way towards being trust, credibility and expertise, which is crucial when it comes to financial services.
Long-term relationships and instant reach – you need both with outbound prospecting and inbound lead generation to systematically attract prospects and increase your assets under management.
Lastly, the graph below shows a high level view of the number of times your firm needs to interact with a prospect depending upon the marketing method.
Keep in mind more touchpoints = higher costs, which is why methods like print should be used in conjunction with your inbound/outbound marketing strategy, and not exclusively.
The 1% Action Step -
Effective marketing is arrived at by incremental changes.
What’s the one thing you can implement or tweak in your marketing this week that will get you closer to achieving 2Xs the results with half the effort?