Scott Kasprzyk is a national marketing consultant at LeadingResponse. He’s been with the company for over 15 years and in the industry nearly 20 years.
Many financial services professionals have found client acquisition during a pandemic to be their greatest challenge yet.
Advisors have been forced to rethink the way they conduct business. Many of you are asking yourselves, “What happens to my business if we are still dealing with the pandemic 6 or 12 months from now? Will I have to resort to layoffs? Will I end up closing my doors?”
Consumers are looking for somewhere to turn
Whether you are used to hosting live events or webinars, or are looking to meet clients face to face, if you’ve been idling your marketing engine over the past several months, here’s why you need to get moving again.
According to the AARP Public Policy Institute Employment Data Digest for March 2020, unemployment numbers for people 55 and up increased from 2.6% in February to 3.3%.
They predict these numbers will continue to grow as members of this age group retire rather than risk contracting COVID-19. And it will present advisors with increased opportunities to attract new clients.
Client acquisition is all about options
One of the most interesting aspects of this pandemic from a financial services point of view, is consumers are quickly learning how to use new technologies. For example, in a recent article, AARP noted it has fueled a “Zoom boom”. In December, the video conferencing platform reported, 10 million people were participating daily. By April, the number had exploded to over 300 million.
Seniors are turning to platforms like Zoom to communicate and connect with family, friends, and social groups. And advisors engaging in client acquisition are presenting consumers with choices: meet in person, over the phone, or virtually for one-on-one appointments.
Make decisions based on data
We are finding numerous producers are choosing client acquisition programs without obtaining data on what is working. It’s like driving from Florida to California without a map or asking for directions. You’ll eventually get there, but it will take extra time and you’ll spend more money.
Rather than guessing, partner with a company that tracks webinar results, knows the financial services industry trends emerging from the lockdown and what messaging is working to drive audience responses.
During the 2008 recession, enterprising financial services providers took advantage of decreased marketing costs, put the pedal to the metal, and came out on top.
Today, COVID-19 is impacting the economy. You need to jumpstart your client acquisition efforts before the engine powering your business sputters and dies. If you don’t market your services, advisors who do will attract new clients.
My closing thoughts
I recently posted a September 2019 Forbes article, “When A Recession Comes, Don’t Stop Advertising,” to my LinkedIn page. I feel it makes a lot of sense during these times.
The article includes one of my favorite advertising quotes. A reporter asked Sam Walton, the founder of Walmart, “What do you think about a recession?” His response was classic: “I thought about it, and decided not to participate.”
So, there you have it. Why would you pass up the opportunity to increase your footprint and grow your market share? Because others are waiting for things to return to a normal that will never happen?
Don’t let your fear stand in the way of success. If you’d like to chat about anything I’ve covered here, please feel free to get in touch via email at [email protected], or by phone at 813-885-8236.
