Why Is Harnessing Data So Important?
Most organizations collect facts and statistics during normal operations. They also monitor trends. Company leaders use this information to gain valuable market insights. These help them shape their business strategies and ultimately drive revenue growth and profitability.
It can be expensive to acquire clients. Here’s an example: according to a Kitces Research report created from a survey of over 800 advisors, financial professionals spent $3,119 on average. Of that, $2,600 was the value of the time the advisor devoted to onboarding a new client, and $519 was the value of the actual marketing spend.
Measuring the Right Data
With so much data available, it an be hard to know what to focus on. But no matter the industry you work in, segmentation of data is critical. Whether it’s financial services, legal services, elective medical or senior living, you need data to deliver the right message to the right prospect.
While marketing automation platform Marketo notes you don’t need their software or a competitor’s to do it – other options include spreadsheets or your firm’s CRM system – it often makes the job easier.
When determining the success of your marketing strategies, consider:
- Level of Intent
- Lead Conversion Rate
- Time to Conversion
- Cost Per Lead
- Month-to-Month Analysis
- Leads by Channel
Marketing to Harness Data
In a recent Data Possible podcast, Kate Healy, board chair of the Foundation for Financial Planning and former TD Ameritrade managing director, points out how advisors identify their target audience and the clients they want to work with.
This could include demographics – gender geography, career fields, and socioeconomic groups.
Today’s branding is personal, Healy says. Advisors can use social media and digital marketing in particular to become influencers in the financial services space. It’s one way to compete against much larger companies by connecting with prospects.
(Keep in mind you can apply this process to any business sector.)
- Do prospects engage with your social media posts?
- How much time are people spending on your website? What are your bounce rates?
- Are your emails being opened? What about click-through rates? Are you testing subject lines?
- What is your response rate? How quickly do you call back? Email a response? Respond to chats on your website?
- Once you market yourself, what are prospects doing with your marketing? How are you converting them to leads?
The most crucial part of data is that it provides indisputable metrics for how and when you’ve succeeded; and allows you to make more informed decisions to grow your business.
No One Else Has Data Like Ours
Because we began working with professional services providers in 1995 to help them with lead generation and prospecting, we have millions of data sets from individuals responding to targeted promotions.
No other company has the expertise, experience, and data to consistently carry out marketing campaigns that will help you acquire new business and increase your revenue. Learn more about us, then get in touch to start harnessing our data and growing your practice.