It has been said during times of trials and tribulations, we may not be able to control the winds; however, we can learn to adjust the sails. The current pandemic has certainly impacted businesses across myriad industries, and the financial sector is no exception. However, attracting prospects during these seemingly turbulent times does not have to be complicated nor even a significant challenge. You simply have to know how to bend and manage change. In fact, once you understand your financial marketing options, you just might position yourself to elevate your business to a higher level.
As a financial advisor, you must shift to this new strategy if you want to continue to grow your business. While you may be comfortable and familiar with approaching prospects face-to-face and in person, the current worldwide pandemic may force you to consider a new way of doing business, that, in the long run, may increase your business growth and activity. This is accomplished by building relationships with prospects in a different way.
Times are changing
We get it; some financial advisors prefer the “old school” approach to doing business: handshakes, meetings with clients in high-profile settings or even in their own homes…anything that will generate trust in you and increase your credibility. After all, your clients expect you to take their money and make it work successfully for them, especially as they face retirement on the horizon. That is a responsibility not to be taken lightly. Perhaps during these times of change, you might wonder how you can adapt and have satisfied clients and clients who will happily refer you to family and friends. Keep reading. We just might have the perfect solution for you. While you may not be able to connect with prospects in person right now, you can still creatively connect with them.
Even though people are starting to venture out again and enjoy some sense of normalcy, the pandemic has not disappeared. Now its variants are putting an additional strain on businesses as some people simply don’t want to go out just yet and would prefer to be at home. That can present somewhat of a problem for you as you desire to attract more prospects. But does it really? Thanks to the technologies we have at our fingertips today, this lull can create a whole new world of financial marketing that has the potential to attract more prospects than ever before.
Connecting with prospects during turbulent times
It’s no secret many small businesses lost revenue during the coronavirus pandemic. As a result, it has forced them to rethink some of their key marketing strategies. While this may seem like a downer, it can also be a blessing in disguise. This is a time to focus on innovative ideas and implement change, all of which can reposition your financial firm to attract those clients you want and need to elevate your business further.
Now is not the time to stagnate in your former financial marketing campaigns. We are not saying those are ineffective, but now is the time to reposition your approach to attract more prospects. Sure, it does require a bit of brainstorming, but that is the fun part. (Have you considered emailing a menu from a local restaurant to your prospects, letting them choose a lunch option to be delivered to them while you conduct a virtual meeting with them?) Once you see the traction you can gain and the velocity your marketing campaigns realize, you may wonder why you never engaged in this type of behavior before.
Inspire a more personalized and engaging experience through multichannel financial marketing.
“Wait! What did you just say? Multichannel marketing? Sounds complicated, and I simply don’t have the time for that. I’ll just continue what I am doing and hope for the best.”
Don’t worry. We’ve got you covered. Multichannel marketing is just another way of saying, “Try this method of marketing your financial business. It can result in unexpected and amazing prospects.”
Multichannel marketing is not as complex as it might sound. Think: a multi-pronged approach that creates a seamless experience for clients and prospects alike that helps them transition from one form of engaging with you and your services to another. Consider it a veritable network of tastings. In other words, prospects should be able to successfully interact with you through their mobile devices, laptops, and in your service centers. No matter through which engagement point your prospect interacts with you, the experience will – and should be – the same. How does this affect you? It’s simple. It makes you and your products and services more readily available to prospects, no matter where they choose to be. It shows them you are there for them through any form of engagement, whether on or off-line.
Multichannel marketing allows you to create a highly personalized experience for your prospects.
Essentially, the channels of multichannel marketing can include, but are not necessarily limited to, social media platforms, display advertising, emails, blogs, and search engines. These channels offer prospects a simple way by and through which they can communicate with you. By employing these methods, you are improving the consumer experience and improving relationships with them throughout all touchpoints. No matter where they go, there you are! You can respond to their needs no matter where they land, adjusting your response to those needs whenever necessary.
The nuts and bolts: the engagement rates identified
Imagine being available to your prospects no matter where they are – anytime, anyplace. That is what multichannel marketing can do for you.
Hypothetically speaking, one would assume that if a marketing specialist employed one or more channels, the success rate would be greater than if just one channel was used, right? Well, prospects who interacted with one or more communication channels did, indeed, realize higher engagement rates than those who simply integrated with one channel of communication. That just makes sense.
But don’t just take our word for it. Let the numbers speak for themselves: “Marketers using three or more channels in campaigns enjoy a purchase and engagement rate which is 250% higher than those using single-channel campaigns.”
And it’s not just the prospect engagement rate that trends upwards; retention rates skyrocketed, too.
Prospects also leaned in and increased purchase rates as well. Granted, that could be affected by specific channels that might offer certain promotions, so that is where the average order value (AOV) comes into play. Loosely translated, customers who interacted with three or more channels spent, on average, 13% more on average order than those who only interacted with one medium.
This should also inspire you: “Customers using three or more channels were 90% more likely to come back for another purchase. Customer retention for these brands came in at 66.12% compared to 34.8% for single-channel campaigns.”
What all of this is really telling us is simple: When you can personalize your message to each prospect through multiple channels that work in harmony, the message provided to the prospect will be received as more relevant and personal, the latter of which is the essential tool in your marketing campaign toolbox.