02 Mar Digital Marketing for Financial Advisors (Step 1: Deciding on a Marketing Objective)
Before stepping right into Facebook marketing, set a crystal-clear direction for your marketing campaign As intuitive as this might sound, a marketing campaign can only proceed when there is a specific and feasible goal anchoring it.
For professionals in the financial services field, there are typically two marketing objectives that can be chosen from:
(1) A campaign aimed at generating sales for a financial service or product
(2) A campaign geared toward generating leads for team recruitment.
To put it simply, a choice should be made for either sales or recruitment.
A definite marketing objective is the first crucial element that will set the precedent for the next few steps in the marketing plan.
(1) Generating Sales
Every financial product has its unique set of pros and cons. Asking yourself the questions below will aid you in rounding up the products that are best able to bring you closer to your business goals.
What is the Profit Margin of This Product?
The amount of profits you reap on the successful selling of a product will depend on the product’s profit margin. Certain financial products give you the benefit of a higher return for each sale, whereas there could be others providing lower returns, but are instead comparatively easier to sell.
While a digital marketing campaign is remarkably cheaper than traditional sales methods of roadshows or newspaper advertisements, considering the margin on sales will help you to decide on a suitable product that is best aligned to your business goals.
Comparing a maternity and retirement plan for instance will give us an idea of the dynamics of assessing the profit margin of a product.
Cost per lead
*Above figures are for illustration purpose only
As you can see, acquiring a lead for a retirement plan might be more expensive than that of a maternity plan, but the profit margin on retirement is conversely higher. Although we have definitely simplified things over here, this captures the gist of the process of assessing the profit margin on a product.
What Type of Client will I Secure Upon Sale of This Product?
Financial products land either short or long-term clients for you. A maternity insurance plan could mean that you have the opportunity to be a financial partner to a client for life, whereas a home insurance plan could conversely imply a client partnership that lasts only in the event your client purchases a property.
Keeping in mind your business objectives, what profile of clients will be more beneficial to your projected business aims, a higher turnover rate or a continuation of clients?
Where Does My Financial Expertise Lie?
An online campaign adds the marketing magic that can get your product recognised by a wider audience, but you should keep in mind to choose a product that you are confident of selling, one that you are certain will be popular among clients.
Imagine this, if you were to select a financial plan that you are apprehensive about selling, the digital marketing campaign from the outset will already be disadvantaged, as compared to a situation in which an outstanding product is selected.
To create a marketing campaign that can set your product apart from the immense number of other financial plans advertised out on the Internet, it is important you select the products that you are assured of and familiar with selling.
[Tip 1] Pick and select a few financial products that creates a focused scope for your digital marketing campaign. Potential clients are more inclined to respond when a few niche products on your website reflect your expertise, rather than if they were to be overwhelmed by information on a plethora of products.
[Tip 2] When choosing a financial product to market, it will also be useful to look at your products from a digital marketing perspective instead of plainly comparing the pros of your products side by side.
For instance, let’s say that you are considering selling a home protection plan. Traditional marketing via word-of-mouth referrals has been consistently producing results, and thus you might have decided to leave it out of your digital marketing plan. However, by keeping your options open to market your home protection plan digitally can boost lead generation prospects – as many new home buyers are young working adults who are likely active users on Facebook.
Looking through a digital marketing lens whilst making the choice on your marketing objective can help you to zoom in on a final decision.
To set the direction for a recruitment campaign, the target profile of applicants needs to be first determined. Depending on the dynamics of a team, you might look to hire either fresh graduates or professionals making a mid-career switch.
A digital marketing strategy need not be restricted to two of the either lead-generation objectives as mentioned at the start of this article.
Consider other side goals that can be achieved apart from lead-generation, such as building brand awareness for your products or constructing a unique team persona that allows your team to stand out amongst others. This holistic approach will add more depth to your campaign, think of it as the added bonuses derived from the effort and funds invested into a digital marketing endeavour.
Facebook marketing can help to get your product recognised in the vast digital space, but it is ultimately you who decides which niche products will make the most value out of your marketing budget.
Basics of Search Engine Marketing
Sharing is caring! 0 shares Share Tweet LinkedIn Pin A simple guide to the fundamentals of paid advertising In an era where information and media is so easily accessible, the power of Search Engine Marketing is becoming more and more apparent. Companies which want …
5 Fundamentals Of Building A Revenue-Driven Ecommerce Website
The power of branding End-to-end support Talking prices Testimonials and reviews Web interface and design refresher With the recent implementation of circuit breaker measures, landing pages have become more important than ever for revenue. Websites are the big guns in the arsenal of a …
Digital Marketing for Financial Advisors (Step 5: Optimising your campaigns)
6 ways to optimise your Facebook Ads Now that you have learnt how to run Facebook Ads, the next question would be: How to optimise your Facebook Ads? The worst thing that a digital marketer can do, is to allow the ads to run remotely …