As a financial advisor, your business depends upon being able to get a steady stream of new clients to replace the ones who no longer need your services. Traditional methods which were employed for the purpose (from cold calling, direct mailing, running newspaper and magazine ads to maintaining a website) are no longer as effective as they once were.
Of all these options, a website has the most potential for lead generation in the modern, digital age. However, for it to function as a potent lead generation tool, the website needs to run efficiently and offer valuable content to visitors.
In order to provide effective lead generation through your website, you need to hire an effective marketing and branding strategist who can show you how to increase your site's search engine optimization rankings and generate qualified leads. Apart from website optimization, there are a number of other ways that you can use to generate leads for your business.
So what do you do?
Start by understanding what you shouldn't do! Don't get caught in a situation where you employ the wrong strategies, while your competitors use the right ones to gain an edge. Here are the mistakes you need to avoid:
1. Spending too much time on lead generation
Remember, you time is precious. There are always several things to attend to, which you won't be able to do if you spend every moment chasing leads. This is why auto responders should become an essential part of your business- since they are a very effective means of lead generation for financial advisors in Australia and in other parts of the world.
2. Not being available to respond to calls
After getting a client interested in your services, you need to be ready and waiting when they call to discuss business. Most local prospects call during lunch time, which you need to be prepared for and use to land a meeting with the client.
3. Not Taking the Time to Build Relationships
Perhaps the most important mistake to avoid for financial advisors is not taking time to communicate effectively with their clients and establish a relationship of trust and loyalty.
While the prospect of selling to clients might make you uncomfortable, you need to remember that the clients you manage to attract are the ones providing you with a livelihood, and learn to embrace the sales process, resulting in improved lead generation for financial advisors in Australia and elsewhere.
Now let's talk about the latest techniques for lead generation for financial advisors in Australia that actually work, but are often undervalued in professional circles:
1. Running Google Ads
This is an expensive method of engagement, so make sure your ads are high targeted and efficient in seeking the right kind of prospective clients.
2. Employing Word of Mouth Promotion
Unlike what many professionals believe, this kind of promotion is not something that is beyond your control. If you prove to your clients that you are caring, collaborative, credible and have chemistry with them- your chances of getting client referrals increases exponentially.
3. Holding Dinner Seminars
There are two rules to follow for throwing effective dinner seminars. Don't be cheap; and only invite specific prospects. The purpose of the meeting is to establish a good personal connection with the prospects, and while this strategy is expensive, the returns on the investments can be quite significant, in the form of 50+ high quality prospects in less than two months.
4. Conducting Educational Workshops
This kind of client engagement strategy is an effective alternative to holding dinner seminars with individual clients, which might prove to be too high pressure an environment for certain prospects. The workshop allows for a more conducive environment to make a connection with several clients at the same time.
5. Forming Lead Groups
Business professionals from different industries get together once or twice a week to share leads and tips, and exchange advice in a highly collaborative environment where you won't have to worry about competition.
6. Preparing Free Reports
People love to get free things. And if they like the information you are providing them with (through newsletters, ebooks etc), along with your contact information, they will have a strong incentive to call you.
7. Working on Community Networking
This is a slow but effective method of building you brand in a local area. It can take the form of sponsoring and organizing community events, and getting your brand name in front of the public through appearances on radio shows, talk shows and through podcasts.
8. Utilizing Facebook
Take advantage of the largest social networking platform on the planet to establish and build relationships with clients and prospects over time. Facebook events can be used to notify members about upcoming occasions and events.
9. Making Effective use of Linkedin
You can use the popular professional networking website, which is of great help for the purpose of lead generation for financial advisors in Australia, since it caters to plenty of high net worth clients, and provides means of establishing and developing relationships with prospects through many of the site's features.
Use the network tab that can be used to sort and filter options and send messages to colleagues and local business leaders. Contact prospective clients when they post achievements by leaving messages or liking their content. The advanced tab also allows for using mutual connections to land introductions with the prospect you're interested in.
10. Writing Articles in Newspapers
This is an alternative strategy to running newspaper advertisements. Write articles that focus on your specialty to establish yourself as an authority figure, and soon clients will come to you instead of the other way around.
11. Being Approachable
People want advisors to be approachable. Practice your social skills by starting conversations with strangers, and taking an active interest in the local community. Use those skills to establish a cordial relationship with clients as well as prospects. This is one of the practices that often results in better lead generation for financial advisors in Australia.
12. Participating in Community Networking Projects
Not only does joining civic community activities allow you to gain a personal perspective on the people who might one day come to you for advice, but it also builds your image as a civic minded community member.
13. Meeting Audiences on their Home Grounds
Thanks to the internet, you need no longer meet clients only in your office. Use the large variety of social platforms to get in touch with potential clients scattered the world over.
14. Being Visible in the Community
Your reputation within the community is an important factor for getting clients, and as such, you need to be seen as a responsible and actively productive member of society who can be trusted with the clients' finances.
15. Making Use of Social Media
Alternative marketing as a sales strategy has really come into its own since the arrival of Google, Twitter and similar sites. You should make use of such sites to respond instantly to clients and market your services to a million plus base of potential clients.
This is a more effective method of communication than emailing, since the client is already online and engaged in the conversation.
16. Establishing a Niche Market
In the new world of global competition, it can be of significant advantage to establish a reputation for catering to a niche market. This can take the form of targeting companies within a particular industry(automobiles, software etc.) that you have experience in, or particular professions(doctors, architects and the like), that you have specialized knowledge of.
17. Creating Your Own Communities
You need to establish yourself as a strong decision maker and leader in front of your prospects, and one way to do so is to create and oversee communities as the head.
This can be a major drain on your resources, but it produces significant returns if done right. Start a podcast, begin a blog, interview trade experts and host Google Hangouts. All these activities will establish your leadership and creativity skills while also displaying your knowledge in front of future prospects.
18. Actively Seeking Referrals
This is another method of gaining referrals as opposed to waiting for past clients to recommend you. Good referrals are the most effective means of lead generation for financial advisors in Australia and the world over, and you should make a habit of telling clients that you are available to advise other clients they might know who might need your services.
19. Producing Dynamic Revolving Content
Making use of this content strategy provides a variety of benefits- from increasing web traffic as well as direct response rates on direct mail pieces; to establishing your identity as an expert within the community.
20. Establishing a Solid Reputation
You need to convince your clients that not only your office and your skills, but also your time is at their disposal. Provide them with your personal contact information, and respond promptly and fully to any queries and follow up questions they might have.
21. Advertising Selectively
Make a conscious effort to orient your sales strategy towards targeting clients within your area of expertise. This will result in lower advertising costs and better conversion rates. For example, paying to advertise on specific sites which are visited by the kind of crowd you wish to appeal to.
22. Creating Intriguing Business Cards
Your business is like a business handshake that allows the client to make a decision as to whether or not they want to do business with you. To help convince them, make your business card as interesting and informative as possible.
23. Getting the Word Out
You can make use of targeted ads in local newspapers and newsletters for the purpose of reaching specific clients. This has the added benefit of forming possible alliances with other professionals within the marketing industry who can help you get in touch with clients.
24. Receiving Help from Competitors
This might seem like a strange concept, but your competitors don't need to be aware they're helping you. Look at the people within the industry who are getting the most clients and try to understand the reason for their success. Don't be afraid to adopt their methods where they seem to be effective, and learn from their mistakes as well as successes.
25. Knowing When to Stop Selling
You can waste a lot of time running after prospects that show no sign of wanting to do business with you. Stop thinking every prospect will turn into a client if you just try to convince him long enough. Instead, terminate contact with the prospect in a polite and friendly manner, ask them to think of you if they ever change their mind, and move on to other prospects which are actually proving responsive.
26. Paying Attention
You need to impress upon your clients the fact that you are deeply responsive to their concerns about their finances. This is achieved by paying close attention to your client when they communicate with you, and remembering their financial history while helping them plan their future finances.
27. Stay on Top of Trends
The world of finance management is constantly evolving, and as an advisor, it is your job to stay up to date with all the newest trends in order to better advise your clients.
In summation, let's focus on sales pitches which result in better lead generation for financial advisors in Australia. One thing you need to understand is that the essence of your brand must truly reflect who you are as a professional and also as a human being. Make sure your pitch explains how you hope to help the client through your services.
Also remember, repetition is an essential part of effective communication. A general rule of thumb to remember is that it takes as many as six repetitions to drill your name into a potential client's memory so that they remember you.