The archaic tactics used for generating leads are no longer cost effective and time-efficient. If you are a financial, insurance, or a lending advisor looking for ways to generate consistent leads then this article is a must-read.
Reasons for Ineffective Lead Generation
If you are still cold calling, sending direct mail, and using newspaper or magazine ads in the modern world, then you need to step up your marketing game. These tactics may show results once in a blue moon but you cannot entirely depend on them for generating prospects.
Most financial, insurance, and lending advisors who use the older methods to generate prospects hate prospecting because it is tiring, it drains energy and it is monotonous. You might have to look for prospects at dinner seminars, networking events, and ask clients for referring you to others.
The “New Way” of Prospecting
The new way is ‘to the point’ and works like a charm. You don’t want to appear desperate to sell a service like most people marketing their products do. Yet, you want to make sales and build prospects that are high-net-worth individuals.
There are 2 major ways of prospecting for financial advisors that are effective in the modern world of marketing:
- Outbound Approach
- Inbound Approach
In outbound marketing, you find the prospects by reaching out to them. While inbound marketing is making the prospects reach out to you.
There are hundreds of ways to sell a product or service online using the inbound and outbound approaches but the best tools for selling financial, lending, and insurance advisory services are Linked in and Facebook.
Advertising on Facebook and LinkedIn have pros and cons. But if you can effectively target the right audience and deliver the message across, you will be able to drive results. You won’t only be able to just make a bunch of people interested in what you do but actually, attain “Qualified Booked Appointments”.
These platforms provide a much better rate of return on your investment and you don’t end up wasting a lot of time and money.
Outbound Approach
You will be using an Outbound approach if you identify the clients that you want to work with, search for them and then connect with them on Facebook and LinkedIn.
An important step before reaching out to prospects is to conduct proper market research. You don’t want to work with anyone who needs your services, you want to work with someone who is an “ideal client” for you.
Also, make a mind map of what you can do for your ideal clients. You cannot give your ideal clients a wishy-washy introduction. To make them trust you and chose to work with you, you want to make an impression.
Figure out, what bothers them and what is the problem, they want to solve. If you can offer them a way to solve their problem-the the best way, they will not think of anyone else.
Once you have made an impression and introduced yourself as what you can do for them, you enter the next level-Positioning.
Positioning is crucial because you want to connect with the prospect. This part is supposed to gear your prospects for meetings, you can reach out to them by sending compelling messages.
These methods are the most effective in driving sales. Provide the client with all the information that one needs to make a decision and present yourself in a way, such that the ideal client utters: “This is exactly what I am looking for!”
Put in some research and you will be able to find the best way of using the outbound approach for reaching the clients. Most ways for marketing are simple, fast, cheap, and effective.
You will be surprised at how easily you can find ideal clients and gear them to have high-quality meetings with them. Most importantly, you will be spending very little money.
Inbound Approach
Your ideal client reaching out to you is the best situation. Isn’t it? If you desire that your prospects reach out to you, then you should use the inbound marketing approach.
It is a magical feeling when a client reaches out to you for professional help.
In a nutshell, Facebook is the best platform for an inbound approach, and if you hear from someone that Facebook cannot generate high-quality prospects-don’t believe them! It’s a myth.
Facebook Ads platform is great for targeting the specific audience through distributing content to the specific market segments.
Be honest and tell people stories that they can benefit from. Build a connection with your audience and
People reach out to you when you post quality content and ask for your advice, and even invite you for joint ventures.
You must be thinking if it is possible? YES! It is possible if you can make it work.
Most successful financial, insurance and lending advisors use these strategies to invite customers without appearing “desperately trying to sell a service”.
Facebook has reach; it is powerful and millions of people visit the news feed every day!
Additionally, you receive value for the money that you spend. You can adjust every metric and drive sales that show results quantitatively.
When advertising on such platforms, you should be careful about the metrics that estimate the effectiveness of your ads. As a financial advisor, you should identify the expenditure as;
Cost Per Lead, Cost Per Meeting & Cost Per Client.
Bottom Line
You don’t need to spend a hefty sum to attract high-net-worth individuals to use your services. You just need to go to marketplaces they use and grab their attention. Then you need to build a connection and gear them in for meetings.
This modern method of generating leads is effective and fun. Bring innovation in your marketing strategies and grow your business!
-- Hassan.
