Scientific studies have shown us that people make snap judgments in a matter of seconds. First impressions are everything, and it’s not just about people; environments influence decision-making as well. If you are meeting with clients and prospects in your office, they'll begin making judgements about you as soon as they enter your space. What does your office say about you?
As millennials enter their thirties, Generation Z (those born in or after 1995) enter the workforce. This generation makes up about 20% of the United States population, or one-fifth of your potential domestic market, so it may be beneficial to have some members of Generation Z on your side. Here’s some information that can help your business take advantage of the opportunity Generation Z presents.
So, you’re holding a seminar every month, but your business isn’t growing as quickly as you’d hoped... The issue could be with the low frequency of your seminars. You may think that holding multiple seminars per month is a waste of time and money, but what you aren’t realizing is how much business you are missing out on by only giving your potential customers one night per month to hear you speak about your services. Top producers in the financial industry are holding multiple seminars per month, and here is the major reason why it results in exponentially more business:
Wall Street wealth management giants like Morgan Stanley, Citigroup, Bank of America, and USB Group are now holding financial seminars for the children of their wealthiest clients, according to a report by Reuters. Boston Consulting Group reports that millennials will control 16% of the world's wealth by 2020, and these firms are targeting the richest of their young prospects in hopes that in future years, they will return for wealth management services.
Young professionals starting off careers as financial advisors often times have difficulty prospecting and selling to older clients. A lucky few have a natural charm with the older crowd, but most are intimidated and feel as though they have more to prove to older clients to gain their trust‒ and that’s a fair concern! Age-bias is a hard reality that young financial advisors have to deal with. On the bright side, most clients will judge your age less than your maturity and professionalism, so it is possible to overcome that bias in most cases. That’s why it’s important to take extra considerations when dealing with older prospects and clients to make them comfortable and gain their confidence. Here are some tips for young advisors on how to have successful interactions with older clients:
Consumers’ email inboxes are crammed with junk and spam that will never get opened. Many financial advisor’s marketing emails are automatically marked as spam by email services, and some (including the super-popular Gmail), filter promotional emails into a separate inbox that most users don’t even bother to check. The shift to digital marketing has left the online landscape oversaturated to the point where consumers just don’t trust or notice advisor’s internet marketing efforts. More and more internet users are utilizing ad-blocking programs, so even your digital advertisements are being hidden from your potential customers. So, where can advertisers send their marketing materials where they won’t be blocked or ignored? The answer is standing at the bottom of your driveway.
Email marketing makes perfect sense for financial advisors. It is painfully simple, incredibly low cost, and hardly takes time out of your day, but email marketing has been consistently proven to yield a high ROI. In this industry, clients require multiple touches per month to keep your services at the front of their minds, and they actually expect it; recent studies have shown that clients most prefer to be emailed by their advisors 1-3 times per month.
Your landing page is your prospective clients’ first impression of you, and as we all know, first impressions are extremely important for all businesses, especially financial professionals. Typically, consumers who are interested in financial advising services will visit your website at least a handful of times before they make any kind of contact with you, so you simply can’t afford to introduce your business with a sub-par landing page. Aside from conveying your brand image and educating your prospects, the main purpose of a landing page is to generate leads. If you want an impactful landing page that produces ample conversions, make sure to include these components!
When the work day gets busy, it sometimes falls off the radar that we’re working alongside others who are part of the same team. Some companies take the time to have lunch together or go on trips outside of the office in order to perpetuate the feeling of being a team. Here at Plum, we try to have a company-wide lunch about once a month, have cookouts and spend time outside in the summer, and take day trips to events like baseball games and visiting the New Hampshire ice castles in the winter.
Direct mail conversion rates spike shortly after the mail drops, but the responses can slow down quickly, keeping you constantly at work in your marketing. Here are some ways to prolong the use and success of your mailers, keeping them out of the recycling bin and in your prospects’ minds.
As technology progresses, businesses have to adapt their marketing to the changing climate. Counter-intuitively, sometimes the oldest marketing channels produce the best results. Some believe that direct mail marketing is over saturated with non-targeted spam mail, causing consumers to overlook or distrust the promotional materials that arrive in their mailboxes. The fact is that while the total volume of direct mail decreases, smart marketers are spending more on this channel because of the sky-high conversion rates that it produces. Here are some key statistics that prove direct mail marketing is thriving!