Lately I’m noticing there’s quite a bit of Google queries by Financial Advisors trying to get a handle on what inbound marketing is, how it works, and why they might want to apply it to their business. There’s good reason for this because according to HubSpot leads generated via inbound marketing cost 61% less than those generated by outbound marketing.
In this post I’ll cover the 5 elements of inbound marketing, key activities you need to consider in each stage/element, and some common mistakes Financial Advisiors make trying to get their inbound marketing up and running like a well oiled machine.
First let me say that I’m uniquely qualified to provide a bit of insight on the topic having worked as a Financial Advisor for several years, generating 90% of my my leads via the internet, and now that I run an Inbound Marketing Agency .
Outbound vs Inbound Marketing
Since almost everyone has a good idea how outbound marketing works, and what it looks like it’s helpful to compare the two when trying to explain the components of inbound marketing. So here goes nothing…
Traditional or outbound marketing uses tools like ads, billboards, commercials, and direct mail to accomplish it’s purposes. Anyone who’s been involved with these methods know that they can be costly and difficult to measure. And, since your message is being broadcast across a very wide audience there’s a lot of money and energy wasted communicating with people who might not want or need your product or service.
Conversely inbound marketing for Financial Advisors would focus on using highly targeted tools like premium content creation, search marketing, and social media promotion, that help potential buyers find your business when they are looking for answers to questions, or are ready to buy. Resulting in a higher qualified lead coming into your inbound marketing sales funnel.
Elements of Inbound Marketing
Inbound Marketing for Financial Advisors centers around four equally critical elements to form a solid strategy. The four elements are…
- Traffic Generation
- Lead Generation
- Lead Conversion
- ROI Analysis
Let’s address each in some detail.
Inbound Marketing Element #1: Traffic Generation
Traffic generation is just what it sounds like. It’s getting lot’s of highly targeted traffic to your website via various online activity.
- developing an optimized keyword strategy
- buyer persona development
- social media publishing
It’s worth noting here that if you don’t first develop an optimized keyword strategy it’s like throwing darts in the dark hoping to hit something.
Common Mistakes: starting on blogging, social media publishing, and other traffic generation activities without laying a solid foundation developing a keyword strategy and taking the time to write buyer persona’s.
Keep in mind: at this stage all the people who come to your site are strangers. You don’t know them, the next two inbound marketing elements are about getting to know these people.
Inbound Marketing Element #2: Lead Generation
Leads mean money, and therefore are the single most important marketing metric Financial Advisors need to consider. Website traffic that does not convert to leads is useless…unless sales are not important to you.
- premium content strategy development, and production
- landing page development
- call to action (CTA) development and monitoring
Common mistakes: no premium content, or premium content that does not live on a landing page. Most websites have zero calls to action or CTA’s.
If you’d like to gain actionable insight into the current state of your website, and steps you can take to improve it’s lead generation ability then you can get your website analyzed free here.
Inbound Marketing Element #3: Lead Conversion
This is where most sales people and marketers fail really, really big. Even when they manage to get leads in they fail at converting high percentages of them.
5 reasons financial advisors fail at converting online leads
- Not understanding the difference between a market ready lead and a sales ready lead
- No automated lead nurturing system in place
- No workflows in place
- No list segmentation ability
- No sustained email marketing campaigns in place
- setup automated lead nurturing and workflows
- list segmentation
- lead scoring
- email marketing
Inbound Marketing Element #5: ROI Analysis
Here Financial Advisors will be looking to discover how are marketing activities effecting their established business goals. It’s important to understand that everything you try won’t work. Each month we meet with our clients and discuss what’s working and what’s not. The goal is to trash the stuff that’s not working the way we want it to and to keep and do more of the stuff that’s getting the desired results.
- monthly review of activities against established goals
Common mistakes: not analyzing anything, or not performing analytics each month on schedule.
Resolve that all your marketing must be measurable and commit to reviewing reports each month. Here at JugHead we hold monthly calls with each of our clients to review the previous months goals against actual results. This keeps everyone on track and marketing accountable.