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Building a Financial Advisor Marketing Plan That Works

This article was originally published at ModelFA.com.

financial advisor marketing, Building a Financial Advisor Marketing Plan That Works

Still think that a financial advisor marketing plan is just for the big firms? Think again!

Running a financial advisory firm is hard. In the early years, it’s a hustle to find clients and pay the bills. Five to seven years into the practice, there are workflows to optimize, staff to hire and train, and a full book of business to manage. Life gets busy.

Which is why so few advisors go the extra mile and create a marketing strategy. According to Pershing, only 30% of all advisors have a formal marketing plan.

The remaining 70% must believe that “hustling” is their marketing plan.

That is a big mistake. Those who fail to invest in an advisor marketing plan might save some time on the front end — but they hurt their practices in the long run. There’s the stress of not knowing where your next client will come from. There are periods of “feast or famine”, when the office is either dead — or swamped with urgent work. Finally, without an overarching plan, it’s impossible to be sure that your professional practice will be intentional and ideal for you as the advisor.

Why don’t more advisors have a marketing strategy? Many of them find the task daunting. Some don’t know where to start.

Here’s a simple blueprint that will demystify the process and put you back in the driver’s seat.  Read more of this post

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Facebook for Financial Advisors: 3 Myths, Debunked

This article was originally published at ModelFA.com.

Facebook for financial advisors, Facebook for Financial Advisors: 3 Myths, Debunked

Don’t let common advisor Facebook marketing mistakes burn through your budget!

Every year, the world seems to get ever more anchored in technology and social media. The pressure is ramping up, and advisors are making an effort to become more “digitally available” to their prospects and clients. And yes, that includes trying to crack the code on “Facebook for financial advisors”.

This has created an interesting shift in our industry. Online marketing topics have become the mainstays of advisor conferences. Many compliance departments have no idea what to do with this trend.

And, of course, there’s conflicting advice online.

I dug into this topic recently after a conversation with a fellow advisor. Let’s call him James. James shared his disappointment with online marketing. He had tried Facebook marketing hoping to reach more prospects. He started a company page and shared a bunch of articles. That didn’t work. He then invested several thousands of dollars in Facebook ads and promoted posts. Still, crickets.

And so, James asked me over a beer, is this social media marketing just a fad? Does it actually generate results for any advisors out there? What are those advisors doing, exactly, to make it work? And, finally, does it have to cost a fortune?

Those are all fair questions. Here’s what I know from pouring over industry research and investing over $100K into building Facebook marketing campaigns for financial advisors.  Read more of this post

Email Marketing for Financial Advisors: Best Practices for 2019

This article was originally published at ModelFA.com

Email Marketing for Financial Advisors: Best Practices for 2019

email marketing for financial advisors, Email Marketing for Financial Advisors: Best Practices for 2019

Summary:  Email may not have the cutting edge, high-tech appeal of some of the other marketing tactics. However, when done right, email marketing for financial advisors can be remarkably effective. In order to build a productive email campaign, advisors should begin by examining the needs of their audience. A broad-based “spray and pray” approach is the quickest way to burn through your hard-earned email list. On the other hand, highly targeted value-add communications will help you build trust, drive referrals, and stay connected to your prospects and clients. Read on for best practices (by email type) and some common email marketing mistakes to avoid.

Recently, I was fortunate enough to participate in a lively discussion with a thought leadership group comprised of forwarding thinking, young marketers. The topic eventually turned to the effectiveness of email marketing for financial advisors. Although opinions differed greatly on the types of campaigns financial advisors should leverage, there was one thing we could all agree on:  Email marketing, when done correctly, is widely effective.

But what does that mean for financial advisor email marketing, now that we are in 2019?

Read more of this post

How to Price a Product or Service [Infographic]

The following content was submitted on behalf of Fundera.

In a dense market, it can be difficult for your business to acquire the capital it needs and stay afloat. Between branding, sales, and everyday operations, the cash that comes in can quickly flow out. That’s why it’s essential to select a pricing strategy that works for your business. The right strategy will not only help you stay afloat, but establish your branding within a market, and differentiate you from competition. To do this, you must conduct a thorough analysis of your company and the market.

First, if you’re not already aware of your costs, take time to account for these. Add up your expenses and overhead to get a finite number you’ll need to break even. Then set a ballpark number in profit that you’d like to achieve to determine a good price point for your product or service. This will give you a good idea about how much revenue you’ll need, as well as keeping you motivated to reach your goals.

Next, get to know your market. Take a look at the pricing strategies of your competitors, as well as how they’re marketing themselves to their audience. Look at the website, social media, and blogs to determine how they’re positioning themselves and what you can offer that they can’t. Knowing what your audience expects will go a long way towards help you compete.

With a thorough understanding of your market and profit goals, you will be better able to select  a pricing strategy that drives success for your business. For more on which pricing strategy is right for you, check out this infographic below by Fundera: Read more of this post

12 Tips to Raise Your Rates [Infographic]

The following content was submitted on behalf of Valpak.

A crucial step that all business owners and entrepreneurs need to take, at some point, as they grow is a business price increase. As your service or product improves, so does its value. It’s helpful to perform research into your competitors and industry before you make a jump. Is the increase justifiable? More often than not, a price increase will spark some conversation and uproar among your users or customers.

While you can’t control how your customers react, you can take the necessary steps to avoid push back. Be honest and transparent. Communicate the change with your customer’s needs in mind by clarifying the added value or benefits for them. You may be surprised with how consumers will be willing to pay a little bit more for a much better result or added value. For more specifics, Valpak breaks down twelve actionable steps to raise your prices and how to handle an upset customer as a result in their infographic below. Read more of this post

13 Psychological Pricing Hacks to Drive Sales [Infographic]

Whether you are a consumer or a business owner, you might find the following information on consumer psychology enlightening and useful. This content was submitted on behalf of Wikibuy.

When it comes to product pricing, we’re funny creatures. Our perception of cost is not as simple as reading what’s listed on the tag — in fact, it’s far more complex. The physical appearance of pricing sends subliminal messages, which in turn plays a role in our purchasing decisions and whether or not an item makes it to check out.

So, as we approach the busiest time of year for shopping – i.e. the holiday season, it becomes increasingly important for both small and large retail businesses to understand what their product pricing is really saying to customers.

It’s all about perception —

Human brains blur visual and numerical size, leading us to believe that a decreased font size, appealing layout, and even contrast means a decrease in price. But it’s not just small font size that has consumers fooled. Did you know that even something as simple as the removal of the dollar sign or comma are proven to augment customer spending?

The placement of the item and price are also crucial. Surround it with far lower prices, organize it from high to low, or let it rest between two extreme prices. In the above scenarios, customers are more likely to buy an item because they think they will get the most “bang for their buck.” In other words, people look for an affordable price without a loss of quality.

To expand on this concept and help businesses boost sales during the busiest time of the year, Wikibuy put together this comprehensive list of psychological pricing hacks to help you gain that competitive edge when you need it most.

Read more of this post

15 Tips to Optimize for the App Store [Infographic]

The following content was submitted on behalf of CleverTap.

Search engine optimization is a widely accepted strategy for successfully driving organic traffic to websites, but how are companies driving traffic to their mobile apps? Although Google has been around for over 20 years, marketers are still trying to navigate its complexity. the App Store, only 10 years old, is no closer to being figured out. Although this may seem like a bleak and discouraging point of view, there are many bright minds working around the clock to make incremental revelations about app store optimization.

From the most obvious factors of the app store listing, such as the logo, title, and screenshots, to the pricing, compatibility, and updates, CleverTap has compiled 15 actionable tips. When considering how best to navigate the app store for your mobile marketing strategy, implement these tips for a boost in app downloads and subsequent usage.

Via CleverTap

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11 Modern Marketing Skills for Business Innovators to Master [Infographic]

This infographic, which was submitted by Circa Interactive, covers important skills that are in demand for modern marketing professionals. In brief, the infographic provides important information and statistical data on the following skills: content marketing, mobile marketing, email marketing, social media marketing, search engine marketing, video production, data analysis, blogging, operational skills, user experience skills, and basic design skills. According to Maryland University:

Technology and social media have made a profound impact on marketing over the past few years. So much so, that small business owners, entrepreneurs, and marketers may need to update their skill sets to properly engage with he next generation of consumers (Gen Z) while effectively leveraging progressive technologies.

Via Maryland University’s Online Bachelor’s Degree in Marketing: Read more of this post

63 Coupon Statistics You Need to Know in 2018 [Infographic]

The following content and infographic was submitted by on behalf of Wikibuy.

Adding coupons to a built-out business strategy offers a number of benefits to today’s businesses. By influencing the customer purchase journey and driving customer loyalty, coupons have the ability to attract, convert, and keep customers, providing both short-term and long-term ROI. Coupons help businesses to:

  • Attract new customers: According to research by Inmar, 39% of customers say they’ve purchased a product from a brand they otherwise wouldn’t normally have bought from because they had a coupon for that brand.

  • Generate long-term loyalty: Research from ReadyCloud revealed that 68% of customers say coupons generate loyalty; additionally, studies have found that receiving an exclusive offer makes customers feel rewarded, excited, and special, generating goodwill for the brand.

  • Increase purchase amount: A study by Kelton found that coupons influence customers to seek out something to buy, treat themselves to something they don’t need, purchase a more expensive product, and spend more than intended.

Brands looking to leverage the benefit of coupons should focus on specific types of deals that have been shown to attract customers and increase conversions, including:

  • Offers on everyday items: 54% of consumers use coupons on basic necessities.

  • Free shipping: Nine out of 10 consumers say free shipping is their top incentive to shop online more.

  • Rebates: 83% of consumers think rebates are great savings opportunities.

  • LTOs: Approximately 50% of millennials think limited time offers are very enticing.

  • Surprise perks: 61% of online shoppers say receive surprise discounts is their preferred personalization experience.

To help get you started incorporating coupons into your business strategy, Wikibuy compiled 29 research-backed stats for driving purchases with coupons. Check out the full visual below to see how coupons can benefit your business.

Via Wikibuy: Read more of this post

How to Become a Self-Publisher [Infographic]

Are you interested in self-publishing? Recently, this visually stunning infographic came to my attention. And it provides a lot of useful information, addressing issues such as challenges to overcome as well as benefits and key aspects of self-publishing. According to Moneypod:

Self-publishing is becoming an increasingly popular method for budding authors to get their publications noticed, especially if their writings have been rejected by publishers in the past. However, it can be a tough start to your career and can take time to perfect.

If you’re an aspiring author, take a look and see if the following information helps with your planning.

Read more of this post

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