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Howabusyfinancialadvisercanturnlimitedtimeintomarketingsuccess
- 1. Howabusyfinancialadviser canturnlimitedtimeinto marketingsuccess Presented by Andrew Braun, General Manager Marketing, Netwealth 14 April 2018
- 3. | netwealth So many choices! Awareness Consideration Decision Purchase Loyalty Radio TV WOM Billboards Mail Seminars Display ads FAQs on website Blog articles Webinars Ratings & review websites Search Your website Landing pages Blog articles Getting started webinars Blog articles Email + newsletter App Loyalty program Live chat Social media Magazine Mail Call centre Follow up emails Staff Mail DIGITAL TACTICS TRADITIONAL TACTICS Display radio Marketing success3
- 4. | netwealth Customer path to purchase framework I have a (latent) need or want Utilise the product or service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details Make the purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations Marketing success4
- 5. | netwealth Marketing success5 Example: Car purchasing (consideration and purchasing) Source: Google Stacy is a 32-year-old mother of two. At the time of her search, she drove a mid- size SUV that fit her family of four. But with a third child on the way, she needed a new car that would fit three car seats, and so she had to decide between buying a larger SUV or going with a minivan. But at what price? What specs? What brand?
- 6. | netwealth Example: Adviser client I have a (latent) need or want Utilise the product/ service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details I want to purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations I need help saving more. I want to leave money to my grand kids, but not sure how. What does a financial adviser do? What should I look for? I need more details, such as fees & specific outcomes. What I need to do to execute the arrangement ? Lets work together! How do we get started? I really trust my adviser, how can I support them? Marketing success6
- 7. | netwealth Key performance indicators Awareness Consideration and purchase decision Retention and advocacy ⢠100 listeners to my educational podcast per episode ⢠100 sign ups to my educational newsletter per month ⢠10% increase in website visitors quarter on quarter ⢠10 inbound enquiries per month ⢠10 referrals per quarter ⢠30 new initial client meetings per quarter ⢠5% conversion of initial meetings to paying clients ⢠15% increase in share of wallet ⢠10% reduction in lost clients ⢠10 referrals from clients per quarter What is your focus? Marketing success7
- 8. âWeseeourcustomersasinvited gueststoaparty,andwearethehosts. Itâsourjobeverydaytomakeevery importantaspectofthecustomer experiencealittlebitbetter.â - Jeff Bezos, Founder and CEO, Amazon
- 9. | netwealth the customer You start by understanding the customer. Asking, how can I best influence them across the different parts of the path to purchase journey. Where do they hang out? What do they enjoy? What are their latent needs? Identifying insights into their behaviours that can be influenced. A key role of a marketer is to put themselves in the shoes of the customer. Marketing success9 Where should you start? #curios
- 10. | netwealth10 Age: 60-65 years Life stage: Retiring in next 2 years FUM: $1.5m? Advisers you are privileged, you have access to information that most marketers can only dream of! Put yourself in their shoes⌠Goals: ⢠Maintain lifestyle ⢠Pay for grand kids school ⢠2 cruises per year Behaviours/attitudes: ⢠Nervous about retirement ⢠Loves technology ⢠Loves being social Age: 60-65 years Life stage: Retiring in next 2 years FUM: $1.5m? Goals: ⢠Maintain lifestyle ⢠Give $ to local footy team ⢠Buy a holiday house Behaviours/attitudes: ⢠Confident investor ⢠Loves being in the garden ⢠Thinks the world is moving to fast Same? Maybe Same? Perhaps Same? No way! Marketing success
- 11. | netwealth Old Young Risk takers Risk averse Adopt technology Laggards Leaders Followers Social Hermit Luxury buyer Bargain hunter DIY DIFM Family orientated Solo Financial literacy Illiterate Ambitious Satisfied Thinker Doer ++ -- Marketing success11 Look to understand you customer across multiple dimensions and tensions
- 13. | netwealth Insight While on holiday people love to brag, using 71 times the amount of data they would have used had they been charged as normal â most of which was used to post holiday snaps on social media. Opportunity: Provide young holiday makers [target persona] a no cost data pack whilst travelling and create a viral Facebook campaign supported by TV advertising [marketing tactic] Marketing success13 Three Mobile
- 14. | netwealth Insight: Many new mums experienced poor hair conditions. New mums and their babies visit a paediatrician at least half a dozen times in a year. Opportunity: Provide new mums [target persona] products that address hair loss and advertise in paediatrician offices [marketing tactic] Dove Marketing success14
- 15. | netwealth Workshop: ⢠As a team develop the top 2-3 personas that make up your most important clients and/or the majority of your client base Ongoing: ⢠Capture this data during fact find, meetings and ongoing interactions ⢠Enter the date into your CRM, it should evolve over time (make sure you use consistent labels) ⢠Export the data once you have 80-100 records and do some analysis, reflecting on the personas created in the workshop Marketing success15 Tool: Persona mapping Customer persona: Designed by: Version: Date: What defines the individual? Demographics Attitudes Technology Activities What defines the customer? Gain Pain Influence Give the Customer a name, e.g. The weekend entertainer Age Life-stage Children Where they live H/hold income Employment Early adopter? Sceptic? What technology do they use? How frequently? Weekday: What work do they do; how do they relax Weekend: How do they spend their weekends? What are they trying to achieve? What is important to them? What are their hopes and dreams? How will success be measured? What obstacles or challenges does the customer have? What are their concerns and worries? What and who influence the customer?
- 16. | netwealth Marketing success16 Source: https://uxmag.com/articles/how-to-use-persona-empathy-mapping http://gamestorming.com/wp- content/uploads/2017/07/Empathy-Map- Canvas-006.pdf
- 18. | netwealth 1. Content marketing 2. Local area marketing 3. The first 100 days Marketing success18 Practical strategies and tactics
- 19. | netwealth Marketing success19 Content marketing
- 20. | netwealth Content White papers Infographics, Data visualisation Articles Videos, Podcasts eBooks Case studies, Testimonials Internal Partners CommissionedClients Photos How to guides and checklists Presentations Curated news Interviews Research paper Content sources Different types and sources of content Marketing success20 |
- 21. | netwealth Content as a marketing strategy I have a (latent) need or want Utilise the product/ service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details I want to purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations ⢠Free online tools and calculators ⢠Free seminar or workshop ⢠Special reports ⢠Paid articles Marketing success21 ⢠Comparison guides/ webinars ⢠Q&A sessions ⢠User reviews, success stories testimonials ⢠Behind the scenes ⢠Price comparisons ⢠FAQs ⢠Welcome pack ⢠How to use the technology guides/videos ⢠Financial 101 education series ⢠Guest content from advisors or partners ⢠Newsletter, Magazine ⢠Events ⢠Video, Podcasts ⢠Mobile App
- 22. | netwealth Started in January 2015, SugarMamma is an online money and wellbeing website created to empower women so they can establish their financial freedom. Created by Canna Campbell, a financial adviser, the content is presented in short video format covering a variety of topics from getting rid of credit card debt to understanding passive income to budget friendly decorating and design. To date the YouTube channel has over 90k followers, Instagram page has over 24k followers and Facebook over 11k. Marketing success22 | SugarMamma.TV
- 25. | netwealth25 | Content marketing = digital AND social media strategy 24k followers 92k followers http://sugarmamma.tv/ 11k followers 2+ videos per week Marketing success
- 26. | netwealth Montgomery Investment Management has seven funds spanning Australian and international investments. The business is supported by a blog whose authors work at the business as analysts and portfolio managers, https://rogermontgomery.com/. The blog looks to provide every-day Australians with investment ideas and insights. The content is made up of articles, podcasts and a weekly video. Marketing success26 | Montgomery Investments
- 29. Contributors (All staff!) White paper promotion = content marketing #3
- 31. | netwealth Marketing success31 YNAB. https://www.youneedabudget.com/
- 32. | netwealth Marketing success32 Financial gym (New York) https://www.financialgym.com/
- 33. | netwealth 1. Choose a target audience 2. Come up with one big idea â speak to your target, listen to their needs 3. Create a long-form piece (written, audio or presentation) 4. Break that into a number of short form content pieces 5. This could give you 3-4 months worth of content 6. Distribute content (next slide) 7. Repeat 2-3 per year Marketing success33 Getting started Cutting through the noise with one BIG content idea White paper Article Infographic Webinar Video / presentation Podcast
- 34. | netwealth Marketing success34 Content distribution White paper Article Infographic Webinar Video / presentation Podcast ⢠Facebook ⢠LinkedIn ⢠Newsletter ⢠Blog ⢠Facebook ⢠Instagram ⢠Newsletter ⢠Blog ⢠Facebook ⢠Newsletter ⢠Blog ⢠YouTube ⢠Event ⢠iTunes ⢠Spotify ⢠Newsletter ⢠Blog Paid advertising
- 35. | netwealth Marketing success35 Example â AdviceTech Netwealth 200+ respondents considering over 25 different technologies used in their business ⢠Keynote presentation ⢠Webinar ⢠3x infographics ⢠15x articles ⢠2x press releases ⢠30+ media mentions ⢠20+ social media posts
- 36. | netwealth Three types of distribution 1. Owned 2. Earned 3. Paid Marketing success36 Continued Content distribution Website (âOwnedâ) Website/s Search (Organic) Native advertising Search (PPC) Email CRM and database Social media Facebook Landing page/s Display ads Blogger outreach YouTube Distribution Advertising (âPaidâ) Social Media (âEarnedâ) Sponsored links Database Marketing (âOwnedâ) Content assets Slideshare Twitter LinkedIn Blog Webinars Press releases Instagram
- 37. | netwealth Work with your referral partner and create co-branded content Use heaps of images, the majority of people learn by seeing Target for mobile Consider video and audio as companion pieces to the written word There are plenty of great free and low cost tools: ⢠Canva for graphic design ⢠iStock for low cost stock images ⢠Zoom for webinars ⢠Fiver / Freelancer.com for content creation Marketing success37 Tips when creating content
- 38. | netwealth Content as a marketing strategy Example: Retirement 101s (People nearing retirement who donât have a grip on what they are going to do) I have a (latent) need or want Utilise the product/ service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details I want to purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations What to do in retirement â Special report and articles Marketing success38 Event/seminar (Presentation) Retirement 101s - Quarterly magazine, blog posts, podcasts and webinar Event/seminar (presentation) Paid articles Social media posts Email to Prospect database Sent/ Email to clients Physical invitation to clients Social media posts Free calculator â retirement planner
- 40. | netwealth Marketing success40 Local area marketing
- 41. | netwealth Google search Paid search Search = financial adviser doncaster To learn more: www.google.com.au/adwords/ Paid results Marketing success41
- 42. | netwealth Google search Local listings Google search / Google maps / Google+ Search = financial adviser doncaster To learn more: www.google.com.au/business/ Marketing success42
- 43. | netwealth ⢠Have a Google listing in the correct category and locations ⢠List on other directories, such as Yellow Pages and Adviser Ratings ⢠Make sure your business details (i.e. Name, Address, and Phone Number) are consistently listed the same across the web ⢠Get loads of reviews from your customers on Google, Facebook, Adviser Ratings, etc. Make sure they are substantial, diverse and frequent. ⢠Get plenty of Facebook likes, Twitter followers, etc. ⢠Make sure your website is mobile friendly and information is easy to find on your website, and personalise the content on your website To learn more: https://moz.com/local-search-ranking- factors Search engine success Local listings Marketing success43
- 44. | netwealth Landing page optimisation Few distraction For those that want to speak to someone Clear call to action (CTA) at the top of the page Beautiful imagery Simple articulation of what the offer is For those who might be nervous Clear copy Secondary CTA for those not ready to buy https://99designs.com.au/powerpoint-template-design Marketing success44 |
- 45. | netwealth Marketing success45
- 46. | netwealth Marketing success46 Advanced: Retargeting 101 Source: https://www.agentdrive.com
- 47. | netwealth Facebook advertising âFacebook has the reach of TV but with the targeting capabilities and low-cost entry price that only the internet can offer.â Marketing success47
- 48. | netwealth Facebook advertising To learn more: www.facebook.com/business/, Tools: Facebook Power Editor Marketing success48
- 49. | netwealth Your business Where your clients live Where your clients can travel from ⢠âOld schoolâ mail ⢠Billboards ⢠Local footy team ⢠Yellow page business directory ⢠Local referral partners, e.g. wellness centre Marketing success49 Other forms of local area marketing
- 50. | netwealth Local as a marketing strategy I have a (latent) need or want Utilise the product/ service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details I want to purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations Paid & Local listing search Marketing success50 Website / Landing pages Retargeting Local sporting team Local referral partners
- 51. | netwealth Marketing success51 The first 100 days
- 52. | netwealth Buyers remorse is the sense of regret after having made a purchase, that often arises when a person must make a difficult buying decision. ⢠The more resources such as money, time, and cognitive resources that are invested into making a purchase, the more likely the buyer will experience buyerâs remorse or psychological discomfort. ⢠Purchases that require high amounts of effort but do not bear high rewards are likely to lead to buyerâs remorse. Like any relationship, it needs time to evolve, for the parties to understand each other and for expectations to be set, so to become a long-term lasting relationship. Marketing success52 Why? Many customers are lost in the first 100 daysâŚ
- 53. | netwealth âWhen you act generously, people take notice. Theyâll begin to feel appreciated, and in turn, theyâll want to pay it forward. Itâs a natural inclination for us to want givers to succeed because we can appreciate the generosity that was shown to us.â - John Ruhlin, Giftology ⢠Find out what matters to your client through your initial meeting/s ⢠Surprise and delight the client with a unique and personal gift ⢠The gift does not have to be expensive, in fact the more expensive the gift is, arguably the less personal it is ⢠You donât have to give a gift to everyone, so target the clients that you think will give you the largest lifetime value ⢠The way you deliver the gift is just as important as the gift itself Marketing success53 Gifts are symbols of the value you place on the relationship The power of gifts
- 54. | netwealth An example 100-day plan Month 1 Month 2 Month 3 ⢠Initial meeting/s ⢠SOA presentation ⢠Welcome pack (handwritten note, welcome video from owner, personalised gift) ⢠Implementation meeting/s ⢠Getting started webinar/s (training for online tools) ⢠Monthly newsletter ⢠Progress update email (on implementation) ⢠Event (get to know the team), e.g. Retirement 101 webinar, Economic update, Estate planning tips ⢠Meet the kids catch up / Free kids financial health check or cash flow plan ⢠Monthly newsletter (including news and recent developments) Tailor this to your business and your different client segments/personas Marketing success54
- 55. | netwealth The 1st 100 days as a marketing strategy I have a (latent) need or want Utilise the product/ service Ongoing relationship Awareness Consideration and purchase decision Retention and advocacy Where do I start? Give me the details I want to purchase Educate me Help me decide Donât put up roadblocks Make the initial experience great Meet and exceed expectations Content marketing Marketing success55 Gifts Implementation meetings Email and newsletter marketing, getting started webinars Free kids financial health check or cash flow plan
- 56. | netwealth Marketing success56 Your new marketing strategy Content + local + first 100 days Paid & Local listing search Website / Landing pages Retargeting Sponsoring a local sporting team Working with local referral partners Quarterly magazine, blog posts, podcasts and webinar Gifts Face to face implementation meeting/s ⢠100 retirement calculations p/mth ⢠250 downloads of special report p/qtr ⢠25 prospects attend event ⢠15 referral p/mth ⢠10% increase in website visitors quarter on quarter ⢠10 inbound enquiries per month ⢠30 new initial meetings per quarter ⢠5% convert initial meetings to clients ⢠15% increase in share of wallet ⢠10% reduction in lost clients ⢠10 referrals from clients per quarter Awareness Consideration and purchase decision Retention and advocacy Special report and articles Event/seminar (Presentation) CRM/Email Physical mail/flyers Social media posts Free calculator â retirement planner Paid advertisingYour blog Free kids financial health check/cash flow plan
- 58. | netwealth Marketing success58 Your marketing technology âstackâ Examples CRM Xplan, Saleforce, Zoho, Microsoft Dynamics, Hubspot Email marketing systems Xplan, MailChimp Social media marketing system LinkedIn, Facebook, Instgram, Twitter Hootsuite, Buffer, Sprout social Content creation tools Canva iStock photos Website and content management system Wordpress, Hubspot, Unbounce, Optmizely Digital display advertising & retargeting tools Google Adwords, Adroll, Facebook/Linkedin/Google advertising and retargeting Analytics tools Google analytics (and Google Tag manager), CrazzyEgg Integration tools Zapier, IFTTT Webinars & Events JoinMe, Zoom, GoToWebinar Eventbrite Note: This does not constitute an endorsement by Netwealth for any of these products
- 67. | netwealth Marketing success67 This webinar and information has been prepared and issued by Netwealth Investments Limited (Netwealth), ABN 85 090 569 109, AFSL 230975. It contains factual information and general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any individual. The information provided is not intended to be a substitute for professional financial product advice and you should determine its appropriateness having regard to you or your clientâs particular circumstances. The relevant disclosure document should be obtained from Netwealth and considered before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person, including Netwealth, or any other member of the Netwealth group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. Disclaimer