How financial advisors can reach new target markets by working virtually
Are you a financial advisor looking to expand your clientele and trying to find prospects? In financial services, it is all about getting new clients. Being a financial advisor, you need to find prospects that want to hire you for your services.
Regardless of the profession, no business can exist without clients, so the quest to reach new target markets should never stop. In other words, you should never stop prospecting!
If you run an advisory firm or you’re a financial advisor, prospecting is the blood of your business. Let’s say your prospect pipeline is not growing or you’re not trying to reach new target markets; your business could be on the downward slope, so keep learning ways to find new prospects all the time.
Since we’re going through a pandemic that requires most service providers to work virtually, financial advisors are also working virtually. The journey to reach new target markets by working virtually might seem like a tedious one, but I’ve got you covered!
Let’s talk about how financial advisors can reach new target markets by working virtually and its importance.
The Importance of prospecting
I think of prospecting as a persistent and systematic process of identifying and targeting your potential clients. The end goal of prospecting is turning these prospects into your long-term clients. Prospecting is the backbone of your business model as it helps to sustain and grow your business.
One of the major reasons why prospecting should never stop is that the aging of your existing client base is always working against your business growth. Clients either find new financial advisors, leave their business, die, or get divorced. As a result of which, your client base shrinks.
Unless you have other income streams and you have no issues seeing your business growth slow down, never stop finding and reaching out to new prospects.
Besides, if you don’t reach out to your prospects, you’ll be doing a disservice to your business and your clients. So reach out to new target markets when you’re working virtually in this pandemic.
First things, first! Learn prospecting skills
Prospecting is tough, so the first thing you should be doing is improving your prospecting skills and make it more enjoyable.
There are thousands of paid and free courses available out there promising you to hand over the “best-kept secrets of prospecting.” Unless you have a lot of spare money and time, these courses rarely benefit you.
You can do a few things to improve your prospecting skills, like improving your communication skills, research skills, writing skills, and ability to pay attention to details.
Overcome your fears…
A great part of improving yourself in prospecting for your business is to overcome your fear. Talking about prospecting, something that kills your chances of success is your fear. The idea of prospecting can send a jolt of nervousness down the spine of a young financial advisor because he/she’s afraid of asking for referrals.
Often, financial advisors who don’t ask for referrals are either afraid of rejection or unprepared to do so. Thankfully, you can work on both aspects. Preparing yourself for prospecting or reaching out to new target markets requires you to know your activities comprehensively.
Think about the questions new targets or leads might ask you about your business or how you can benefit them. Successful financial advisors are fully prepared for the question, which makes them approach their leads more confidently.
One thing you can do to change your attitude about prospecting is watching over your self-talk. Every time you hear yourself saying, “prospecting isn’t my thing, or I hate it,” try something else such as “I’ll gladly reach out to qualified leads today.”
A cheesy yet interesting technique to avoid taking prospecting as a negative thing involves wearing a rubber band around your wrist and snap it whenever you have a bad thought about prospecting. Interestingly, this technique works for many people.
Define your ideal clients
Once you have learned the essential skills required for effective prospecting, it’s time to define your ideal clients. It helps determine whether a target market qualifies as the group of your potential clients or not. Because if they don’t need your services, you’ll waste your time, budget, and efforts without getting anything in return.
Depending on the skills and expertise, every financial advisor has a few fields that he/she specializes in. Based on that, determine if you can cater to the financial issues of professionals associated with the particular market or not.
Typically, a customer profile is used to determine whether a target market qualifies as the right target or not. This profile includes a buyer persona, including profession, gender, age, geographical location, buying habits, interests, marital status, etc.
Some Practical Ways To Reach New Target Markets By Working Virtually
You might be thinking that you’re not a brand, so why you need to do branding. The fact is you’re providing services and operating a complete business that attracts potential clients every day, meaning you need to perceive yourself as a brand.
Branding sends a message to your clients and lets them know why you’re in the business, what unique benefits you promise to deliver, and how you can bring value to them.
When it comes to financial advice, your prospects have numerous options, so why should they choose you over others? That’s the big question you need to address in your branding and send a clear message about how you’ll benefit them, so they choose you.
2. Content Marketing
Today, the internet plays a big role in helping you reach new target markets, especially when working virtually. Inbound marketing sends clients right to your doorstep https://www.prosperitycoaching.biz/blog/39-financial-advisor-marketing-ideas-that-rock/
In the on-going pandemic, the majority of service providers have gone remote and are offering services virtually. So one of the ways potential clients get to know about financial advisors is through the internet. They use search engines to find the right financial advisors who can provide the best piece of advice.
Content marketing is one of the most helpful ways to get noticed by your prospects, so use it to its full potential. First, identify your target market and target clients.
Once done with this process, work with a content creation agency to develop a comprehensive content marketing strategy for your financial advisory firm. It will help you present yourself most effectively.
3. Social Media Marketing
Everyone uses social media these days, and it plays a huge role in consumers’ buying process. Social media is a great way to promote your business and get noticed by your potential prospects. Its potential to help all businesses attract their target markets and reach new markets is huge, which is why you should not get stuck in the dark ages of not using social media, because you’ll be left behind.
Leveraging social media, you can deliver personalized financial advisory marketing messages to your potential prospects. One of the best things about social media marketing is its ability to create a Social Media Marketing Campaign, which I help my clients do using my private client website.
With these types of ad campaigns, you can achieve high ROI and effective results. Social media is not just a platform to advertise your business. You can interact and engage with your audience — result in building stronger relationships and loyal clientele.
Social media has more than 4 billion users, meaning many of your potential clients are its users. Therefore, focus on targeting those social media users that qualify to be called as your potential prospects.
4. Direct Mail or personalized e-mail marketing
E-mail is still relevant and effective, but it’s gone under the covers. The fact that it takes far less time to send an e-mail to 10,000 prospects than to call even one hundred people makes direct mail hugely efficient. What has made e-mail marketing highly effective is personalization.
The introduction of personalized e-mail marketing has made it 10x effective. You can address each prospect by its name, target pain points of each client effectively, and present them a custom solution — enhance the chances of turning a prospect into a client.
E-mail marketing doesn’t work well for products or services on the low end. That’s whey it’s perfect for financial planning, investment managment, and retirement income planning.
The tough part is building your mailing lists, and it involves the process of effective lead generation. Make sure you do not use already available mailing lists or buy from someone that hasn’t worked professionally on these mailing lists. The best thing to do is building your own mailing lists.
To do so, collect mail addresses through your website and other sources.
A part of your e-mail marketing requires you to send newsletters to your subscribers regularly. Craft personalized, informational, and high-converting newsletters. Set a day and send the newsletter at the exact time and day of the week.
Here are some pro tips for writing effective newsletters:
When writing your newsletters, don’t just promote your services. You should rather write an informative and engaging newsletter that addresses your clients’ common problems with their finances.
Instead of sending the same newsletters to every prospect, segment your prospects according to their interests, demographics, and business. It’ll help you achieve a better conversion rate.
Sending newsletters regularly is the key to build your brand identity and create awareness. Make sure to send the newsletters at the exact time and day every week.
Make sure that you build an emotional attachment with your prospects. You can send birthday cards to subscribers. Also, send best wishes to them on every possible occasion. Using a marketing automation tool, you can automate this part of the process.
5. Get involved in your community
If your budget isn’t huge, you need to give more time to your prospecting efforts. It requires you to get involved in your community, volunteer for conferences, and take part in local groups so you can meet more people and grow your professional and social brand.
When you get involved in your community, you meet like-minded professionals or people who might hire your services so they can become better at their financial activities.
When you join a community, local group, or organization, the focus should be to grow your circle, interact with like-minded people, and present your services instead of just socializing or spending spare time. Make sure that you give time to a community that resonates with your passion and helps you improve relevant skills.
You can host client-appreciation events to show gratitude to your existing clients. Besides, it provides potential opportunities to serve your existing clientele.
6. Cold calling
Cold calling is a challenge and a game. It never gets old, and its benefits have proved to remain the same. When it comes to reaching new target markets or prospects, cold calling certainly helps, provided that you make calls to qualified leads and not just waste your or other peoples’ time.
One of the dumbest advice someone can give to a struggling financial advisor is “call more people.” The fact is you are never going to win clients if your focus is only on making more calls. It’s a broken process, and trying to expand such a process isn’t a wise choice. So the key is to follow a coherent and more effective process.
If you keep targeting the wrong people, more calls won’t work. It calls for fixing the process where you need to secure qualified leads and contact details of people who actually need financial advice.
In an on-going pandemic, when every service provider or professional works remotely and provides services virtually, connecting with new prospects and reaching new target markets can be overwhelming.
However, following the above ways, you can reach new target markets and win new clients efficiently.
These methods work well when you practice them consistently. Once you have connected with new prospects, how well you satisfy them depends on your professional skills. Make sure that you promise what you can deliver and ensure the deliver-ability of promised results. Otherwise, it can impact your reputation.
I hope that these strategies help you reach new target markets and win new clients for your financial advisory firm.