Financial Services Marketing: A Comprehensive Sample Case Study You Can Model...

I recently received a financial services marketing question from a career insurance agent and financial planner.

Normally I don't answer questions via email for free. But he did buy a couple of my products so I feel a little obligated.

His financial services marketing questions require much more than a simple reply email. He needs a consultation and a marketing makeover to really get things on track...

But since his questions are fairly common in terms of marketing and lead generation I thought I would put this page up to help all of my subscribers.

Read my financial services answers and tips carefully because they will help you build your business faster than ever before.

Here is this agents lengthy financial services marketing question (s):

I have just purchased your Amazing prospect letters and the avalanche response marketing systems. I have been producing for 13 years, my best from 2000-2005 through seminar marketing averaged $8million per year into annuities, then partnerships and seminar marketing ended 8/06, due to unforeseen things my wife's whole facility of 125 people in October of 2006 was closed down and since then she has not worked but went back to school to get her master to teach, hopefully she is hired for this fall.

Due to all of this and needing benefits for our family, I am in a career agent situation and looking to market like before, but have some restraints on marketing pieces and efforts.

I am looking to establish a steady stream of activity and cash flow that I can rely on to become independent with my name on the office again. Here are several areas that I market and want to become more efficient with appointments and qualified prospects in these sectors without spending 7-8k on a financial services marketing seminar.

  1. Trying to attract business owners toward my: Blue Prints (name left out for privacy) that helps business owners eliminate the what if's (see below)

  2. Marketing to seniors for 401k Rollovers, second to die policies, ltc, managed assets for fee and annuities.

I have over 100 clients and $20 + million under management not all for fees mostly annuity business. (Up front comp and no back end trailers) I want to build on my fee based practice and simultaneously making transactional commissions on the way. I rather have 20 million all under a fee base platform and know that I have x coming in the door every year and keep building it. The best prospect is someone who will put a percent of their assets into a fee based platform and another percent into annuities.

I do much better speaking with someone then writing financial services marketing letters or emails, one reason for the purchase of your programs. Now I need your help in getting me started to generate referrals and a full schedule every week, I know that with activity that my income will be back above 200k like it was from 2000-2005. Your downloads have so much information and like everything else, where do I begin.

I recently purchased 1200 names that the lead house claims that they were spoken to by telemarketers and or filled out a survey and are interested in the following areas:

  • IRA rollover

  • Annuity

  • Life

  • Managed Money

I would like to send letters or postcards to this financial services marketing list because I do not have the time or want to cold call.

Before I Give A Comprehensive Answer To These Financial Services Marketing Questions and Problems Read This...

Side Bar: If you don't have a lot of money and/or time, then you can get by with one or two mini marketing systems for a short while. For example, try a lead generation postcard. This will get you leads if your lists are good. But it won't carry you forever. Best article on postcard marketing to date.

Secondly, buy leads to fill your appointment book on off days. Try this insurance leads company or this insurance lead provider.

See How To Get Business Right Away below (but don't skip down. Read!)

By they way, the website with the 'Blue Prints' is terrible. It's confusing. So I am not going into that. It feels like you are hiding something. Make it clear what you are selling and how you solve problems. Scrap it or take another simplified angle.

A 'Massive Action' Approach That Builds Business:

All my financial services marketing suggestions should be implemented together. Not one at a time, and not staggered. You must keep everything systematized. Hire someone to do it for you if you can't get the time. Also, there are many other strategies to consider and you'll get different advice, but this is what I would do if I had the time and money...

Financial Services Marketing Step One: Send a monthly newsletter to your current clients, prospects, and 'dead leads', as described in my marketing material. This helps build a better bond and generates referrals. Use the referral insert as described in my material but not right away. Wait a few months.

People only send referrals and do business with those they know, like, and trust. A newsletter helps you accomplish this.

If you have a client list, milk it! Build a better relationship using the newsletter and webinar approaches.

Marketing Financial Services Tip: One excellent health insurance marketing company uses an HSA marketing plan to generate leads. They have great information on HSA accounts which positions them as an expert. If you request information you get a courtesy phone call (I would just send a thank you note). And then they follow up consistently with quality information and tips.

Guess what all of their financial services marketing letters are marketing? Health insurance! Not HSA's. They write about ways to save money on health insurance, provide testimonials, and then ask for the appointment (soft sell). But that's not all! In addition they have monthly teleseminars. The most recent one is called, "Is your food starving you and making you fat at the same time? A Wellness Specialist will address the topic.

What are you doing in your financial services marketing to stand out from the crowd, position yourself as an expert, and build a stronger bond with your prospects and clients?

Financial Services Marketing Step Two: Hand write thank you notes (thank you cards) to every prospect you see and speak with. A forgotten art. But a very effective relationship tool. Nothing has more impact than a hand written note.

Financial Services Marketing Step Three: Incorporate Seminars or Webinars and teleseminars into your newsletter strategy using the same referral techniques as described in the material.

Financial Services Marketing Step Four: Social proof. Get testimonials and put them on everything (online and offline) Can't use testimonials? I believe you are wrong. I am on the list of a health insurance marketing company, and they have testimonials. Type 'insurance testimonials' into Google and you'll find some major insurance companies touting their client testimonials.

Still think you can't? Use implied endorsements. An effective financial services marketing strategy. For example, I recently listened to an excellent Dan Kennedy Interview of a successful financial advisor that had his clients send pictures of themselves while on vacation (or wherever) wearing a jacket with his company name/website name on it. He got many pictures in because he held a contest.

There is always a way...

Financial Services Marketing Step Five: Local Internet Marketing. Get a lead generation strategy in place for your local marketing efforts. Use video to build a relationship and improve your conversions. See this annuity lead system videos for an idea of what you can do.

Financial Services Marketing Step Six: Direct Mail. The lists you purchased might be worthless. I have no faith in telemarketing companies. But test small to see what kind of results you can get. See this article on 401 Leads Marketing for ideas on what you can do (and you can tweak if for any market).

Financial Services Marketing Step Seven: Newspaper and Magazine Advertising.

Test inserts or display ads in your local newspapers. Use these Yellow Pages Advertising ideas to generate quality marketing pieces. Don't let the Yellow Pages title fool you. Tweak it for your markets...easily done.

Social Media Marketing Strategy. Get a Facebook fan page, twitter account, Youtube, and Linkdin accounts set up and launch a social media marketing campaign. Nobody in your industry is doing it, and you will stand out from the crowd and build your brand and your list.

What Are You Marketing?

Are you marketing insurance, annuities, or planning solutions? Hint: It's easier to market planning solutions. The trust factor goes way up for financial advisors versus insurance agents and product pushers.

Seminars are much easier to market than individual appointments (but it can be done). As described above, test a webinar or teleseminar instead. Or, simply create a lead generator and get individual appointments that way.

How To Get Business Right Away:

To start getting new business right away without spending a fortune send a newsletter to your current list. Send hand written notes to 10 at a time. And then schedule appointments to review their portfolio shortly thereafter.

Announce a new service in the arena of financial planning, estate planning, trusts, tax planning, or whatever and use the doctor patient approach. Where does it hurt? Here's how to fix it.

Become An Expert. A Go To Guy: Write a guide or report on the niche you want to focus upon. For example, if you choose Seniors, find out what their biggest problems are and then write about it. Send a press release and offer it for free to Seniors, and send it to your client list. Ask for names if they want to give it to friends and family. Read this article on marketing to Seniors.

Related Articles:

Financial Advisor Marketing

Annuity Marketing

Worksite Marketing

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