Content May Not Be King

​We are told content is King, but it is really? We are told high value content delivered to clients and prospect on a regular basis will:

• Enhance those relationships
• Provide excellent discussion topics for your check in calls and meetings
• Create an entry point for seeking introductions

While I believe that is true, there are problems with getting the content to the intended parties. Articles and studies say your client’s attention is your scarcest resource. Why is that?
Across all industries, the average open rate for the second quarter of 2016 was 25%, according to Experian’s benchmark report. The average open and click rates of MailChimp customers in Business and Finance      is reported to be lower at 20.98%. This along with several other factors indicates much content is often ignored.

• “The average person deletes 48% of the emails they receive every day. This task takes them just five minutes.”
• “...the average consumer is exposed to up to 10,000 brand messages a day.”
• We are in information overload so only the most relevant information registers on our radar.

Drip Campaigns
The rational for a drip campaign is to keep you “top of mind” and engaged with clients, prospects and COIs. You do want them to know “I am thinking about you” and “You are important to me.” As you may be sharing important but not likely critical information in most cases, you will probably not including a “call to action” unless you are seeking an email address or informational update.

Many Advisors send good and sometimes curated content as part of their drip campaigns to their clients, prospects, suspects and others. It is a marketing tactic worth executing. There are excellent companies that make it easy for advisors to implement such services but new tactics are needed.

Given the data and personal experience, it is very difficult to get through to clients and prospects with written content and even when we do, it is often unread. Therefore, you must be relevant to the recipient as well as quite different. I also believe your process must include personal follow up. Your message MUST be followed up by personal contact, e.g., phone call or meeting. Note that it is also reported that over 40% of salespeople said their phone is the most effective sales tool at their disposal. I agree and believe it is higher when you are calling clients as you do in our business.

A Better Drip Campaign
My thesis is that more personalization is needed in a more effective drip campaign. To do this with efficiency and effectiveness an advisor needs to focus their attention on their best opportunities.

• Identify your top 30 to 40 or so clients that provide 70% or more of your revenue or who you really believe will be part of that revenue potential
• Identify your top 20 prospects or so prospect that will add “significantly” to your AUM (say another 20% to 40% if they all closed)

• With perhaps 60 clients and prospects, you can personalize emailing as well as do the follow up calls.

Process

• Start with one preview of a piece of content every 2 weeks in a somewhat personalized email to each of the 60. Take a minute or two each to pick the preview by client and address it with their name. That is about a 1 hour a week commitment.
  • For example – There is software product called Everplans and a NY Times article you could send with the note below. Send this same note to the right clients and prospects or an alternative note where the note below doesn’t fit a particular client or prospect.
  • Sample note:
    • Syd, there’s a legacy planning tool I’d like to make you aware of. Some of us don’t take the time to fully think about our legacy and final wishes even when it’s likely out in the future. Many of us don’t like thinking about such things. There is a tool that makes it easier to plan the future. It’s a “how to” guide to help you through the process of defining your legacy, securely storing and sharing your vital documents and outlining final wishes. The tool gives clear direction on how to organize documents and help with what materials to save. It also provides one, safe repository for all paperwork, an electronic safety-deposit box and allows you to assign “deputies” if you want who can access the documents and information. Next time we talk, let’s discuss your thoughts on this. Thank you, David
• Follow up calls
  • If the client is on a monthly contact cycle (A clients should be), it’s just another value added topic and doesn’t take much extra time.
  • If the client is on another cycle (bi-monthly or even quarterly) it’s also just another value added topic and doesn’t take much extra time or you can make an extra short call as you see fit. (Don’t wait 2 months and have four articles to discuss but you know your clients and prospects best and can make calls as you see fit.)
  • For top prospects, value added articles are a great reason to touch base. Time should not be an issue. Make these calls regularly as you see fit.
  • Post your notes to your CRM that you will review before the call or meeting.

Developing the Content
You get lots of content from outside providers, your firm, industry publications, newspapers, etc. You and your entire team should identify one informational piece a week. If you think it is a meaningful, high value content piece that would be of interest to some or all of your clients write a short summary. Twice a month as stated, you will “personalize” an email to clients and prospects like the sample above.
The piece may be about any number of topics though I suggest it not be investment specific. Sample categories nay include:

• Family and Children
• Humor
• Interest Rates
• Legacy
• Retirement
• College Planning and 529s
• Social Programs
• Financial Literacy
• Ideas

The piece will include a closing comment such as “let’s talk about this.” You should include the source of the piece or a URL where appropriate. All you need to do is select one of 2 pieces for each of your 60 or so names and email them the piece that fits them. After two months, you will have eight choices to select from and after a year, you will have 96 choices to email to 60 recipients.

Given what you know about your best clients and prospects this is another example of value that a Robo advisor will not likely be able to replicate in the short term.
 
David I. Leo
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com