9 marketing hacks to improve your 401(k) business
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Simple yet powerful tips that will increase your 401k book of business. A Financial Advisors guide to gain awareness and experience marketing directly to plan sponsors.
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9 marketing hacks to improve your 401(k) business
- 1. That will impact your retirement plan business 9 Marketing Hacks
- 2. How many advertisements does the average person experience per day? A. 2,500 B. 5,000
- 3. Source: CBS News. Cutting Through Advertising Clutter. 5,000
- 4. A. 2% B. 8% What percentage of annual income is recommended to spend on marketing your business? Small Business Administration. How to Set a Marketing Budget that Fits your Business Goals and Provides a High Return on Investment.
- 5. 8%
- 6. HeatMap Mail Twitter Prospect Social Direct Global Relationships LinkedIn Original Blog Posts Outbound Team Partner Series Webinars Press Releases Media Pitches 2nd Degree LinkedIn Info- graphics Videos Email Invitations How do you cut through the clutter? Centers of Influence
- 7. Lead Lists • Picture of an empty auditorium • Picture of a full auditorium Empty Auditorium Full Auditorium
- 8. • Put your prospects into mapping software • Find clients nearby and then ask for introductions • Define your target market HeatMap Relationships Centers of Influence HeatMap 2nd Degree LinkedIn
- 9. LinkedIn 2nd Degree Connections Relationships Centers of Influence HeatMap 2nd Degree LinkedIn
- 11. • Curate content • Preschedule LinkedIn and Twitter updates • 30 Minutes Social Hootsuite Twitter LinkedIn Original Blog Posts Info- graphics
- 12. • Infographics • Follow a template • News statistics and turn into visual Social Twitter LinkedIn Original Blog Posts Info- graphics Canva
- 13. Budget About a $1 per piece Repetition More than once Template Follow a designed template on the site Direct Mail Outbound Team Partner Series Webinars Email Invitations Direct Mail
- 14. Direct • Deliver Value • Gain compliance approval • Send out email invitations (10, 7, 1) • Promote! Mail Outbound Team Partner Series Webinars Email Invitations Direct MailPlan Sponsor Webinar
- 15. Pick up the phone Contact plan sponsors and prospects to personally invite them to your webinar Script Write a short script to personally invite prospects and clients Prospect Outreach
- 17. Thank you Rebecca Hourihan, AIF®, PPC™ Rebecca@401k-marketing.com (860) 933 - 0859 www.401k-marketing.com
Editor's Notes
- Good morning everyone! Today we are going to talk about 9 marketing hacks that are specifically designed to impact your retirement plan business. But before we get started, you’ll notice a paddle in front of you. It has two sides (A & B), we will us this throughout the presentation. Okay, now – let’s get started!
- How many advertisements, words, marketing propaganda do you see every day? Is it A or B? In front of you are paddles – Raise your paddle to make your guess
- The average person sees, hears, interacts with over 5,000 advertisements per day. Which makes it incredibly challenged to rise above the noise and gain awareness.
- Another question for everyone, what is the recommended annual percentage of revenue small businesses should spend on marketing and advertising?
- Now, to be fair – I’m coming from a marketing firm. But I think the important take away is that financial advisor offices are aware of the importance of marketing and are looking at marketing as a valuable business expense. So, where your office is spending 2%, 8%, or more, it’s a best practice to invest in you and your business. Also, if you are launching a new product or service offering in your business – marketing agencies recommend a spend of 45% of the projected year 1 gross income. So if you launching into retirement plans. Thinking of your practice today – with a show of paddles – raise your paddle if you are investing more than 5% of your annual revenue into marketing? Okay – that is really great! Thank you for sharing. Okay -
- Okay – on to marketing hacks. We here at 401k Marketing have identified 4 main categories. The categories are Relationships, Social, Direct, and Global. We are going to go through each one and explain how you can implement short-cuts to increase your retirement plan business. We want to arm you with the tools to shortcut or “hack” your way above noise and be heard by your prospects.
- Prospect Lists are as essential component of a successful marketing campaign. – I just want to take a quick moment and confirm everyone has a leads list. It could be 1000’s of plan sponsors long or just short hit list. Does everyone have a list they feel comfortable with? Raise your paddle with the blue side up if you feel comfortable. The reason I’m asking this is – I was speaking with product provider about marketing support and they recently attended a marketing seminar and we were all fired up about using social. Social –social – social. So, we starting talking about what they are going to do. They are going to write blogs, sent out regular posts, repurpose relevant news articles, and calendar the whole thing. Well, I asked a question – How many people are you connected to on LinkedIn? And there response – 58. While that is very important and a component of an overall marketing campaign, we wanted you have can the most amazing marketing campaigns, beautifully designed, a calendar and meticulous timeframes. But if you’re marketing to a specific group For help developing a leads list, contact a provider and ask the wholesaling team to run a list based on your target market. They will be happy to support you and provide you with a free list.
- Okay, now that we all have our prospect list, let’s turn them into usable data. One way to do that is by using a HeatMap. Some things that have really helped my clients is putting your lead list into mapping software Then locating nearby clients, centers of influence, and friends – and then asking if they know that person / company and asking for an introduction
- Working with known relationships should be easier than starting from scratch, which is why we’re starting here. Okay, Raise your paddle if you know about LinkedIn 2nd degree connections Great - about [#] of the audience. Raise or keep you paddle up if you’ve used it. This is a really powerful tool and could open many opportunities.
- Talk about the importance of centers of influence…
- Do you ever go on LinkedIn and see the same people. They are always sharing and updating saying something. If you think back – when you first ‘linked’ with them – you might not have known them that well. But now, every time you logging on – boom their they are. You know them. You know there name and possibly have noticed a trend in what they post about. Well – I’m going to let you in on a secret. Those people are not sitting behind their computer screens right now, logging thousands of hours posting, they are pre-scheduled. And most likely with Hootsuite. This is a free service – you connect with your social platforms and then copy/paste relevant news articles. You can pre-post months in advance. Okay – let’s talk quickly about compliance. Raise your orange paddle if your b/d doesn’t allow social media? I would talk with them, many are changing and hootsuite can link with back office surveillance receipts for home office supervision.
- Canva – ya. This is a great website to design content. If you have a crafty person in the office. Introduce them to this site. You can create infographics, posters, memes, and much more. Actually, we used this site and created an employee poster. It was about two brothers and importance of saving early. Our client printed the posters and hung them in the break-rooms to show younger employees the value of compound interest. It’s a cool site and worth checking out. For the folks who are a ‘kind-of’ designer – this is a good place to explore ideas and to create custom pieces for your office.
- Now, we’re going to switch gears and talk about direct marketing. The low hanging fruit is gone. It’s time to cut through the noise and make your brand shine. Take a few moments and try to think where you hang out. Is it online? Your inbox? Your mail box? If you were marketing to you – how would you do it?
- Today everyone talks about giving value. Give more value. Many providers today have pre-approved webinars with invitations. You would upload to your home office compliance portal, which takes time. But once it’s approved, you’re ready to go. It takes about month from end to end. If anyone is interested in hosting a webinar and would like a best practices webinar checklist, please see me after the presentation and I’ll gladly share what we developed with you. A webinar with a great industry partner does a few things: You send emails directly to your prospect marketing You get the borrow the brand strength of the provider – what does that mean? Everyone’s of fidelity – but everybody probably hasn’t heard of, let’s say your firm. Well by partnering with fidelity to host the webinar, more people will perk up and listen when they hear that name. They wil l Email doesn’t have to a giant automated program with if/thans and 100s of decision trees. It can literally be an email. Talk with your compliance teams because if you send the same email to more than 25 people, then jt’s considered sales literature and needs to be approved. You’re demonstrating value. You are the expert, teaching something to your prospects that they most likely would not have access to.
- Still need to pick up the phone. 80% VMs Important to have a VM script ready. Talk about rambling VM Write out a script Follow-up on postcard / direct mailer and also, to personally invite your prospects to the upcoming webinar.
- Press is not easy. But if done right, can catapult your business to a whole new level. Importance of working with a PR writer / team. Send it through one of the two distribution channels for maximum exposure.
- Wrap up. Thank audience. And open for Q & A.