People who operate in the financial services industry often struggle to find a balance between marketing and operations. While it’s common to find advisors and brokers automating areas of operations like portfolio rebalancing, marketing tends to be a relatively manual process.
But the last decade has seen the rise of marketing automation, which allows companies to build workflows that nurture leads by using blogs, emails, webinars, and other digital content. The financial industry has really started jumping on this trend over the last couple years, and many finance-specific marketing solutions have cropped up as a result.
While Salesforce is primarily a CRM, it has several features that can help you get started with marketing automation. While some features may seem more intimidating to set up than others, Salesforce offers multiple tools and resources available that simplify everything from training staff members to creating and running automated processes – and the return on investment can be significant over time.
Today, we want to look at how Salesforce can supercharge your lead generation efforts, and explore some strategies to get started.
Define the Client Journey
The client journey is the arc of experiences a person has with your company from the moment they first hear your firm’s name to when they become a client and beyond.
According to McKinsey & Company, adapting sales and marketing to a customer journey approach can increase sales growth by five to ten percent and retention by 30 percent, on average. It can also increase the predictability of customer satisfaction and churn by 30 to 40 percent, helping shorten the sales cycle and improve return on investment.
Every client’s journey is different, but the majority include these five
- Awareness – A person realizes they have a problem they cannot solve on their own, such as making sense of retirement planning.
- Consideration – The prospect begins looking into different solutions to their problem, such as financial planning firms, robo-advisors, or DIY investing and banking options.
- Decision – At this point, the prospect chooses a solution such as hiring a financial professional, and they begin researching a variety of professionals who could fulfill their needs.
- Delight – After a prospect becomes your client, you do everything you can to delight them, turning them into an advocate who then refers their friends and family to you.
- Departure – Losing a client is never easy, but it’s part of every client journey, whether the client passes away or chooses to work with someone else.
Each phase of the journey is interconnected. Mapping out your client journey can help you get a better understanding of the big picture when it comes to drawing people through your marketing and sales funnels. These touch points can then be measured and improved upon over time to increase revenue and improve retention and client satisfaction.
Score Leads to Prioritize Opportunities
The initial touch point in the client journey is typically on your website. For example, a visitor may fill out a contact form, find your blog from a link on another site, or download an ebook that someone recommended to them. While most people in the financial industry are savvy enough to track these leads in a CRM solution like Salesforce, additional strategies often go ignored, such as lead scoring.
Lead scoring is a methodology where you assign scores based on a lead’s behavior, demographics, source, and other factors in order to gauge their interest. For instance, you might assign a lead three points every time they open your newsletter and ten points when they attend a webinar or download an ebook. You can also assign points based on AUM, age, income, and more.
Ultimately, the idea is that you can easily get a good idea of who is most interested in your services and who might not be worth pursuing. It’s clearly not a perfect system – someone could download all your ebooks because they are a DIY investor and may never be interested in hiring you – but for every outlier, you’ll find several whose lead score reflects their interest level quite well.
Automatically Nurture Leads
Scoring leads is a great way to prioritize opportunities, but nearly three-quarters of leads are simply not ready to make a purchasing decision (and that number is likely higher for the financial industry).
Lead nurturing is the process of building a closer relationship with leads by staying in touch with them via email, blogs, social media, and other communications. By doing so, you can stay at the top of their mind and build trust, thus increasing your chances of being the firm they choose to work with.
Your lead nurturing process might start with a simple introductory email that’s personalized based on some self-selected factor, such as age, and then follow up with an automated workflow that sends them a tailor-made email series touching on common financial concerns of people their age.
Salesforce makes it easy to streamline the lead nurturing process, but it can be even easier. That’s where our ProcessComposer software comes in. You can visualize automated processes that help move prospects down the pipeline within Salesforce.
Suppose Salesforce sends out an automatic welcome email after someone enters your system. Do you have a particularly high-converting article, ebook, webinar, or other piece that would make a good follow-up?
With ProcessComposer, you can build a workflow to send automated follow-up emails, and then set a trigger to remind your team to check in with leads who have received a certain number of emails.
The Bottom Line
Techniques like lead scoring and nurturing can help take some of the responsibility for marketing off your plate, and ensure that the time you do spend on marketing is focused on the right opportunities.
When you download ProcessComposer on the Salesforce AppExchange, it comes with a free 30-day trial. Click here to get it now.