by Tony Vidler
Amazingly, many advisers appear not to have noticed that their business world has changed from 10 years ago.
Many of the business building methods we successfully employed then in financial services are struggling to generate the traffic and interest in the marketplace that we need to maintain profitable and viable practices. But then….you knew that. Or should have.
Why do a lot things that we used to do that worked, just struggle to produce results today?
Well…the world has changed. Here’s a snapshot of the key changes for professional services firms, and how they inter-connect.
Compliance & Regulation
Speed & service expectations
Value of advice
Marketing Facts that matter:
The system required today looks like the “sales funnel” pictured above.
The global trend to separate advice from product together with greater control of the purchasing timeframe by consumers means that professional services businesses need to evolve their service models rapidly. This includes creating patient, highly personalised, lead nurturing systems where the emphasis is upon allowing prospects to gather information and engage in the decision-making process at the speed which suits them.
Potential customers can spend a long time in the yellow zone….
…and this is where the successful businesses will place their greatest marketing emphasis.
We still need to create opportunities with marketing and prospecting to get people into the red zone of course, so they remain a very high priority. However, with the right systems in the yellow zone we can convert a much higher proportion of those potential customers over time, meaning there is a greater ROI on lead nurturing systems than on pure lead generation systems.
Patient investment in patient engagement systems is the key to more client engagements in the future. Because the world has changed – just in case you hadn’t noticed.