Marketing is the lifeblood of any 401(k) business. It’s the voice that promotes you, your company, and your offering. As such, marketing is the key to success, but the marketing that worked yesterday might not work tomorrow. Thus, it is critical that you are informed, up-to-date, and aware of modern marketing techniques so you can win new business.
Today’s 401(k) plan sponsors are smart, educated, and addicted to Google. Let’s highlight the marketing trends you need to know about, so you can compete in today’s highly competitive (and lucrative) 401(k) marketplace.
What is prospecting?
The word prospecting means a lot of different things. You might immediately jump and say, “Cold calling.” True, it’s a form of prospecting. However, it’s hardly a modern prospecting technique (thought of another way, when was the last time you bought something from a cold caller? In 2015, 4 percent of plan sponsors selected a new advisor based on an unsolicited call.[1])
What is modern prospecting?
Modern 401(k) prospecting happens when a plan sponsor has a curiosity and you have a solution. We use the word curiosity and not the word “need” because a plan sponsor might not know they have one; however, they do have a question. So, if you’re ready to help with that question, it’s the beginning of a digital relationship, which is good, because 81% of shoppers conduct research online before buying?[2]
Examples of modern and searchable marketing include:
- Original blog articles. In order to be found, your content needs to be different. Copying and pasting templated, generic content doesn’t differentiate you with a search engine. Keep in mind that your website is being filtered by an algorism; and if your words are the same as everyone else’s, how can a computer tell you apart? Only original content will be separated (and rewarded) by the algorism through search engine optimization.
- Advisor Directories. With the new “Conflict of Interest” rules and recent class-action lawsuits, plan sponsors will evaluate their advisor relationships. Plan sponsors are going to need an efficient platform to find, qualify, and select new advisor candidates. If your firm specializes in the 401(k) industry and you want to be found by curious plan sponsors, maybe you should consider joining 401(k) industry advisor directories. Your ideal prospects are visiting them now, and you can leverage your experience, quality of advice, and marketing content to inbound leads. (ex. 401k Study Group I Advisor Directory)
- Social Media. There are two schools of thought on social connections: either have a known network of connections–or–be connected with everyone. Opinions differ on which is best. Ask yourself, what am I trying to accomplish with social media? This will help guide your personal response to relationship building. Then, once you decide, start being social! Update your LinkedIn profile with a compelling, “Why You? What sets you apart? Hint: Why do you love working with plans? Write it down as your new headline. Then share a healthy mix of curated and created content. And remember, never send a robot to a cocktail party.
In summary, marketing is a journey and content marketing takes time—lots of it. Consistency of marketing, promoting, sharing, and educating your prospects will convert them into clients. According to Google, modern consumers will go through 57 percent of the traditional sales process before they even contact you.[3] This means the plan sponsor most likely has been to your website, seen your blog, viewed your newsletters, and experienced your digital business. If your site and content marketing impacted and impressed that plan sponsor, a new email lead will appear in your inbox—one that’s well on its way to becoming a new client.
About 401(k) Marketing
We believe the retirement plan industry can do better. Our clients are the best professional retirement plan advisors in the business. They care deeply about saving America’s retirement future. We are proud to share their voice through industry writings, professionally-designed brochures, and marketing collateral. We assist in promoting their businesses through on-going awareness campaigns. 401(k) Marketing is based in San Diego, CA. Check us out at www.401k-marketing.com.
[1] Plan Sponsor Attitudes 2015: Sixth Edition. Fidelity Investments.