Two friendly 401k advisors walk into a conference room, and the conversation goes:
“How’s business?” asks Bill.
“Steady, what’s new with you?” Paul replies.
“Glad you asked, we recently launched a new 401k blog series and it’s been fun seeing the uptick in our website traffic,” says Bill.
“Oh yeah, I think I saw that. You mentioned it on LinkedIn the other day, right?”
“Exactly, we posted about the blog on LinkedIn and Twitter and also sent out an email that describes what each article is about. It’s a lot of work but, you know, it feels good. What are you doing for your marketing?” Bill asks.
“Same old, same old. Talking with our clients for referrals,” Paul shrugs his shoulders. “I’d don’t really believe in ‘marketing,’ you know?”
When advisors get together, marketing is often a frequent topic because they want to learn what’s working, what’s new, and what other professionals are doing to grow their businesses.
New Generation Marketing
If an advisor is trying something new, then it’s interesting. Other advisors look at this “new idea” with skepticism. Will it work? It seems strange. What are they thinking? What are the proven results? These are normal and natural reactions.
People who get there first often gain the most reward, simply because there isn’t any competition. They are the pioneers. However, people are nervous about being an early-adopter because the commitment of time and resources might not pay off.
For example, a year ago, posting a video on LinkedIn was very different. No one knew that LinkedIn video was going to take off. Plus, it’s a lot of work to create a video with the lighting, script, compliance, recording, posting, and more.
However, if you had started creating and posting short retirement plan videos at that time, how far do you think your social media presence would have grown today?
The Results
Another popular topic is results—the proof is in the pudding. How have your marketing campaigns brought in more revenues?
When advisors are implementing a true marketing campaign, there is a cost involved. Whether it’s a monthly subscription, an email platform, hiring a copy-editor, paying an illustrator to add animation to your video, or anything in between, creating quality marketing content usually entails a range of skilled professionals working together towards your final product. For some, this thought of paying for marketing is a new and foreign concept.
On the other hand, when an advisor’s sole marketing resource is “referrals,” they appear to be free. So, when an advisor wins a new piece of business from a referral source, it feels like the ROI is 100%. The free referral resulted in new revenue. That is a win-win. Why should you do more?
Yes, referrals are an excellent way to maintain a steady business; however, implementing a new marketing campaign is how you grow a business.
Going back to the above conversation between Bill and Paul, marketing gives you something more to talk about. It gets you noticed (LinkedIn, Twitter and email): it creates a new path for business growth.
Whether you start by posting regularly on social media, emailing your clients a quarterly newsletter, uploading a video, or something else completely new, the important point is that you start.
The next time someone asks you, “What’s new?” you have an exciting response that demonstrates how you are marketing and growing your retirement plan business.
About 401k Marketing
Our clients are the best professional retirement plan advisors, TPAs, and industry partners in the business. They care deeply about saving America’s retirement future. We are proud to share their voices through industry writings, professionally-designed marketing materials (including websites), and expert content collateral. We lend support by promoting businesses through on-going awareness campaigns. 401k Marketing is based in San Diego, CA.
Check us out at www.401k-marketing.com.
Rebecca Hourihan is Chief Marketing Officer with San Diego-based 401(k) Marketing, a modern marketing agency for the retirement plan industry. The company supports clients through custom engagements, content marketing campaigns, sales material innovations, thought-leadership consulting, interactive workshops and speaking events. Its mission is to empower the retirement plan industry with high-quality marketing, ultimately inspiring Americans to become financially prepared for their future. Rebecca also hosts The 401(k) Marketing Podcast.