Advisors often talk about pipeline fluctuations—periods of booming activity, then busts. “I was so busy I didn’t have time to prospect. Then I had to start from scratch to ramp it back up again.”
To help you create a consistent pipeline that doesn’t ebb and flow, here are seven super practical ideas that can transform your business strategy and drive growth.
1. Develop a comprehensive prospect list
To kickstart your business growth, begin by creating a detailed prospect list tailored to your ideal client profile. Define specific criteria such as company size, location, and industry niche. Next, focus on identifying key decision-makers, including owners, C-suite executives, and HR leaders. A piece of this puzzle that is often forgotten is to then use LinkedIn to connect with these individuals, paving the way for fruitful relationships and valuable networking opportunities.
2. Write out a defined marketing strategy
“Having a defined marketing strategy is associated with better business outcomes, yet fewer than three in 10 advisors have one.”
It doesn’t have to be complicated. I commit to:
• Posting 1 news article per week on LinkedIn.
• Sending 1 email per month to prospects.
• Writing 1 blog article per quarter.
• Hosting 1 event per year.
• Record 1 video about a retirement plan trend or breaking relevant news.
Then put a placeholder on your calendar to accomplish these business development activities. By scheduling these tasks and setting reminders, you ensure consistency and maximize your outreach efforts.
Remember, having a defined marketing strategy is associated with better business outcomes, yet fewer than three in 10 advisors have one. Adopting proven growth strategies like the ones listed above can translate into more new clients and advisors who have a defined marketing strategy onboarded 50% more clients per year.[1]
3. Harness the power of LinkedIn
Maximize your use of LinkedIn by incorporating relevant hashtags and tags—two distinct actions that can significantly boost your presence on the platform.
Popular hashtags like #HR, #401k, and #business can significantly expand your reach to millions of followers. Additionally, including your location details enhances local authority and visibility.
Another key strategy is to tag individuals. By tagging influential figures, you can directly notify and engage them, prompting likes, comments, and shares.
Although the LinkedIn algorithm undergoes constant changes, one thing remains the same: social engagement is key. Interactions and connections are vital for enhancing visibility and expanding your network.
4. Optimize digital content naming
Pay attention to the way you title images, documents, and other digital assets. Implement a standardized naming convention that includes keywords relevant to your company, yourself, and the content topic. It should be something like Company Name-Your Name-Topic. This will help the internet categorize content from your company, you, and that relevant 401(k) subject.
Avoid generic titles like dates or vague descriptors such as 6.11.24FINAL, as these do not contribute to SEO efforts. Remember, behind the screen, computers are simply connecting letters and numbers. By making your file names clear and keyword-rich, you facilitate the process of connecting your content with relevant searches, enhancing visibility and discoverability online.
5. Cultivate relationships with centers of influence
Nurturing connections with centers of influence is paramount for sustained business growth. Scheduling meetings, whether over lunch or grabbing a beer, strengthens partnerships and fosters collaboration. These interactions not only build rapport but also pave the way for business down the road.
6. Conduct a digital self-audit
Put yourself in the shoes of a prospective client and evaluate your online presence objectively. Assess the quality of your website, ensuring it shows professionalism and credibility. Similarly, review your LinkedIn profile for completeness, including a recent headshot and engaging content. Or—be brave and ask a trusted friend to take the lead and have them share their findings. By soliciting feedback from trusted peers, you gain fresh perspectives and can enhance your digital first impression.
7. Prioritize lead nurturing initiatives
Investing in lead nurturing initiatives is crucial for perennial business success. On average, advisors invest $15,908/year in marketing.[2] Allocate business resources towards cultivating relationships with potential clients over time, as new plan opportunities rarely materialize overnight. By strategically deploying your marketing budget and focusing on long-term prospect engagement, you lay the foundation for a robust pipeline of new 401(k) plan clients.
By implementing these strategies, you position yourself for success. Capitalize on your momentum today and propel your business towards exceptional growth.
Thanks for reading & Happy Marketing!
Rebecca Hourihan is Chief Marketing Officer with San Diego-based 401(k) Marketing, a modern marketing agency for the retirement plan industry.
EDITOR’S NOTE: This 401(k) Client Connection column appears in Issue 2, 2024 of 401(k) Specialist Magazine, which can be read in its entirety here.
[1] “Financial Advisor Marketing Trends Report.” Broadridge. 2024.
[2] “Financial Advisor Marketing Trends Report.” Broadridge. 2024.
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