How to Market on Any Budget: Broadridge Fi360 Conference

John Sullivan

3 years ago

A highly interactive and extremely detailed session from 401(k) Marketing’s Rebecca Hourihan titled “Marketing on Any Budget” kept virtual attendees of the Broadridge Fi360 Solutions Annual Conference 2021 engaged and interested in how, exactly, to get the most from their marketing dollars.

The Wednesday afternoon presentation, which included a digital workbook, began with a look at the advisors’ books of business and divided their marketing efforts into the three main areas—traditional marketing, digital content marketing, and tangible marketing.

Defining a budget, understanding the time vs. money relationship, and writing and implementing their own custom marketing plan to achieve their retirement plan business goals were all covered in the 70-plus slide session.

“What is marketing,” Hourihan asked at the outset. “It’s the process of effectively reaching your target audience using relationships, content, and sales material in order to attract, convert and retain business while creating lasting value …and marketing helps bring in new clients.”

She then listed stark statistics:

77% of advisors have no defined marketing strategy.
91% of advisors report that developing a digital marketing strategy is a challenge.
86% of advisors report that it is challenging and lack time for marketing efforts.

Explaining the sales funnel, Hourihan named the four distinct phases advisors go through with plan sponsors.

Awareness—Generate buzz and create brand awareness.
Interest—Prospect introductions.
Decision—Meet with prospects, wow them, and convert them to clients.
Action—Service happy clients, have them become raving fans, and gain referrals.

Back to the future

The presentation jumped to look at the advisor’s business three years in the future, and the creation and implementation of a marketing plan to get there.

“What is the secret to marketing?” Hourihan revealed. “All marketing works. You just have to do it.

Offering a list of marketing activities within the workbook, she implored advisors to do those they enjoy and are good at to ensure they’re worth their time, both now and in the future.

“If you like having meals with clients, then do that. If you hate cold calling, don’t do it.”

It was all part of an effort to determine what marketing efforts advisors should insource, outsource or something in-between. The result was a fluid and confident sales process that makes the best use of the advisor’s time, which, Hourihan concluded, “is your most important commodity.”

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