There’s no shortage of reasons to reduce your marketing at the moment. Between the pandemic, economic uncertainty and the lockdown, patience really is a virtue.
But that doesn’t mean you should take a break.
Only 8% of consumers think that businesses should stop marketing amid coronavirus. The current climate provides the perfect chance to reflect on the information you already have, and use it to refine your marketing messages.
The fact is, there’s a gold mine in your data. And this guide shows you how to tap into it.
Maximise value from current clients
Upselling is 68% cheaper than generating new business and accounts for up to 95% of revenue for some companies. It’s easy to see why – clients are already on your side. And provided they’re happy with the service, you’re free to interact with them and use their insights to improve your customer life cycle.
From these insights, you can even create new offerings or reposition current ones so that they’re more attractive to customers.
Say you have a client who joined for wealth management support, for instance, you can put the processes in place to nurture them and prompt them towards other services based on their interactions with you.
If that client downloads a guide on ‘tips for business owners during lockdown’, for example, contact them and ask if they need business insurance. Or maybe suggest retirement planning if they’ve been on your books for a long time. Be sticky. Demonstrate your value – and relevance – by adapting to their needs.
Recognise inbound opportunities
If your only source of lead generation is outbound sales, your cost per acquisition will suffer. This is a lesson that Periscope Wealth learned before adopting full marketing automation with us. Chances are, like them, you also have a number of inbound leads tucked away – those who discovered you through online channels and cost 61% less to convert.
Not everyone will warm to the benefits of tax planning in a sales pitch. Some need to approach your services through channels that suit them.
That means you shouldn’t spend all your resources on a sales team, no matter how tempting that may be. Create downloadable content instead, and build dedicated website pages for each of your products.
Also, provide breadcrumbs online so that people will remember your name when they need you. Create and push content that is timely and relevant (but not necessarily designed to drive sales), and be helpful to those who may not be in your primary target audience.
Nurture leads who would otherwise drop off
Lastly, keep a hold of the leads that enquire but aren’t ready to purchase right away. It isn’t enough for your salesperson to leave a reminder to call them in six months’ time. You need to constantly be nudging them towards converting or run the risk of them going elsewhere.
Whether that nudging is done through specific landing pages on your website or targeted email campaigns is up to you. What’s important is that you continue to remind them of your service while providing useful resources.
Why? Because that forms the basis of a predictable pipeline. You can score each lead based on their interactions and eventually qualify them for a sale. This helps your sales team know where leads are coming from each day and enables them to optimise their time.
Where we come in
Financial services have traditionally relied on outbound marketing. But to outpace your competitors, you need to embrace the latest innovations. This includes inbound marketing processes as well as lead capturing tools.
But let’s be realistic. If you were to put these measures in place yourself, how much disruption would it cause? Because if the answer is ‘a lot’, you should speak to us.
At Airbase, we can future-proof your business by maximising the value of your current data. And it doesn’t have to be disruptive either. With our FlightPath package, we can tailor our support to your processes.
Interested? Contact Us