What Is Lead Generation For Financial Services?
Lead generation for financial services is about finding high-quality potential clients interested in your products and services. It is a vital component in the sales journey for numerous financial services firms. Namely, wealth managers and financial advisors.
A lead represents an individual who shows interest in a company’s services or products but has not yet decided to purchase. Even though they haven’t worked with the company, their actions show a good chance of them becoming future clients.
The Transformation Of Financial Services Lead Generation
Previously, lead generation involved getting prospect lists and sales reps making cold calls. However, now, technology allows us to generate prospects using specific criteria and data. This helps financial planning firms collect information about potential clients and tailor their marketing campaigns to meet their prospects’ needs.
Mainly, online marketing involves combining new and old techniques (more details to follow). When done right, this way of finding new clients can make the sales process faster and more successful.
Financial Services Lead Generation In Today’s Digital World
With the internet making information easy to find, how people make purchasing decisions has shifted a lot. Before, advisors used to call people who knew little about their products.
Now, people can use the internet and social media to learn about services and products before engaging with a company. As technology evolves and how people make decisions, things will also change.
Consumers are not interested in a generic sales pitch that doesn’t fit their needs; it might drive them away. So, companies should try to attract new clients by having a good image online. Using SEO and content marketing can usually help with this.
The digital world also makes it easier for companies to learn about and understand their target audience. Companies can share more interesting and helpful information by knowing what their target clients want and need. Based on their engagement rates, they can also determine if someone is likely to become a client. In light of this, It’s crucial for firms to find new clients and build trust and maintain relationships with them.
What Makes A Qualified Lead?
Marketing Qualified Lead (MQL)
An MQL is more interested in your business and likelier to become a client than others. They might need more time and attention (lead nurturing) but are not ready to buy. As they move through the sales process, this nurturing helps to make a buying decision.
Sales-Qualified Lead (SQL)
An SQL is someone nearly ready to buy a service or product but may have some queries or need slight persuasion. Next, the job of the business rep is to answer their questions and help them feel confident about their choice.
When a prospect shows they’re interested in a product, we consider them as pre-qualified. This means they are more likely actually to want the service in the end. So, deciding upon a service or product becomes easier and quicker for these people.
Maximising Financial Services Lead Generation
Companies should use multiple lead-generation marketing strategies rather than relying on one approach. By doing so, they can engage a wide range of target clients at various stages in the buying cycle.
These strategies include:
- Inbound Marketing
- Outbound Marketing
Inbound Marketing
Inbound marketing is a vital lead-generation tactic involving generating interest in your company through content creation and promotion.
- Content Creation involves developing relevant content to generate leads seeking solutions to specific issues, for example, pension leads. You can achieve this by creating blogs, videos, guides, infographics, and other content.
- Content Promotion involves making this content visible to potential clients. Optimise your efforts using SEO, pay-per-click (PPC) advertising, social media, and other strategies.
Outbound Marketing
Due to the internet, outbound marketing methods such as emails, events, and ads have become less effective than they once were. But, when you mix it with inbound marketing, it can help create opportunities to connect with potential clients. So, combining both methods can be a good idea.
- Email Marketing can distribute new content, send event invitations, share news, and maintain client contact. It offers content to potential leads who might not actively search for you.
- Event Marketing allows you to showcase your brand, establish personal connections with clients, and engage with attendees.
- Adapt display ads to target individuals based on specific habits or demographics. This allows you to reach a focused audience with your information.
Focusing On The Most Promising Leads
Successful financial lead generation is not just about the number of leads you generate anymore. Today, we track, monitor, and assess prospects with various metrics and scoring methods.
Explore these examples of popular lead generation metrics in use:
- Click Through Rate (CTR) is the ratio of total clicks to page views, showing how well a call to action performs.
- Time to Conversion measures the duration required to convert a lead into a client.
- Return on Investment (ROI) assesses the financial returns in comparison to the overall cost of a campaign.
- The number of Marketing Qualified Leads (MQL) counts the leads the marketing team deems suitable for the sales team. With that in mind, lead scoring helps count and evaluate these factors.
- Cost per MQL evaluates the amount spent on each lead before they become clients, aiming to optimise results while minimising expenses.
What Is Lead Scoring?
Lead scoring is a way to rank potential clients based on how important they are. This helps sales and marketing teams focus on the most promising leads instead of putting equal effort into all of them. There are two types of lead scoring: explicit and implicit.
- First, explicit scoring is like the lead to your perfect client. You review their job, the industry they work in, and where they live. They could be a good match for your company if they’re similar to your ideal client.
- Next, implicit scoring is like watching how people interact with your business. It checks how often they visit your website or if they reply to your emails. This helps you see if they’re really interested in your company.
To make a good lead scoring system ensure a few things first. For instance, you need great content, clear ideas of your best clients, good interactions, and support from your sales team. Using tools and software to score leads for you can also help.
How Goldmine Media Can Help
Our services include:
Also, if you’d like more information on how we can help with your marketing, please contact Goldmine Media. Moreover, you can reach us by calling 0845 686 0055 or emailing findoutmore@goldminemedia.co.uk.
