What Is The Marketing Funnel, And Why Is It Important To Define It?
For any financial advisory or wealth management firm, it’s essential to know if your digital marketing strategies are effective and if your tactics are working to help you acquire new clients. So, what’s working? What’s not? And what is everybody else doing?
Increasingly, many firms realise the importance of being active online and upgrading their digital lead generation strategies. One key component of this is to understand the importance of utilising marketing funnels. Financial services firms use these to map each prospective client’s journey from awareness of a service or product to becoming a fee-paying client.
It is crucial to define this journey to understand where a prospective client is in the process and what type of content or marketing messages will resonate at each stage. There are typically four stages in the marketing funnel: awareness, interest, consideration and purchase. However, these can vary depending on your business, services, and products.
Four Stages In The Marketing Funnel
Awareness
This is the stage where prospective clients are first exposed to a service or product. They may see an advert or come across a blog post about it. At this stage, firms must ensure they get their brand and messaging from prospective clients. You attract ideal clients to learn more through enticing content, calls-to-action, and online engagement.
Interest
Once prospective clients know about a service or product, they may show interest in it. They may look up reviews, client testimonials, or research to find out more. At this stage, firms must provide more information about their offering and why it is the best solution for the prospective client’s needs.
Consideration
In this stage, the prospective client is starting to weigh their options and decide whether or not to engage with your firm. They may compare different services or products offered or look at how technology is used once they become clients, e.g. online client portal, App, etc. Firms must ensure they provide all the information the prospective client needs to decide and that their offering is competitive.
Decision
This is the final stage of the marketing funnel, where the prospective client engages with the firm and becomes a fee-paying client. Prospective clients are guided to becoming active clients using more targeted, relevant content, outbound marketing, and well-designed funnels. At this point, firms must ensure a smooth and easy onboarding process and follow up to provide any support or next steps the client may need.
Improve Chances Of Client Acquisition
A marketing funnel is a valuable tool for financial advice firms to map out the prospective client’s journey and understand what needs to be done at each stage to convert leads into fee-paying clients. By defining the marketing funnel, firms can better target their marketing efforts and improve their chances of client acquisition.
Marketing funnels have become integral to a successful marketing strategy for many advisory firms. Without funnels, you are leaving people to figure things out independently. You are losing opportunities to chance, hoping they will choose to do what you want.
How Goldmine Media Can help
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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 email findoutmore@goldminemedia.co.uk.
