How do you maintain a presence with clients outside of face-to-face meetings? Perhaps you send a holiday card to all of your clients once a year, or your firm emails clients and prospects with a monthly update. No matter how you communicate, chances are your strategies could be improved—especially when you consider that a top reason clients leave advisers is due to a failure to communicate on a timely basis.
How can you boost your communication strategies without investing too much time? With just minutes of set up, you can create year-round campaigns that send targeted resources to every client and prospect in your book.
What Is Drip Marketing?
Drip marketing means sending valuable content to clients and prospects on a regular basis to maintain your presence, strengthen relationships and prove your expertise. Strategically “dripping” messages to your contacts implies tailoring the resources you share to pertain to recipients’ behaviors and statuses. Just like receiving a good article from a friend, receiving relevant content from you will help clients remember you as a consistent source of valuable information, both in and out of planning meetings. Similarly, imagine a prospect who isn’t ready to commit but continues to receive relevant resources from you each month. How likely are they to reconsider in six months—especially if their current adviser does not provide the same thing?
Step 1: Choose Your Groups
To be most effective, you want to send resources that speak specifically to individual issues or targeted pain points—not just generic information. Segmenting your clients and prospects into distribution lists based on like qualities makes this easy to do. Try grouping your clients by investment style, life stage, age or any other relevant factor, and don’t hesitate to include a contact on more than one list. Going forward, whenever you gain a new client or prospect, immediately add them to the appropriate distribution lists. By personalizing your messages a bit further, you can see great results in client retention and prospect engagement.
Step 2: Deliver Valuable, Personalized Content
Your objective is to consistently deliver resources that personally resonate with recipients. Ideally, you should be sending at least one document per month to keep your name top of mind. These monthly activities could range from sending a timely email to sharing a relevant article to delivering an educational piece. Once you have distribution lists created, it’s easy to choose content relevant to an entire group to simplify your work and share with ease.
Use the Right Tools
Most advisers agree that drip marketing is a great idea, but lack the necessary resources (time, good collateral and the right tools) to execute it. A software solution can set up drip marketing campaigns for all of your prospects and clients in minutes. Attendees of FPA’s Annual Conference—FPA BE Seattle, visit us in the exhibit hall at booth 705 to learn more.
Jeremy Miller, CFP®