When it comes to strategies for acquiring new clients, expensive marketing and advertising might spring to mind. But before you start frantically plastering your name on the side of every bus in your neighborhood, maybe step back and consider alternatives. Here are some sure-fire strategies bound to boost your bottom line without breaking your bank.
Buying a book of business
This isn’t necessarily cost-effective, but it’s certainly a way to expand, and it can pay huge dividends. We’ve already explored the do’s and don’t’s of buying a book of business in a previous post. In short, buying a book is often a good idea as long as it’s approached cautiously – not only because of the cost, but because new clients aren’t obligated to stay.
Keep it in the family
Unless you’ve been living under a rock, you’ll know that millennials will soon become the biggest demographic in history. Within a decade, they’ll enter peak earning years and comprise over half the workforce. Couple this with the $30 trillion they’re expected to inherit from their baby boomer parents, and we’re talking about an incredibly lucrative market for years to come.
To catch millennial attention, you won’t need to put together an expensive viral marketing campaign. You can start with your book. A large portion of your clients likely have adult children you haven’t connected with yet. Make it an objective for advisors to reach out and get them on board. A top-rated, industry-specific CRM, set up to track household members, will help you quickly segment your book for potential millennial clients. Even if you’re not working with millennials yet, you can use your CRM to help lay the foundation, using follow-up reminders and notifications set on key events, like birthdays, to keep you on track.
Target “centers of influence”
The adage “birds of a feather flock together” holds true for referrals – another critical source. If you have quality clients, they should give you quality referrals as long as you deliver the sort of outstanding service they want to promote.
An even more effective way to reach out is to build connections with key influencers. This could be a well-connected lawyer or an accountant with several High Net Worth clients. As this study from Invesco shows, having so called “centers of influence” introduce you to prospects can be an excellent way to build trust and forge lucrative, long-lasting relationships.
A marketing strategy
If you already have a marketing department – that’s great. But you don’t need one to pull off an effective marketing campaign. Start simple. Like with your website. How does it look? Is it optimized for smartphones and tablets? A clean, slick website isn’t hard to put together and ensures an awesome first impression with potential clients. Our friends at Advisor Websites are experts in this field – providing everything advisors need to get set up without starting from scratch.
Finally, you should think about leveraging outbound and inbound marketing to build your brand awareness. Again, this doesn’t have to be complicated. Paid social advertising through Facebook, LinkedIn and Twitter is a great way to target clients in your area. If creating your own content sounds a little daunting – try hiring a freelancer. It’s cost effective and a good way to get your marketing going.
What other growth strategies have worked wonders for you? We’d love to hear about them. Share with us on LinkedIn or Twitter.