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According to a recent survey performed by Broadridge analyzing advisory data from 2021 to 2022, the average per-prospect cost of winning new business rose by 3.3%, while the number of increased inbound prospect requests went down by 16%. So, what does this mean? Simply put, it means that it’s now more difficult to acquire new prospects and more costly to close new business than before. The survey also stated that advisors with a marketing strategy onboarded an average of 41 clients in the past 12 months, as compared to only 17 clients for those firms without a marketing strategy.
No matter where you may think you fall in relation to the broader data, the best thing you can do as an advisor is to make a strategic marketing commitment. Because there are countless elements that go into a marketing strategy, let me share three critical components to consider for your commitment to gaining new business in 2023 and beyond.
1. Budget for Reach, Frequency and Impressions
First off, let’s look at the key areas your clients and prospects will interact with your firm. Hint … it’s your website.
Your website is your digital storefront, it’s open 24/7 and must act as an on-demand educational content hub that showcases your brand. Therefore, you need a physical plan and a monetary commitment to ensure that you have the proper foundation, function and content within your website. And most importantly, this plan must include how you will consistently drive users to your site. When thinking about your website under this framework, you may realize you’re due for a website update or a new one altogether, so consider that as part of your marketing commitment and budget, whether it be for 2023 or further out.
Utilizing your database of prospects and clients, you can drive highly cost-efficient traffic to your website. Include a commitment for a weekly, thoughtful email cadence to both your clients and…
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