As a financial advisor, one of your goals might be to grow your business, but how can you do that without spending more on marketing? In this lesson, we’ll cover five strategies to double your business that don’t involve increasing your marketing budget.
Double Your Leads:
The first strategy is to double your leads, which can be done without spending more money by reducing the commitment level of your offer. For example, instead of offering a seminar, consider offering a webinar or a case study. By reducing the barrier to entry, you’ll likely see an increase in lead volume. Additionally, you can fine-tune your marketing efforts to improve lead conversion.
Double Your Seminar Attendance:
If you’re already holding seminars, the second strategy is to double your seminar attendance. Rather than spending more money to get more registrations, focus on solving the attendance problem. Many advisors see a high percentage of falloff, so improving attendance rates can go much further than spending more money.
Double Your Appointment Conversion Rate:
The third strategy is to double your appointment conversion rate. If you’re only getting 20-30% of attendees to schedule an appointment, focus on improving your presentation. You can increase your appointment conversion rate by improving your actual seminar presentation, and there are frameworks you can follow to achieve this.
Double Your Average Revenue Per Client:
The fourth strategy is to double your average revenue per client. This can be done by offering additional products or services to your existing clients. For example, if you’re only offering investment management, consider adding financial planning services or insurance products.
Double Your Referral Rate:
Finally, the fifth strategy is to double your referral rate. Encourage satisfied clients to refer their friends and family by offering incentives and making it easy for them to do so. Additionally, consider partnering with other professionals, such as CPAs or estate attorneys, to expand your referral network.
In conclusion, these five strategies offer a roadmap to doubling your business without increasing your marketing budget. By focusing on improving lead generation, attendance rates, appointment conversion rates, average revenue per client, and referral rates, you can achieve significant growth without breaking the bank.