Marketing is a crucial component for financial advisors to increase their client base, and it is essential to have specific targets to measure the effectiveness of marketing campaigns. In this transcript, Brandon Stuckey shares some essential key performance indicators (KPIs) for marketing campaigns that financial advisors can use to measure their marketing results.
The first KPI that Stuckey discusses is the cost per registration for a direct mail campaign for a seminar. Typically, the average cost per registration is around $250, with a range of $100 to $150 if the mail is optimized. Financial advisors should aim to have a cost per registration closer to the lower range because if it is higher than $150, some work needs to be done on the mail piece or the seminar landing page.
The next KPI is the cost per lead. The buying temperature of a lead will dictate the cost per lead. For instance, an appointment lead that costs $200 is much better than paying $50 for someone who opts in to join a newsletter. The closer the lead is to being ready to buy, the higher the cost per lead. This does not mean that opting for a newsletter is not good, as it provides prospects to talk to in the future.
The third KPI is the cost per lead for a white paper campaign. The goal of this lead generation campaign is to generate the maximum number of qualified leads at the lowest cost per lead, which is an excellent way to build a list. For instance, if 10,000 mailers are sent out to promote a seminar, and only 40 people register, the remaining 9,960 mailers are wasted. However, if a campaign is launched for the same 10,000 mailers offering a book or white paper, the number of leads will be higher, and a list can be built to generate prospects to talk to in the future.
In conclusion, financial advisors must have specific targets to measure the effectiveness of their marketing campaigns. Stuckey’s essential KPIs for measuring marketing campaigns’ effectiveness include the cost per registration for a direct mail campaign for a seminar, the cost per lead for different types of leads, and the cost per lead for a white paper campaign. Measuring these KPIs will enable financial advisors to optimize their marketing campaigns, generate leads and prospects, and grow their business.