5. The impact of deepening relationships
The Customer Lifetime Value tool from the Harvard
Business School helps reinforce the importance of
long term relationships to profitability:
Source: http://hbsp.harvard.edu/multimedia/flashtools/cltv/index.html
6. Web presence plays an important role
Source: www.banktech.com/blog/archives/2010/08/how_to_make_you.html
More than one-half of financial services product
searches in the United States begin online, according to
Accenture research, and that figure is likely to increase.
Indeed, customers rank the online channel as the single
most important way of interacting with their banks.
““
7. The demographics are right
77% usage in the USA in 2010 (vs. 44% in 2000)
In the U.S., 62% of internet users are 25 or older
• 25-34 years – 12%
• 35-49 years – 27%
• 55+ – 23%
Household income
• $30-49K – 80% are online
• $50-79K – 91% are online
• $75K+ – 97% are online
source: internetworldstats.com and itfacts.biz
8. Your clients are using the web…
Aware Interest Evaluate Engage Advocate
Search
Social Nets
Media
Blogs
Register
Download
View
Personalize
Research
Meet
Compare
Transition
Access
Transact
Research
Recommend
Share
Learning, evaluating, comparing, recommending…
We self-sell, self-service and expect a good experience.
Relationship Life Cycle
9. Advisors are responding
Aware Interest Evaluate Engage Advocate
Brand
Content
SEO
Social Media
Blog
PR
Services
Articles
Videos
eMail
Events
Profiles
Personalize
Tools
Feeds
Forms
File Share
Service
Updates
Reporting
Influencers
Recommend
Request
Web 2.0
Leaders build strong presence as part of their
relationship strategy.
Attracting, nurturing, growing relationships…
Relationship Life Cycle
10. But many are just getting started…
No unified identity
Disconnected branding:
“advisorname@yahoo.com”
Boilerplate messaging
Lack of original or dynamic content
Antiquated web site design
No social media presence (outposts)
Limited website services
11. Advisors are not convinced about social media
42% of the RIAs make some use of LinkedIn.
45% of RIAs use Facebook, but only 6% of them
say they use it for professional use, compared to
39% who use it only personally.
Twitter gets no respect with 3% saying they use it
professionally and 7% saying they use it only
personally.
14% of RIAs saying that they keep a public journal
or Blog. This includes 8% who only blog
professionally and 2% who consider their blogging
efforts both a personal and professional endeavor.
Reference: Study conducted by Koski Research published July 2010 by Schwab Advisor Services. http://www.riabiz.com/a/2042013
13. But small improvements can have a big impact
Stage Today Year
5%
Improvement Change
Aware 500 525 25.0
Interest 15% 75 82.7 7.7
Evaluating 50% 37.5 43.4 5.9
Client 40% 15 18.2 3.2
Advocate 25% 3.75 4.8 1
Factor Change AUM/ Per Fees Impact
Base 23 1.5M 345k
New 4 $1,500,000 1% $60,000
20%
Plus lifetime value
Example: 5% improvement at each stage delivers a 20%
fee increase in 1 year.
17. Web presence and the relationship life cycle
Aware Interest Evaluate Engage Advocate
What strategies should we consider?
1. Explore each stage
2. Assess current capabilities
3. Identify potential opportunities.
Relationship Life Cycle
18. Awareness Stage
Search Visibility
Distinctive Value Proposition
Digital PR
Dynamic Publishing
Social Outposts
Aware Interest Evaluate Engage Advocate
Shift the mix from “outbound” to “inbound”
marketing.
23. Distinctive Value Proposition
An effective web presence begins with strong positioning.
“Financial Advisor”
“Boston wealth management
and retirement planning”
Popularity
Higher Probability of Conversion
Lower Probability of Conversion
Low
Cost
High
Cost
Searches/SiteVisitors
24. Define your elevator pitch, value proposition and
messaging. Here is a way:
Distinctive Value Proposition
Situation
Complication
Question
Answer
FiduciaryIndependence
Comprehensive
knowledge base
S
Q
C
A
Wealth preservation is more complicated with new
and emerging tax laws and investment vehicles.
Many investors are uncertain about college
savings and retirement.
How do we help?
Comprehensive planning and wealth
management.
25. Digital PR
Use press releases for
more than news
Become an obvious expert
Use a “SEO ready” wire
service
Optimize news content and
facilitate media discovery
Use landing pages for click
throughs
Photo: http://www.toprankblog.com/2009/03/using-news-to-drive-seo/
Photo: http://www.toprankblog.com/2009/03/using-news-to-drive-seo/
26. Dynamic Publishing
Long-tail positions
More dynamic website
RSS protocol for articles
Build content velocity on
the social web.
Blogs work:
29. Social Outposts: Facebook
Personal Profiles
Share Content
Build Relationships
Establish Business
Page
Join Groups
Publicize Events
Build Exposure/
Awareness
30. Social Outposts: LinkedIn
Establish Strong Profile
Syndicate Status Updates
Share Content
Network with Connections
Get Introduced
Participate in Groups
Gain Client Intelligence
Build Exposure/
Awareness
31. Social Outposts: Twitter
Practicing my Ten Simple Truths About Money talk, it's
sounding pretty good. 6/11 Commonwealth Club debut
coming up! http://tr.im/mQdG -@curtisfinancial
Working on show prep for tomorrow's "Investing for the
Long Run" at noon on WMEL-1300am.Listen live at
http://tinyurl.com/nv9vq4 -@bobrall
June edition of My Two Cents (my video blog) now on my
website - http://bit.ly/yLR2B -@brianplain
Blog Tips for Financial Planners and Professionals
http://ow.ly/cBaW -@russthornton
33
32. Exercise: Self Assessment
Consider each capability statement
Score how well you are performing.
Aware Stage
34. Brand Presence
Enduring and extensible
band name
Professional, creative,
visual design
Consistent across social
outposts
User-centered design
and functionality
35. Brand Presence: Website example
Imagery sends
message
Intent-based navigation
Promotional elements
for key content/ events.
Naming and
brand mark
Secure
access
Resources Conversion
37. Content Marketing
Articles, video, blogs, white papers, webcasts…
Understand what your clients want, and deliver it in
a compelling way:
Drive search visibility and engagement…
Relevant
Modular
Authentic
Entertaining
Sharable
Visible
Accessible
Stylized
Optimized
Managed
38. Content Marketing: Video
Adapted to rapidly integrate complex visual stimuli
Immense portion of our brain power dedicated to
processing moving visual images
Face recognition engine
“The brain is built for video.”
“71% of the US online audience watches video on the
Internet, and the number of streams consumed
should more than double by 2013.”
40. Integrated Campaigns
Collaborate with COIs
Align with value
proposition
Cross-promote on
social networking sites,
PR
Collect registration data
and profile information
Educate and nurture
prospective clients
41. Virtual Events
Collaborate with
COIs
Build credibility
Collect registration
data and profile
information
Cross-promote on
social networking
sites, PR
43. Exercise: Self Assessment
Consider each capability statement
Score how well you are performing.
Aware Stage
44. Evaluate Stage
Personalized Marketing
Website Tools and Services
Secure Collaboration
Aware Interest Evaluate Engage Advocate
Build personal relationships, cross-sell new
products and facilitate on-boarding of new accounts.
45. Personalized Marketing
Closed-loop marketing
The right message to the
right people
Nurture programs
New business and “stay
in touch” campaigns
Progressive profiling
Scoring – behavior and
demographics
Image Source: http://www.crmtechnologies.com/closed-loop-marketing.asp
46. Website Tools and Services
Interactive forms
Financial Tools / Calculators
Dynamic presentations
Web 2.0
Blog
Web Conferencing
Event Calendars
Document Resources
News Releases
47. Secure Collaboration
Paperless Office
Secure, private site
access to secure shared
folders and files
Manage & view
documents and media in
one place
Easy to use interface
Saas vs Platform
48. Exercise: Self Assessment
Consider each capability statement
Score how well you are performing.
Aware Stage
49. Engage Stage
Online Meetings
Portfolio Reporting
Newsletters
Foundation Technology
Aware Interest Evaluate Engage Advocate
Satisfy clients for long-term retention and referral
potential.
50. Alex
Financial Advisor
Tim
Client
Jane
Tim’s Wife
Online Meetings
Increase frequency and
flexibility with 1:1 online
meetings
Features to Consider:
o Browser plug-ins
o Audience size
o Live vs. Recorded
Webcast
o Bandwidth
o Audio Mode
51. Portfolio reporting
Better solutions bring your client to your website
continuously – providing an opportunity to both
deepen the relationship and introduce new offers.
• Account aggregation
• Web-based portfolio management
• Quarterly reporting
• Online account holder access
• Daily reconciliation
• Billing
• Business intelligence
52. Newsletters
Stay in front of your clients more
often
Support your nurture campaigns
Deliver content value & promote
events
Ensure consistent branding and use
text & HTML
Integrate your blog posts
Use the right distribution service
53. Foundation Technology
Content Management
SaaS or Platform
Templates and Designs
Widgets and Web 2.0 Integration
Secure Private Site Access
SEO features
eMail domain services
Analytics
54. Exercise: Self Assessment
Consider each capability statement
Score how well you are performing.
Aware Stage
55. Advocate Stage
Social Outpost Sharing
Website Content Sharing
Aware Interest Evaluate Engage Advocate
Help clients help you with referrals and introductions.
57. Web 2.0 Syndication
Web 2.0 Widgets
Social Syndication
Newsletter
Website referral engine
Marketing Emails
Email signature
58. Web 2.0 Syndication: Velocity
From websites to web presence
20M month 400M Users
30M per month
50M month
59. Exercise: Self Assessment
Consider each capability statement
Score how well you are performing.
Aware Stage
60. Workshop Agenda
Your Web Presence
Is this relevant to you?
What are potential
strategies?
What should
you do?
61. Armed with your self assessments, you can now begin
crafting a personalized blueprint.
Building a Web Presence Blueprint
Key
Initiatives
Must,
Should,
Could
When?
WelcomeMy background and perspectiveThe overall goal: Consider strategies for web presence – including both social media and website experience. Capture ideas along the way
How are we going to do this…
ROIRetentionShare of walletLifetime value of clientBuilding relationships across generationsBetter relationships (qualitative)LoyaltyTrustSatisfactionLoyalty StudiesUse an existing study?
More than one-half of financial services product searches in the United States begin online, according to Accenture research, and that figure is likely to increase. Indeed, customers rank the online channel as the single most important way of interacting with their banks.
ROIRetentionShare of walletLifetime value of clientBuilding relationships across generationsBetter relationships (qualitative)LoyaltyTrustSatisfaction
If effective web presence deepens and extends relationships and is relevant to your firm, what strategies should you consider?By exploring each stage of the relationship life-cycle, we can identify some opportunities.As we review each stage, we can also assess our current maturity levels and potential strategies.
Window to audience intent
Validate with your best clients. They can tell you why they bought from you better than anyone.Use “their language” to craft your value proposition Create content and key messages that resonates with prospects who “look” like your best clients.What types of content do you need to move clients effectively and efficiently through the cycle?Customize the content/message for different types of customers, targets, segments.
So now instead of a few sources of news we have MILLIONS of independent sources of information50 years ago, corporate image was built on what they showed us on TV, RadioNow you no longer sweep bad press under the rug, your image truly represents your actionsAgain we see the consumer gaining power through Web 2.0The conversation about your brand is taking place in the blogosphere with or without you. Are you participating?
COI networks as well as associations
Twitter has 145 million registered users. Twitter is now attracting 190 million visitors per month and generating 65 million Tweets a day. Executives from all Fortune 500 companies are LinkedIn members.People spend over 700 billion minutes per month on Facebook- over 500 millions monthly active users- 50% of active users logging in on any given day with 130 friends on average- more time on the site than on Google, Yahoo, YouTube, Microsoft, Wikipedia and Amazon combined- 60% users are more likely to recommend a brand after being a fan
- over 500 millions monthly active users- 50% of active users logging in on any given day with 130 friends on average- more time on the site than on Google, Yahoo, YouTube, Microsoft, Wikipedia and Amazon combined- 60% users are more likely to recommend a brand after being a fan
Optimize the site for major search engines and integrate 2.0 features for social sharingPosition your brand with respect to your desired target market and engage it across your web presenceEngage a creative to design a professional and engaging visual designBuild navigation, ease of use and adherence with accessibility standards into your designUse dynamic content to build credibility and ensure compliance of information offeredDeliver functionality aligned to user needs and a website foundation for content managementProvide facilities for users to transact and take action
Similarly, while not a Social Media Channel specifically, the Event and Webinar continue to be strong solutions for permission “inbound” marketing.Commit to a schedule of webinarsTie this in with your blog and article strategyCapture interest and NurtureGreat opportunity to coordinate with other Advocates and Relationships – Attorneys, CPAs
Facilitate onboarding with online formsMORE EXAMPLES/ CASES
Marketing database that supports personalized communications by industry, company size, role, etc. Database marketing and multi-media to get the right message to the right peoplePersonalized online experiences to nurture prospects with automated, personalized emails Progressive profies based on profiles and behavior...and advance their level of qualification based on scoring and business rules.Qualify - Define qualification thresholds...bridge the gap between marketing and sales by linking prospect data to the pipeline...and deliver the best leads in real-time so sales reps can focus on the greatest revenue potential.Measure - Access customized online reports and dashboards to gain visibility into program performance and the funnel...track program performance and ROI in real time...and gain the insight needed to make quick, informed decisions on the best media, spending allocation and more.Landing page: A page with a specific call to action that a user is driven to via email, search engine, external website or a promotional URL within the site −Has similar branding elements, navigation, and look and feel as the main site −Often features a piece of premium content and registration form Campaign / Entry Page: A page focusing on a content area, with promoting one primary piece of content with several other related / relevant pieces Microsite: A special separate set of web-pages for a specific content area used to support, enhance or supplement the main site. −Often temporary, not perpetual −Used to target new markets or to create focused content for niche audiences PURLs: A personalized page that provides a range of relevant content based on the profile information collected from the visitor (based on what browsed and downloaded before, events they've attended and what they've told us via forms, questionnaires or surveys).
Compliance with regulatory requirements, including those issued by FINRA and SEC, must be considered when exploring any new technology. Most regulatory requirements are put in place to protect investors and keep their confidential information secure. There are also business continuity requirements to ensure client service is not significantly interrupted during emergencies. New technologies must address these issues and allow advisors to enhance their client service while maintaining regulatory compliance.
More engagement/ phone times/ year/ meetings… how to extend..Bigger picture story about stages
Email and Newsletters are still an important channel to stay in front of your audienceExplain features - using email effectively …concepts of text vs. HTML, tracking, using text vs. HTML – we don’t always need graphical emailsConsumers to receive 9,000-plus email marketing messages annually by 2014 Email's overwhelming cost-effectiveness will continue to drive spending Faced with increased clutter, marketers must get serious about relevance - emphasize content value – quality is more important as we are inundatedConversion: Works with Permission marketing – allows your audience to connect back to you based on their preferences
Provide ways to “introduce a friend”
Web Presence – Expanding presence builds your footprint and visibility on the webWe are seeing a shift in strategy from being present in our “website” to being present across the social web. Today, I hope to convince you that an active and effective web presence is essential for deepening relationships and expanding your practice. I also want to suggest that to build an ecosystem effectively, you must be guided by an overall blueprint – we call this a Revenue Architecture.