New Frontier of 401(k) Marketing
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How the universe of marketing has changed and the new 401(k) retirement plan advisor tables stakes.
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New Frontier of 401(k) Marketing
- 1. NEW FRONTIER MARKETING ForToday’s InformedConsumers
- 2. How many marketing materials does the average person experience per day?
- 3. Source: CBS News. Cutting Through Advertising Clutter.
- 4. OVERVIEW 1. Your two store-fronts. 2. Earning your seat at the table. 3. Building your brand.
- 5. How many seconds does a website have to delight or dismiss?
- 6. Time. What You Think You Know About the Web Is Wrong. March 2014. 15 SECONDS
- 7. Websites 1997 20152006 Tutorialzine. How Your Favorite Websites Changed Over the Years. Apple.com. March 2015.
- 10. 2015
- 11. EPISODE II HOW ARE YOU EARNING YOUR SEAT AT THE TABLE? Professional Marketing Materials
- 12. How are you presenting your business? • Note pad and a smile • PDF’ed a services document • Broker/dealer’s information • Folder with: • News article • Sample fi360 report • Business cards
- 13. Marketing Collateral How many people are involved in the buying decision of a 401k plan? 2 – 3 people 5 – 7 people
- 15. Professional Collateral • Insert Dave’s material Company Brochure Service CalendarPlan Sponsor Pitchdeck Tradeshow DisplayOverviews •Company Brochure •Plan Sponsor Pitchdeck •Factfinder •Tradeshow Display •Education Calendar •Team Biographies •Value Proposition Brochure •Plan Sponsor Overview Flyer Professional Branding Package Biography
- 17. Retirement Plan Advisor Industry
- 18. Huge opportunity • 9 out of 10 plans serviced you non-experts • Confusion of plan sponsors • New DOL Regulations 5500 Prospecting Ideas • Plans without a QDIA • Newly proposed definition of fiduciary and responsibility to employees • Same investments for Years • Tibble vs. Edison “continual responsibility” • High account balances • Need for fiduciary advisor and 3(16) administrator
- 19. EPISODE III EVERYWHERE • On-going marketing campaigns • How can you be everywhere? • Consistency builds trust HOW ARE YOU BUILDING YOUR BRAND?
- 20. DirectGlobal Becoming the ‘Go-To’ Retirement Plan office Relationships Social Prospect
- 21. Relationships Lead Lists Full Auditorium HeatMaps COI Networking Intelligent Data Centers of Influence
- 22. Social Media LinkedIn + Twitter “Google-able” Interesting + Relevant Thought-leadership Blog Articles Infographics Social
- 23. Omni-present Direct Mailers Deliver Value In-front of Prospects Value-add Webinars Email Invitations Direct
- 24. Increase SEO Press Releases Industry Expert Known Authority Public Speaking Media Pitches Global
- 25. DirectGlobal Becoming the ‘Go-To’ Retirement Plan office Relationships Social Prospect
- 26. Chicken, Egg, or the omelet? Website Marketing Collateral On-going Awareness Campaigns Everything, right now?
- 28. May the force be with you! 1. Your two store-fronts. 2. Earning your seat at the table. 3. Building your brand.
- 29. Thank you! Questions, Comments, and Feedback We market retirement plan advisors andTPAs. 614 5th Ave. I San Diego, CA 92101 I (860) 933 – 0859 I www.401k-marketing.com I info@401k-marketing.com
Editor's Notes
- Medicine cabinet, In the car, Websites, As marketers, we have a real challenge to break through that wall and create mind space of who you are and the value you bring.
- How many seconds does the average person spend on a new website?
- You have 3 seconds to delight, entertain, make an impression, and clearly demonstrate a call to action.
- Take a peak at these three websites. Now, think about your website. What does your most resemble? There are over xx,xxx websites. Google can return xxxxx billion hits in xx seconds. If you were looking for a professional service and you Googled to find out more information, when a client first experiences your website, what
- Let’s say you were Googling for a Lasik eye surgery. You’ve worn contacts for years and it’s time. You’ve made your mind and you’re going to get the surgery. So, like most people you begin you research by going to Google. Within your local community, you find two eye doctors that both other Lasik. You are presented with these two websites. Just based on first impressions, which site seems more creditable? Remember, these are your eyes. You only have two and they don’t grow back.
- To take that one step farther, let’s say your best friend got Lasik done a few years ago, so you ask them, where did you go? And they refer you to the company with the 1995 website. Okay, now you trust your best friend, so you’re going to click on that site. You might even read a little bit about the company. In your experience, one of two things will happen. You will either feel compelled to contact that office OR you would, say Nahh I’m think I’m okay and going to go with the other office. They seem better and they have a great reviews too. A nice website isn’t about the business you have, it’s about the phone calls you never received.
- Just based on the website alone, most people would believe the 2015 website would have a cleaner facility, better doctors, and thus better results. Now, is that true? Not necessarily, but first impressions matter. The same is true for your prospects. A wise friend of mine once said to me, “I have two store fronts. I have this one, the physical location of my business and we are open 5 days a week from 8 am to 5 pm. Then I have an online store-front and it’s open 365 days a year and 24 hours a day.” So, when you are thinking about your online store-front, give it the same love and attention you give to your physical office. And honestly, the online one might be more important.
- The retirement plan industry is a professional service in a mature marketplace. As a focused retirement plan advisor, you should have marketing material that speaks to how you service plan sponsors and participants. Too many times, we have heard, We visit our prospects with a note pad and a smile. Our assistant PDF’ed a services document. We created a folder that includes a recent news article, a sample fi360 report, and our business card. Do any of these sound familiar? I see some smiles in the room, so we might have a few people who fit this today. Okay, for the offices’ that might create a folder and include the news article, sample investment reports, and a business card. What if your business card falls out? How do you think that would impact the sales process? Also, what if you had the worlds greatest meeting with the prospect. Now they have to go and share your amazing conversation with their team. They have to convince 5 people, why you. Well by having professional marketing content to give to the prospect, now they can now only tell, but show how you will support and service the company’s plan.
- The retirement plan industry is a professional service in a mature marketplace. As a focused retirement plan advisor, you should have marketing material that speaks to how you service plan sponsors and participants. Too many times, we have heard, We visit our prospects with a note pad and a smile. Our assistant PDF’ed a services document. We created a folder that includes a recent news article, a sample fi360 report, and our business card. Do any of these sound familiar? I see some smiles in the room, so we might have a few people who fit this today. Okay, for the offices’ that might create a folder and include the news article, sample investment reports, and a business card. What if your business card falls out? How do you think that would impact the sales process? Also, what if you had the worlds greatest meeting with the prospect. Now they have to go and share your amazing conversation with their team. They have to convince 5 people, why you. Well by having professional marketing content to give to the prospect, now they can now only tell, but show how you will support and service the company’s plan.
- How many people are involved in the buying decision of a 401k plan?
- 5 – 7 people
- Why is it important to have professional collateral? Today’s retirement plan committees are not solo decision makers. They are a team. So, by have appropriately written, professionally designed, and presentable marketing material – you immediately demonstrate creditability, you elevate your brand as professional and trustworthy, and you are a serious retirement plan expert. Today’s top offices are going out with bold, bright, and custom marketing materials that demonstrates their unique value proposition and explains how they genuinely service plan sponsors and support participants to get on-track for retirement. If you remember from the first slide, the average person experiences 5,000 advertisements per day, so when you think of your marketing material, do is it rising above the noise to stand out and promote you as the go-to retirement plan expert?
- Let’s take a step back from marketing for a moment and look big picture at the retirement plan industry.
- Now, let’s take a look at the retirement plan advisor industry.
- When you marry the slides you have a huge opportunity
- Okay, we are little pressed for time, so I’m going to ask that if you found this information helpful and want to learn how to create an on-going marketing campaign to check out our 9 Marketing Hacks presentation. In the webinar, we discuss how you can implement an on-going marketing immersion program to build brand and increase company awareness. However, to help you get started, we’re going to take a quick tour of what you could do grow your business.
- Okay, this is normally the part of the presentation, where everyone is fired up to start marketing your business. You might have creative wheels turning on all cylinders. You want to redo your website, get professional marketing brochures, implement an on-going awareness campaigns, and you might want to do that right now. So what comes first, the chicken, the egg, or the omelet? We ask that first you create a plan.
- So, to help you get started, we created a marketing strategy brochure. It’s starts with marketing basics and move to advanced concepts. Check the boxes where you feel your office is today, take this back to your team, have a meeting, and get feedback. Then check our website, www.401k-marketing.com, for tips on how you can implement within your business. Marketing is a journey and it takes time, commitment, and focus to achieve success. However, with the right attention, you can become known as the ‘go-to’ retirement plan office.