Why Automated Lead Nurturing will Transform your Advisory Business

An increasing number of advisors are discovering that technology can serve as a crucial competitive differentiator. They are endorsing it in record numbers as it provides an edge in controlling costs, improving efficiency and allowing them to respond quickly to specific investor demands. 

In particular, advisors are beginning to understand the importance of incorporating customer-profiling capabilities into their practices. It’s with this understanding in mind that we are pleased to offer our insights on one very important component of a customer-profiling strategy: Lead Nurturing.

What is Lead Nurturing?

Lead Nurturing is a concept that over time steadily builds your prospect’s interest in your firm and shortens the conversion time from prospect to client. Implemented correctly, Lead Nurturing enables you to achieve greater operational efficiency, reduced operating costs, and improved client acquisition and retention. Most importantly, it allows you to engage prospects in interactions that are relevant and interesting to them, to the benefit of both you and the prospect. 

I have thousands of page views, why don’t I have more clients?

Asking a prospect to decide to choose your services over another firm’s services is no small matter. It’s a very complex process. And most of the decision-making occurs when you’re not present. 

Furthermore, it’s often difficult to initially know which prospects are your best leads. These prospects enter your website from a variety of sources: paid search, organic search, word-of-mouth, referrals, and online and offline advertisements, to name a few.   But how many of these visitors are truly qualified—in other words, which ones are close to the decision-making stage?

According to a June 2009 article posted on FutureNow, Inc., a mere 3% of visitors to a typical website are buyers, while a whopping 97% are “just looking.” Does that mean the “lookers” don’t buy? No, they may buy; they just don’t buy right away. Here’s why: 80% of inbound leads never have a meaningful conversation with you. And 70% of that group—dare we call them “mishandled leads”—will enlist the services of one of your competitors within 24 months.

How can Lead Nurturing help?

Automated customer-profiling technology allows the user to:

  • Identify, score, qualify and nurture prospects by automated processes, and

  • Drive revenue using trigger-based, multi-touch communications. 

Sounds great, right? But what does it mean? 

Well, for you, it means you no longer have to spend lots of time manually loading, segmenting and sending emails to specific lists. Instead, customer-profiling technology platforms do much of the heavy lifting and manual labor for you. Here is one example of the true power of customer-profiling technology and how it can help advisors convert that all-important 97% who are “just looking”:

You send a great e-mail newsletter, but why no response?

An email newsletter typically contains company news, product features, case studies, or other promotional/news content, and it is approached as a one-off initiative. In other words, you will create email content, load it into your email service provider (ESP) and send it to the prospects in your database. You will likely receive a report that contains meaningful statistics such as opens, clicks, bounces, unsubscribes, and so on, but take no other action than the send itself.

However, if you use customer-profiling technology, you can launch the same e-newsletter campaign with certain logic components and actions built into it. That enables you to take further action that is automated, targeted and effective. For example:

  • Recipients who clicked on the company news section will receive a second email in a specified length of time that details more company information and news

  • Recipients who clicked on the product update will receive a follow-up email that includes a case study referencing a client who is using the new features

  • Recipients who received the e-newsletter but didn’t respond will receive communications with a tone of “let’s reconnect”

The key takeaway here is these recipients aren’t getting a batch-n-blast, one time email. Rather, they are receiving relevant communication customized to their actions. This personalization makes communication so much more engaging because it’s based on the recipient’s level and area of interest—the feeling of 1-to-1 communications executed on a scale of 1-to-many.

By utilizing customer-profiling technology, you can ensure that the “forgotten 97%” of your site traffic gets the TLC they need to move through the sales cycle. You’ll be able to create relevant, behavior-based messages., because you’ve got real-time insight into where each of your prospects are in their buying cycles, based on their interactions with your website and emails There are no limits on how you can segment and classify your prospects. The beauty is the communication is entirely automated after the initial logic and correspondence are created.

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