Financial Planner Marketing

Traditional Advertising vs Lead Generation

In Australia, Financial Planners have felt most comfortable allocating their advertising spend to the traditional media. Primarily print. While allegiance to print is admirable, it is not necessarily in the best interest of the business. Particularly now that readership numbers are dwindling and the responsiveness of readers is dropping. Studies show that readers bypass print advertisements now, more than ever before. We have become numb to the square boxes at the bottom of the page. In this struggling state, it is no wonder that the advertising reps for the major print outlets are pushing harder and harder for your spend. They know that the golden days are going.

So where should you spend go? We’re certainly not advocating that you ditch your traditional media. Brand awareness is priceless, but your local newspaper should not be your primary spend. Brand awareness is a nice thing, it makes us feel warm and fluffy knowing that people have heard of our brand. But, that doesn’t mean they walk into your business screaming “SIGN ME UP!!!”. Nor does it mean that if you were to get them in the door of your business, that they are going to sign on the dotted line. They’re probably visiting the 3 or 4 other brands they have heard of as well. After all, print media offers no exclusivity. Chances are, on the page following your ad is an advertisement for another planner.

Your primary spend should be on connecting you or your team of financial planners to prospects genuinely interested in engaging a financial planner. This is why lead generation is far better suited as the primary spend. With lead generation, your spend is often returned that very month. That’s because marketing efforts are highly targeted, reaching an audience actually interested in finding a financial planner. As you would be aware, it is harder to convince someone they need a financial planner and that they should choose you, than it is to demonstrate your suitability as a planner to someone that already knows they need a financial planner.

If you’re reconsidering the marketing strategy for your financial planning firm, please consider the use of a lead generation service. Cost effectiveness is only the beginning. Think of the wonders that a powerful source of consistent leads could do for your firm.

Learn more about financial planning leads, and how to get them.