April 16, 2015 by Kristine Garrett
Holding a seminar in your area allows you to get in front of new prospects and engage attendees long after the event is over. To help you plan and market your next seminar, consider using the following timeline to be sure it runs smoothly.
Six weeks out:
- Start your seminar planning by first selecting a date and time for your event. Tuesday and Thursday evenings are considered the best nights to hold a seminar. Avoid Sundays, dates around major holidays and any political, sporting and civic events in your community to experience higher attendance rates at your seminar.
- Select a venue based on your budget limitations. If you’re running a seminar on a tight budget then some low‐cost venue options may include community centers, American Legion halls, your office and public libraries. Make sure the location is easily accessible with ample parking and lighting.
- Check that your venue’s space is the appropriate size for your expected turnout and has your desired seating arrangement (e.g., theater, semicircle or classroom seating.) Also check if any audio-visual equipment you might need is furnished with the space. If you plan to provide refreshments, make sure there are no restrictions.
Five weeks out:
- Choose your presentation topic and prepare corresponding seminar materials. These materials can include invitations, a seminar workbook, PowerPoint presentation slides, information request forms and follow-up emails.
- You can find a host of ready-to-use seminar materials available on The Compass, Brokers International’s virtual storefront.
Three to four weeks out:
- Send out your seminar mailers and email invites.
- Complete your materials preparation and begin to review and practice your presentation.
Two weeks out:
- Review your registrations and begin to prepare name tags and sign‐in sheets.
One week out:
- Make reminder calls to your registrants to let them know you’re looking forward to seeing them.
- Verify your venue reservation and confirm that the space will be set‐up and available presentation equipment is working.
- Continue to practice your presentation.
One day before seminar:
- Conduct a final review of your materials and pack up all name tags, workbooks, information request forms, business cards and other promotional materials.
Day of seminar:
- Arrive early the day of your seminar to make sure your space is set up correctly, all equipment is working properly and that the room temperature is comfortable.
- Bring an assistant to help you welcome guests, get registration sheets signed and pass out name tags.
One to five days after the seminar:
- Call each attendee who completed an information request form.
- Email attendees with a “thanks for attending” message. Send a “sorry we missed you” email to those who registered but did not attend. Include a call-to-action for recipients to contact you for any questions about their retirement strategy.
Seven to ten days after the seminar:
- Launch a follow-up email campaign to attendees that includes additional information or handouts related to your seminar’s topic. In your email, invite your recipients to call and schedule an appointment at your office.
To select a seminar topic and create related materials to hold and promote your seminar, visit Brokers International’s seminar prospecting packages page. You’ll find ready-to-use seminar packages that include invitations, presentation slides, information request forms, workbooks and post-seminar emails.
Each seminar package available on The Compass also comes with automated registration service and invitation mailings to a purchased list of potential annuity and life insurance buyers in your area.
April 18, 2014 by Kristine Garrett
Choosing the correct segment—target audience—for a marketing message can dictate its success.
Segmenting allows you to use the information you know about someone—such as gender, age, income or interests—to create a persona/client profile.
According to Eloqua,1 a leading provider of marketing automation and revenue management software, “Personas are fictional characters created to represent your ideal buyer.” Click here for a sample client profile.
When creating a persona, recognize that there are different types of clients. Look at your client list and prioritize what type of client is most important to your business. For example, you may work with clients in different life stages such as pre-retirement or retirement. Which one of these segments is the most beneficial to your business? Create that persona first.
Click here to download a client profile template to help you complete your persona.
Here is an example of a segment you might look for in your database to market life insurance.
- Workshop attendees: Keep track of workshop attendees in your database. And, record what workshop they attended. Creating a follow up campaign will help keep you top-of-mind after the workshop—and hopefully, when they are ready to buy.
When you are ready to create your next marketing communication, choose your segment or persona first so your message resonates. Remember, you can use multiple segments to narrow your marketing message such as: women who attended a workshop on estate planning.
The next step in creating a relevant message is to decide on your desired outcome. The next bog will go into detail about how to create a call to action.
1Pacheco, Claire. “EloquaU Power Hour: Creating Buyer Personas.” Topliners. Eloqua, 7 Feb 2014. Web. 28 Feb 2014. <http://blog.biltd.com/wp-content/uploads/2013/11/SalesFunnel_2.jpg>.
January 30, 2014 by Kristine Garrett
As the definition of the traditional family changes, so does the traditional female role.1 More than ever, women are taking leadership roles in the home, at work and in the marketplace.2
Yet, the financial services industry has been slow to accept women in their new role as chief financial officer of the household.
In my previous blog, “Who bought the kitchen table,” I discussed the failure of the financial services industry to connect with women, and cited the need for effective communication in order to acquire and retain female clients.
The “Women, Money, and Power Study” commissioned by Allianz Life Insurance Company of North America (Allianz) supports these findings, and identified four factors financial professionals must understand before effectively communicating with women.3
The first step is to understand why you should target female clients. The Allianz study gives several reasons:3
- Lack of knowledge: The study discovered 90% of the women respondents feel at least somewhat financially insecure. Help women feel good about their financial decisions in your effort to become a trusted resource.
- Referrals: Women typically have a larger circle of influence than men and tend to give more referrals. By gaining her trust, you may get access to her networking system.
- Loyalty: Acquiring a female client may take more effort initially. But, if you build a relationship with her, she’ll be a loyal customer.
- Women and legacy: To women, legacy is more than wealth transfer. It’s about handing down values, traditions and memories. Take a holistic—not just a financial—approach.
- Impact of Divorce: Many women say that divorce changed their financial outlook. These divorcees may want to handle their money differently and could potentially be good prospects.
- Mortality rates: Women live an average of 5 years longer than men.4 So, not only are women assuming control of more wealth; they will likely be responsible for their wealth longer.
- Small-business ownership: Women-owned businesses have shown rapid growth. This represents an emerging opportunity for financial professionals.
Now that you understand why you should target female clients, we are ready for the next step in effectively communicating with women—understanding how life events influence financial decisions. Watch for my next blog in the series.
1 Allianz Life Insurance Company of North America, “The Allianz Women, Money, and Power Study: Empowered and Underserved” (2013) available at http://www.biltd.com/CarrierMaterial/Allianz/ENT-1462-N_FINAL.pdf.
2 FleishmanHillard and Hearst Corporation, “Women, Power & Money: Wave 5” (2013) available at http://cdn.fleishmanhillard.com/wp-content/uploads/meta/resource-file/2013/women-power-money-white-paper-1374761552.pdf
3 Allianz Life Insurance Company of North America, “Help your clients find solutions that fit.” (2012) ENT-324-N
4 National Vital Statistics Reports, Volume 61, Number 3, September 24 2012.
January 10, 2014 by Kristine Garrett
Drip…drip…drip…our kitchen sink had a leak. At first I tried to ignore it—then the water bill arrived. So, I booted up the computer and searched for “how to fix a leaky faucet”. According to the search results, I could fix it in 6 easy steps.
Two trips to the hardware store, 3 acetaminophen tablets and 15 steps later, I fixed the leak.
Fixing a leaky sales funnel won’t require a trip to the hardware store. But to alleviate headaches and push your prospects through the sales funnel, you should create a drip campaign.
A drip marketing campaign is when you periodically engage with a prospect or customer through channels such as direct mail, social media, phone calls or email. Drip campaigns typically consist of a sequence of messages sent according to your prospects needs, interests and their stage in the sales funnel.
Here’s how to create a drip campaign.
Step one: Choose a segment. Look at your existing database and determine where your clients fall in the sales funnel. Pick one segment you’d like to start “dripping on” and map out a campaign. For example, if you’d like to start with new workshop attendees, you should map out a welcome campaign.
Step two: Decide on your desired outcome. What do you want the person receiving your communication to do? Do you want them to call you, sign up for a webinar or attend an event? Identify the desired outcome in the initial campaign development phase. It will guide your entire process and allow you to measure your effectiveness.
Step three: Create content. For each stage of the sales funnel, you need to construct communications that are simple, relevant and engaging. For example, if you are putting together a welcome campaign for workshop attendees, send them additional educational materials based on your workshop topic.
Step four: Mix it up. There are many ways to reach out to your clients (email, direct mail, social media, phone calls, etc). Use a variety. Each person responds to information differently and has communication preferences. By mixing up your delivery methods, you have a better chance to reach your target.
Step five: Repeat. Replicate this process until you have relevant content to speak to buyers in each stage of the sales funnel. Soon, you will have enough material that you can drip on clients through the entire process.
This blog is an overview of how drip marketing campaigns can help fix a leaky funnel. Watch for upcoming blogs that will go into each of these steps in detail.
October 1, 2013 by Kristine Garrett
What is customer loyalty? If you search this question online, you will find many definitions and opinions on how to cultivate it. BusinessDictionary.com defines customer loyalty as the, “Likelihood of previous customers to continue to buy from a specific organization.” How likely are previous customers to return to you for financial services? Do you have a plan to keep them coming back?
There are many ways to foster customer loyalty and most are not new. Here are five of my favorite customer loyalty tips to keep customers coming back.
- Make people happy. I love this quote by Derek Sivers, founder of CD Baby, “The single most important thing is to make people happy. If you are making people happy, as a side effect, they will be happy to open up their wallets and pay you.” Enough said.
- Provide superior customer service. Many times I have walked into a business and sworn never to return because of poor service. However, when I experience superior customer service, I become a brand advocate, spread the word and send referrals. Have you ever asked your clients how you are doing? Check out our blog post “What’s your client’s experience?” for tips on soliciting feedback.
- Do more than expected. George S. Patton, considered one of the most successful combat generals in U.S. history,1 said, “Always do more than is required of you.” Take the time to add personal touches: Send hand-written thank you notes, acknowledge birthdays and remember the little things—even if it’s as simple as if they prefer coffee or tea.
- Listen. Principle number seven in Dale Carnegie’s famous book How to Win Friends and Influence People is, “Be a good listener. Encourage other to talk about themselves.” In the financial services industry, this seems especially important. We must understand what clients need (for example, income or legacy planning) before we can propose a solution.
- Keep in touch. Create a client nurturing program to make sure you stay connected with customers on a regular basis. Nurturing not only helps you maintain and build client relationships, but it helps move customers from point A to point B in the buying cycle. To learn more about nurturing, visit our blog post, Nurturing Dos and Don’ts for Sales.
1 “George Patton. biography.” bio. True Story.. N.p., n.d. Web. 17 Sep 2013. <http://www.biography.com/people/george-patton-9434904>.
2 Carnegie, Dale. “Golden Book Principles from How to Win Friends and Influence People.” Dale Carnegie Training. Dale Carnegie and Associates, Inc., n.d. Web. 18 Sep 2013. <http://www.dalecarnegie.com/assets/1/7/GoldenBook_English.swf>.
August 27, 2013 by Kristine Garrett
My husband, Scott, and I live on a small hobby farm in rural Iowa consisting of a few unruly acres, a 160-year-old farm house, and a menagerie of animals. I’ll translate that for you: I’m broke and always fixing something.
I have taught myself to be pretty handy. I have a tool belt; I can do some plumbing; and my 18-Volt ½-inch Cordless Nickel Cadmium Compact Drill is my prize possession.
One day I went into a large home improvement store looking for a length of chain long enough to wrap around a fence post, and the gate that holds it closed, because my goats had been escaping.
While selecting the chain, an associate came to my aid. I explained that I needed to have a piece of chain cut. He responded, “Do you have a man to help with this project?” (Remember, I just needed a chain to hold the gate shut.) He then asked how much chain I needed. “Do you need enough to wrap around my arm?” he said showing me the girth of his arm. “Or, is it more like my thigh?” he said, standing on one leg with his other knee in the air. Oh boy . . .
I normally find these situations amusing, and will joke that I’m pretty handy . . . for a girl. It shouldn’t make any difference that I’m a female. I have all the faculties I need to use power tools!
Are you a pretty good financial professional . . . for a girl? According to a survey conducted by Edward Jones, one in five cited the financial services industry as the hardest glass ceiling for women to break through.1
Why is that? Don’t women have all the faculties necessary to excel in this profession? In the survey, which polled 1,010 men and women, 83% of respondents not only agreed that women faced career barriers, but cited a male-dominated environment as the main impediment.
Other obstacles the survey noted were: juggling family and corporate responsibilities; inadequate policies for women; and lack of mentoring and defined career paths.
Fortunately, there are programs available to support and mentor women in this industry. Check out our Women’s Mentoring Agent NetworkTM (WOMANTM). This program is dedicated to helping independent, female financial professionals to develop their practices—in spite of the male-dominated environment—by providing opportunities to network, share, and learn from their peers.
For some great face time with other female financial professionals, join us September 18 to 20 in Panora, Iowa for the WOMANTM Fall Forum. This event gives women the opportunity to discuss relevant topics with their peers; learn what makes other women in this industry successful; and cultivate valuable relationships.
To learn more about this event and the WOMANTM program, visit www.BILTD.com/woman.
1 Edward Jones 2013. Edward Jones Survey Reveals 65 Percent of Americans Agree “Glass Ceiling” Remains a Career Barrier for Women. [press release] June 5, 2013. Retrieved from: http://www.prnewswire.com/news-releases/edward-jones-survey-reveals-65-percent-of-americans-agree-glass-ceiling-remains-as-career-barrier-for-women-210226341.html
July 16, 2013 by Kristine Garrett
If your business mantra is stuck on “recruit,” you may be missing an essential sales element – nurture. While this may sound like something you do to a Bonsai tree, it also applies to relationships. Nurturing client relationships is as simple as taking care of their needs on a regular basis.
When I was in sales, nurturing clients meant you took them out to lunch; dropped off Krispy Kreme donuts; and called them about the latest products available—and “oh, can I bring you a sample?” Then came the internet, email and The Atkins Diet and out went phone calls; face-to-face meetings; and carbohydrates!
Now that clients can visit your website and research products/services online, you’re probably not talking to them as much as you have in the past—making it difficult to maintain and grow those relationships. So how can you nurture them if you aren’t feeding them donuts?
Here are a few Nurturing Dos and Don’ts to remember (Notice I said, “Remember,” because you know these things; you just may need a reminder.)
Don’t give your customers the silent treatment.
When was the last time you talked to your current customers? If you’re not sure and don’t have a plan for regular follow up, it’s time to make one. Dive into your client database, and see how often you are actually communicating with your current book of business. If it’s been a while, it’s time to reconnect. If you don’t, someone else will.
Don’t take business for granted.
You know the customer that you rarely speak to, except when they need something? Every day that client probably has other sales people clamoring for his/her affection. Make sure you are the one they call in times of need by staying in touch.
Don’t get distracted.
Anyone that has been in sales before understands the cycle—prospect, service, repeat. First, you are busy looking for new business. Then, you are focused on servicing that business. Soon you realize there is not much in the pipeline and repeat the cycle. In the meantime, the customers you once worked so hard to get fall to the wayside. If you don’t have a nurture plan, your hard work may be wasted as you slowly lose contact (and sales) with customers.
Do have a strategy.
Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.”1 That pretty much sums it up! Make a plan to follow-up with past clients.
Do be proactive.
Create a client profile to help identify your customers’ pain points. Use this to send them relevant information such as webinar or meeting invites on relevant topics—not just what you want to sell them.
Do make your customers feel valued.
It’s not price. It’s not product. The reason customers leave? It’s more than likely that they think you do not care about their business. They were not nurtured. If they were a Bonsai tree, they would be kindling! Show your customers you care—send a hand-written thank-you note, or find ways to save them money without being asked.
To help you learn how to nurture client relationships, click here to read a previous blog post about getting to know your clients.
Check out our website at www.biltd.com for more sales and marketing tips!
1 Benjamin Franklin. (n.d.) Benjamin Franklin Quotes. In Brainy Quote. Retrieved June 18, 2013, from http://www.brainyquote.com/quotes/quotes/b/benjaminfr138217.html.
July 11, 2013 by Kristine Garrett
If you knew the key to capturing a portion of the largest emerging market in the world, how could that information benefit your business?
In this article, you’re going to learn who that market is and the key to reach them based on a study by Allianz Life Insurance Company of North America.
Who is this market? Women.
Women make up the fastest growing group of consumers worldwide,1 and are involved in most of the financial decisions in the home.2 Research supports those statements, but if you gave it some thought, you might come to the same conclusion.
In your home, who decides what doctor you visit; what detergent you use; or the brand of cereal on the kitchen table? In fact, who bought the kitchen table? Chances are, it was a woman who made these decisions and purchases.
Women are responsible for an estimated 85% of consumer buying decisions.3 We aren’t just talking about small buying decisions either. The Allianz “Women, Money, and Power Study” states that 49% of women say they have a great deal of responsibility for making major financial decisions.4
You would think that businesses would be flocking to cater to a market this size with so much financial decision-making power. However, this is an area where the financial services industry falls flat.
The study also “found that women were more dissatisfied with the financial services industry than any other that affected their daily lives.”1
Wow! How can it be that an entire industry is failing so miserably to connect with women? They must be missing the “key.”
What is the key? Communication.
According to the study, “The key to acquiring and retaining female clients is effective communication.”4
A woman seeking help from a financial professional needs someone to help her feel financially secure. To do that, you must know how to speak to her.
The study discussed four crucial things to understand before effectively communicating with women:
- Why you should target female clients;
- How life events influence decisions;
- Why you need to communicate with women differently than you communicate with men;
- Who women are financially.
These topics will be the subject of the next four installments of this series. We will walk through the study’s results, and help you learn how to better connect with this financially affluent group.
Click here to download the Women, Money, and Power white paper.
1 Allianz Life Insurance Company of North America, “The Allianz Women, Money, and Power Study: Empowered and Underserved” (2013) available at http://www.biltd.com/CarrierMaterial/Allianz/ENT-1462-N_FINAL.pdf.
2 Prudential Research Study, “Financial Experience and Behaviors Among Women” (2010-2011), available at http://www.prudential.com/media/managed/Womens_Study_Final.pdf.
3 The AIO Group, Mass Affluent Women Buyers, 2011.
4 Allianz Life Insurance Company of North America, “Help your clients find solutions that fit.” (2012) ENT-324-N