For most financial services professionals, the sales cycle isn’t quick. It can take months or even years from the initial point of contact with a prospect to sign them on as a client. For B2B companies, a sales benchmark report found the average sales cycle to be 104 days.
That is over three months where a prospect could be swayed by competition or forget the value your organization has to offer—and it is why staying top-of-mind is a priority. This requires a delicate balance, because while you want to offer consistent and relevant knowledge, you also want to avoid inundating prospects. People can get easily annoyed if they are constantly being given a sales pitch, which can lead them to pull back from your business.
Here are three strategies to help keep your name fresh in your target market’s mind without overdoing it.
Start an Email Drip Campaign
In today’s world, emails are digital currency. Once you’ve secured an email address from a prospect, it’s time to nurture it with specific marketing tactics. According to the Direct Marketing Association, the average ROI for companies using email marketing is $42 for every $1 spent, which makes it a valuable investment.
We recommend using a drip campaign—a set of prepared emails that will automatically be sent out on a set schedule. A drip campaign is unique because instead of promoting a specific upcoming event or following up after a consultation, it primarily focuses on providing steady and valuable content to subscribers. It keeps your name popping up in their inbox without overwhelming them with a sales pitch.
Here are best practices to follow when crafting your own drip campaign:
- Determine your schedule. This could be weekly, biweekly, or even monthly. This will be determined based on your target market. According to Hubspot, “B2C companies can get away with sending a little more, but B2B companies should resist sending more than five emails every month.”
- Share relevant tips and knowledge. Cater the content of the emails to what your audience wants to read about! Address their pain points with actionable solutions. If you’re a bank, your drip email might be about mobile banking benefits and how to implement that feature.
- Leverage the power of a “welcome email.” A benchmark report by GetResponse found the average open rate for a company’s email is 82%. Take extra time and care when crafting this email to start off strong!
By using this approach, you’re able to position yourself as a thought leader and resource to your target market. In financial services, it takes time to build up the sales cycle. You do that through regularly producing helpful content that hits on the exact pain points of your prospect audience.
Set Up Retargeting Ads
According to Mailchimp, 97% of users will not convert after visiting a website once. This is where retargeting ads come into play. The purpose of these is to remind previous visitors of your services after they’ve already visited and left your website.
Essentially, these ads for your business are distributed to people who did not take any action (such as booking a call or signing up for a newsletter) on your website—while they are visiting another site. With a retargeting strategy, you provide a reminder of who you are and what you offer without a user actively having to search for it.
Here are best practices to follow when crafting your own retargeting ads:
- Choose a platform. There are many options out there when it comes to setting up retargeting ads. It can be overwhelming, which is why we guide clients through this process and often take over the setup and management processes. You will want to choose the right platform that works with your current budget and systems. A few to consider are Perfect Audience, Ad Roll, Retargeter, Mailchimp, Facebook Custom Audiences, and Google Display Network.
- Rotate ads. A study by Retargeter found after five months, an ad’s clickthrough rate decreased by nearly 50%. To avoid this, switch your ad every two to three months.
- Create a simple and branded ad. The goal is to get and keep your audience’s attention. Avoid cramming a ton of information and images into one ad and instead focus on keeping the copy and design minimal. Consider what the most important information is and what your audience wants to see. For example, if you’re an insurance company that targets small businesses, how can you quickly engage your target market to remind them you provide the most affordable and comprehensive insurance options?
Remember, this approach is different from remarketing ads. With remarketing, you are reengaging people who already interacted with you in some form. Retargeting is geared toward someone who only visited your website.
Implement a PR Strategy
Public relations is a great outlet for communicating your firm’s credibility to the world. When looking to stay top-of-mind for your target market, a PR strategy allows you to control the flow of information between your business, the media, and ultimately your audience. This increases your business's reputation, which ultimately positions you favorably with your ideal clients.
Many people assume PR and marketing are seperate, but these two can go hand-in-hand to increase your visibility.
Here are best practices to follow when crafting your own PR strategy:
- Share positive press releases. Publish press releases announcing awards or recognition your company or team members have won to highlight your success and credibility.
- Connect with local reporters. Build up your media network by finding out which reporters for your local news outlets cover a beat relevant to your business, such as finance or insurance. With this network, you’re able to establish yourself as an expert, so if reporters are looking for a qualified source for an article, they can come to you.
- Amplify news. For any news media featuring your company, share it across all your channels! If your payroll company is featured in an article about changes to local compliance laws, share it on your social media, LinkedIn, business blog, e-newsletter, or wherever you communicate with your audience.
To stay top-of-mind with your target market, you will need to use a variety of methods to reach potential customers and build up your business’s visibility. These strategies help position you to be on the radar when people are ready to buy your product or service.