Build on your digital success
Your firm probably has goals for asset growth and metrics to measure its progress against those goals. But are you also talking about marketing KPIs? If not, you may not be maximizing your opportunity to attract new clients.
Firms focused on growth need to find and win new clients. Today's investors are online more than ever. And they're looking for financial guidance to help them get through these confusing times. The firms that have established a nimble, data-driven marketing culture will be more likely to win 21st-century clients.
Let's look at a few ways you can begin building a marketing KPI culture at your firm.
Invest in training
Your website, social media feeds, and videos can generate a lot of data, but it takes training to know how to get the data you need and put it into action. Whether your firm has a dedicated marketing team or one or two people handling marketing on top of their other duties, set aside time and a budget for them to get the right training. Hubspot's Inbound Certification is a great way for a staff member to gain both the technical and strategic knowledge they need to run an effective marketing operation. Your team can also get more value from your website by going through the Google Analytics Individual Qualification.
Learn by doing
Even data-driven marketing is a bit of an art. There isn't a one-size-fits all approach to marketing, especially if your firm is focused on a specific market niche. To be effective, your marketers need permission to try out new ideas and risk a flop.
Thankfully, if your firm is committed to marketing KPIs, you'll have data that will show when a marketing tactic isn't working, which will allow you to correct course more quickly.
Marketing data can also help you learn about your current clients to better target prospective clients. For example, if you regularly email a newsletter to your clients, what kinds of content or messages do clients respond to? Content that is popular with your clients might work well as the centerpiece of a digital ad.
Talk marketing data in leadership meetings
Many firms hold leadership meetings to talk strategy, operations, and business development. Marketing data should also be part of those meetings.
When marketing KPIs are a regular agenda item, the firm is able to hold its marketing team accountable. Talking data also opens up opportunities for firm leaders to notice trends or add insights that can help the marketing team develop better strategies.
And when a lot of different people are looking at the data and offering perspectives, it builds a sense of shared ownership. The whole firm feels invested in the success of marketing efforts and will champion successes. They'll also be more likely to write a blog post or create a video because they'll better understand the connection between digital marketing and the success of the firm.
Start building your marketing KPI culture today
Don't let your team ignore marketing data when everyone gets busy. Support and build a marketing KPI culture so that your firm can be smarter about its online marketing and maximize its opportunity to bring in new leads.
What you can do next
- Read more articles in our "digital marketing KPIs" series to improve your digital marketing success:
- Consider a custodian that invests in your success. If you're thinking about becoming an independent advisor, contact us to learn more about the benefits of a Schwab custodial relationship.