How to spend £300 a month on lead generation
Following a debate on Twitter last week about the declining value of using a once-popular adviser directory for lead generation, a Financial Planner asked me how to invest this marketing spend better.
He’s currently spending around £300 a month on his subscription to the directory, and for the occasional leads it generates for his business.
One positive about this approach is the occasional leads it does generate as rather instantaneously; he describes these as ‘non-slow burn’ leads, as some potential clients sign up on the spot.
I’ve been vocal in the past about my criticism of adviser directories, which typically promote a generic version of financial advice, rather than the specific type of Financial Planning our clients offer.
There’s undoubtedly a role for these directories, especially for newer advisers who are desperate to bring in a volume of leads.
For more established Financial Planners, lead quality becomes more important than quantity. This lack of quality makes directories less appealing from a lead gen perspective, so it’s right to consider other options.
There are multiple approaches to lead generations, all with their advantages and disadvantages. What works best for you might not be the right approach for another Financial Planner.
But what would I do with £300 a month to spend on lead generation, assuming I was prepared to invest some time creating the assets required to support that process?
Suggested sales funnel
The AIDA model is frequently used in marketing as a way to describe the steps a prospective client takes before making a buying decision. AIDA stands for awareness, interest, desire and action.
In building a sales funnel to generate quality leads, it’s worth noting this AIDA approach and ensuring you incorporate the various steps.
Before getting started, you will need some high quality and engaging content. Host this on your website, as later you will want to be able to retarget leads using the data you can gather here.
Relevant content for this process is some blog posts, a video or two, and a PDF guide or white paper. These are your lead magnets.
With the content in place, start by targeting your existing audience. This audience could include fans of your Facebook Page, website visitors (use the Facebook Pixel to build a custom audience to target these prospects on Facebook), and those who have signed up to your email mailing list (export this into Facebook to create another custom audience).
Your second group to target are your lookalike audiences, based on the custom audiences above. These are prospective clients who share similar attributes to your ‘warm’ or existing audience. You can make this lookalike audience as large as you like, although it will become less closely matched the bigger it becomes.
With these audiences in place on Facebook, it’s time to promote your best content. Use the Facebook Pixel to retarget the prospective clients who show an interest in your content.
It’s this retargeting where you build a deeper connection with the prospective clients and help them move further down your sales funnel. You can do this by offering them some additional value that wasn’t included in the original content.
At each stage, offer a clear call to action. One of my favourites is asking the prospective clients to register for a free webinar. If you can convince someone to spend 30-45 minutes with you on a webinar, the conversion rate is incredibly high.
But for each piece of content you are promoting, be sure to (as a minimum) capture an email address and permission to stay in touch. This approach allows you to email the prospective clients regularly with relevant additional content, to build a deeper connection and offer more opportunities to engage.
Tools to use
In building this sales funnel, there are several tools to use.
I’m a big fan of Leadpages, which offers template landing pages. These templates are highly optimised for conversion and, quite simply, they get the job done! It’s $37 a month for their entry-level package.
Next up is Mailchimp, where you can build and manage email lists. It’s free for up to 2,000 contacts.
My favourite webinar software is Webinar Ninja, which is easy to use and offers unlimited webinars. It’s $49 a month to get started.
Last but not least, it’s a relatively new (to me) tool called LeadOwl. This service is an elegant mobile app which integrates with your website, Facebook lead ads, and the rest of your sales funnel to send leads directly to your phone for quick follow-up. LeadOwl will set you back $29 a month.
That’s $115 a month for these tools, leaving you with (approximately) £200 a month to spend on Facebook Ads to drive the traffic to your content and funnel.
What results can you expect?
Based on this budget, it’s reasonable to generate 2-5 quality leads each month. To get to this level, you will need to optimise the Facebook Ads and refresh your content regularly, so your prospective clients don’t get tired of seeing the same material too frequently.
It can certainly replace the hit or miss leads typically generated by adviser directories, with leads that are better connected with your brand and proposition.
If you’re a Financial Planner thinking about ditching your adviser directory spend in favour of a more targeted approach, why not book some time in my calendar for a 30-minute video call? This call offer is at my expense and without obligation, to find out how we might work with you to supercharge your online marketing.