Marketing Corner – September 12th, 2016

Marketing Corner – Friday September 12th, 2016

5 Interesting Pieces of Life Insurance Trivia

We are smack in the middle of Life Insurance Awareness Month—your chance to take advantage of programs, materials, and guides from a variety of industry sources to promote (and sell) the value of life insurance. Legacy Financial Partners began our LIAM coverage a few weeks ago, with posts on a comprehensive (and complimentary) sales kit, key life insurance stats, and how to handle common life insurance objections. This week we wanted to offer some unusual or interesting life insurance trivia.

catYou Can Use Life Insurance To Give Whiskers The Good Life After You’re Gone

While most insurance carriers won’t allow you to directly name your cat or dog beneficiary since states generally consider pets to be property, you can use life insurance to fund a pet trust. This will make sure that your beloved animal lives out the remainder of its life in style. Since other family members (and even courts) may find this arrangement distasteful, a pet trust will need to be properly structured. Trouble Helmsley, the Maltesse recipient of $12 Million from Leona Helmsley, famously had his inheritance reduced to a mere $2 million after the hotelier’s grandchildren contested.

The Apollo Astronauts’ Unusual Life Insurance Policyspaceship

Certain occupations and hobbies can incur high-risk ratings or preclude life insurance coverage altogether. But what if your job is
an astronaut and your mission is to go to the moon? This is what the astronauts of Apollo 11 faced. With prohibitively high coverage options, Buzz Aldrin, Neil Armstrong, and Michael Collins resorted to a creative solution—autographed “covers,” signed envelopes post-marked on significant days. In the event of their death, the astronauts knew their autographs would fetch a great sum.

The Largest Life Insurance Policy Ever

According to Guinness World Records, an anonymous, but “well-known,” Silicon Valley billionaire purchased the most valuable life policy ever in 2014. The coverage amount? $201 million. This doubles the previous record of $100 million set in 1990. The most valuable policy was unsurprisingly complex, involving 19 different insurance companies for the underwriting.

Unclaimed Benefits Amount

According to Consumer Reports in 2013, the amount of unclaimed life insurance benefits is “at least” $1 billion. How can this happen? There are a few reasons. For one, consumers may be unaware of their beneficiary status. Policy owners may have poor record keeping. Insurance companies recently got themselves in trouble by failing to be more proactive in seeking out beneficiaries once policyholders died.

weddingLife Insurance Ownership and Marriage Rates

Comparing data from the U.S Census and the American Council of Life Insurers Factbook, Bankrate found that states with a higher marriage rate generally had a lower life insurance ratio and vice versa. As the article postulates, this could be because the states with the highest marriage rates also have the youngest median ages for marriage, and life insurance may not be a priority for young newlyweds. Southern states had high policies-to-population ratios, with Alabama topping the list for life insurance ownership.

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Marketing Corner – Overcoming 5 Common Life Insurance Objections

Marketing Corner – Wednesday August 30th, 2016

Overcoming 5 Common Life Insurance Objections

**this post is the third entry into Legacy Financial Partner’s coverage of Life Insurance Awareness Month. Check out the first two posts here, and request our complimentary LIAM kit here.

Even with a greater amount of consumer education than in previous decades, selling is still an important aspect of connecting prospects to an appropriate insurance solution. A big part of selling is dealing with objections. Here are five common life insurance objections you’ll likely face from consumers and what you can do to overcome these objections.

“Life insurance is too expensive!”

This is probably the most common objection you’ll hear from consumers. It’s true that life insurance premiums can initially be jarring, but remember that expensive is a relative term. Plus, consumers often overestimate the cost of insurance. The latest Insurance Barometer Study found that the median estimated yearly cost for a 250,000 term policy for a 30 year-old non-smoker was more than double the actual cost.
Ask/tell the consumer:
“When was the last time you looked at insurance prices?”
“Do you know that there are many types of life insurance to meet a variety of needs?”

“Did you know that most people overestimate the cost of life insurance?”
“The best way to get a true picture of the cost of life insurance is to use the latest software quoting tools based on your specific situation and needs.”

“I don’t need life insurance.”

This objection can be the result of many factors. The consumer may not be properly educated on the utility of life insurance or may have some misconceptions about how life insurance works. Perhaps they are young and would rather use money that could be used for insurance premiums on more immediate needs. It’s possible they only think of life insurance in terms of the death benefit.

Ask/tell the consumer:

“What would happen to your household if you died today?”
“Who would take care of your debt, pay the mortgage, or cover your child’s college tuition?”
“Are you aware that many life insurance policies have living benefits—things that can help in the case of a disability or chronic condition? Some even have cash you can use throughout your life.”

“I don’t qualify because of health issues.”

This objection arises because consumers are aware that many life insurance policies require medical underwriting. But like other aspects of life insurance, they may have misconceptions on how this process works or impacts their options.

Ask/tell the consumer:

“Did you know there are certain types of insurance that are guarantee issue?”
“Just about anybody can qualify for a life insurance policy—there are many different types that account for many different situations.”

“I have money saved up.”

It’s possible that a consumer feels that they have enough money accumulated through savings and other assets that they don’t need life insurance. Maybe once they give you a peak at their financials they do—but this presents an opportunity to discuss efficient wealth transfer and estate planning options. If they don’t, explain what the average cost of retirement is. According to the U.S. Dept. of Labor, the average household will use nearly 41,000 per year in retirement. So if a household retires at 65 and expects to live another twenty years, the retirement amount used for this time period will be $820,000. Converting a large sum of savings into a cash value life insurance policy can help clients achieve a robust source of retirement income on top of a death benefit.

Ask/tell the consumer:
“Are you aware that you can use life insurance to transfer wealth in a more tax-efficient manner? This can be true if you want to endow a charity or transfer to family members.
“Given what we know about life expectancies and inflation, are you confident that your savings of _______ will give you the retirement you desire?”

“I already have life insurance.”

This should be an easy objection to overcome. If a consumer already has a policy, find out when they purchased it, what type it is, and if they have been any significant life events. A good financial plan, whether it involves a life insurance product or other solution, should be reviewed periodically to make sure it still matches the consumer’s needs and objectives, and to see if there are other opportunities.

Ask/tell the consumer:
“When was the last time you had a policy review?”
“Have you have had a new child since you purchased it?”
“Do you know if your policy still meets your needs?”
“According to a recent survey, nearly half of those who stated they have life insurance may be underinsured.

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Marketing Corner – 16 Interesting Stats for LIAM

16 Interesting Stats You Can Use During
Life Insurance Awareness Month

In last week’s Marketing Corner, we discussed the value of life insurance awareness month and how consumers greatly underestimate the cost of life insurance. This week we wanted to present interesting statistics that you can use as you discuss life insurance with your prospects. These stats give you insight on a variety of area, including the cost of college, mortgages, and long-term care. These details are important because life insurance can be used to cover many of these expenses, especially in the case of blended products with regards to long-term care.

Check them out below. Don’t forget to request your complimentary copy of Legacy Financial Partner’s 2016 Life Insurance Awareness Kit, which includes:

  • Marketing Guide For Leveraging Social Media
  • Customizable Fact Finders
  • Customizable Prospecting Letters
  • Customizable Marketing Flyers
  • Life Insurance Prospecting Ideas
  • Client Presentations
  • Over 15 FINRA Approved Concept and Presentation Pieces
  • Life Insurance Powerpoint Seminar Presentations
  • Customizable Press Releases

Life Insurance

According to the latest Insurance Barometer study from Life Happens:

One out of three households indicated they would have immediate trouble handling living expenses with the loss a primary breadwinner.

The majority of people prefer to buy life insurance in person. Only 1 in 5 prefer to apply online.

The median estimate for a 250,000 term life policy was more than twice the actual cost.

The top three financial concerns for consumers is having enough money for a comfortable retirement, paying for long-term care, and paying for medical expenses.

A 2016 Gallup poll finds that the top concern is not being able to pay medical costs of a serious accident or illness. All concerns addressed by the poll have risen since it was conducted in 2015.

A 2015 Bankrate Money Pulse survey found the while around 6 in 10 individuals reported having some form of life insurance, nearly half may be underinsured.

Banks often use life insurance on key personnel to fund employee benefits and as a tax shelter for assets. More than half of U.S. banks hold some form of bank-owned life insurance assets, according to a review of FDIC data from 2013.

College

According to the College Board, the average published yearly tuition and fees for a public four-year university is $9,410. Assuming a student graduates on time, the base cost will be $37,640. This doesn’t account for other expenses like housing, food, and books. And, according to a 2014 report by Complete College America, most students don’t graduate in four years.

A private four-year university will of course be more expensive. The College Board averages $32,410 a year for private colleges. Assuming a four-year graduation period, this amounts $129,640, or a little over half the total cost of raising a kid.

Mortgage / Home

80% of Americans have some form of debt. Of these, 44% have mortgage debt.

The median home loan balance is just over $100,000.

Long Term Care

According to longtermcare.gov, in 2010 the average cost of a semi-private room in a nursing home was $6235 per month, care in an assisted living facility was $3,293 per month, and $21 per hour for a home health aide.

Genworth, in a study conducted with CareScout of April of 2016 finds that the national medians for monthly care have risen since the government stats of 2010. For instance:

care in an assisted living facility is $3,628

care in a semi-private room is $6,844.

Consumers underestimate the cost of home healthcare by nearly fifty percent.

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Marketing Corner – Life Insurance Awareness Month

September is Life Insurance Awareness Month


handshakeliamSeptember is Life Insurance Awareness Month. This is a great opportunity for advisors to discuss life insurance solutions with prospects and clients. Many consumers, and even some advisors themselves, are unaware of the variety of needs life insurance can meet.

The modern life insurance landscape goes far beyond securing a death benefit. With accessible cash value policies, life insurance can be used to protect an investable sum from market volatility, to generate an alternative source of retirement income, to help a business survive the death of a key partner, and so forth.

Consumers consistently overestimate the cost of life insurance. The 2016 Insurance Barometer Study conducted by Life Happens and LIMRA—the main organizations behind LIAM—found that the median estimated yearly cost for a 250,000 term policy for a 30 year-old non-smoker was more that double the actual cost. Other key barriers include other financial priorities, consumers feeling they have as much as they need, or confusion on what types of insurance to buy. These are all barriers that can be broken, through education and care.

Life insurance awareness month is your chance to refresh or learn creative uses of life insurance that can help you bring in a stream of clients. With many programs from carriers and trade groups, you have access to a wealth of resources to do this.

In fact Legacy Financial Partners has a comprehensive LIAM package available for agents and advisors. This complimentary kit includes:

  • Marketing Guide of Leveraging Social Media
  • Customizable Fact Finders
  • Customizable Prospecting Letters
  • Customizable Marketing Flyers
  • Life Insurance Prospecting Ideas
  • Over 15 FINRA Approved Concept and Presentation Pieces
  • Life insurance Powerpoint Seminar Presentations
  • Much more.

Request your complimentary kit below or by simply filling out the form to the right.

Visit our dedicated page: https://legacy-financial-partners.com/LIAM/

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Marketing Corner – More Tips For Content Marketing

Marketing Corner – Wednesday, August 10th, 2016

More Tips for Content Marketing 

Advisors, especially older ones, often struggle with making heads or tails of content marketing. With so many platforms and channels, each with their own style of engagement, it can seem daunting. While there can be advanced technical strategies, the core of content marketing is pretty simple. Used in an efficient manner, content marketing can be a valuable strategy that doesn’t take too much of your time to maintain.

Here are seven simple tips for developing your content marketing strategy:

businessmancompBe Consistent

One of the key ways advisors fail with content marketing is consistency. It will generally be better to have regular posts spread over a larger time period than a short burst of content. Advisors that do the latter often find that they don’t have enough topics or material to maintain a consistent flow. If you wait to be inspired, you’ll find that you won’t be able to engage with your audience regularly. This can kill any momentum with the audience you have built or prevent your audience from growing further.

Have A Mix of Styles and Formats

Your content can be a simple update, a short summary of a relevant article, an in-depth piece explaining a solution, or a list of things your audience needs to know. While having a few standard styles can be helpful to plan your content strategy and let consumers know what to expect, mixing in posts that are shorter, longer, or composed in a different style, helps to ration your content. It also may help to reach a wider variety of consumers—those that like longer articles, those that like lists, or those that like short status updates, etc.

Demonstrate Your Expertise and Experience

Your content should reflect your skills and knowledge, with consistency. You don’t know what might trigger a reader to call you for an appointment, so discuss a variety of topics with competency and meaning. Even if a topic isn’t relevant to one type of consumer, the fact that you write about it truthfully and can relate it to those consumers for which it does matter, demonstrates the breadth of your knowledge.

businesstieDon’t Be Afraid of Personality

Obviously you want to present content that is professional and compliance friendly. But within these guidelines there is a way to write in your voice. Personality goes a long way to making complicated topics go down smooth. People relate to you more, because you are not just a robot churning out boring copy, but rather a human being composing relatable content.

Use Clear Photos and Branding

You will likely use a variety of platforms to distribute content and build an audience base. This is your website, LinkedIn (great for advisors), Twitter, email distros, and even Facebook (becoming more and more relevant for advisors). Ensure that supporting elements such as profile photos, headers, and logos, are sized correctly. Have a decent headshot. Be honest with yourself. If the profile photo you use on LinkedIn makes you look like vampire, get a better shot. If the photo you use is great, but shows up pixelated, use a higher resolution.

Don’t Be Too Aggressive With Those That Engage With Your Content

So you’ve been using a content marketing strategy for a while, getting engagements such as likes or comments. Your instinct is probably to turn these consumers into clients. This is, after all, the ultimate goal. But being too aggressive can turn off a consumer. The difficulty with engaging people through your content marketing channels is knowing when you cross the line from business to personal. With Facebook and Twitter, you generally shouldn’t send an inbox message to a consumer that responds to a public post. In LinkedIn, it may be appropriate. The difference is that LinkedIn is primarily used for building business relations, while Facebook and Twitter have large user bases that are personal. Engage consumers where they engage you and be satisfied that people are responding to the content you are putting out.

Manage Expectations

Content marketing won’t likely give you immediate results. It takes time to build and maintain an audience. This can be very frustrating for advisors because it may seem like your efforts aren’t being rewarded. Understand that using content to promote yourself will take a while to pay off. But the benefits are there. You never know what will inspire a consumer to call you. With constant, fresh content, you are helping your SEO appearance.

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Marketing Corner – Business Valuation

The Value of Business Valuations

businessv3Financial advisors all know that a good business owner presents many planning opportunities. Not only is there opportunity for the business as an entity, but for the owner’s individual needs, as well as any staff. A financial advisor is not only useful to protect a small business owner’s assets; they can encourage growth through any number of strategies. But, like many client types, business owners often only seek out financial services when there’s a need. This is why building relationships with owners early can lead to a lifetime planning of opportunities.

Business valuations can be a meaningful way to connect with business owners before there’s a need and to be there when a need arises. This is because a business valuation comes into play in many situations, such as:

• Estate Planning
• Succession Planning
• Selling The Business
• Securing Loans
• Asset Protection
• Scaling Up/Down
• Key Man Insurance

Owners often underestimate the importance (and, ahem, value) of a business valuation. When you are dealing with the everyday concerns of running a company, longer goals tend to be sidelined and business valuation is typically seen as something done before the company is sold or transferred.

But business valuations can be helpful to chart progress and inform short-term decisions, which may lead to long-term growth or mitigate poor business choices. Knowing what your business is worth on any given day is important for managing risks and understanding how you track with your vision.

Here are three ideas for targeting businesses and using business valuations:

Target Bellwether Businesses

Every community has those classic businesses that have been around for a while and are beloved by many in the area. This could be a restaurant, coffeeshop, bookstore, manufacturing plant, what-have-you. businessv1Businesses that have been around more than five years have proven their viability and are likely entering into other phases of their life, bringing more complexity and weightier decisions to be made. Many small businesses aren’t equipped to handle rapid success or to maximize their opportunities. They may not even be aware of opportunities. In truth, many small businesses–even popular ones–don’t have long-term planning goals outlined, let alone know what their business is worth.

Connect with the owners of these businesses and offer a free or reduced business valuation. Ask them when the last time they had their business valuated. These businesses could be places you already visit in your day-to-day. Do a little research, meet the owners, and explain what you do.

businessv2Target New Businesses

While new businesses have a high-folding rate, getting in early and proving your skills can lead to a lifetime client. When a new business catches your eye, one you think has viability, or one you believe can provide sustained value to your community, don’t be shy. Introduce yourself and what you can do for them.

Organize a Business Owner Specific Seminar

Rather than go after specific business owners, let them come to you with a business owner specific seminar. Just like you would with any other audience in a seminar setting, address common concerns and important concepts that your target market needs to know. Offer a business valuation at the end of the workshop and start booking appointments.

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Marketing Corner – 12 Best Practices For Sponsoring Community Events

12 Best Practices for Sponsoring Community Events

Community events are great marketing opportunities that advisors often fail to take advantage of. This is a shame because community events allow consumers to see a friendly, personal side of your business. Rather than meeting you or engaging with your brand through normal business channels, consumers become aware of you in settings that add enjoyment to their daily life. Here are 12 best practices with sponsoring a community event.

Choose an Event That Is Visible And Draws Crowds Within the Community

Consider the community activities that occur in your area. Are they popular enough to draw significant crowds? Do they bring together different strands of your target market?

Choose Events That Occur Regularly

While sponsoring a new event or a one-off activity can certainly be helpful to your brand, finding events that occur regularly may lead to a long-lasting relationship with organizers. This provides you more opportunities in the future, granting your name a strong association with the event, and helping you to plan far in advance.

Select Events That Align With Your Passions and Hobbies

You can certainly sponsor an activity just for the sake of brand awareness, but if you choose an event that reflects your personal tastes and hobbies, you will be more invested into it. These may also give you chances to showcase parts of your life not related to your business. For example, let’s say you are great at cooking BBQ. Sponsoring a BBQ cook-off would allow you to be a part of an event that attracts people in your community as well as participate.

Give Your Audience A Unique Experience

Align yourself with events that provide your target market with a unique, fun experience. Avoid boring, information-style activities, and think of things that the entire family can enjoy.

Identify Activities You Can Directly Participate In

Getting your branding in front of consumers is great, but directly interacting with consumers is a better way for them to get a sense of you. So don’t just sponsor the art walk, or beer fest, or block party—directly participate and mingle.

Don’t Overwhelm The Event With A Pitch

It’s fine to discuss your services and area of expertise, but avoid trying to sell. Explain who you are, what you do, maybe even give a business card, and then focus on having fun and interacting with attendees.

Promote The Event

Don’t simply count on organizers to promote the event. Promote through your social media channels and newsletters. Let current clients know about the event, as this can be a form of client appreciation and referral gathering all in the same activity. Use your regular marketing channels to market the event, i.e. e-blasts, phone calls, and even direct mail. Understand how the event fits within your other marketing activities. What marketing will you do before and after the event? How will you use these to highlight the activity?

Consider A Range of Events to Reach Multiple Types of Consumers

Younger consumers may be responsive to a summer concert series or a food fest, while older consumers may respond more to leisurely activities like crafts. If budget allows, strategically place yourself within both types of events.

Coordinate With Organizers On Your Level of Responsibility

Make sure your role is clearly defined and that you don’t overstep the bounds of those doing the brunt of putting on the event. Offer your help where needed, but don’t overwhelm them and make the event all about you.

Create Your Own Events

If you are unable to find a suitable event that aligns with your hobbies or passions, create your own. While this means that organization falls an you and your staff’s shoulders, creating your own event, especially if it is unique, can set apart from your competitors.

Document Tastefully

Without being narcissistic or disturbing the spirit of the event, document it through photos and videos. Place these on your website or social media platforms.

Define What You Want To Get Out Of The Event

Make sure you have a clear idea of what your business gets out of the activity. Are you looking purely for brand awareness? Or will you try to capture leads?

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Marketing Corner – Ramp Up For Fall

Ramp Up For Fall

planfallmcWhile we are smack in the middle of the dog days of summer (it was 96 degrees with a heat index of 108 here at LFP HQ) fall isn’t too far away. September is only six weeks from now and autumn will creep up faster than you know it. Whether you are dealing with a downturn due to a summer slump or clearing high production, now is a good time to think about the next quarter of your business.

This is because with each season, comes new opportunities. Here is a list of things to consider as you ramp up for the fall:

Your Marketing Plan

Many advisors don’t have a marketing plan to begin with it. Even if you do, you are likely focused on very short-term (weeks) or very long-term (years) marketing activities. But having a marketing plan that aligns with the seasons (months) can be a good way to establish goals and take advantage of opportunities that occur during this time period. Don’t ignore your daily marketing activities nor your long-term goals; simply add another timeframe to consider how you can leverage your value proposition.

seminarSeminars

We discussed before the enduring value that seminars have as a marketing tool. Because of summer can both hurt attendance as much as it can help, some advisors reduce their seminar activities during this time period. If you are one of them, now is the time to plan your fall seminars, with presentations often taking six weeks or more to prepare, coordinate, and advertise.

Back to School Marketing Opportunities

You may not think that back-to-school season offers opportunities for reaching new clients, but it does. You can align you marketing around the concept of “back-to-school” or even look at school publications. In areas where high-school sports are popular, look at sponsorship or booster opportunities.

Industry Specific Opportunities

The fall has two big industry specific marketing opportunities: life insurance awareness month (September) and critical illness awareness month (October). As you head into the fall, consider how you will take advantage of these awareness months, contact specific carriers to request collateral, and ask what your eventsmcbrokerage or FMO is going to do to help you market during this timeframe.

Community Events

The spring and summer months are full of community events, with more people seeking outdoor or social activities. Autumn likely has several events in your area that draw regular crowds. Look into sponsoring these events or even creating your own.

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Marketing Corner – 5 Tips For Story Selling

Marketing Corner – 5 Tips For Story Selling

Storyselling is an important and valuable concept for financial advisors—really any profession that uses personal interactions to clear business. Good storyselling turns a pitch into a dynamic process that helps consumers to emotionally connect with a product or strategy. Here are five key tips for good storyselling.

[su_divider top=”no” size=”2″]

personalDon’t Mix Your Metaphors

Using metaphors and analogies can be an efficient way to package large concepts into digestible nuggets. A metaphor can clarify a complex strategy or solution and keep the consumer interested. There are many kinds of metaphors and analogies we already use; think “home run,” “bogie,” “bulletproof,” etc. However, you should keep metaphors relevant, focused on the consumer or their benefit, and consistent. Mixing metaphors can confuse, rather than illuminate.

Use Personal Details To Sell The Story

The more you can draw personal details into your pitch, the more the consumer will be engaged. Use your profiling and sense of the prospect to craft relevant metaphors. Use names of spouses and family members to highlight who will benefit from the strategy, for example, “With this strategy, you and Bob can retire in Boca, with enough money for little Julie’s college.” Being specific and personal reinforces the benefit of the strategy for their unique situation.

Focus on the Goals/Results

Your story-sell may involve a lot of pieces and detours, but you should always bring it to the end goal. What does this particular strategy or solution solve? Why is this solution more appropriate than others? Follow the classic story arc of beginning-middle-end to keep the pitch on track of focused on the problem it solves.

balanceBalance the Story

With storyselling you do run the risk of eliding or overpowering important details about a strategy. Ensure that your client fully understands the consequences and responsibilities of the strategy you are selling them. A client who feels misled can wreak havoc on your practice with negative reviews, chargebacks, and legal action. So as you sell to your prospect, take moments to check for understanding.

Use Visual Aids/Yellow Pads

A simple yellow-pad concept or illustration can enhance your storyselling. As you pitch, draw out important details or use visual metaphors to convey the crux of your solution. Better yet, have the consumer draw based on your instruction.

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Marketing Corner – The Value of Lead Magnets

The Value of Lead Magnets

compyEvery business needs a stream of qualified leads. For financial advisors this is a unique challenge. While a neighborhood bakery, autoshop, or boutique clothing store provides tangible goods and services, the benefits of working with a financial advisor may not be as instantly gratifying. Many consumers only seek out financial advisors when there’s a pressing need, meaning it’s often too late to properly address the issue. One way to address this is to incorporate lead magnets into your marketing plan.

What is a lead magnet?

A lead magnet is anything that drives a consumer to a specific action. You can think of it similar to a call-to-action or a give. What a lead magnet does is attract consumers with a tangible offer or unique experience. This is often thought of in terms of digital marketing. For example, a consumer responds to a digital ad, routing them to a landing page which has a form submittal to receive a complimentary kit, rate report, or retirement analysis. There are many different versions of this structure and advisors can implement a digital lead magnet system to reach many types of consumers.

While it’s good to focus on the digital, lead magnets can be very effective in traditional formats. For instance, we’ve seen success with agents offering a free round of golf or a free tennis lesson. Instead of (or in addition to) using digital ads to promote this offer, the agent places a high-quality, eye-catching ad at the target venue. This can, to an extent, pre-qualify the audience, based on the venue where the ad is placed . The consumer gets a unique experience of value and is able to learn more about you in a casual, low-pressure manner. Another benefit is that you can build a relationship with the venue, which can open you to business owners and advocates.

What Makes a Good Lead Magnet?

meetingwclientsA good lead magnet:

Offers an experience or product of real value

A rate report or retirement analysis represents a real value for your time and expertise. For some consumers, this may be enough. But to really attract high-value consumers, offer something that is immediately gratifying.

Is pitched toward a specific target market

You can use a lead magnet any number of ways, which is why you should have a clear idea of the type of consumer you wish to attract.

Gives you an opportunity to interact with the consumer

Dangling out an Outback gift-card for an introductory phone call at best gives you an impersonal interaction with a consumer and at worse attracts plate-lickers. If your lead magnet involves an experience like a lesson with a golf pro, this is an event that you and the consumer can share together. This gives you opportunities to interact with the consumer and for them to get a sense of you.

Aligns you with businesses that support you and your efforts

Since you are likely to use another business’ products or services as a carrot to attract consumers, it’s important to develop a good relationship with the business. As mentioned above, this can gain you advocates and access to business planning opportunities. On a smaller level, however, having a good relationship ensures that you are able to continue to use the business for your lead magnet. Make sure that the relationship is mutually beneficial.

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