Thanks for another great year!
Over the course of 2018, the Legacy Financial Partners team has worked to deliver a treasure trove of marketing collateral. Our guides, sales kits, and blog posts are all crafted to put agents and advisors on the fast track to success.
To say thanks for another great year, we have compiled our Top 5 Marketing Corner posts from 2018. The list below is just a sample of the valuable insights, tips, and exclusive content we provide every week.
As an added bonus, we are offering a newly updated collection of sales tips and marketing ideas that will help jumpstart 2019. Scroll down to receive our New Year Revitalization Guide and start 2019 off one step ahead of the competition.
Stay connected and keep tuning into Marketing Corner for more kits and tips throughout 2019. Thank you and Happy New Year from Legacy Financial Partners.
Two emerging trends are becoming major factors for life insurance carriers. Blockchain technology and the decriminalization of marijuana. While worlds apart, both could impact your business.
Believe it or not, Millennials are the perfect storm of opportunity for agents and advisors. Get valuable insights on the largest generation in history to help tap into this wide-open market.
Guerrilla Marketing describes any “unconventional marketing tools used in cases when financial or other resources are limited or non-existent.” Learn how agents and advisors can apply this concept to their marketing efforts.
If a picture is worth a thousand word, then a video is worth far more. Using video as part of your marketing strategy is a necessity in today’s digital landscape.
The integration of new technology into our smart devices is ushering in big changes to the underwriting process. How biometrics are laying the groundwork for tomorrow’s life insurance industry?
Get Our 2019 New Year Revitalization Guide
Learn how self-evaluation, calculated goal-setting, and solution-oriented strategies can breathe new life into your marketing plan. Click here to receive your copy today.
For many of us, the last few weeks of the year can, in some respects, be among the most challenging. Business is slowing down, and our attention begins to shift from work to the well-deserved break that comes between Christmas and the new year. The office parties, early holiday gatherings with friends, school programs, and rush to check items off your shopping list can easily throw us off our daily routine. However, there are still plenty of things left to do before we can celebrate the transition from 2018 into 2019.
The effort you put in at in the of 2018 can have a significant impact on how you start 2019. This is a good time for settling accounts, getting your books in order, and conducting holiday marketing activities. But what are you doing to prep for next year? While this can be a hectic and distracting time of year, it’s vital that you carve out time in your schedule to work on your 2019 plans now, so you aren’t scrambling when January comes. So, take a deep breath, grab a cup of coffee and ask yourself, “What do I want 2019 to look like?”
Set Your Goals
Break down your various production goals into monthly or quarterly increments. This is an efficient way to track your progress and determine whether you need to make any adjustments to your plan. Set up a document that outlines your monthly/quarterly production goals and split those goals into specific categories. As the year progresses, compare those goals to your results. This will give you an organized and detailed overview of your growth. Aside from production and revenue, consider the other goals you’d like to achieve over the next year. Do you want to target new markets? Or bring on new employees? Outlining any operational, administrative, or non-specific goals is an important part of staying focused on the big picture.
Establish a Marketing Budget
Make a list of the different marketing activities you use or would like to explore in 2019; web development, seminar marketing, community events, lead gen, etc. Now, assign a dollar amount you feel comfortable spending on each. This won’t be a concrete budget, as changing trends and results will likely call for periodic adjustments. But it will give you a foundation on which to build your overall plan of attack. Plus, you can start the year off with a better idea of the returns you would like to see from each investment.
Personal & Professional Development
Your plan for a bigger and better 2019 should include more than quantifiable metrics such as goals-versus-results and revenues-versus-expenses. Think about steps you can take to grow as both a person and a professional (as the two really do go hand-in-hand). What can you do to better serve your clients? How can you build credibility? What are your strengths and weaknesses? You might be a financial guru who could fill a book with retirement advice, but need to brush up your writing skills. Or maybe you want to tap into video marketing but tend to freeze up in front of the camera. We all have those areas in which we could use some improvement, and they certainly don’t take away from our tangible job skills. However, pinpointing certain weaknesses and working to overcome them can be very beneficial to your business as a whole. Think of personal/professional development as a list of new year’s resolutions that you won’t forget about by the end of January.
- “I want to sharpen my writing skills, so I can start posting more blogs on my website.”
- “I want to read more on generational marketing, so I can more effectively target Millennials.”
The examples above may not be what you think of when drafting a marketing plan, but both can have a significant impact on how well you execute that plan.
Obviously, there is so much more you will need to consider for the year to come, but it’s important to start somewhere. And just as important to get started ASAP. Let us know if you would like a little help.
November is Long-Term Care Insurance Awareness Month. Like other “Awareness Month” campaigns (Life Insurance in September and Annuities in June), this is a great opportunity to discuss how LTC coverage can fit within your clients’ and prospects’ retirement portfolios.
The conversation about long-term care can be difficult. Many people have yet to consider the impact it can have on their retirement. Others simply don’t want to think about or accept the fact that a time may come when they can no longer live independently.
Longer life expectancies have seen the need for long-term care increase over recent years. And as the need for LTC grows, so too do the costs. The expenses associated with long-term care are staggering. Without proper planning, those costs can quickly drain one’s retirement income, leaving family members to shoulder the financial, emotional, and physical burden of providing and paying for care.
Rising Health Care Costs
Looking at Genworth’s 2018 Cost of Care Survey, the annual national median for various types of care and services are as follows:
- Adult Day Health Care – $18,720
- Assisted Living Facility – $48,000
- Homemaker Services – $48,048
- Home Health Aide – $50,336
- Nursing Home Care (Semi-Private Room) – $89,297
- Nursing Home Care (Private Room) – $100,375
These numbers are only estimated to rise, with Genworth estimating that in 2028 (just ten years from now) the annual national median for nursing home care in a semi-private room increasing to $120,008.
When you consider that the average amount families age 56-61 have saved for retirement is $163,557, you can see how a long-term care condition, even a short one, can take a huge bite out of a consumer’s retirement portfolio. And that’s just the average. When we look at the median, the numbers are more concerning – just $8,000 for those aged 50 to 55 and $17,000 for those aged 56 to 61.
Legacy Financial Partners strongly encourages agents and advisors to use the rest of November to have LTC conversations with prospects and clients. To help, we have created an exclusive LTCI Sales kit that includes:
- LTCI Pre-Approach Letters
- Key Long-Term Care Statistics
- LTCI Client Presentations
- LCTI Concept Sheets
- True Cost of LTC Guide
Fill out the form or call 1.877.614.0141 to request your complimentary copy.
This is the time of year when most entrepreneurs are fully engaged in holiday marketing activities. The next few weeks will see businesses hitching themselves onto the Black Friday, Cyber Monday, and other year-end sales wagons. However, there is another, often-overlooked event coming up that is also worthy of your attention – Small Business Saturday.
The locally-focused alternative to Black Friday, Small Business Saturday is an annual event held on the Saturday after Thanksgiving as a way to encourage people to patronize businesses in their own communities. The main goal of SBS is to get holiday shoppers to spend money with local retailers. However, there are ways for small agencies and independent advisors to take advantage of Small Business Saturday as well.
Small Business Saturday Marketing Tips
During the weeks leading up to Small Business Saturday, reach out to a few local businesses about cross-promotional opportunities, such as:
- Hand out each other’s promotional items (business cards, branded “swag,” fliers, etc.) to your respective clients and customers.
- Share each other’s social media posts and pages. Relevant hashtags include #ShopSmall and #SmallBizSat.
Those partnerships don’t need to be limited to local retailers. Locally-owned establishments, service providers, and other non-retail businesses often get in on the Small Business Saturday action.
- Gyms/fitness centers
- Cafes and coffee shops
- Home improvement and remodeling contractors
- Auto repair shops
Connect With Your Community
In some cities, especially those with vibrant shopping districts/centers, Small Business Saturday can be a community-wide event. Hosting, or simply showing up to one of these events in your area is a great way to mingle with the crowd and introduce yourself to a variety of new leads. Make sure to bring plenty of swag to pass out and/or offer incentives to anyone willing to join your email list.
Think of the resources you invest into Small Business Saturday as lead gen activity. For instance, your presence shows other area business owners that you have a vested interest in the community as a whole. This can go a long way toward building solid B2B relationships. Contact your local Chamber of Commerce to see how you can get involved.
Looking for more Small Business Saturday ideas? Our Guerrilla Marketing Tactics for Advisors & Agents guide was created exclusively for financial professionals who are looking for unique and creative additions to their marketing toolkit.
November is here and with it comes the “unofficial” beginning of the holiday season. By the time you’ve finished reading this, most stores will have moved their Halloween stock to the bargain bin, bringing out any Christmas inventory that isn’t already on display. Yes, the holiday shopping blitz is underway and consumers are reacting with the typical “Uhggg, Christmas decorations already? I’ve barely started thinking about Thanksgiving!” And this is exactly why agents and advisors should be thinking about Thanksgiving.
Maybe it’s the sentiment surrounding the occasion. Or the lively, yet still-lighthearted stroll we take during the weeks before the rush that kicks off on Black Friday. Whatever the reason, there is something about Thanksgiving that presents a golden opportunity to interact, engage, and foster relationships. The overall goal of a Thanksgiving marketing campaign is more about showing appreciation than sealing a deal. You can achieve this by setting aside the sales pitches in favor of soft, subtle touches that tap into the traditional spirit of food, family, and friends. Here are a few ideas to try out over the coming weeks.
“30 Days of Thanks” Social Media Campaign
This is a simple, low-to-no-cost way to boost your social media presence and show a little personality to your audience. Spend a few minutes each day thinking of something that you are personally thankful for and share the sentiment across your social networks. Encourage your followers to reply with their own expressions of gratitude and use relevant hashtags (listed below) for improved organic reach.
A straight month of social media content can be a little taxing, so try switching gears from funny one day to heartfelt the next. Just make sure to keep things simple, genuine, and—most importantly—positive. And do your best to remain consistent throughout the entire month. Feel free to pull from the example below to get things started:
“Day One of #30DaysOfThanks – I am #ThankfulEveryday for the continued support of my #family and #friends who have stood beside me through the good times and bad times. To them, I say #ThankYou. What are you most #Thankful for this holiday season?
Thanksgiving Giveaways and Gifts
Raffles and giveaways are extremely popular during the holidays, especially when the offer involves food. Depending on your specific goal, there are a few different ways to approach a Thanksgiving giveaway.
If you simply want to give your clients a small token of appreciation, send them a gift card for a local grocery store, bakery or winery. Advisors with large client rosters can randomly select one or two to receive a free turkey or gift certificate to a local restaurant. Or consider the incentive-based approach and offer to your clients a raffle ticket for referrals, sharing your Facebook page, or scheduling an appointment for a policy review.
For prospecting and lead generation, a heavily promoted Thanksgiving contest can be a good way to draw new people into your pipeline. Whatever direction you decide to go, make sure you stay within the boundaries set by state and federal giveaway regulations.
Recipes and Holiday Cooking Tips
Do you have an old family recipe that’s too good to keep to yourself? Maybe you know the secret for the perfect turkey or have a few quick and simple appetizer ideas. Online searches for recipes and menu ideas skyrocket during November. Offering your own culinary tips, tricks, and techniques can be a great way to latch onto one of the top trending searches of the month, so you’ll definitely want to include these in a blog post and share liberally on your social media pages. Your monthly newsletter, email blasts, and direct mailers are also good delivery methods to consider. This is a subtle, yet effective form of content marketing that can not only help with brand awareness but make you come across as more personable to clients and prospects.
Legacy Financial Partners is thankful for YOU. Request our free 2018 Off-Holiday Marketing guide which provides tips for year-round engagement with prospects and clients.
Selling financial products and services can be a challenging profession. The process of turning a newly identified lead into a loyal client involves multiple factors. Everything from your initial marketing touches to the way you come across during personal interactions can, and will, influence the consumer’s final decision. One of the biggest factors at play here is also among the most challenging to work through – behavioral finance bias.
A concept rooted within the sub-field of behavioral economics, behavioral finance bias involves the psychological, social, and personal reasons a consumer might struggle to make rational financial decisions. More broadly speaking, these biases are the answer to questions like:
- Why do your clients balk at logical solutions?
- What causes them to reject options that will help achieve their goals?
- Why are you getting panicked phone calls from a client who suddenly changed their mind about a sturdy financial plan?
The cognitive and emotional nature of these biases can present a tough obstacle to overcome, despite the financial impact. However, a little insight can be a valuable tool when trying to convince a biased consumer to make a rational financial decision. Let’s break down a few of the more common biases.
This describes the tendency to avoid loss, rather than go after gains. For example, the emotional effect of losing $100 is heavier than the financial gain of finding $100 on the sidewalk. This can impact the ability to fully recognize the value of products with growth components or even lead to a flat-out rejection of any financial solution whatsoever.
You don’t have to look very hard to see examples of confirmation bias. For instance, they will ignore information that contradicts their own beliefs. Or they might spin that information in a way that supports a predetermined conclusion. Because it can create a sense of overconfidence, confirmation bias can have dramatic consequences on one’s financial decision making. A client or prospect with heavy confirmation bias will often resist advice or options, even if backed by research or relevant information.
Snake Bite Effect
Once bitten, twice shy. It’s only natural for people who have a negative experience with financial solutions to be cautious when presented with a product or plan. The issue here is that the conditions could be completely different, or the consumer could be conflating products that are not comparable.
Some people tend to hold on to properties they already own, placing more value than they are actually worth. For instance, a prospect may have a large sum of money in a low-growth savings account. Because they have accumulated that sum over the years, they may be averse to using these funds to purchase specific retirement vehicles that match their goals.
Most, if not all, advisors will encounter these and other behavioral finance biases at some point in their career. In fact, it wouldn’t be a stretch to say that nearly every consumer carries some sort of bias affecting their decisions. The problem arises when that bias creates misconceptions about the value of money and financial planning. Overcoming a behavioral bias can be a little more challenging than a “typical” consumer objection. Even more so when that bias is rooted in emotions and/or personal experiences. The trick is to first identify the bias as soon as possible. Use probing skills to determine why that specific person holds that specific bias. From there, use your expertise to educate, inform, and change their perspective.
Content marketing is becoming one of the most valuable and effective methods for consumer engagement, rapidly outpacing traditional strategies many businesses have come to rely upon. According to recent studies, 70% of internet users would rather learn about a product or service through content versus traditional advertisements (Cision). Chances are, most of you are already engaged in some form of content marketing. This could be through press releases, blogging, or social media posts. While the overall goal for any marketing strategy – content or traditional – is the same, there is one aspect that separates the former from the latter – storytelling.
The concept behind story-driven content marketing is simple – deliver the message in a way that resonates with the people you are trying to reach. Note that we use (and emphasize) the word “people,” rather than “consumer” or “prospect” here. This is an important distinction to make, especially for financial professionals. After all, you’ve built a career around your ability to make personal connections with clients, so why wouldn’t you use a marketing strategy that does the same?
Humanize Your Message
Like any other entrepreneur, you are selling a product – financial advice, life insurance policies, annuities, etc. Beyond that, you are offering something far more significant – peace of mind, protection, the financial security to retire without worry. These are more than just buzzwords we see used frequently in ad/marketing campaigns, they are real goals set by real people. Facts, figures, percentages, and stats are all an important part of the overall persuasion process, but not many people find data emotionally compelling.
A good way to capture their attention is to lead with a narrative that focuses on the overall value of financial services/retirement planning, rather than you specifically. Tell a story based on the goals, concerns, situations, pain points, and – ultimately – solutions that many people experience on their journey toward financial independence. Remember, at this point, you’re trying to engage; not sell. Keep things loose and low-pressure, but close with a call to action. Once your well-crafted and emotionally-relevant story draws them into your funnel, follow up with more detailed and specified content geared toward their situation.
Fine-tune Your Message
Before launching your story-driven content marketing campaign, there are a few key things to remember:
- Be Concise: Creativity and flowery language is fine and can often help drive the emotional aspect of your content. But don’t go overboard. Your narrative should be well-rounded, concise, and easily digestible. Avoid using jargon and industry speak until they get a little farther along in the funnel.
- Be Real: Most people can smell a hard sales-pitch a mile away. This is one reason why more businesses are moving away from traditional marketing in favor of content marketing. A good story-driven campaign shouldn’t come across as an obvious advertisement. Make it a conversation that gets more personal with each interaction.
- Be Credible: Your narrative not only feel real but be real as well. Using a real-life scenario as the foundation for your message can provide a sense of authenticity. Clients who have given referrals or testimonials are a good source for this. Reach out and see if any might be willing to share their success stories.
**Side Note – This tactic can also be used for agent/advisor recruitment campaigns. Who better to speak on the benefits your agency has to offer than current employees?
Delivering Your Message
The medium used to deliver your content can be just as important as the content itself. While blog posts and/or emails might be ideal for written content, don’t limit yourself. Consider repurposing your content as a script for a short video to post on social media and your website. This will let your audience put a face with your name. In turn, you will establish a sense of trust and credibility.
Story-driven content doesn’t always mean “long-form” content. A well-designed mailer or social media post that uses compelling imagery and minimal text can just as effective as a two – three-paragraph narrative. Whatever methods you use, stay focused on making meaningful and emotional connections with your audience.
It’s Your Turn
Have you delved into the world of story-driven content marketing? If so, did your efforts pay off? What worked for you? What didn’t work? If your campaigns could benefit from a little outside support, or if you just want to brag about your latest success, feel free to get in touch. We’d love to hear your story.
Historically speaking, October has been a tumultuous month for the economy. This year will bring the 31st anniversary of Black Monday (October 19, 1987) and the 29th anniversary of the Friday the 13th Mini Crash (1989). While the more recent financial crisis of 2008 played out over several months, much of the action – Lehman Brothers and WaMu bankruptcies, stock market crashes, global panic, bailouts, etc. – all took place during the last half of September and throughout October. We won’t get into the reasons behind these crises, but each had one common result – investors went scrambling for safety.
The History of CD Replacement Month
Looking back to the Black Monday crash when the Dow Jones Industrial Average sank by 22.6%, many found that safety in the form of Certificates of Deposit. Investors withdrew their exposed investments and transferred their money into CDs. With guaranteed interest rates and FDIC backing, CDs were a widely used means of protecting one’s money from market volatility; a fact that remains true today. The return on CDs today is nowhere near what it was 31 years ago. However, things are slowly improving thanks to the recent federal interest rate hikes.
However, due to their low rate of return, CDs, do not hedge well against inflation. At least not when compared to other products, like certain annuities. This is especially true with long-term CDs that many consumers automatically renew out of habit. As a result, consumers may be losing real-world value that could be parlayed into another, better solution.
CDs and Interest Rate Hikes
Although this week’s rate hike will boost the “risk-free” return for CDs, it will take at least 30 days to see the effect. Consumers who jump the gun will be locked into the lower rates, stuck holding onto an investment that might not keep up with inflation. The top-of-mind awareness created by CD Renewal Month is a great opportunity for advisors to start the conversation with clients and prospects.
The discussion could be as simple as a CD review or renewal, or how they can provide retirement income. However, you should offer an overview of their options and alternatives to CDs. To help, Legacy Financial Partners has a wealth of resources for agents and advisors looking to leverage these CD replacement opportunities.
Our 2018 CD Renewal Kit is a comprehensive AND complimentary package that includes a CD prospecting letter, consumer-facing presentations, and additional materials that will help you take full advantage of CD replacement month.