Keeping financial advisors up to date on the latest marketing trends is one of our favorite things to do at Indigo Marketing Agency. In this article, we’ll explore the concept of growth marketing. With its experimental and data-driven design, growth marketing has gained significant popularity in recent years. If you’re ready to grow big or go home, read on to learn more about the power of growth marketing and 6 ways financial advisors can use it to scale their businesses.
What Is Growth Marketing?
Originally used by Sean Ellis in 2010 to describe the experimental growth approach of startup companies, growth marketing is a data-driven strategy that focuses on achieving sustainable, scalable, and measurable growth for businesses. Unlike traditional marketing, which often relies on fixed strategies and sales funnels, growth marketing is highly adaptable and aims to discover the most effective methods to drive customer acquisition, retention, and revenue growth.
Growth marketing utilizes a range of techniques, including data analysis, A/B testing, conversion rate optimization, and viral loops to identify and take advantage of opportunities for business growth. By closely monitoring key performance indicators (KPIs) and conducting experiments, financial advisors can uncover insights about what works and what doesn’t, and tailor their marketing strategies accordingly.
Principles of Growth Marketing
Growth marketing differs from other marketing strategies because it focuses on the entire client life cycle, rather than what it takes to convert a prospect to a client. Many marketing funnels focus on the awareness, interest, research, and purchasing stages of the client journey and neglect what comes after the client has signed on. With growth marketing, however, you focus on both getting new business and providing an excellent client experience that increases brand loyalty and creates strong referral sources.
By growing your business and investing in quality service, the hope is that your satisfied clients will turn into a consistent referral source. A growth marketing funnel focuses on the entire client life cycle, including awareness, acquisition, activation, revenue, retention, and referral stages.
Aside from focusing on the entire client journey, some of the key principles of growth marketing include:
Data analysis and experimentation are hallmark characteristics of growth marketing. Financial advisors can utilize tools such as Google Analytics, CRM software, and marketing automation platforms to track and measure their marketing efforts, enabling them to make informed decisions based on real-time insights.
Growth marketing also focuses on consistent testing and optimization of marketing strategies. Experiment with different messaging, target audiences, and channels to identify what resonates best with your ideal clients.
A/B testing is a great technique for testing various marketing strategies. To utilize this method, create two different versions of a marketing element (email, social post, event advertisement) to determine which one performs better. Divide your target audience into two groups and send each group a different version of the marketing element you are testing. Next, track the performance levels (click-through rates, engagement levels, conversion rates) of each group to understand which variables were most effective in reaching your target audience.
Email marketing software like Mailchimp and Constant Contact have built-in testing features like A/B testing.
As mentioned, growth marketing emphasizes understanding the needs, preferences, and pain points of the target audience. Customer surveys and interviews can be used to gain deeper insights into their clients’ motivations and tailor your marketing efforts accordingly.
You can even use behavior-based automated marketing workflows that are triggered after a certain amount of time has lapsed or a certain level of engagement has been reached. By focusing on why your prospects and clients are engaging (or disengaging), you can hone your marketing strategies in real time and create repeatable processes that resonate with your ideal audience.
Don’t forget about flexibility and adaptability. Integrate the information you’ve gathered about your clients, your marketing, and your services into a cohesive marketing strategy that adapts as information changes. Financial advisors can leverage this principle by staying informed about the latest marketing trends and technologies, and quickly pivoting their strategies to align with changing client expectations and market dynamics (following the Indigo blog is a great way to get started!).
Utilizing Growth Marketing As a Financial Advisor
Getting started with growth marketing is easier than you think. Here are six steps financial advisors can take today:
- Define Your Target Audience: Clearly define your ideal client profile, understanding their demographic, psychographic, and behavioral characteristics. This enables you to tailor your marketing efforts to resonate with your target audience.
- Analyze and Optimize Channels: Identify the marketing channels that are most effective in reaching your target audience. Use data analytics to measure the performance of each channel and invest resources into the ones that yield the highest return on investment (ROI).
- Develop Compelling Content: Create high-quality, educational content that addresses the pain points and challenges of your target audience. This can be in the form of blog posts, videos, podcasts, webinars, or courses. Optimize your content for search engines to increase visibility and attract organic traffic.
- Personalize Client Experiences: Leverage marketing automation tools to deliver personalized experiences to your clients. Implement strategies such as email nurturing campaigns, personalized recommendations, and customized landing pages to enhance client engagement and conversion rates.
- Monitor and Optimize: Continuously track and analyze the performance of your marketing campaigns. Implement A/B testing to refine messaging, design, and calls to action for optimal results. Use marketing analytics to identify patterns and opportunities for improvement.
- Leverage Referral Programs: Encourage your A+ clients to refer their friends and family to your services. Implement referral programs that provide incentives for successful referrals, fostering a network effect that can drive exponential growth.
Let Indigo Guide Your Growth Marketing Strategy
Take the next step toward unlocking your growth potential as a financial advisor by partnering with Indigo Marketing Agency. We understand the nuances of the financial services industry and our custom-content marketing solution can propel your business forward. Schedule your free consultation today to explore how our expertise can accelerate your success.