The Biggest Mistake Financial Advisors Make Measuring Marketing ROI (and the solution)

If you ordered a kennel for your newly-adopted French bulldogs from Amazon, you’d expect it to arrive on your porch. (Bear with my analogy here, we’re Amazon Prime frequent flyers over at our house). The money you spent for the new kennel directly translates into something tangible.

Digital marketing doesn’t work that way. 

You might expect to pull lever A and get B results. I hate to tell you, but it’s not as simple as Prime. To build a better process, you need to add a step between A and B. Think of this middle step like having one of your kids standing on the sidewalk in front of your house, clipboard in hand. When the Amazon truck pulls up to the curb, your efficient kiddo walks up and asks what’s in the box, and records it on the clipboard. Every order arriving goes through this same thorough process. (And remember, we order a LOT of stuff from Amazon.)

This is the step so many advisors miss. 

Not literally the kid with the clipboard … though I do have a teenager on the hunt for a summer job. What I’m talking about here is creating a repeatable process for asking your prospects about your digital marketing impact.

Measuring Your Marketing ROI

To really discover the impact your marketing is having on your prospect journey, you have to survey each and every one of them.

What you’re looking for here isn’t just one answer. When it comes to digital marketing, odds are your prospects have had many touchpoints with you before they made the move and set up the first meeting. You want to understand all those touchpoints. This goes a lot deeper than, “How’d you hear about us?” That’s just the beginning.

Try taking these survey questions and customizing them for you:

  • How did you hear about us? ________________
  • Where did you go to get more information about our services?
    • Website
    • Google
    • YouTube
    • LinkedIn
    • Facebook
    • Other (please specify:______________)
  • If you found us through our website, what were you specifically searching for?____________________
  • Did you receive emails from us prior to scheduling this meeting?________________________
    • If yes, what prompted you to set up this meeting?_________________________
  • Have you watched any of our videos?
  • Do you have any additional feedback regarding how you found us? ___________________________

How to Implement your Marketing Survey

Once you’ve stolen the survey above like a porch pirate in December, you’re ready to build a Standard Operating Procedure so this survey gets served up no matter how you’re meeting with your prospect.

Here are some tips:

1) For in-office Discovery meetings we recommend having a version printed out for the prospective client to fill out upon arrival.

2)  For virtual Discovery meetings, send a link to a digital survey before the meeting.

3) Incorporate the questions into an annual client survey sent digitally or given to each client who comes in for a face-to-face annual meeting.

4) Make an annual calendar appointment to review the results of this survey. Use the results as a guide for marketing strategy decisions.

Suddenly, you go from “I wonder if this marketing thing is working?” to knowing exactly where you are having an impact. Use that information to guide your future marketing decisions. Do more of what’s working … and stop doing what’s not. And with that, I’ve gotta go see what Amazon just left on the porch.

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