How to Get Conversational Marketing Working For You
The focus of our 2017 Advisor Research was word-of-mouth-influence (WOMI). We wanted to know the extent to which advisors were capitalizing on this important component of affluent marketing. Our findings allowed us to segment advisors into three groups:
- 19% were Generators: received 10 plus referrals last year
- 55% were Middlers: received 3 to 9 referrals last year
- 22% were Laggards: received 2 or fewer referrals last year*
*4% were unsure
Within the context of this project, “referrals” represented unsolicited referrals, personal introductions, and business coming from referral alliance partners. It was no surprise that Generators brought in more business (51% acquired 15+ new households versus 25% of Middlers, and 4% of Laggards) but we were somewhat amazed in the size of the discrepancy.
In taking a deeper dive into the drivers of WOMI, we learned that Generators did a lot of the little things a bit better and more frequently. Much of their success involved Conversational Marketing, with clients spreading the word through simple, but informative conversation. Not only did Generators have more frequency of WOMI, the quality was likely better as well.
3 Types of Conversational Marketing
What you see represented in the graph above are three types of conversations that can either improve or hinder your top clients and COIs spreading high quality WOMI. We feel strongly that all of the numbers in the chart above should be in the mid-90s, and that clients should be equipped with the right narrative.
1. Telling Your Personal Story
The advisor’s backstory helps clients and COIs tell your personal story and the “why” behind your chosen profession. It’s important to keep in mind that there is a distinct difference between knowing your backstory and equipping them with a backstory that’s memorable and easy to repeat.
2. Understanding the Advisor’s Ideal Client Profile
This serves as a natural qualifier and helps others think about the ideal referral in terms of occupation, life stage, or other qualifiers. In order for your clients to understand your ideal client profile, you want them to be able to articulate it in a natural manner that doesn’t make you seem like an advisor snob.
3. Articulating their Advisor’s Value
This helps them make a compelling case for why their friend, family member, or colleague should meet with you. When it comes to articulating your value it’s important the narrative is clear, concise, and natural—you never want them to sound scripted.
Improve these three types of conversations your clients can have on your behalf, and you’ll get Conversational Marketing working for you, as it will improve the quality of your WOMI.
- How to Let Your Clients Know You’re ‘Open for Business’
- Are You Game for a Feasibility Study?
- The Stephen and Kevin Show: Episode 53
- Instantly Personalize Your Client Experience with 5 Questions
- The Stephen and Kevin Show: Episode 52
- A Philanthropic Way to Get 10+ Referrals Annually
- How to Get Conversational Marketing Working For You
- The Stephen and Kevin Show: Episode 51
- The Correlation Between Facebook with Clients & More Referrals
- The Stephen and Kevin Show: Episode 50
- Are You Tracking the $1,000/hr Activities that Drive Your Dream?
- The Stephen and Kevin Show: Episode 49
- Interoffice Communication Do's and Don'ts
- The Stephen and Kevin Show: Episode 48
- The ABC Solution to Delegation
- Emotionally Connecting with Clients