Lead Generation

How to Follow-Up With Leads for Max Conversion: A Financial Advisors Guide

So you finally got your first lead from your digital marketing efforts – congratulations! So now what? The answer is simple: follow up. Following up isn’t just something you should do, but it is also something that you absolutely need to do. A study by Marketing Donut reveals that only 2% of sales occur at the first meeting. For this reason, you can see why it’s so essential to continue to interact with your leads. Think about how great it would be if all of your leads could turn into clients – your business would skyrocket!

2% of sales happen at first meeting

Following up and converting your lead into a client doesn’t have to be rocket science, we promise. However, having the proper systems and processes in place is key to your lead conversion success! Below we’re sharing the 6-step process you need to follow up with leads in order to help your advisor business grow.

6-Step Process to Following Up With Leads

Step 1: Track Using A CRM

Using CRM technology is one of the best ways to convert your leads into clients. First things first, you need to decide which CRM software to purchase. However, simply purchasing software isn’t enough. You need to implement effective CRM strategies so that you are making the absolute most out of the technology. There is no better way to track your leads than through CRM solutions. With a good CRM system in place, you can analyze your lead’s behavior, location, etc. In fact, the CRM tool in a way is a one-stop shop for all your lead data. You can then use this data to your advantage and align your sales pitch and marketing strategies to get your lead to convert!

CRM tools also allow you to remain in consistent contact with your leads. This is how you can follow up! Through CRM tools, you can send your leads intermittent, automatic personalized emails. No need to worry about keeping track or messing up, CRM tools have a structured workflow and ensure that everything is scheduled correctly. Furthermore, CRM tools funnel out the bad leads, and you are left with the most qualified leads who are most likely to convert.

crm options for financial advisors

Step 2: Are They Hot Or Not?

The second step is to determine if your leads are hot or not. What this essentially means is that you need to figure out which leads have potential, and which ones are not really serious about your services.

So how do you determine which leads are hot? There are many ways, but one easy solution is starting by taking a look at your website analytics. By tracking your visitors on your website, you have a clear sense of who’s hot and who’s not. A great way to do this is through Google Analytics. For example, if your lead is looking at your ebooks, webinars, pricing pages, etc. chances are that they are interested, and you would consider them to be a hot lead. Hot leads spend more time on your website and are interested in getting in contact with you.

On the other hand, cold leads usually spend time on your blog looking through best practice articles. They are more interested in getting information for themselves rather than your services. Cold leads will typically also unsubscribe to your emails and other campaigns. As mentioned above, CRM tools are great to use to see if leads are hot or not and determining this is key to your lead conversion strategy.

Step 3: Determine Your Goals

Any good plan or strategy starts out with clearly defined goals. Goals provide motivation, which is something that humans undoubtedly need. We know that the lead conversion process can be tedious, which makes it even more important to have something to work towards. With lead conversion, it is important that your goals are SMART – specific, measurable, achievable, relevant and time-bound.

First, determine if you want to measure quality, quantity, or both. Then, work with your team on defining quantitative goals such as your new leads goal and your lead to customer conversion ratio goal. Luckily, these numbers can easily be tracked and maintained in your CRM software. The third step is to communicate your goals and motivate your team to reach them!

Step 4: Establish A Connection – Fast

Lead response time is one of the most important components of lead conversion. The longer you take to follow up, the more likely you are to lose out. If you take too long to respond to an online lead, they’ll forget very quickly that they even filled out your form, so you’ve got to act quickly. Believe it or not, the optimal time to respond is just 5 minutes. Now you might think that seems impossible – I mean how can anyone possibly respond in such a short time?

Luckily, there are plenty of automated email service providers out there that will allow you to create sequences so that the minute a new lead comes in, they’ll receive automated email messages from you within a certain timeframe that you’ve established. Still in disbelief? Consider this: conversions are 391% higher if leads are contacted within one minute! 

lead follow up time- 5 minutes

Step 5: Set Yourself Apart

With over 200,000 financial advisors in the U.S., there’s no doubt that you’re likely competing with others at this point to get your leads. With the myriad of choices people have nowadays, it’s incredibly important to set yourself apart from your competition. The primary question to ask yourself is why? Why should this lead work with you specifically? What’s your competitive advantage & what can you offer them that Bob Scott around the corner cant? Once you have these answers, you will be on your way to making sure that your lead stays with you!

A great way to set yourself apart is by offering incentives. Who doesn’t like free stuff? Offering free gifts such as video training, eBooks or even free consultations are great offers to send to your new leads and push them to convert. Not only does this help nurture your leads and build a relationship, but it also positions you as the thought leader.

In the example below from Quo Vadis Financial Management, they offer a free risk tolerance quiz to visitors to capture leads.

free risk tolerance quiz

Step 6: Be Patient

We know, it’s the last thing you want to do. Wait, wait and wait some more. But as the saying goes, all good things come to those who wait! Lead conversions are definitely not easy, so granted, it will take some time. The process can take a few days or even a few months, but it’s important that you remain patient and don’t get frustrated if you don’t see any conversions. It takes time to build trust, experiment, analyze data, create marketing tactics, etc.


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About The Author

Namisha Goel

Namisha is a Content Creator at Twenty Over Ten, passionate about fostering community growth. A Bollywood enthusiast, she loves to travel and hopes to experience all seven wonders of the world.