How to sell financial advice? One of the crucial elements for the success of management is the ability to manage financial resources. Here, it doesn’t matter whether we’re talking about individuals or companies; driving a residence brings as many challenges as the need to make decisions on behalf of a company, given the appropriate proportions, of course.
What happens is that financial management has become an increasingly complex task, especially given the unstable economic scenario that has been unfolding since the beginning of the Covid-19 pandemic. As a result, today, more than ever, people are concerned about spending their resources wisely.
This entire context makes room for a type of service that was already on the rise: financial consulting. As the name implies, this is an activity to advise a person or company about managing their assets and assets.
This is based on an in-depth analytical process, which diagnoses the problems encountered and indicates solutions to create a safer and more comfortable situation for the customer. In free analogy, consultants function as doctors for financial matters.
Like any market that has great demand, competition in this sector is enormous. Therefore, if you work in this area or aspire to become a consultant, you must be prepared to adopt effective sales and marketing techniques to outperform your competitors’ efforts.
And it was just thinking about that that we created this post. In it, we’ll teach you how to sell financial advice through 7 unique tips. Read on to learn more!
1 – Understand your market niche
So, this is a tip that can be applied when selling any service or product. Knowing your market niche is the first step to structuring an effective strategy that does not waste resources on channels and approaches that do not make sense within that specific context.
Therefore, to prepare a plan to sell financial advice, start by conducting a market study to identify opportunities, signal threats, and define the best action plan.
In the context of financial advice, one of the most important decisions concerns the type of client you want to reach. There are two main niches; companies looking for solutions for their finances and individuals looking for a consultant capable of optimizing the management of personal resources.
In the research process, please pay attention to which of these two options is most needed, and most importantly, see if the existing supply is sufficient to meet the public’s needs. If not, you have an excellent opportunity to activate an underdeveloped niche market.
To fully understand your market cut, it’s essential to collect as much detail as possible. Let’s say, for example, that you decide to invest in the B2B niche, Business to Business. In this case, we know that you will have to deal with companies, but you need to go further.
How big are these companies? And the segment? How many employees do they employ? What are the challenges they face? In what geographic area are they located? So, the more you know about your ideal client, the better your results.
After establishing your market niche and starting to think of ways to satisfy it, it’s time to work on the approach used to attract and convince your ideal customer, whether a corporate decision-maker or a householder. At this point, we move on to the next tip.
2 – Develop a persona for your financial advice
If you’re familiar with Digital Marketing, you’ve already heard about the buyer persona. This is a semi-fictional character that serves to emulate what you consider your ideal client. Unfortunately, many confuse this concept with the target audience, and this is normal.
Both have similar characteristics, as they use demographic data to draw the profile of the consumer you want to reach. The persona, however, offers a much greater wealth of detail, proving to be critical to getting, attracting, and converting leads.
In addition to general data, such as income, profession, address, and gender, the persona brings together more specific qualities, such as pain, needs, motivations, and even hobbies. The idea is to create a humanized profile, really close to an actual customer. Thus, the marketing and sales teams have a solid north to guide when developing the different campaigns and approaches to impact the right audience.
Here, the critical point is to separate the B2C persona from the B2B persona. While, in the first case, we deal directly with the final consumer, which reduces the complexity of the process, in the second, we deal with representatives of a company. Thus, the B2B profile must consider, for example, the person’s position and the decision-making power he has in his hands.
3 – Build a portfolio to sell financial advice
Some say that selling products is more accessible than services simply because customers can view, touch, and even try outcomes before closing the purchase.
You can get close to this in the services area by offering demos and free periods, but the experience is different. However, don’t be discouraged. A very effective way to expose and market your consulting services is to build a portfolio.
Remember that we are dealing with the 4.0 consumer, a profile marked by the high level of trust directed to the feedback left by other customers. Use this to your advantage: collect testimonials from satisfied customers and make them available in strategic locations.
It is also worth developing successful cases and using interactive content that demonstrates, in practice; the benefits that can be achieved by someone who invests in your services.
In this last example of the interactive materials, one of the highlights is the ROI calculator. It is a simple tool developed on platforms like ION and integrated directly into your website. From it, the client has a differentiated experience that shows, by a + b, the reasons why he should hire your consultancy.
4 – Track the strategies used by the competition
Want to know how to sell financial advice? Make a note of everything successful competitors are doing! Of course, we are by no means saying that it is valid to observe and copy the strategies implemented by competitors.
However, nothing prevents you from setting up a benchmarking process to keep track of techniques that show promise and those with no potential. That way, by looking at the results of other companies, you can optimize your segments.
Want a practical example? Think about social media. It’s possible that you have an Instagram profile with many followers but generates little engagement. At the same time, another player in the market may have few followers and get bombastic posts.
What are they doing differently? What types of content are generating such engagement? At what times does the audience seem most active? All these points can be extracted from competitive analysis and applied to improve your strategy.
5 – Establish how your service will take place
Based on your persona definitions, determine the entire fulfillment process. Here, it is essential to define, first of all, which will use channels. For example, some persons may be more susceptible to social media approaches, such as Instagram, but others may prefer more formal environments, requiring email messages and phone calls.
Financial consulting is an activity that depends on consumer confidence, so quality service is a central point. Make sure you train your potential employees to provide the best possible support and work to resolve customer queries as quickly as you can.
6 – Create a marketing and sales strategy for the consultancy
Well, the service is only necessary if there are interested customers. But how to achieve this? The answer is obvious: develop a marketing and sales strategy. The ideal is to unite the two departments in a modality we call casketing. In this model, both teams work in a complementary way, providing data and insights that optimize the strategy as a whole.
It’s essential for marketers, for example, to deliver qualified leads to sellers. In return, sales representatives should create reports indicating points that need to be worked on to increase the chance of converting leads.
To sell your consultancy, invest in different marketing strategies, always having the customer as the central point. An Inbound Marketing strategy; for example, must involve the channels in which the persona can be found more efficiently; and focus on the production of content with real value for the target audience.
7 – Use tools to optimize your business organization
Every service offered in the digital age must, as a rule, have tools that enhance its performance. When we talk about financial advice, the government remains. It is essential to have a quality infrastructure to convey professionalism and confidence to customers.
We are talking about more complex programs, such as management systems, and more basic applications; such as those used to carry out videoconferences.
So, at this point, it is inevitable to talk about digital security. The tools you use to view and manage your customers’ finances must have advanced cybersecurity features, such as encryption, for example. After all, we are talking about information that, if leaked, generates damage for all parties.
Now that you know how to sell financial advice, you can invest in your strategy to maximize your results. In a heated market marked by competition, it is necessary to be aware of variations in public behavior and competitive movements.
Your company will attract and retain more customers with a solid approach backed by secure tools and quality service.