You're listening to “Financial Advisor Marketing”—the best show on the planet for financial advisors who want to get more clients, without all the stress. You're about to get the real scoop on everything from lead generation to closing the deal.
James is the founder of TheAdvisorCoach.com, where you can find an entire suite of products designed to help financial advisors grow their businesses more rapidly than ever before. Now, here is your host, James Pollard.
James: Yo, what's up? Welcome to another episode of the Financial Advisor Marketing podcast. I want to share with you that I have a free seven-day email-marketing challenge that you can get over at TheAdvisorCoach.com/challenge. It's a series of seven emails, one per day that will walk you through some of the most effective ways to get more clients with email marketing. [00:55.3]
If you're wondering, Okay, what's the catch? here it is. The catch is that on the very last day, Day 7, I offer my email marketing system for financial advisors. That's kind of the point. I'm using email marketing to show you that email marketing works. You're signing up for my email list and you're going to get my emails, and I'm trying my best to show you that this works. I'm going to use proof and credibility, and build rapport with you, and all the little secret tips and tricks. You'll get to see them in action. I give you some pointers along the way that can be extremely helpful in your business.
You will be getting that offer on the last day. Now that you know what the offer is, you can relax and let the emails do their thing. Again, that's TheAdvisorCoach.com/challenge, and I look forward to getting your feedback on it.
The topic for today's episode is “Can financial advisors have multiple niches?” It's a question that I get asked all the time by advisors, Inner Circle members, and even people in the “help financial advisors” space where they ask, “Can I have multiple niches? Can I have financial advisors?” and this sort of advisor, and maybe accountants and attorneys, and they ask me their questions, too. The short answer is yes, and I'm going to explain why in this podcast episode. Oh, by the way, the long answer is yeees. No, I'm just messing with you. I'll explain it. [02:13.5]
About a week ago, I did a marketing consultation for a financial advisor, and this was rare for two reasons. The first reason is I don't really like doing them, and the second reason is that the consultations are $2,500 for 30 minutes. I price my time this, quote-unquote, “expensively” because of reason number one, I just don't like doing them. It's my forced need to help you price. If you pay that, then I will stop what I'm doing and help you. Instead of working on my own businesses, I will help you with your business.
I mean, quite frankly, I'm just keeping it real with you, my time is better spent working on my stuff. I will make more money on my stuff than just charging a couple 100 bucks for coaching or whatever. Why in the world would I take my time and just coach someone one on one when I have actual businesses that I can run and actual investments that I’ve made? Come on, really, just be honest here. And it's still worth every penny, though. I know it's $2,500 for 30 minutes, and I'm even considering raising my prices. [03:12.1]
Now, truth be told, I'd rather just have people subscribed to my Inner Circle Newsletter, because subscribers get direct email access to me for questions anyway. In the past few days alone, I've helped Inner Circle members with choosing project-management software, running a direct-mail campaign, hiring an employee, switching firms, packaging a financial-planning offer, getting clients with LinkedIn, creating a course, and starting a podcast.
By the way, the starting of course thing, I’ve got some great questions on that from a financial advisor, and it's kind of cool because I have sold courses in the past, both for the Advisor Coach and for other businesses, and I’ve written sales copy for it and I have sequences.
It's interesting, I don't think I’ve ever had an Inner Circle member ask me about starting a physical paper-and-ink newsletter, even though that's a big part of the business now. I never set out to have a newsletter business, but it's just that it's so darn good that people love it and they sign up for it, and now it's a relatively large part of the Advisor Coach. But nobody's really asked me that, even though I guess, at this point, I am and for real a bona fide expert on physical newsletters. [04:17.1]
What’s crazy is, even though the newsletter cancellation rate is lower than Netflix, Hulu, Disney+, HBO Max, Audible and Amazon Prime. The rare ones who do cancel almost never asked me a single question. Isn't that crazy? They're paying for this privilege, but they don't use it, and it's absolutely tragic. Anyway, I digress. Where was I? Oh, yeah, the consultation.
We hopped on Zoom. He shared his screen with me and we went through his entire front end marketing funnel. There's only so much we can do in 30 minutes, but we went through the entire thing. I was on fire. He was on fire. He didn't slow me down. We just got to work. I helped him improve his Facebook ads, improve his landing page, and improve his welcome sequence. It is 10 times better now and I can't wait to hear the results he gets from it. [05:06.1]
Here are a few specific takeaways. First, his landing page was way too long and too complicated, which led to lower conversion rates. All Pollard-esque landing pages are short. They typically have headlines, images, bullet points, and call to action buttons. Sometimes there will be additional text, but it is really rare. Sometimes I will have a little bit longer page be the winner, but it rarely happens. It is the exception to the rule.
For instance, if you go to TheAdvisorCoach.com/challenge and sign up for that seven-day email marketing challenge, you will get to see, live and in person, one of my landing pages. You can see it. You can study what it looks like and you can do whatever you want with it. You will realize that many of the web designers and content marketers who are trying to tell you to do something different are full of crap, because, typically, they don't put their money on the line for their marketing like you and I do. [06:04.8]
I don't know about you, but I'm running ads to my landing pages, so my landing pages have to work. They have to make money. They can't just sit there and look pretty if they don't convert. “Yeah, but, James, I thought you said that you shouldn't cater to short attention spans.” Yes, I have said that and I still stick by that, because having longer stuff, like webinars and direct mail and social media posts, that is a way to filter people. But when it comes to landing pages, what else do I say? Is there another Pollardism that I say frequently on the show?
Oh, yeah, the pepperoni pizza rule. If you're offering pepperoni pizza, give people pepperoni pizza. People don't need to know about your history, how long you've been in business, and all that other stuff. Give them the pepperoni pizza. Assuming the light pizza, they will want to learn more about you anyway. [06:57.6]
Bullet points. They neatly break down the benefits or features of your offering, making it easy for visitors to see, at a glance, what they stand to gain. This pizza, this awesome cheese, this awesome crust, this awesome pepperoni. And, meanwhile, a clear standout call to action button is a direct and simple prompt for what they need to do next, removing any confusion or hesitation, yet pepperoni pizza now.
Additionally, shorter landing pages can improve that user experience on mobile devices. Considering that a significant portion of web traffic comes from mobile users, having a landing page that loads quickly and easily is a considerable advantage. I'm shocked at how many financial advisors have websites that are still not mobile-friendly, and I will admit TheAdvisorCoach.com isn't exactly the friendliest on mobile devices, but it still works and works a lot better than some of the other websites I have seen.
Now, sometimes, there's a temptation to add more information to landing pages to try and address every possible question or objection, but in many cases, this is more likely to muddle your message than to help. It is far better to focus on your core offering and the key benefits, and then provide opportunities like, gee, I don't know, email for visitors to ask further questions if they need more information. [08:14.6]
In a nutshell, a Pollard-style landing page capitalizes on the principles of clear messaging, scannable content, aka the bullet points, and a decisive call to action that provides a user-friendly experience that drives conversions. That is what it's all about, and that's based on real money being spent in real businesses for real results.
Now, second, the financial adviser who signed up for the consultation did not have a well-defined niche, which meant his Facebook ads that he was running had sloppy targeting. I showed him how powerful Facebook targeting can be, and this is targeting on Twitter, on LinkedIn, on Google. Most online advertising platforms have powerful targeting, but we were talking specifically about Facebook, so I just showed him. [09:00.3]
I can target middle-aged moms with high schoolers in Madison, Wisconsin. I can target police officers in Tampa, Florida. I can target wealthy Harley Davidson riders who also order steaks in the mail. The biggest success secret in direct response advertising is having a clear market-to-message match. If your ads are not working, I can pretty much guarantee it's because you don't have a solid match. People don't want what you're offering.
Third, his ad copy did not resonate well with his audience. It was as if he was speaking French to someone who only understood Spanish. I cannot stress this enough, it's crucial that you use the language of your audience, peppered with phrases and colloquialisms they use and understand. It helps in building a connection and it makes your message more relatable. Remember, people want to feel understood. They want to believe that you're talking specifically to them. [09:53.3]
If a Harley Davidson writer reads your ad and sees phrases like “freedom of the open road” or “the thunder of a V-twin engine,” that person will feel as if you understand his or her passion. If a police officer sees phrases like “serving your community” or “the camaraderie of the force,” that person will know you understand him or her. You understand that person's dedication and commitment. You get it unlike all of the other financial advisors and financial planners who are in their LinkedIn DMs trying, like, Hey, book an appointment. Here's this long message that I want you to read. Hey, I'm not going to learn anything about you. I'm not going to build rapport or I'm not going to ask you any questions. I'm just going to pitch, pitch, pitch, pitch, pitch. It's just so much better when you choose a niche and have specific messaging. [10:38.3]
Hey, financial advisors. If you'd like even more help building your business, I invite you to subscribe to James' monthly paper-and-ink newsletter, “The James Pollard Inner Circle”. When you join today, you'll get more than $1,000 worth of bonuses, including exclusive interviews that aren't available anywhere else. Head on over to TheAdvisorCoach.com/coaching to learn more.
The fourth thing from this consultation is that his call to action, actually both on his ads and in his landing page, and I guess, to a lesser extent, actually in his email, so the call to action everywhere, they were confusing and they lacked urgency.
A great call to action is really the tipping point between a bounce and a conversion. You want your audience to feel compelled to click that button or fill out that form, or scheduled that appointment, right away. If your call to action is muddled or if it doesn't make sense, or if the next steps aren't clear, people will likely bounce without converting, and who can blame them.
For instance, if you're targeting middle-aged moms in Madison, Wisconsin, your call to action should be something like, “Sign up now for our free guide on making the most of your child's high school years.” Make it clear what they're getting and why they should want it, and make it easy for them to take that next step. That is the secret for having a solid call to action. It’s really not that hard. You don't just want to put something like, “Hey, subscribe,” and that's it. No. “Get it now.” “Get your guide now.” “Get it today.” “Sign up now.” “Sign up today.” Tell them what they're doing. [12:09.5]
On the seven day email marketing challenge over at TheAdvisorCoach.com/challenge—wow, he's saying that a lot today, isn't he?—the call to action button, I believe, is “Get it now,” and then when you click “Get it now,” a pop up will come up and you enter your email address and the button, the call-to-action button, again, the text is different. It says, “Send me the first lesson.” Why? Why would it say that? Because that's what you're getting? Remember, pepperoni pizza. I am offering to send you the first lesson of the seven-day email marketing challenge. So, what is my call-to-action button say? “Send me the first lesson.”
Fifth, the fifth thing from this consultation that I noticed is that he wasn't testing his ads. The beauty of Facebook advertising is really the ability to run test to see which headlines, which images and which messages work best. It is not a “set it and forget it” process. You should be experimenting, analyzing and iterating. [13:08.0]
His niche-marketing problems also carried over to his entire welcome sequence from his emails, because even though someone may have joined his email list, he wasn't speaking to any specific person. It's really hard to build a connection when you're trying to appeal to anyone and everyone. Personalization goes a long way in making your prospects feel special.
If a military veteran from San Diego sees that, a picture of you on your bike, and they like to ride bikes to or they like a Harley Davidson, they're likely to think, Hey, this guy gets me. A nurse who loves marathons can see a photo of you running a marathon and feel an immediate connection. You can have multiple welcome sequences. You can have a welcome sequence for nurses who like marathons. You can have a welcome sequence for military veterans who like biking. [13:55.8]
But it's not just about the pictures. It's about the messaging as well. If you send an email to a biking veteran, you might talk about how managing your finances is like a bike ride. “It can be a thrilling ride downhill or a challenging climb, but with the right gear and guidance, you can enjoy the journey and reach your destination.” You could say something like that. For a marathon-running nurse, you might liken financial planning to a marathon. “It's a long journey, and it requires stamina and preparation and the ability to stay focused on your long-term goals.”
Then we have the calls to action again. For a biking veteran, maybe it's an invitation to a webinar on financial planning for veterans. For the marathon-running nurse, perhaps it's an e-book on managing finances for healthcare professionals. Whatever it is, it needs to speak to that person's unique needs and interests.
Now, you might be wondering, but won't managing multiple marketing funnels be a lot of work? Yes, it will be, at least at first, but that's where automation comes in. With the right tools, you can set up different landing pages, ad campaigns and email sequences for each of your niches and then let the systems do the work. You'll just need to monitor the results. You can make any tweaks as necessary and enjoy the increased conversions along the way. [15:11.1]
At the end of the day, the essence of marketing is understanding your audience and making them feel understood. If you can show your prospects that not only do you understand their financial needs, but you also share their interests and their passions, you'll be well on your way to building a loyal clientele. Don't be afraid to get specific, get personal and show your human side. Your prospects and your conversion rates will thank you.
Let me let you in on a little secret. You don't have to limit yourself to one niche if you don't want to do so. It's entirely possible to have multiple marketing funnels for multiple niches, and the more specific you get, the better these marketing sequences convert.
Imagine running an online ad targeting. We'll go with the military veterans, so military veterans aged, I don't know, 50, or 30 to 50, living in San Diego, who have shown an interest in biking events. Then as soon as they subscribe to your email list, they get that welcome email with a picture of you riding your bike. Don't you think that email would set more appointments than a boring generic one? [16:16.7]
But, wait, you don't want to limit yourself. You're going to go back and you're going to target those. Just like I said, the nurses who participate in marathons, when they join your email list, they're going to get a separate welcome email with a photo of you running a marathon, assuming that's your thing. Obviously, you don't want to fake this. Don't put yourself on a bike if you're not someone who likes to bike. Don't put a picture of yourself hiking if you don't like to hike. Don't put a picture of yourself on vacation if you really don't go on vacation that frequently and you don't have enough stories to tell, when you really can't be that person. Don't pretend to be about that life if you ain't about that life.
But the possibilities are endless. If you want to, you can create marketing assets that serve different niches. I have several Inner Circle members who do this, including several firm owners who do it for their financial planners, meaning, if they have five financial planners, they have five niches, because each of the financial planners serves a different niche. [17:10.5]
Some have completely different websites. Some of them put all the niches under one umbrella or one domain with different pages for each niche. One page will be about Mike, the financial planner who serves dentists. Another page will be about Kelly, who specializes in college planning. The company has several different niches and, therefore, silos and marketing assets, all speaking to each group.
None of this has to be limited to Facebook ads, landing pages and email sequences either. You could do this with seminars, webinars, networking events, direct mail, LinkedIn marketing and more. But the reason I'm talking about ads and landing pages, and email, is because I'm thinking about that consultation. The beautiful part of having a sequence like that is you can target and serve multiple niches without creating confusion or overlap. [17:58.4]
I'll break it down even more. Facebook ads have advanced targeting tools. It makes it incredibly simple to craft customized ads to resonate with each of your distinct niches. You could have one ad series per Niche A, another ad series for Niche B, another ad series for Niche C. You can have separate Facebook pages. You can get as complex or as simple as you want.
You could have one page, where if your name is John Smith, and you're John Smith, you work at XYZ Wealth Management, your Facebook page will be “John Smith at XYZ Wealth Management,” and you run ads to veterans. Then you run ads to nurses. And guess what? They're probably not going to see each other, especially if you use geotargeting, because why in the world would someone in San Diego see an ad if you're targeting people in Dallas? Okay? Like I said, it can be as simple or as complex as you want to make it, and it is just absolutely awesome.
With landing pages, you can set up individualized landing pages for each of the niches, because when someone clicks your ad, that person should go to a landing page. It should match the ad sent, which means it should look similar. Remember pepperoni pizza. If the ad says, “Hey, get your pepperoni pizza,” when the person clicks on the ad, that page should show pepperoni pizza. [19:09.3]
Then after subscribing, on the landing page, you can then organize your audiences into different welcome sequences. If you have Constant Contact or Mailchimp or Drip, all of these services make it incredibly easy to set up an automated welcome sequence. You can have one for Niche A, one for Niche B, another for Niche C, and so on and so forth.
I know this might seem a little complicated, but once you get it set up, it is absolutely a money-printing machine. It is absolutely worth it because it increases your conversion rate. Let's dig into the math. You don't have to take my word for it. Let's talk about actual numbers.
When you focus on a niche, you improve conversion rates. I've talked about that many times, because niche marketing makes marketing easier. We'll say that these are your existing numbers. Just stick with me here. I'm going to throw a lot of numbers at you. I just want you to get the gist. [20:01.3]
Let's say 10,000 people see your ad and 300 of them, so 3%, click the ad and go to the landing page. Out of that 300, 60 people or 20% sign up for the email list, and out of those people, three of them, which is 5%, eventually become clients.
If you improve the conversion rates of the ads, the landing page and the emails by 20%, and that is very conservative, especially if you're going from no niche to a niche, then the new funnel would look like this. The same 10,000 people see the ad. However, 360 people click on the ad and visit the landing page. That's a 20% improvement. Eighty-six people will sign up for the email list, again, another 20% improvement, and then five people will eventually become clients.
In this scenario, with a 20% improvement at each step, the advisor would acquire an additional two clients from the same 10,000 ad impressions going from three people to five people. If the advisor makes an average of $5,000 per client, that's an extra $10,000 from the same exact sequence only tailored to a niche. [21:14.6]
Again, I don't want you to get bogged down into any of these tactics. I want you to stay focused on the strategy of having a niche. I also want you to stay focused on the strategy of having marketing assets. My point with all this is that if you choose, you absolutely can target multiple niches and have different assets working for you, in the same way that a real estate investor may also open a McDonald’s franchise or a stock market investor may also own some farmland. I want you to think like an investor and build marketing assets that work for you so you can serve other people more effectively.
I hope I answered the question, and I will catch you next week. [21:55.0]
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