Advisor Marketing Made Simple: Episode Summary
Episode: Advice Line: How To Turn LinkedIn Success Into Client Growth (Joe Marshall)
Release Date: October 30, 2024
Hosts: Taylor Schulte and Kendra Wright
Guest: Joe Marshall from Coastal Capital Advisors
Introduction
In this episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright welcome Joe Marshall from Coastal Capital Advisors based in Santa Barbara, California. Joe seeks advice on diversifying his marketing strategies beyond LinkedIn, where he has experienced significant success but feels overly reliant on a single channel.
Joe Marshall's Current Marketing Strategy
Joe outlines his existing marketing efforts, primarily centered around LinkedIn. Over the past two years, he has concentrated his efforts on connecting with tech professionals, especially those with equity compensation from his former company, Procore. His weekly activities include:
- Sending approximately 150 connection requests via LinkedIn Sales Navigator.
- Posting content Monday through Friday.
- Writing a blog once or twice a month and an email newsletter twice a month, which he reposts on LinkedIn and Twitter.
Notable Quote:
Joe Marshall [01:00]: "A lot of my marketing success is tied up in one channel, and that feels risky."
Identified Challenges and Risks
Joe expresses concern over the dependency on LinkedIn, questioning the sustainability and effectiveness of his current approach. Although he receives 10 to 15 leads monthly, many do not convert into paying clients, leading to conversations with unqualified prospects.
Notable Quote:
Joe Marshall [02:36]: "Most of them are qualified, at least for our purposes. Or our field, they either aren't going to make enough if I'm incanted to pay our minimum fee or don't have the assets to hire us."
Kendra's Initial Takeaways
Kendra commends Joe for recognizing the risk of over-reliance on LinkedIn and emphasizes the importance of converting social media traffic to owned platforms like email. She suggests that before adding new channels, Joe should focus on building a robust conversion strategy for his existing LinkedIn audience.
Notable Quote:
Kendra Wright [01:59]: "before we even just dive into these questions, is I see a lot of advisors using channels like LinkedIn... and they're not being thoughtful about converting that viewership to a platform they own, like email."
Taylor’s Insights on Enhancing LinkedIn Strategy
Taylor dives deeper into Joe’s LinkedIn strategy, highlighting the need for improvement and refinement. He suggests that Joe should obsessively refine his LinkedIn presence by:
- Investing time in LinkedIn marketing courses and resources.
- Considering hiring a LinkedIn consultant for an audit.
- Enhancing content quality to better engage and convert followers.
Notable Quote:
Taylor Schulte [04:49]: "Could I hire a LinkedIn consultant to come in, like, audit what I'm currently doing with my LinkedIn strategy and provide me with ideas and tips for taking it to the next level?"
Implementing Mid-Funnel Tactics
Taylor emphasizes the necessity of establishing middle-of-funnel activities to bridge the gap between LinkedIn engagement and client acquisition. He proposes leveraging webinars and white papers as tools to further educate and nurture prospects, thereby increasing conversion rates.
Notable Quote:
Taylor Schulte [06:50]: "Maybe you have a strategy to DM people, inviting them to visit this landing page and download that white paper."
Leveraging White Papers and Lead Magnets
Joe admits underutilizing his existing white paper tailored for Procore employees. Kendra recommends maximizing this asset by creating a dedicated landing page and promoting it consistently on LinkedIn. She advises transforming it into a lead magnet to capture email subscribers, thereby strengthening his owned marketing channels.
Notable Quote:
Kendra Wright [14:28]: "Maybe one, like, what was that white paper written for? And if it's not on your website and you're not really doing much with it... let me share a couple of ideas I have there."
Refining the Client Acquisition Funnel
The discussion shifts to optimizing the client acquisition funnel. Taylor and Kendra suggest Joe refine his website’s messaging to better filter out unqualified leads. Implementing conditional logic in scheduling forms can help streamline the process, ensuring that only compatible prospects engage further.
Notable Quote:
Taylor Schulte [25:28]: "The messaging needs to speak to them, those pain points need to speak to them. That, you know, going to schedule an introductory call needs to be really clear about who this is and isn't a good fit for."
Kendra’s Additional Strategies for Content and LinkedIn Optimization
Kendra offers actionable tips to enhance Joe’s LinkedIn presence:
- Content Quality: Elevate post quality to differentiate from generic advisor content. She suggests unique angles, such as addressing counterintuitive ideas or highlighting lesser-known financial insights.
- Profile Optimization: Improve banner copy, about sections, and outreach messages to better resonate with the target audience.
- Consistency and Mastery: Emphasize the importance of continuous learning and mastery of LinkedIn strategies to stay ahead of competitors.
Notable Quote:
Kendra Wright [22:23]: "When social can't get your attention, where do they go? They go to email."
Final Takeaways and Recommendations
As the episode concludes, Taylor and Kendra summarize their key recommendations for Joe:
- Double Down on LinkedIn: Continue to refine and enhance the existing LinkedIn strategy by focusing on content quality and engagement tactics.
- Leverage Existing Assets: Fully utilize the white paper by turning it into a lead magnet with a dedicated landing page.
- Optimize the Funnel: Refine website messaging to better qualify leads and reduce unproductive client conversations.
- Expand Owned Channels: Gradually build and nurture an email list to diversify marketing efforts beyond LinkedIn.
- Invest in Expertise: Consider hiring experts or consultants to audit and improve key marketing channels.
Notable Quote:
Taylor Schulte [36:32]: "Don't fool yourself into thinking just because something's working it means you should go do something else. It might mean, it usually means like, okay, how can I get better at this thing?"
Conclusion
Joe leaves the conversation with a clear action plan: focus on refining his LinkedIn strategy, fully leverage his white paper as a lead magnet, and optimize his client acquisition funnel to ensure higher quality leads. Taylor and Kendra reinforce the importance of mastering existing successful channels before expanding into new ones, providing Joe—and listeners—with a strategic roadmap to transform LinkedIn success into tangible client growth.
Closing Remarks:
Taylor and Kendra encourage listeners to assess their current marketing assets, identify half-finished projects that can be completed to enhance their strategies, and consider each social platform as a micro sales funnel aimed at driving traffic to owned channels like email.
Notable Quote:
Kendra Wright [30:01]: "You've already got that asset, so let's rock that thing. Let's, let's put that in there."
This episode serves as a comprehensive guide for financial advisors seeking to maximize their LinkedIn efforts while building a sustainable and diversified marketing strategy. By focusing on conversion tactics and leveraging existing content assets, advisors like Joe Marshall can mitigate the risks of channel dependency and drive meaningful business growth.