Advisor Marketing Made Simple: Episode Summary

Episode: Marketing Funnel Basics: What Every Advisor Needs to Know
Release Date: October 23, 2024
Hosts: Taylor Schulte and Kendra Wright

In this insightful episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright delve into the foundational concepts of marketing funnels tailored specifically for financial advisors. Their conversation breaks down complex marketing strategies into simple, actionable steps, empowering advisors to effectively attract, engage, and convert clients without feeling overwhelmed.

1. Introduction to Marketing Funnels

The episode kicks off with Taylor and Kendra setting the stage for understanding marketing funnels, a critical yet often misunderstood tool in financial advisor marketing.

Kendra (00:00):

"Our goal today is just to break down funnels in a way that is clear and hopefully reduces your overwhelm."

Taylor (00:35):

"A marketing funnel is really just a model that maps out your customer's journey from becoming aware of who you are to ultimately becoming a client."

2. Defining Marketing Funnels

Taylor provides a clear, jargon-free definition of marketing funnels, emphasizing their role in mapping the customer journey from awareness to conversion.

Taylor (03:17):

"When I think about a marketing funnel, I really just think it's the intentional process that you design to help great people find you, trust you, and hire you."

Kendra reinforces this by highlighting the simplicity and authenticity required in selecting marketing tactics that resonate with the advisor's natural strengths.

3. Marketing Funnel vs. Marketing Plan

The hosts draw a crucial distinction between marketing funnels and marketing plans, likening it to financial planning.

Taylor (04:20):

"Marketing tactics are like individual financial products—they need to be part of a comprehensive plan to be truly effective."

They stress that a marketing funnel should not replace a holistic marketing plan but rather function as an integral component within it, supporting the overall strategy.

4. Layers of the Marketing Funnel

Taylor and Kendra break down the marketing funnel into three distinct layers: Top, Middle, and Bottom, each serving a unique purpose in the client acquisition process.

a. Top of the Funnel – Awareness

This stage focuses on how potential clients discover the advisor's services through various activities designed to build awareness.

Taylor (23:48):

"Top of funnel activities, like paid Facebook ads or Google Ads, are responsible for bringing awareness to who you are and what you do—not for generating new clients directly."

Kendra (28:27):

"The top of the funnel is just how people find out you exist. That's it."

b. Middle of the Funnel – Engagement and Trust

Once awareness is established, the middle stage is about engaging with prospects and building trust through value-driven interactions.

Taylor (32:05):

"The middle of the funnel activity is to build trust and show your expertise to that person."

Kendra (41:51):

"The middle of funnel is where a lot of advisors just kind of forget that it exists."

c. Bottom of the Funnel – Conversion and Sales

The final stage involves converting engaged prospects into clients through clear calls to action and streamlined sales processes.

Taylor (34:34):

"The bottom of the funnel is your sales process. This is where you're converting prospects into clients."

Kendra (50:25):

"Focus on building one single funnel. Just do me that favor."

5. Real-Life Examples of Effective Funnels

The hosts share practical examples to illustrate how marketing funnels operate in real-world scenarios.

a. Taylor's SEO-Podcast-Free Assessment Funnel

Taylor describes his personal funnel, which has significantly contributed to his firm's growth.

• Top of Funnel: SEO optimized around keywords like "Best retirement podcast" to attract visitors.
• Middle of Funnel: Subscribers engage with his weekly podcast, building trust and demonstrating expertise.
• Bottom of Funnel: A branded call-to-action, such as the "Free Retirement Assessment process," encourages listeners to schedule a consultation.

Taylor (44:08):

"I have a pretty detailed sales process because I've branded it. It's called the Free Retirement Assessment process."

b. Kendra's Client Podcast Funnel

Kendra discusses a client’s podcast strategy that focuses on guest appearances to leverage existing audiences.

• Top of Funnel: Guesting on other relevant podcasts identified through listener surveys.
• Middle of Funnel: Podcast listeners subscribe and engage with his content, fostering trust.
• Bottom of Funnel: Periodic call booking campaigns align with clients' financial planning seasons to convert listeners into clients.

Kendra (53:09):

"This client's funnel is weakest at the top, but it's still converting clients effectively."

6. Optimizing Your Funnel

Taylor and Kendra emphasize the importance of patience and continuous optimization within each funnel layer. They caution against prematurely abandoning strategies that haven't yielded immediate results.

Kendra (17:45):

"It's really easy to get distracted. It's really easy to want to do a lot of things and feel like you're missing out."

Taylor (20:12):

"Funnel building is challenging, and they take some time. You have to learn the nuances of every marketing channel."

They advocate for measuring the performance of each funnel segment and making data-driven adjustments rather than switching channels impulsively.

7. Key Takeaways

As the episode concludes, Taylor and Kendra highlight the essential lessons for advisors looking to implement or refine their marketing funnels.

Kendra (57:46):

"Fight for simplicity in your marketing so that you can really focus on building each of those layers of the funnel."

Taylor (60:38):

"Focus on building one single funnel. If you're doing 10 different things, narrow it down to three. Make sure that those three are complementing each other."

Main Points:

• Simplicity is Key: Concentrate on a single, well-structured funnel before expanding.
• Trust Building: Invest time in the middle of the funnel to foster genuine relationships.
• Consistency and Patience: Marketing success is gradual and requires ongoing effort and optimization.
• Complementary Activities: Ensure that each funnel layer supports the others, creating a cohesive strategy.

Resources Mentioned

• Marketing Funnel Worksheet: Available in the show notes.
• 20-Minute Funnel Walkthrough Video: Available alongside the worksheet in the show notes.
• Previous Episodes for Further Learning:
  • Episode on "Experiments in Advisor Marketing"
  • Episode 5: "Marketing Improvements to 3x Your Revenue"

Conclusion

This episode serves as a comprehensive guide for financial advisors seeking to demystify marketing funnels. By focusing on simplicity, building trust, and methodically optimizing each funnel layer, advisors can create effective marketing strategies that lead to sustainable business growth.

For more detailed strategies and resources, listeners are encouraged to check the show notes and engage with Taylor and Kendra for personalized guidance.