By Kasey Dean, Simplicity Lone Beacon’s Senior Director of Accounts.
For many financial advisors, traditional lead-generation strategies like in-person events can yield inconsistent results, especially in challenging markets. One advisor spent most of the past year-and-half struggling to set up appointments from their various events. They tried multiple mail houses, changed venues, and held educational and dinner events, but these efforts didn’t seem to lead to an improvement in their booked appointments. So, in the back half of 2024, they decided to incorporate more digital advertising and learned invaluable lessons about consistency, process, and the power of technology.
The Challenge
The advisor spent thousands of dollars per event set hoping to generate immediate appointments. However, they did not generate enough appointments to meet their expectations. To address this, we introduced a lead generation campaign on Facebook focusing on new prospects booking immediate appointments. To start, they invested $4,500 in a 3-month campaign. While the campaign successfully generated 65 leads, the advisor booked only 1 appointment in the first month-and-a-half. Although we generated leads for this advisor, our focus turned to the next step in their prospect’s journey to becoming a client. At that time in the campaign lifespan, we determined that there was an opportunity to focus on how the advisor was following up with each lead, whether by personal or automated messaging.
The Turning Point
At the month-and-a-half mark, we had to dig in with the advisor to better understand the consumer journey of what really happened after the prospect showed initial interest. It was then that we learned there were two gaps in their consumer’s journey: 1) the prospect was not getting consistent phone calls right away, and 2) when they made calls, they struggled to speak with anyone on the phone. This insight led us to recommend that this advisor implement two adjustments: 1) a structured personal call and email follow-up from a dedicated team member at the firm and 2) adopt Calendly, an online scheduling tool, to simplify the appointment booking process for prospects. These changes had a transformative impact: 14 first appointments were booked. This marked a significant improvement and demonstrated the campaign’s potential when paired with a focused approach.
Results and Insights
The campaign’s results highlight the potential of a fully strategized digital advertising campaign:
- Leads generated: 65
- Appointments booked: 15
- Cost per lead: ~$69
- Cost per appointment: ~$300
These results highlighted a crucial insight: digital strategies can open doors in markets where traditional methods fall short, provided there is a consistent follow-up plan and a streamlined system for the end user.
Lessons Learned
- Consistency is Key: Regular follow-up with leads is essential for success.
- Use Technology to Streamline: Tools like Calendly make it easier for prospects to schedule meetings and reduce friction.
- Campaigns Need Time to Mature: Immediate results aren’t always realistic—adjustments and persistence matter.
- Combine Strategies for Success: Digital campaigns can complement traditional methods, expanding opportunities in untapped markets.
Takeaway for Advisors
This case study underscores the importance of adapting to new lead-generation methods and advisors adjusting personal behaviors/systems to better meet their prospects. While this is one advisor’s success, these learnings remain consistent with everything I have learned working 5 years in this industry. Advisors looking to grow their business need to ask themselves how the consumer interacts with them at every point of their journey and how the advisor can learn from that journey to make small adjustments for incremental gains. Advisors who are willing to invest time, money, and resources will see success if they remain committed.
About the Author: Kasey joined Simplicity Lone Beacon from the sportswear industry where she was a marketing manager overseeing the strategy, content creation, execution, and analysis for New Balance Athletics’ first-ever customer rewards program. She has also managed a million-dollar media budget, creating content and measuring performance for paid and organic marketing campaigns. Kasey graduated from Brandeis University with a double major in Business & American Studies, where she was also a two-year captain of the Varsity Women’s Basketball team. In her free time Kasey enjoys being active and traveling as much as possible.
