You would be surprised that most people answer ‘No’ to all of the questions above. Unfortunately, the importance of tracking analytics for marketing communications have been overlooked. In fact, 74% of marketers do not even have the functionality to measure how their digital initiatives influence their business.[1] This is quite concerning, as measuring your marketing efforts is vital in creating a calculated strategy. In fact, clients have reported that when they feel engaged by their advisor, they invest and refer 2 times more then those not engaged (Vanguard, 2015).
Below are four critical reasons why you need to track your analytics:
Understanding the specific people who engage with your digital communications is important. This is because knowing if your initiatives are creating an increase in engagement over time is the only way for you to know if your content is resonating and can provide ROI. A high engagement rate means you are engaging your clients and prospects. Converting account opportunities created through digital engagement is essential to grow your business in the digital age.
It is also important to know your engagement levels with clients and prospects. Content effectively distributed ensures you stay top of mind, and considered a thought leader providing relevant information and guidance. If your digital engagement is not excelling your business, it's time for your digital marketing tools and strategy to be re-thought. Automated communications can be an effective approach to ensure marketing ROI.
Gain insights on what topics your clients and prospects are interested in, allowing you to send targeted communications with relevant content. This can only be accomplished by tracking your analytics and ensuring client receive immediately valued content information addresses the obstacle they are facing. Analyzing your data will indicate what your clients are interested in. In fact, you may be surprised at what topics resonate, and how you can provide wanted frequent communications . Therefore, analytics and insights around clients interests allow you to keep clients engaged.
It’s critical to monitor the type of content your clients and prospects are reading. This is because they are only reading articles that resonate. Through carefully analyzing the content topics clients resonate with, you’ll be able to provide laser targeted communications.
For instance, if a client or prospect is consistently clicking on articles that are ‘retirement preparation’ focused, then it is evident they are beginning to think about retirement readiness. Once you’ve been informed on their current financial goals, you can tailor an informative newsletter which will contain content relevant to their current needs.
By doing so, you demonstrate your understanding and commitment to guide their financial planning goals and wider wealth management needs. As an advisor, is is vital to know your clients better than your competitors do. Therefore, utilizing marketing data will help keep you top of mind and position you as a trusted thought leader in your clients and prospects eyes.
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