4 Methods to Automate Client Sourcing in the Financial Sector

The definition of success by any industry standard is the ability to retain old clients and keep acquiring new ones. Any organization looking to play the long-term game must know how to lubricate these mechanics. Often, companies only rely on word-of-mouth advertising and referrals. This means there are periods where they’d lack customers, and the business will be at a standstill.

The same applies to the financial sector. Succeeding in the finance industry is a unique challenge with diverse angles. This includes financial regulations, complex products, and adjusting to customer needs. But they still don’t come close to the fundamentals—sourcing for clients, identifying lost clients, and managing relationships.

An Automated Approach

The goal of every business is to make a profit. There are different methods a business can employ to increase sales. Some will engage in networking events, social media, advertising, and search engine optimization, looking for the best approach. Ultimately, it depends on your target audience, industry, and marketing goal.

To thrive in client acquisition and retention, you must master some tricks to help stabilize your results over time. Implementing these strategies can automate client sourcing and increase your revenue. Here’s how to automate client sourcing in the financial sector.

Identify Your Ideal Client

First, you need to define who your perfect client is. To do this effectively, you and your team need to have a working knowledge of your mission, vision, and core value. Being able to streamline your focus will help to define your ideal buyer persona. Then understand their primary needs, pain points, and concerns.

It is very risky to have a generalized product. It won’t be compelling enough to capture anyone’s attention. Rather than supposedly narrowing your scope, it helps you appeal to a customer base that truly appreciates your product. Also, you want to delve deeper and understand their habits—what they read, their search query, preferred gadgets, etc.

Researching the goals and fears of your ideal client will help you develop more suitable content. This knowledge will help you position your brand to meet its needs. These two factors would go a long way in determining their buying behavior, whether they’re impulsive buyers or take their time to research products.

Source and Target Qualified Leads

One of the easiest and proven methods for client sourcing is to spot and target qualified leads. Lead generation is the life wire of any business; without it, businesses will quickly get stranded. With lead generation, both quantity and quality matter. As much as it’s a numbers game, you must also identify specific clients suitable for your business.

The world becoming a global village has made it easier for companies in the finance industry to generate quality leads. By leveraging social media platforms like Facebook and LinkedIn, it is easier to get cost-effective options. You can also be highly specific with your search with a few extra bucks. For instance, you can filter leads to target clients in specific geography with high disposable income.

Organize Regular Events and Seminars

This is a great way to generate interest and educate your identified target audience about identified pain points they may have. If you do your background research well and choose a topic people are concerned about, you will attract many.

Your potential clients are the category of people interested in financial planning solutions, robotic process automation (RPA), maximizing credit loans, etc. Organized seminars should focus on investing, wealth building, RPA in banking, retirement, and savings.

Only a handful of people who attend such events are ready to buy. But the platform is a good opportunity to get contacts and follow up with more useful information. Positioning your sales team to reach out after the event to provide more value can lead to sales. The more you position yourself as a thought leader and are top of mind, the better your chances of closing.

Ask for Referrals

Don’t think your current clients will automatically refer you. This assumption can be costly. Financial advisors and banking firms believe clients will recommend them because their services are good. It doesn’t work that way. You have to request for it to generate new conversations.

First, you need to put yourself forward by asking directly. Ask clients if they know anyone who will benefit from something similar, or you can attach it at the bottom of your invoice. Another way to position yourself for referrals is to provide value and incentives constantly. When clients see something in it for them, like a referral bonus, it becomes easier to talk to others on your behalf.

A System That Works

You don’t want to wait till you’re out of projects before automating client sourcing. Actively seek out your ideal clients by building a buyer persona. Develop a lead generation strategy by leveraging social media and stay top-of-mind by organizing networking events and educational seminars.

Understand that excellent services might not be enough to get new clients, so ask for that referral. The more you execute these processes, the easier it becomes. And with a few tweaking frequently, you’d always have a pool of clients to cater to. 

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