Lead Generation in the Financial Services Industry

On December 8, 2016

Lead Generation in the Financial Services Industry

Financial Services is one of the largest industries in the world economy, making up 9.5% of commercial services. Where there is money, there is always competition. In the broad sense of things, competition for customers in financial services is intense. Lead generation has become the primary B2B growth strategy in the digital age. Using repeatable, measurable processes and software automation, organizations can keep a steady volume of new business flowing through their pipeline. With the right ingredients, the right tools, and the right distribution channels, one can generate a determined number of leads per month that will meet a predetermined standard of quality. This process covers all the hallmarks of the scientific method: it is observable, testable, and repeatable.

The challenges that the Financial Services Industry are many when it comes to generating leads. Primarily, the main challenge is that of generating qualified leads. While most financial services professionals are good at sales, they lack qualified people to sell to. Also, most people are also ignorant when it comes to financial products as they think it is very complex. Product distinctions that may sound obvious, may feel ridiculously complex to your potential client. Marketing to the client is another difficult feat because more often than not, the client has already heard the pitch before. This is one of the main areas where a lead generation system can help. It helps by personalizing the entire sales pitch, making sure to pay attention only to the product or service that is relevant to the customer. Another challenge is the time taken for decisioning and converting a lead into a sale. Factors like high degree of complexity, high transaction value, potentially multiple decision-makers all add to the convolution.

The foundation of a good leads management system must take care of marketing automation, analytics/reporting, lead nurturing and systems integration. These tools can help measure the number of leads generated, monitor conversion rates, measure quality and Return on investment. A robust leads generation system can also help forecast revenue and the trajectory of future leads. These qualities accommodate a growing consensus of B2B companies obsessed with predicting, containing, and controlling the customer journey to drive profits.

While addressing the generation of leads, the most important task is to ensure that no leads are dropped. To ensure this, the system must include omni channel system that captures and collates inputs from all touch points. Anything that a customer uses to know or understand the product or offering or any device a customer uses to reach out to an organization is a touch point and this acts as the source of leads. Client referrals, partner alliances, social media, events, mass media, digital media, print media and telemarketing are the main source of leads.

A sound leads management system helps you stay in touch with your customers, positions your product indirectly, helps you efficiently differentiate your offering, and distills complex sales pitches. They are engineered for conversion and designed to compress long sales cycles and drive faster decision making. Thus, a lead generation system shouldn’t be seen as a hindrance; it’s a critical asset to the long-term growth of any organization that thrives on customers and any industry that isn’t monopolistic. The purpose of marketing is to eliminate selling and that is what a pipeline management system must essentially accomplish.

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