5 Secrets for effective lead generation for Financial Products

Almost every financial organization is engaged in lead generation. While most of the methods are somehow working but reaching the best output remains a distant dream. The increasing costs of lead generation along with increasing complexities in digital marketing are negatively impacting the ROI of any business development initiative.

Today, Let me share few secrets that I discovered while generating leads for various financial products in past 10 years. This information may help you in sharpening your lead generation strategy and improve performance.

So lets start with the First one.

Secret 1 : A Great Proposition

Any campaign is nothing but communication from business to its potential customers. The subject of such communication matters more than the mode for any receiver. So it is important to work on the proposition diligently before sending it blindly. Sometime, business wish to get more customers even with their ‘not so working’ schemes or plans; and as a result ends up with poor performance or even a failed campaign. A small prototype among few customers or any previous experience of successful campaigns may do the miracle.

Secret 2 : Relevancy

Often, I have seen businesses sending campaigns blindly to a bulk database which comprise of the people whom business doesn’t even know. And then we expect a great response for our campaign. Among the most important vector for any successful campaign is the relevant audience. “Selling comb to bald is and always will remain a challenge”. it is always better to work with smaller database with much more insights, which raises the probability of more people reading through the communication.

Secret 3: Quality over Quantity

Any business is always looking for best conversion. The range of conversion ratio varies from business to business and product to product however the value of denominator plays the determining role. The more and more introspection of campaigns along A/B testing brings about the most successful options for attracting customers. A ‘little tricky approach‘ while generating leads will let only serious player to go through the process. Having said this, it is always a business call touch or not the fence sitters.

Secret 4 : Right Medium

It is now evident that people opt for information medium as per their liking, habits or even their mood. The perfect example could be the difference of audience expectations between linkedin and facebook. The choice of medium among channels like email, sms, social media, search engines or any other, depends upon the customer segment and product or service, the business is looking to market. According to the chosen medium, even the communication drafting get impacted.

Secret 5 : Psychology of Customer

It is most important to understand the psychology of your audience. A common dialogue I hear from marketer India in “people are always looking for freebies or cheaper products” I am not saying that it is totally untrue but it is more important that where you wish to position your business in customer mind. Giving you an example…What comes to your mind when I say ‘Zerodha’ or when I say ‘Motilal Oswal’. Though both of them offer similar product however brand positioning is totally different.

Remember, Building brand positioning is a very very long term process and may take years or a lifetime.

Though I shared the ingredients for an effective lead generation however the taste of every dish will be different. The success also depends upon the knowledge of marketer about product, digital space and marketing techniques. And like any other subject one should consistently keep learning about the same.