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Using the Web to Deepen and Expand RelationshipsWorkshop Presentation

John StoneFounder and PresidentRevenue Architects

Agenda

Your Web Presence

Is this

relevant to you?What are potential

strategies?What should

you do?

Approach

Discussion• Value of Web Presence• Relationship Life Cycle• Potential Strategies• Planning considerations

Workbook• Ambition• Stage Maturity• Key Strategies• Prioritization

Agenda

Your Web Presence

Is this relevant to you?

What are potential strategies?

What should

you do?

The impact of deepening relationships

The Customer Lifetime Value tool from the Harvard Business School helps reinforce the importance of long term relationships to profitability:

Source: http://hbsp.harvard.edu/multimedia/flashtools/cltv/index.html

Web presence plays an important role

Source: www.banktech.com/blog/archives/2010/08/how_to_make_you.html

More than one-half of financial services product searches in the United States begin online, according to Accenture research, and that figure is likely to increase. Indeed, customers rank the online channel as the single most important way of interacting with their banks. ““

The demographics are right

77% usage in the USA in 2010 (vs. 44% in 2000) In the U.S., 62% of internet users are 25 or older

• 25-34 years – 12%

• 35-49 years – 27%

• 55+ – 23%

Household income

• $30-49K – 80% are online

• $50-79K – 91% are online

• $75K+ – 97% are online

source: internetworldstats.com and itfacts.biz

Your clients are using the web…

Aware Interest Evaluate Engage Advocate

SearchSocial NetsMediaBlogs

RegisterDownloadViewPersonalize

ResearchMeetCompare

TransitionAccessTransactResearch

RecommendShare

Learning, evaluating, comparing, recommending…

We self-sell, self-service and expect a good experience.

Relationship Life Cycle

Advisors are responding

Aware Interest Evaluate Engage Advocate

BrandContentSEOSocial MediaBlogPR

Services

Articles

Videos

eMail

Events

ProfilesPersonalizeToolsFeeds

FormsFile ShareServiceUpdatesReporting

InfluencersRecommendRequestWeb 2.0

Leaders build strong presence as part of their relationship strategy.

Attracting, nurturing, growing relationships…

Relationship Life Cycle

But many are just getting started…

No unified identity Disconnected branding:

“advisorname@yahoo.com” Boilerplate messaging Lack of original or dynamic content Antiquated web site design No social media presence (outposts) Limited website services

Advisors are not convinced about social media

42% of the RIAs make some use of LinkedIn.

45% of RIAs use Facebook, but only 6% of them say they use it for professional use, compared to 39% who use it only personally.

Twitter gets no respect with 3% saying they use it professionally and 7% saying they use it only personally.

14% of RIAs saying that they keep a public journal or Blog. This includes 8% who only blog professionally and 2% who consider their blogging efforts both a personal and professional endeavor.

Reference: Study conducted by Koski Research published July 2010 by Schwab Advisor Services. http://www.riabiz.com/a/2042013

Regulations further constrain adoption

FINRA Regulatory Notice 10‐06

NASD 2210 (public communications)

NASD 2310 (suitability)

NASD 3010 (supervision)

NASD 3110 (books & records)

SEC Rule 17a‐3 & 17a‐4 (record retention)

Rule 206(4)‐1 (advertising & testimonials)

Rule 204‐2 (books & records, record retention)

But small improvements can have a big impact

Stage Today Year5%

Improvement Change

Aware 500 525 25.0

Interest 15% 75 82.7 7.7

Evaluating 50% 37.5 43.4 5.9

Client 40% 15 18.2 3.2

Advocate 25% 3.75 4.8 1

Factor Change AUM/ Per Fees Impact

Base 23 1.5M 345k

New 4 $1,500,000 1% $60,000

20%

Plus lifetime value

Example: 5% improvement at each stage delivers a 20% fee increase in 1 year.

What is appropriate web presence?

?

?

What is appropriate web presence?

Ramp up Innovation

Focus Balance

Our firm is digital

Ou

r cl

ien

ts a

re d

igit

al

Low

High

High

Agenda

Your Web Presence

Is this relevant to you? What are potential strategies?

What should

you do?

Web presence and the relationship life cycle

Aware Interest Evaluate Engage Advocate

What strategies should we consider?

1. Explore each stage

2. Assess current capabilities

3. Identify potential opportunities.

Relationship Life Cycle

Awareness Stage

Search Visibility Distinctive Value Proposition Digital PR Dynamic Publishing Social Outposts

Aware Interest Evaluate Engage Advocate

Shift the mix from “outbound” to “inbound” marketing.

Search Visibility

Search Visibility: Organic Results

Smarter people

Longer lasting

More traffic

Free

Organic Results75% Clicks

Organic results are best:

Search Visibility: Strategies

On-page (25%)

• Page titles, Tags

• Meta Data

• Keywords

Off-Page (75%)

• Inbound links

• Content

• Publications

• Digital Footprint

On and off-page strategies:

Search Visibility: Directories

Use free services like Google Places

Get found with Geo-listings:

Distinctive Value Proposition

An effective web presence begins with strong positioning.

“Financial Advisor”

“Boston wealth management and retirement planning”

PopularityHigher Probability of Conversion

Lower Probability of Conversion

Low Cost

High Cost

Se

arc

he

s / S

ite

Vis

ito

rs

Define your elevator pitch, value proposition and messaging. Here is a way:

Distinctive Value Proposition

Situation

Complication

Question

Answer

FiduciaryIndependenceComprehensive knowledge base

S

Q

C

A

Wealth preservation is more complicated with new and emerging tax laws and investment vehicles.

Many investors are uncertain about college savings and retirement.

How do we help?

Comprehensive planning and wealth management.

Digital PR

Use press releases for more than news

Become an obvious expert

Use a “SEO ready” wire service

Optimize news content and facilitate media discovery

Use landing pages for click throughs

Photo: http://www.toprankblog.com/2009/03/using-news-to-drive-seo/Photo: http://www.toprankblog.com/2009/03/using-news-to-drive-seo/

Dynamic Publishing

Long-tail positions

More dynamic website

RSS protocol for articles

Build content velocity on the social web.

Blogs work:

Dynamic Publishing

Syndicate on affiliate networks

Other Outposts

Social Outposts

Social media is not just personal… and not just for kids…It is an interconnected web.

Social Outposts: Facebook

Personal Profiles Share Content Build Relationships Establish Business

Page Join Groups Publicize Events Build Exposure/

Awareness

Social Outposts: LinkedIn

Establish Strong Profile Syndicate Status Updates Share Content Network with Connections Get Introduced Participate in Groups Gain Client Intelligence Build Exposure/

Awareness

Social Outposts: Twitter

Practicing my Ten Simple Truths About Money talk, it's sounding pretty good. 6/11 Commonwealth Club debut coming up! http://tr.im/mQdG -@curtisfinancial

Working on show prep for tomorrow's "Investing for the Long Run" at noon on WMEL-1300am.Listen live at http://tinyurl.com/nv9vq4

-@bobrall

June edition of My Two Cents (my video blog) now on my website - http://bit.ly/yLR2B -@brianplain

Blog Tips for Financial Planners and Professionals http://ow.ly/cBaW -@russthornton

33

Exercise: Self Assessment

Consider each capability statement Score how well you are performing.

Aware Stage

Interest Stage

Aware Interest Evaluate Engage Advocate

Brand Presence

Content Marketing

Integrated Campaigns

Virtual Events

Relationship Intelligence

We want to generate interest, nurture relationships and qualify opportunities.

Brand Presence

Enduring and extensible band name

Professional, creative, visual design

Consistent across social outposts

User-centered design and functionality

Brand Presence: Website example

Imagery sends message

Intent-based navigation

Promotional elements for key content/ events.

Naming and brand mark

Secure access Resources Conversion

Brand Presence: Which Outposts?

?

?

?

?

?

Content Marketing

Articles, video, blogs, white papers, webcasts… Understand what your clients want, and deliver it

in a compelling way:

Drive search visibility and engagement…

Relevant Modular Authentic Entertaining Sharable

Visible Accessible Stylized Optimized Managed

Content Marketing: Video

Adapted to rapidly integrate complex visual stimuli Immense portion of our brain power dedicated to

processing moving visual images Face recognition engine

“The brain is built for video.”

“71% of the US online audience watches video on the Internet, and the number of streams consumed should more than double by 2013.”

Content Marketing: Video

Imbedded YouTube video

 Videos | resources | http://www.acrinv.com/resources/video | Screen clipping

YouTube Channel

Integrated Campaigns

Collaborate with COIs

Align with value proposition

Cross-promote on social networking sites, PR

Collect registration data and profile information

Educate and nurture prospective clients

Virtual Events

Collaborate with COIs

Build credibility

Collect registration data and profile information

Cross-promote on social networking sites, PR

Relationship Intelligence

Quick access to social profiles and published content

Gain intelligence

Build relationships

Exercise: Self Assessment

Consider each capability statement Score how well you are performing.

Aware Stage

Evaluate Stage

Personalized Marketing Website Tools and Services Secure Collaboration

Aware Interest Evaluate Engage Advocate

Build personal relationships, cross-sell new products and facilitate on-boarding of new accounts.

Personalized Marketing

Closed-loop marketing

The right message to the right people

Nurture programs

New business and “stay in touch” campaigns

Progressive profiling

Scoring – behavior and demographics

Image Source: http://www.crmtechnologies.com/closed-loop-marketing.asp

Website Tools and Services

Interactive forms

Financial Tools / Calculators

Dynamic presentations

Web 2.0

Blog

Web Conferencing

Event Calendars

Document Resources

News Releases

Secure Collaboration

Paperless Office Secure, private site

access to secure shared folders and files

Manage & view documents and media in one place

Easy to use interface Saas vs Platform

Exercise: Self Assessment

Consider each capability statement Score how well you are performing.

Aware Stage

Engage Stage

Online Meetings Portfolio Reporting Newsletters Foundation Technology

Aware Interest Evaluate Engage Advocate

Satisfy clients for long-term retention and referral potential.

AlexFinancial Advisor

TimClient

JaneTim’s Wife

Online Meetings

Increase frequency and flexibility with 1:1 online meetings

Features to Consider:o Browser plug-ins

o Audience size

o Live vs. Recorded Webcast

o Bandwidth

o Audio Mode

Portfolio reporting

Better solutions bring your client to your website continuously – providing an opportunity to both deepen the relationship and introduce new offers.

• Account aggregation

• Web-based portfolio management

• Quarterly reporting

• Online account holder access

• Daily reconciliation

• Billing

• Business intelligence

Newsletters

Stay in front of your clients more often

Support your nurture campaigns Deliver content value & promote

events Ensure consistent branding and use

text & HTML Integrate your blog posts Use the right distribution service

Foundation Technology

Content Management SaaS or Platform Templates and Designs Widgets and Web 2.0 Integration Secure Private Site Access SEO features eMail domain services Analytics

Exercise: Self Assessment

Consider each capability statement Score how well you are performing.

Aware Stage

Advocate Stage

Social Outpost Sharing Website Content Sharing

Aware Interest Evaluate Engage Advocate

Help clients help you with referrals and introductions.

Social Outpost Sharing

Facebook fan sharing/ cross-promote

Twitter & Outpost ReTweeting(make it easier for me)

Web 2.0 Syndication

Web 2.0 Widgets

Social Syndication

Newsletter

Website referral engine

Marketing Emails

Email signature

Web 2.0 Syndication: Velocity

From websites to web presence

20M month 400M Users

30M per month

50M month

Exercise: Self Assessment

Consider each capability statement Score how well you are performing.

Aware Stage

Workshop Agenda

Your Web Presence

Is this relevant to you? What are potential strategies?

What should

you do?

Armed with your self assessments, you can now begin crafting a personalized blueprint.

Building a Web Presence Blueprint

Key Initiatives

Must, Should, Could

When?

Consider key dimensions

Consider dimensions and success factors

Aware Interest Evaluate Engage Advocate

Client Strategy?

Content & Messaging?

Skills & Organization?

Technology?

Processes?

Metrics & Measures?

Resources

Planning Web Presence Blueprint: Workbook• Workbook available for download on

www.revenuearchitects.com/tools

Additional Reading• Blogroll weblinks & resources on

www.revenuearchitects.com

• http://www.readwriteweb.com/archives/top_10_youtube_videos_about_internet_of_things.php

• http://www.marketingprofs.com/

Thank YouJohn C. Stone IIIRevenue Architects(617) 686 7305jcstone@revenuearchitects.com www.revenuearchitects.com@jcstone3 on Twitter

References & Image Sources

http://hbsp.harvard.edu/multimedia/flashtools/cltv/index.html

http://www.banktech.com/blog/archives/2010/08/how_to_make_you.html

http://www.ijsolutions.ca/naissance/index.html

http://www.univeris.com/thenews.asp?active_page_id=238&active_page_menu_id=58&page_link=thenews.asp

http://www.toprankblog.com/2009/03/using-news-to-drive-seo/

http://www.consumerinjurylawyers.com/dangerous-product-alerts/peanut-butter-recall/index.html

Image Source: http://www.crmtechnologies.com/closed-loop-marketing.asp

77%: internetworldstats.com

Age: http://www.itfacts.biz/us-internet-user-profile-by-demographics/11234

Income: http://www.itfacts.biz/us-internet-penetration-by-demographic-profile/10538

 Videos | resources | http://www.acrinv.com/resources/video | Screen clipping