The Ultimate Lesson to Grow Your Business

Last week, we discussed how you as the advisor can contribute to your business growth by hiring experts and allowing them to do their job. This approach focuses on self-development and how it can contribute to the success of your business. This week, we’re going to review the next secret to building a successful practice, and the answer to your growth strategy is right in front of you. For the type “A” personalities, this may sting a bit, but listen: your opinion doesn’t matter. Follow the statistics, and:

“Let the data drive the decision.”

As a financial advisor, agent, or RIA, you have data flying at your organization from many directions. It’s essential to manage these various data sources and identify which areas will benefit your firm the most. For example, your website contains data that’s trying to tell you a story. Ignoring this data is a sure-fire way to muddle in mediocrity. We find this occurs when ego enters the equation: “I have over 20 years in the business, and I know this has worked for me in the past, so that’s what we’re going to do.” This is the statement we usually hear from the advisors who, simply put, get in the way of their own success. Our best advisors are open-minded, coachable, and they don't argue with the data. Let’s focus on four spokes of the marketing wheel and look at the top 16 data points:

Branding: What data points could I gather from my printed materials?

  1. How often are you filling up your waiting room supply of branded materials? What is the feedback? What is your most requested document or guide?
  2. During your workshops when you hand each attendee your corporate identity kit, how many of them are left behind? This could indicate poor content.
  3. For the workshop attendees who do take your corporate identity kit, how many of them book appointments? They want to learn more about you before booking a meeting. When they do come in for the meeting, ask what they enjoyed about your identity kit.

Inbound marketing: For your e-mail drip campaigns, review the following:

  1. Your send frequency and what day you send your emails. Has this been tested?
  2. Your average open rate and your number one download.
  3. The number of appointments your e-mail campaigns generated. Click here to learn more about DMI’s strategy.

Workshops: The post-workshop data is what typically screams the loudest:

  1. How many of your “no-shows” have attended another workshop? What is your process to attract the “no-shows” to go to a future event? How is it working?
  2. How many attendees come in for the appointment they booked with you. If it’s less than 50%, something is wrong.
  3. How many attendees do not make an appointment? What is your follow-up process with them?

Website: Do you have Google Analytics installed on your site? Yes? Great! Be sure to analyze the following:

  1. Visitors - How many users visit your website each month?
  2. Page views - How many and which pages do your visitors view?
  3. Bounce rate - This data point will measure how engaging your website is. How quickly do visitors leave your website? From which page do you lose them?
  4. Acquisition channels - Where does your traffic come from?
  5. How many form submissions do you have each month?
  6. What is your highest performing download?
  7. Video views - What is your video watched percentage? When do the users stop watching your video? Why did they stop?

The above list is just a sample of the data points DMI will review with you. Every member of the DMI Marketing team is Google analytics certified. Yes, we are data geeks! Data does tell a story. Respect the data, listen to the data, embrace the data, and watch your business grow.

At DMI, we constantly test our skills by entering contests to see how we rank amongst our competitors.

Here is a sample of the awards the DMI Marketing team has won:


We take our work very seriously. If you would like to grow your business by hiring talent and listening to your data, let’s chat!

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Dave Fanara, DMI's Chief Marketing Officer

With over 30 years of marketing experience, Dave holds a Bachelor’s Degree from Suffolk University and a Master’s Degree from Lesley University. Specializing in creating strategic sales and marketing campaigns for companies who want to grow, Dave has set multiple sales records and has created award winning marketing campaigns in various industries.

* This content is for licensed financial professional use only. This website is not intended for use by the general public.

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    DMI was founded in 1989 to provide financial advisors three dynamic elements for success: marketing services, sales consulting and business management.