BLUEPRINT TO ONLINE SUCCESS: How to roll out a new digital marketing program

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AboutAdvisor Websites

What is

?Advisor Websites is the easy-to-use, compliant website solution for financial advisors. We’re experts at financial web design and work with thousands of advisors across North America to build and maintain a website that achieves results (think: new leads and happier clients).

With Advisor Websites, you can:

Build and publish a website you love

Be fully compliant online

Login and customize your content anytime

Integrate your website with tools you’re already using

What is

?

Try Advisor WebsitesFree for 30 days

Advisor Websites is the easy-to-use, compliant website solution for financial advisors. We’re experts at financial web design and work with thousands of advisors across North America to build and maintain a website that achieves results (think: new leads and happier clients).

With Advisor Websites, you can:

Build and publish a website you love

Be fully compliant online

Login and customize your content anytime

Integrate your website with tools you’re already using

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Table of ContentsIntroduction

Why it Matters

Obstacles to implementing a system-wide Web Marketing Program

8 Key Steps to a Successful Web Marketing Program Roll Out

Step One: Proof of Concept (CLOSED BETA)

Step Two: Build a Team of Champions

Step Three: Ensure Their Success

Step Four: Build a Case

Step Five: Formalize Training

Step Six: Build up to the Roll Out

Step Seven: Re-inforce the Value

Step Eight: Monitor, Measure, and Improve Performance

How can we help?

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Introduction

With its far-reaching implications for advisor retention, advisory firms are beginning to explore ways to close the gap between their current web marketing policies and the most essential needs at the advisor level. Firms intent on moving their advisors to the forefront of digital marketing technology need a plan for rolling out a compliant-ready, enterprise-wide web marketing program.

Who is this Guide for? Marketing, Distribution and Technology Officers of Broker-Dealers, Custodian and Advisory Firms along with any stakeholders in Advisor Growth and Retention

“...30 percent of advisors who left their IBD within the past three years indicated that technology was a factor in their decision; yet it ranked as the second most important factor for those thinking about defecting in the next year or two.”

- 2014 Independent Broker/Dealer Report Card

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Why it Matters

Although the surge in advisor defections has subsided somewhat, broker-dealers and advisory firms are still struggling in their retention efforts on several fronts. Unquestionably, compensation issues get the most attention by firms and advisors alike; however, closing in quickly are technology factors as a primary motivation for switching firms.

According to the 2014 Independent Broker/Dealer Report Card, just 30 percent of advisors who left their IBD within the past three years indicated that technology was a factor in their decision; yet it ranked as the second most important factor for those thinking about defecting in the next year or two.

Chief among the concerns of advisors is their ability to personalize technology solutions to meet their specific needs. Of course, this applies to all facets of the technology platform; however, for an increasing number of advisors, the inability to establish their own brand and market to their constituents via a comprehensive digital strategy is a growing concern.

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An increasing number of IBDs and other advisory firms are beginning to recognize the disconnect between their current web marketing policies and the most essential web marketing needs at the advisor level. According to a survey conducted by Advisor Websites, 74 percent of head office personnel from among 13 IBDs agreed that digital marketing capabilities are key to their advisors’ success. Yet, 47 percent reported that less than half of their firm’s advisors currently have a website and only 12 percent felt that their advisors have the tools they need to succeed online.

Of the advisor websites currently in place, many are very outdated, which poorly reflects the advisor and the firm. All of this represents a very significant void with serious implications for advisor retention over the next couple of years.

Advisor Websites 2013 Digital Marketing Survey*

*Partial Results displayed above- See full results here

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Obstacles to implementing a system-wide Web Marketing Program

Of course, firms are also well aware that you can’t simply snap your fingers and have a fully implemented, advisor-based, web marketing strategy. The obstacles, while not insurmountable, are formidable, requiring a dedicated strategy, an investment of resources and the willingness to embrace the new digital age of marketing. Certainly, there a several challenges to overcome, not the least of which are compliance barriers; however, with new technologies and a better understanding of the digital marketplace, they can be reduced to small road bumps.

Aside from compliance barriers, there are at least two other potential obstacles that can undermine the implementation of a web marketing platform:

Missing from this list of usual suspects in a new technology roll out is the common obstacle of change resistance, which is always a major hurdle to clear. Why? It’s because, in the case of a system-wide, compliant-ready web marketing program, it is the change most advisors have been waiting for.

Following the best practices of other firms which have implemented a compliant-ready web marketing program for their advisors, IBDs and advisory firms can minimize waste while developing user-champions who can lead the charge for a successful rollout.

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What you learned from our previous e-guide

In our previous ebook: Step Into Digital : How to Position Financial Advisors for Online Success, we outlined the essential components needed for an effective digital marketing strategy:

Fresh, compelling, and original digital contentIntegrated Social MediaResponsive Design

Broker-dealers and advisory firms intent on moving their advisors to the forefront of web marketing need to partner with technology providers that can assist in the development and delivery of a comprehensive digital strategy that includes responsive websites, integrated social media, content creation as well as the training, coaching and resources to implement it.

What you will learn in this paper

IBDs and advisory firms are no strangers to technology roll outs, so it isn’t the purpose of the paper to rehash well-established implementation guidelines; rather, it is to highlight those facets of a roll out that can have the greatest impact in launching a successful web marketing program.

As with most roll outs, the focus should be on training and communication, starting with a small control group and expanding the roll out as success benchmarks are met. We’ll take you through the eight critical steps of a web marketing program launch designed to fully prepare your firm for a successful system-wide roll out.

Essential Compenents needed for an effective Digital Marketing Strategy

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8 Key Steps to a Successful Web Marketing Program Roll Out

Step One: Proof of Concept – Closed Beta

Once an advisor website prototype (or two) has been developed, it has to be tested, scrubbed for bugs, and evaluated by IT and a control group of end-users. The website provider should lead in this effort with installation, onboarding, training, monitoring and technical support. IT and end-users should follow a systematic process to address established evaluation criteria, including:

Advisor personalization – ease with which advisors can add their own branding, content and applications

Usability – includes navigation, speed, reliability responsiveness

Search optimization – includes code efficiency, key word relevance, use of graphics

Visual clarity and consistency – appealing layout, proper use of white space, consistent color template

Error prevention – appropriate error messages displayed

Feedback – mechanisms in place for visitor to provide feedback; feedback responder mechanisms in place

Analytics – ease with which user can access data and analysis

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Step One tasks to be completed:

Working with your web marketing provider, a beta version of the advisor website is developed around your specifications along with close-support training to be conducted by the provider.

A closed- beta team of 2 to 5 advisors is selected to validate the concept of the platform.

Training and results are closely monitored and documented by the provider and internal implementation team.

Benchmarks are established for next phase of the roll out.

Step Two: Build a Team of Champions

The quickest way to achieve large scale adoption of any new technology is by demonstrating results. For those results to carry any weight they must be achieved by actual end-users whose influence also carries weight. Pilot programs are essential for continued evaluation and refining the elements of an enterprise-wide launch. Crucial to the pilot’s success is the makeup of its participants who are relied upon to champion the new program to wary, potential users.

8 Key Steps to a Successful Web Marketing Program Roll Out

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Step Two tasks to be completed:

Identify and recruit a pilot group consisting of the beta team, top producers, early adopters and other invested advisors.

Communicate the firm’s vision and strategy for the web marketing program, and how it will benefit the advisors. Gain commitment.

Conduct a formal training workshop developed by the provider and the internal implementation team.

Utilize a detailed implementation checklist to onboard the users, monitoring their progress throughout the process.

Step Three: Ensure Their Success

While some may view it as “stacking the deck”, pilot participants must be given every opportunity to succeed, which usually entails providing whatever support is necessary to that end. However, pilots are also laboratories where theories are tested and new formulas for success are discovered; so they require a constant input of resources until success is achieved. More importantly, the high level of interaction with participants ensures a constant stream of feedback which is critical to the refinement process.

8 Key Steps to a Successful Web Marketing Program Roll Out

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Step Three tasks to be completed:

Provide access to technical support as needed.

Conduct weekly feedback sessions: What’s working, what’s not working, how to make it better. This increases their stake in the success of the program.

Assist team in the application of advanced features such as adding a blog, integrating social media, posting podcasts, setting up email notifications, etc.

Step Four: Build the Case

Aside from building a team of fanatical champions, the most important objective of a pilot is to build a case that will win over all of the stakeholders, not the least of which are the CIO, CMO and the CFO.

Step Four tasks to be completed:

Collect all data, including website analytics, onboarding benchmark data, soft data (i.e, client and prospect interactions, client feedback, etc).

Project ROI based on trending analytics and expectations.

Utilize industry metrics and survey results to extrapolate results based on expected utilization (i.e., client interactions, leads generated, new business, etc).

Present the case to the firm’s stakeholders.

8 Key Steps to a Successful Web Marketing Program Roll Out

8 Key Steps to a Successful Web Marketing Program Roll Out

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Step Five: Formalize Training

The laboratory experience of the pilot should reveal the key factors that are essential to successful onboarding and training of new users. A high quality website provider will likely have an onboarding and training template; however, in this step, you will want to work with them to , develop a training and education curriculum tailored to your operational and cultural needs. It should include:

• The essentials of an advisors digital marketing strategy (creating content, social media integration, client or prospect interaction, etc.)

• Detailed onboarding process from signup to website launch

• Close-support training on launching and personalizing the advisor website Compliance procedures

Step Six: Build Up to the Roll Out

A successful pilot manned by a team of champions will always generate some buzz. Before the buzz get’s too loud, the firm should launch a formal communications plan to keep all advisors apprised. A well-conceived communications plan should set the right expectations while building excitement for the coming technology.

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Step Six tasks to complete:

Create a communications plan for the rest of the advisors to include:

Announcement of the pilot and its objectives.

Share the firm’s strategy to help get all of its advisors web-wired.

Share early success stories and case studies.

Plan a firm-wide roll out presentation (to be showcased at a national conference or through special webcasts).

Announce schedule of formal training workshops.

Step Seven: Reinforce the Value

Post-launch communication is critical in order to maintain adoption and utilization momentum. At best, the adoption of new technology is uneven with some users achieving rapid success, others struggling to turn it on; and the rest somewhere in between. Users and stakeholders need to be reminded of the ROI that can be achieved with full utilization.

Step Seven tasks to be completed:

Communicate the program’s value through company newsletters and conferences

Present best practices and success stories through webinars

Conduct advanced web marketing training adding new features

8 Key Steps to a Successful Web Marketing Program Roll Out

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Step Eight: Monitor, Measure and Improve Performance

Once a new technology is launched, there is nothing more important than monitoring, measuring and analyzing results. Web technology is constantly changing as is the behavior of web users which is the primary reason to monitor and measure – to ensure optimum performance of your web platform. However, critical to the ongoing success of an enterprise-wide website program is the individual success of each of the advisor-users. Working with the website provider, advisors can learn from the analytics how to get the most from their website.

Step Eight tasks to complete:

Monitor and measure performance based on established benchmarks.

Schedule performance reviews with your provider at least once per quarter.

Using feedback and performance measures, find ways to add value to the program each year.

8 Key Steps to a Successful Web Marketing Program Roll Out

Planning, implementing and managing the successful rollout of a digital marketing program is challenging at best. As with most technology deployments, there is little margin for error. The good news is most advisors would welcome an initiative to help them build an online brand; so, as long as the new program meets their need for personalization, user experience, social engagement, and quality content, there’s little downside in terms of change management.

With our scalable enterprise platform, you can now offer your financial professionals a compliant, user-friendly and fully customizable online experience, without the hassle and hefty price tag of traditional enterprise applications.

Picking a new enterprise solution is hard! At Advisor Websites, we work closely with Broker-Dealers and Insurance Firms to create a shared vision, aligned with your goals. Our expert team of account managers, technical designers and dedicated support ensure that your transition is smooth, fast and painless.

Join the 150+ financial institutions already trusting Advisor Websites (including LPL Financial, Cetera, New York Life,TD Ameritrade, Fidelity and Sun Life)

Get in touch with us or call 604-800-1667.

How Can We Help?

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Try Advisor WebsitesFree for 7 days

Advisor Websites is the easy-to-use, compliant website solution for financial advisors. We’re experts at financial web design and work with thousands of advisors across North America to build and maintain a website that achieves results (think: new leads and happier clients).

With Advisor Websites, you can:

Build and publish a website you love

Be fully compliant online

Login and customize your content anytime

Integrate your website with tools you’re already using

Try Advisor WebsitesFree for 30 days

Advisor Websites is the easy-to-use, compliant website solution for financial advisors. We’re experts at financial web design and work with thousands of advisors across North America to build and maintain a website that achieves results (think: new leads and happier clients).

With Advisor Websites, you can:

Build and publish a website you love

Be fully compliant online

Login and customize your content anytime

Integrate your website with tools you’re already using

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