The Case for an Inside-Out Growth Strategy
An inside-out growth strategy means capitalizing on the clients, colleagues, and friends already in your network to reach and convert new clients who are not. Outside-in means venturing out of your network to establish relationships with cold leads. It includes cold calls, paid ads, SEO, sponsorships, and media coverage.
Inside-out includes methods which bring you the most desired type of contacts: referrals. When you build stronger relationships with your contacts and give them a way to make easy referrals (in the form of shareable emails and social media posts), then you grow from within your network to out of it.
Viral Buzz for Your Business
Virality for your business is not like a large brand or persona “going viral,” which is overkill for an advisory business. Viral buzz for you means your network associates your firm with a strong digital presence, helpful and knowledgeable content, and responsiveness and availability.
When one of your contacts wonders how recent events have affected his or her portfolio, your name and website are the first thought.
When your acquaintances go online, they are pleased to see your regular social media posts and click through for your take on news and events.
When a clients’ friends asks for advice on investments, they think to forward your most recent email on the markets.
Viral buzz like this comes through consistent, high quality, frequent updates via email, social media, and your website. These platforms target your existing network and require few resources.
In 2015, the most powerful strategies to acquiring $1-million-plus affluent clients are ranked:
- Referral alliances (CPAs, attorneys, etc.)
- Unsolicited referrals
- Personal introductions
All are based on referrals from within the advisor’s network. Outside-in marketing is not effective for converting valuable clients. Affluent investors need to trust their advisors, which means you need a golden reputation with potential referrers.
If your network trusts you as a credible, reliable, knowledgeable advisor, it is far likelier to refer you.
The Power of a Good Review
Consumers seek out and trust strong reviews from people they know. 84% of consumers say they either completely or somewhat trust recommendations from family and friends. This information source, ranked highest for trustworthiness, makes all the difference when turning leads to clients.
Recommendations from trusted connections remain valuable, and now more accessible and repeatable than ever.
A Digital Solution for a Digital Economy
Vestorly is simple software to share digital content and generate more referrals. It lets you communicate with personalized and automated emails, social media posts, and website content full of interesting, shareable digital information. When your network naturally shares, you capture the identities of these new readers, their interests, and organically grow your client base. Use this data of your mutual connections to your advantage and prospect effectively.
An outside-in growth strategy mostly falls on deaf ears. Go inside your network – even in this digital age, the voice of a trusted friend is always heard more loudly than a cold call or advertisement.