The fate of in-person seminars is constantly evolving which means your marketing efforts also need to evolve. Let’s compare the cost of marketing 12 in-person seminars two different ways:
- Marketing 12 seminars with direct mailers cost $33,000.
- Marketing 12 seminars through digital platforms cost $14,120.
That’s a pretty big cost difference, but what about quality of leads? In this case, the more expensive option is not the most effective option. The “old way” of sending direct mailers fails on the most important goals for your seminar including:
- Filling your seminar seats
- Converting new prospects
- Owning your own first-party data
- Creating a larger digital footprint
- And, building credibility with new prospects
In contrast, here are some of Lone Beacon’s digital marketing results per event:
- Total Registrants: 531
- Cost Per Lead: $26.36
- Qualified to Attend Seminar: 70%
- Total Buying Units Attended: 73
- Total Appointments Booked: 32
- Total Appointments Kept: 20
- Total Conversion to Appointment: 44%
- Balance of Leads to Remarket (via text/ email/call): 458
- Minimum expected appointments generated via new database: 32 (based on documented 7% conversion rate)
Adapting and Evolving
One major benefit of digital marketing is the ability to own your own first-party data. Data from mail houses is “third-party” data, and restrictive privacy laws concerning personal data cause it to not be nearly as valid as it once was. This means it’s crucial to get the word out and aggregate first-party data. Lone Beacon can do this through Facebook advertising and email marketing. Once prospects opt in, we can continue to market to them through email for you– and thus, you enjoy a much higher conversion rate for a fraction of the cost of mailers. Ultimately this kind of organically built database is far more valuable than purchased third-party data.
As more and more Baby Boomers begin to retire in 2021, it has never been more crucial for advisors to re-evaluate their marketing efforts and adapt to the “New World”. Only those advisors who are quick to adapt will be able to grow their business moving forward. Get in touch with us to learn more about our offerings and how we can help you fully enter the digital age.