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Welcome to the “Last-Mile” Digital Maturity Series

A new phase of digital maturity is underway. Transformational firms are optimizing across the client journey, proactively orchestrating the way in which the field engages with their clients in the “last-mile” and guiding seamless handoffs between channels to deliver business outcomes.

To help you get there, Hearsay has developed a framework for how you can evaluate your path to digital maturity. Along the way, we’ll provide insights and identify opportunities to accelerate your progress along the maturity curve. 

Over the next few months, we’ll share weekly blog posts with the framework components. This framework allows you not just to identify where your program sits, but to illuminate key areas for program growth that deliver the outcomes your business demands. 

But first, let’s start with why it matters.

The most digitally mature firms are enabling frequent and targeted engagement between advisors and clients. These interactions deepen the relationship between the advisor and client, and are what we call the “last-mile.” In a crowded, commoditized marketplace, this is the most differentiated experience you can offer so advice must be delivered in a human way to resonate.

As the ways to digitally engage clients have proliferated, leading firms have begun to recognize the need for an integrated and cohesive technology ecosystem. Their digital programs have become more systematic, and their digital platforms more integrated across their core technologies. 

Our aim is to align your program with your business objectives – centered around three key outcomes – shifting your focus toward the digital actions that drive the most success.

  1. Reach & Attract – Achieve the consistency and scale needed to build brand and acquire new leads
  2. Nurture & Convert – Optimize engagement to influence new business generation.
  3. Retain & Grow – Leverage digital to drive better client support and boost loyalty and retention.

Guiding your field to deliver these outcomes at scale is difficult. It takes time to set up the right framework, mine your data, and leverage technology to scale your efforts across a distributed network of advisors and agents. 

A new breed of marketing organizations, alongside a new generation of advisors and agents, are leveraging digital channels to find new ways to reach and attract clients and prospects. COVID-19 accelerated this transformation. Digital activities are more critical than ever when the field cannot participate in physical top of funnel activities like local sponsorships etc. COVID has put immediate pressure on the industry to rethink service offerings, and explore digital as a way to keep their business moving forward. Looking to the future, these behaviors will be entrenched amongst the most digitally mature. We’ll get started next week by discussing the foundational elements you need to Reach & Attract prospects. 

If you can’t wait to learn more, download the full white paper now.

Last Mile Maturity Model

It’s time to assess digital maturity in a more advanced and comprehensive way. To help, we’ve developed the Last-Mile Digital Maturity Model.

The Shift from Sales Push to Marketing Pull, for Advisor & Agent Success – Part 2

Across our customer base, we’ve seen a strong correlation between a solid social selling content strategy and website traffic and conversions, with as much as 50% of inbound traffic originating from Hearsay Social. The strong sales and marketing partnership these organizations have developed and the strategic approach to content has led to this success.

Corporate marketing teams have a responsibility to coach advisors and agents to create high-credibility social profiles which boosts SEO; this combined with highly-relevant helpful content helps sellers build out their network. As sellers share that targeted content, buyers engage because the sellers professional digital presence and consistent approach to content instills a sense of trust. A well-placed call-to-action draws traffic to the local advisor or corporate website. These website visitors are higher-quality traffic—they stay longer and view more—and then ultimately show higher rates of lead form submissions. Sellers are helping amplify and bring marketing content to life using their own personal social capital, while marketing is helping sellers establish a professional brand and supplying an ongoing stream of thought leadership. Thus, the marketing and sales funnel of today is inextricably tied.

1-to-1 Sales Engagement Still Requires Marketing Partnership

Even in one-to-one sales engagement with clients—email or text outreach—marketing plays an important role.

Instead of calling a list of contacts from top to bottom, it’s critical for sales to engage with those who have shown behavioral triggers that indicate intent or interest. Knowing who to engage when and with what message requires digital tools and data to interpret client signals. And who tracks client signals and delivers the technology to engage across multiple channels? You guessed it – marketing.

Across our most innovative clients, we’ve seen corporate marketing teams develop digital marketing hubs that provide advisors and agents easy access to tools that help them reinvent the way they engage with their networks. From tracking engagements on Hearsay Social posts to following up on lead conversion forms via a compliant text through Hearsay Relate and using Hearsay Social Signals to be the first to congratulate contacts on a new job or recent move – marketing insights allow advisors and agents to follow up in a timely and targeted way.

Digital touches may not all be sales opportunities, but they’re a powerful way for sales to stay connected and deliver the necessary human touch. The right digital tools help sellers scale and deliver more frequent light touches with a greater number of people to build pipeline, influence, and most importantly relationships. It’s surprising what consistently wishing someone a happy birthday or congratulating them on business news can do.

Endgame: Better Serve the Customer

In the end, when everyone is doing their part, marketing and sales together can transform outreach from random and cold to trusted, authentic, and timely. The key is to use digital to deliver relevant, targeted content created by marketing and analytics around what clients are engaging in to elevate advisors and agents to become trusted problem solving partners. This not only lets sellers scale to serve a greater number of clients, but serves the client more personally, on their timeline and channel, around topics that are important to them.

In the video, watch Hearsay’s co-founder and executive chairperson, Clara Shih, break down how sales performs better in partnership with marketing.

The Shift from Sales Push to Marketing Pull, for Advisor & Agent Success – Part 1

It’s hard to remember that just 10 years ago, smart phones were not the norm. Most people weren’t on LinkedIn. Marketing was relatively simple, focusing on press releases, collateral like brochures, and advertising. Sales was pretty straightforward too. Selling financial services and insurance primarily involved cold calling to set up in-person seminars and meetings.

Fast forward to today. Usage of Facebook, LinkedIn, and other social networking sites has exploded. Everyone has a mobile device and everyone ‘Googles’ when they’re thinking of buying something. People research their options and go into even their first sales conversations as an educated buyer. At the same time, government regulators around the world have stepped up their privacy protections which make cold calling much more difficult for salespeople.

Over the last decade, these new consumer behaviors, technologies, and restrictions in consumer privacy have led to the shifts summarized below.

Four Fundamental Shifts in Selling

  1. Sales people are trusted advisors, cultivating professional networks over an entire career. Cold calling is a thing of the past.
  2. Selling is all about attracting clients using educational content. Sellers are partners and problem solvers. 
  3. Digital analytics arm salespeople with intelligence about who to engage with, what they are interested in, and when to engage them. No more blind ‘call downs.’
  4. Engagement across a multitude of digital channels is necessary to acquire and build client relationships, (rather than in-person events, especially now), and allows salespeople to scale like never before.

The Power of Sales & Marketing Collaboration

These shifts have pushed once separate sales and marketing organizations toward an essential partnership for success. Webcasts, white papers, research reports, and blog posts are the thought leadership and credibility magnets that get prospects interested in engaging with organizations. Sales teams depend on marketing for this content and the behavioral analytics to know when to engage with who and on what channel.

In the video, watch Hearsay’s co-founder and executive chairperson, Clara Shih, walk through these shifts and their impact on today’s sales funnel.

Career Tips for Difficult Times: Founders’ Perspectives

The Wall Street Journal held a virtual Jobs Summit recently where Clara Shih, Founder & Executive Chairwoman of Hearsay was interviewed alongside Kenneth Lin, Founder & CEO of CreditKarma. Michelle Ma, WSJ Assistant Editor, Live Journalism, dug into what they learned from the 2008 recession, which was the time period both Shih and Lin founded companies.

Over ten years later, here we are again. As CEOs who have weathered difficult times and hired their fair share of candidates over the years, they had some excellent advice for those who find themselves unemployed, like so many Americans today.

If you missed the live event, here are the highlights.

Every job teaches a skill

Lin suggested that every job can build your skillset. He shared that he once had a job as a dialer for stockbrokers. This involved a stack of index cards with names and phone numbers on them and dialing all day with the goal of getting those people on the phone. Though it may have seemed like a trivial role, he learned how to be more confident on the phone; a valuable skill.

The lesson? Even a job you may not be excited about is teaching you something. If you end up taking a position that’s not perfect to put food on the table, look for what you can learn and make the most of the job you have. Then when you interview for your next role, present what you learned.

Hustle and other top skills in demand, today and beyond

Everyone knows times are tough and what was relatively easy 6 months ago takes real work in today’s virtual, budget-conscious world. That’s why when Clara’s hiring these days she’s looking for someone with hustle, which she defines as someone who knows how to get creative, get things done, and take risks. Number two for Shih is empathy/EQ and knowing how to connect with people in a remote setting.

Lin shared that passion is one of his key criteria. When times are tough, what pulls people through is when they love what they do. He said he knows sometimes it’ll just be a paycheck, but if you have a choice, pick the job you love.

In terms of skills based on experience (hard skills), Shih suggested that the ability to connect with customers, writing code/engineering, and being able to write (content, copywriting, etc.) are always in demand.

Mine LinkedIn for Hidden Career Advice

Have you been using LinkedIn to re-establish dormant connections and see how the people you admire got where they are? If not, it’s time to get your LinkedIn hustle on.

When Ma mentioned that Clara has said LinkedIn is a blessing for job-seekers, Clara enthusiastically talked about the ability to look at the career paths of people you admire and see how they’ve gotten to where you want to be—what did they study, what certifications do they have, what kind of experience do they have? Take this opportunity to map the next steps you want to take in your career. Then invest in yourself and get the skills you need to take the next steps.

Valuable advice from a mentor

Randy Komisar, a prominent Silicon Valley attorney, executive, and author was a professor of Shih’s at Stanford. Like many college seniors, she wasn’t sure what she wanted to do once she graduated. When she asked him how to think about her career, he told her that if she wanted a big career in tech, she needed to build up generally valuable skill sets, including these three things:

Ship a new product end-to-end: conception, design, prototype, iteration, shipping, launch, continuous lifecycle
Customer experience skills (sales, account management, etc.)
Learn how to manage people

Resume vs. referral: what’s more powerful?

Someone in the audience asked how many people are hired based solely on a resume versus a referral. Shih and Lin agreed here; referrals are preferable. Shih pointed out that this speaks to the importance of networks (another point in favor of re-connecting if it’s been a while!), while Lin mentioned that referrals have higher close rates. Shih also noted, however, that a referral only gets someone in the door; they still have to earn the job. Both do extensive reference checks and interviewees speak with multiple people within the company before being offered a position.

Keep going!

This has been a hard year and there are lots of smart people out there looking for their next role. Aside from the excellent advice they shared for job seekers, Shih and Lin also shared the truth behind start-up life, which can serve as excellent inspiration to keep going through the tough times. A start up founder and CEO, during a recession or not, gets knocked down over and over again. CreditKarma almost ran out of money three times; Shih cleaned the office along with her CEO/product manager/designer/you name it duties. For 99% of start-ups, it can take years of grit and determination before making it. The big secret? Just keep going!

We currently have a number of open positions at Hearsay, so take a look at the Careers page and let us know if there’s a match.

The Key is Context – Unlocking the Modernization of Archiving & Supervision

Why mess with a good thing? Sometimes we hit on something that works so well that it never changes – like Coca Cola. Unfortunately, most things are not Coke and need to evolve. Email-based archiving – particularly when applied to client engagement activities across social and texting – is one of those areas begging to be modernized.

To meet regulatory recordkeeping requirements and standards (i.e., SEC, FINRA, CFTC, FCA and others), firms have long relied on an email-based approach to take delivery of client communications into their archives. Email-based archiving (SFTP) is akin to sending a package – data is stripped down and organized to fit nicely in a box that can be sorted in a similar way with all the other packages. While the approach results in compliance with archiving mandates, it hampers compliance teams, rendering them less effective and efficient. What this approach lacks is context. Activities are delivered into the archive sometimes as they occur – most commonly with a delay – and are siloed by channel, forcing supervision to piece together conversations that are taking place across days, networks, and channels. This approach conjures up images of old police TV mysteries with cork boards and pinned pieces of yarn to connect suspects – it doesn’t reflect the technological progress we’ve made in other areas of financial services.

However, that is beginning to change. As more efficient, modern methods of data transfer have been introduced, some firms are re-examining how this data is being transferred to them. Archiving via API provides full context of digital communications and real time access. They have a thread based on a full view of the interactions between two contacts instead of the legacy structure imposed by an email-based configuration.

With API-led approaches, firms are gaining real-time access to communications in order to bring speed and efficiency to the archiving and review process.  We’ve made investments in Hearsay’s Compliance API to offer real-time access to a stream of activities that unlocks integrations with API-led platforms simplifying and modernizing recordkeeping, supervision, and discovery. Critically this offers Supervision teams a unified view of activities across channels to see a full, clear picture, so that the right activities are flagged and remediated.

All this to say that now is the time for firms to consider evaluating whether their archiving processes are as effective as they could be. An API archiving process doesn’t require a massive transformation of the existing setup – for example Hearsay’s open APIs allow our platform to integrate seamlessly with existing infrastructure bringing more value to your existing compliance foundation. And as you evaluate options, our team stands ready to lend our expertise.

Sometimes, change is a good thing.

Advisor-Client Communications: How Compliant Texting is Changing the Game


Social media proficiency is a must have for advisors and agents today. In fact, 92% of advisors report that social media has helped them gain new clients.[1] Social media plays a key role in the digital landscape, and done correctly it can help advisors find new clients and strengthen relationships with their current ones.

Not only has social media transformed how business is conducted, it has also transformed where it is conducted. It is estimated that nearly 3 billion people worldwide own a smartphone.[2] Another staggering statistic: 70% of web traffic comes from mobile devices.[3] In order for your advisors and agents to find and stay connected to clients, they need to be both social and mobile.

It may seem unbelievable, but over 60% of advisors’ and agents’ time is spent on non-revenue generating activities such as administrative tasks.[4] With texting, advisors and agents have an ultra-efficient way to stay connected with clients. In fact, text read rates are as high as 98%.[5] Studies show that 75% of people report receptiveness to receiving text messages,[6] making it easier for your advisors and agents to connect to clients. Within financial services, the average customer opt-in rate for advisor texting programs is 80%,[7] suggesting that clients are eager to hear from their advisors and agents. We’ve found this is especially true in today’s volatile financial climate.

Not only are clients more responsive, but activating texting as a compliant advisor-client channel drives a deeper level of authenticity in the last mile of communications. It also enables your field with the flexibility to schedule time-based text message reminders, such as appointment and annual review reminders, that help shift the balance of where advisors and agents spend their time, from administrative activities to client meetings.

Does this mean that you should solely favor text messaging over email marketing? On the contrary. When it comes to communications, a balanced approach is always best. Authentic relationships thrive across various digital channels. Make sure your advisors and agents leverage both text messaging and email marketing to communicate with their clients and prospects for a successful content strategy with a tangible ROI. For example, studies show that when sending a text to follow up on an email, the email open rates increase by as much as 30%.[8] And given that clients of advisors using Hearsay, on average, respond to a text message in under four minutes,[9] your advisors and agents are more than likely to connect with their clients quickly and efficiently.

To learn more about how automated text messaging can improve client communications, check out the recording of our most recent admin webinar or share these advisor/agent webinars where we discuss how Hearsay tools can provide compliant text messaging that helps save time, secure prospects, and increase client retention.

SOURCES:
[1] https://www.putnam.com/advisor/business-building/social-media/?van_seg=social
[2] https://www.pewresearch.org/global/2019/02/05/smartphone-ownership-is-growing-rapidly-around-the-world-but-not-always-equally/
[3] https://review42.com/smartphone-statistics/
[4] & [7] Hearsay Data, Time Management for Sales Study, 2017
[5] & [6] https://www.campaignmonitor.com/blog/email-marketing/2019/01/roi-showdown-sms-marketing-vs-email-marketing/
[8]  Hearsay 2020 Financial Services Social Media Content Study
[9] https://www.business2community.com/infographics/email-marketing-vs-sms-marketing-stats-infographic-02021390