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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.

Clara Shih on The Big Reveal, with Suzanne Siracuse

We were excited to hear about Suzanne Siracuse’s new podcast, The Big Reveal, which aims to bring personal interviews with wealth management industry innovators and leaders to life. Suzanne, founder and former longtime CEO and Publisher of InvestmentNews, is herself an influential leader in the wealth management industry, and we were thrilled when she invited Hearsay founder Clara Shih to be her launch guest speaker along with Michael Kitces, George Nichols, and Bill Crager.

Here’s a link to Clara’s recent conversation with Suzanne, with a few excerpts highlighted below:

Suzanne: Clara, we met four years ago when I interviewed you at the InvestmentNews Women Advisor Summit.  I have to admit I was in awe of your background… You graduated from Stanford with undergraduate and Master’s degrees in computer science. You were an early employee at Google, then joined Salesforce.com. In 2007, you saw the rising tide of social media and became famous for creating the first business application on Facebook, known as “Faceforce.” Then you founded Hearsay Social, now Hearsay Systems, where you served as CEO for 11 years until one month ago. With all those successes, I found you to be warm, generous, and personable, and you were a huge hit with the many advisors who attended that summit.

Clara: Thank you, Suzanne. My family came to this country in the 1980s with not very much, and I’m so grateful for the many opportunities I’ve had. In my life, I have always tried to dream big and take risks. Some have worked out well. I’m thankful to have met inspiring partners and leaders like you along the way!

Suzanne: So let’s talk about your recent announcement.  You recently moved into the role of Executive Chair and promoted your COO Mike Boese to CEO.  Whenever a high profile leader leaves the top spot, there’s always speculation on why. Can you take us through this decision and why now?

Clara: After 11 years, it was time. I know you know, having been the founder of InvestmentNews, and those of you watching who have built your own business know that being the founding CEO takes everything you have– every day, every hour, every weekend, every ounce of your being.

Last December I let the board know I needed to start thinking about a longer-term transition. In Q1, I met Mike, and here was someone who has started companies and scaled companies to hundreds of million in revenue and loved our mission and culture, then COVID happened and I realized the transition could happen much sooner.

Suzanne: Do you think the pandemic accelerated your timeline?

Clara: There is no question. During crises, we see what leaders are made of. Mike rose to the occasion and truly impressed me and the entire board of directors with his compassionate leadership, incredible work ethic, and commitment to our customers. On a personal level, the pandemic for me, like many people, has been a time of reflection and soul-searching. Over the summer, I realized the time had come after 11 years for me to take a break, spend time with my family, and try something new, with the peace of mind that Hearsay would be in great hands.

Suzanne: Over the summer, before you announced your new role, you and Mike co-led a major deal with Salesforce in which they took an equity share in Hearsay.  This deal showcased an important strategic alignment between Hearsay and Salesforce marrying Salesforce’s CRM and Hearsay’s social and digital engagement capabilities. It was big news in our industry.  Tell me how that all came together.

Clara: Our partnership has been driven by market forces – compliant digital engagement and CRM need to come together in service of the customer. Customers of both companies kept asking us to work more closely together on integrations, customers like Fidelity, Prudential, Morgan Stanley. So it was really just formalizing what was already happening naturally in the market to better serve what advisors need.

The amazing thing is there are now multiple phases of digital transformation which have been made possible thanks to this partnership. It’s not just about digital marketing. It’s completely rearchitecting how advisors spend their time and leverage analytics in every part of running their practice. The implications are tremendous, more than many people realize.

Phase 1. Contact and data sync

Phase 2. Workflow

Phase 3. Routing

Phase 4. Automation

Suzanne: While both Salesforce and Hearsay are giants in serving large brokerage firms and independent broker dealers, you have not made as much traction in the RIA space, though you do count Marty Bicknell and Mariner as a client. Are RIAs an area you are looking to expand into?

Clara: There’s no question we need to serve RIAs. They are a critical and growing segment in wealth management, and it’s a matter of when, not if. That said, I’m a big believer in focus, and timing and sequencing expansion– this is why Hearsay doesn’t sell technology to life sciences or tech companies. We have always been laser-focused on wealth management and financial services firms with relationship managers. When it comes to RIAs, we have a lot of learning to do. I’d like to learn from as many people as I can. Thinking about new markets and segments such as RIAs and international geos is one key area I’ll be focused on as Executive Chair.

Suzanne: Social media, which was the primary area Hearsay specialized in when you started the company in 2009, has become “not a nice to have” way to communicate but almost an essential way to communicate.  You were ahead of your time!  What gave you the idea to create Hearsay and the category of social selling in the first place?

Clara: Back in 2009, Facebook and LinkedIn had just launched and usage was growing at an exponential rate. A friend of mine was just starting out as an advisor, had no clients, and was just cold calling. I couldn’t believe how inefficient and ineffective it was. It dawned on me that every step of the sales relationship cycle, was going to get totally transformed by social and digital forces and that a solution was needed to bring business focus to social media. We started with social signals – money-in-motion life events being shared on social networks (the “hear” part of Hearsay), as well as social drip campaigns and 1-1 messages (the “say” part of Hearsay), and of course all of the compliance elements which are table stakes in wealth management.

Suzanne: Since then, Hearsay has made some big moves into adjacent client engagement areas, such as your compliant text messaging solution and new Hearsay Actions platform. How have you seen digital help advisors with their business development and client engagement efforts?

Clara: In every industry, technology is completely transforming how we need to work. In wealth management, this manifests as advisors focusing more of their time on value-added relationship acquisition and deepening activities. On the surface, Hearsay appears to be compliant text messaging and social selling. In reality, what Hearsay really is, is a way to automate and route marketing demand generation and client servicing tasks.

Suzanne: How has COVID changed the way Hearsay is working with clients and how advisors use Hearsay?

Clara: We’ve seen unprecedented usage of our platform since March. It’s been very uplifting to see how advisors have stepped up like never before to be there for clients when it really counts. From Hearsay’s perspective, the shift to remote work has been very seamless given we were already set-up with zoom, texting, social, and digital engagement tools pre-pandemic. With everyone stuck at home, we’ve tried to get creative in finding ways for human connection despite not being able to meet face-to-face, such as sending a supply box to everyone ahead of our largest-ever customer summit in May, or more recent virtual dinners where we have the same meal and bottle of wine delivered to a client as what we’re having so that we can still break bread together and have a slower conversation outside the hustle and bustle of back-to-back meetings.

Congratulations to Suzanne for the launch of her new podcast, and thank you for featuring Clara and Hearsay!

Client Connection in a Socially Distanced World

In order to help advisors thrive in the current environment, corporate teams need to rethink how they guide the field through and beyond the present crisis to adapt to new realities and seize the very real opportunities to make their practices stronger than before.

Lincoln Financial Increases Social Program Adoption and Inbound Web Traffic

It’s always a thrill when a client partners with Hearsay to achieve success through social selling. It’s even more exciting when they’re willing to share their story to benefit others, and Lincoln Financial Group’s Distribution Marketing team agreed to do just that recently.

Lincoln Financial Group provides advice and solutions that empower people to take charge of their financial lives with confidence and optimism. The Lincoln Financial Distributors division markets and sells Lincoln-manufactured variable and fixed annuities, life insurance and investment management products through financial advisors, financial intermediaries and sales professionals.

The Distribution Marketing team wanted to take a strategic approach to drive demand for their financial services in an authentic way and decided social selling was the right approach. They knew that delivering the right technology would be critical in driving adoption from their field team and the business outcomes they desired. Ease of use, efficiency and a strong foundation of compliance were also ‘must haves.’ In addition, they knew they needed a comprehensive program to guide onboarding and beyond. To ensure they met all of their goals, they were looking for a true partner, not just a technology vendor.

Lincoln selected Hearsay Systems as their partner and deployed Hearsay Social to 350 wholesalers. This required close orchestration between the Lincoln Financial Distributors marketing leaders and the Hearsay team, including tailored training and an instrumental digital toolbox.

Learn more about the solution by downloading the full case study.

“The transparency we get in our partnership with Hearsay and how Hearsay is able to perfectly serve our industry has made it one of the easiest decisions we’ve made. We are looking forward to moving forward in rolling out a CRM integration next!” –Scott Carlisle, AVP Digital Marketing & Collaboration for Lincoln Financial Distributors Marketing 

Lincoln Financial Distributors’ strategic approach and dedication to set the program up for success from the beginning is starting to pay off. Their onboarding efforts have resulted in a 300% increase in adoption of the social selling program, which has led to more than 114K impressions and 1.8K clicks across social posts. Perhaps most impressively, the company has found that upwards of 50% of inbound traffic to the Lincoln Financial website was driven by wholesalers (up from 28% at program launch).

“Hearsay has made growing our social program simple, providing amazing tools to get our sales folks engaged. Through usage of their dynamic campaigns, pre populated content and ROI tools, our social program has grown over 300% in one year!” –Kiersten Shank, Digital Marketing Consultant 

Download a PDF of the full case study here.

Lincoln Financial Case Study

Lincoln Financial Accelerates Social Selling Program and Increases Inbound Web Traffic from Social Media by 50%.

Financial Services Email Marketing: 5 Steps to Building a Strong Foundation

Learn about email marketing best practices and the importance of your advisors / agents maintaining consistent, on-brand communications with their clients.

When it comes to having a holistic and consistent digital presence, email plays a vital role in making sure your advisors and/or agents keep the conversations going with their clients. Email marketing allows your advisors and/or agents to nurture leads and develop relationships with clients in ways that are personable, measurable, and scalable.

Not only is email marketing a core digital communication channel, but this approach is budget friendly too.  According to the Data and Marketing Association, the ROI for every $1 spent on email marketing is $44-—an astronomical ROI of 4400%. So, how do you develop a strong email marketing strategy that delivers? Here are some critical best practices with which to start:

  • Personalization: Personalizing every communication with customers helps build a connection and increase engagement with them. After all, if your advisors and/or agents saw them in person, they wouldn’t greet them with “Hello, valued customer.” In a survey conducted by Econsultancy, 74% of marketers report that targeted personalization increases customer engagement while 94% of companies surveyed agree that personalization is “critical to current and future success.”
  • Automation: Automation is an efficient and time-saving way to manage email campaigns while still maintaining personalization. Balancing your email strategy between drip, nurture, and triggered campaigns helps your advisors and/or agents nurture leads, move prospects along their customer journey and suggest relevant, timely calls to action.
  • Mobile-Friendly Interface: A study by the World Advertising Research Center (WARC) estimates that by 2025, almost three quarters of all internet users will access the internet with just their smartphones, only reinforcing the importance of having a mobile-first approach when it comes to design. This means designing for a responsive environment that adapts to the screen size used as well as designing with smaller screens in mind overall. What does this mean for your emails? Making them concise and easy to read on a mobile device should always be top of mind.
  • Track Your Metrics: While there are dozens of metrics you can focus on to determine how successful your emails are, there are a few foundational ones that all email campaigns are built upon: bounce rates, open rates, click-through rates, and unsubscribes. These metrics alone can help you fine tune your campaigns as they indicate if your emails are: 1) delivered, 2) read, 3) acted upon, and 4) helpful enough to keep receiving.
  • Consistency with Social Presence: Just as your advisors and/or agents have their own personal brand, that brand should sound the same in all their online communications. Staying consistent in voice, tone, and content reinforces the relationship they are trying to build with their clients. For example, if clients receive an email that sounds off brand and inconsistent with previous communications, it can be jarring and off-putting and can chip away at the trust your advisors and/or agents have worked so hard to earn.
    Just like a strong personal brand or an effective content strategy, email marketing is a crucial tool that keeps your advisors and/or agents top of mind with clients and helps guide them along the customer journey.

To learn more about how to build an effective email campaign around these best practices, check out the recording of our most recent admin webinar, or share these advisor/agent webinars where we discuss more email marketing strategies and how Hearsay tools can help.