10 statistics to help improve your marketing
Written by Phil Bray on 08/11/18
We believe in the benefits of data-driven, evidence-based decision making. AKA financial marketing statistics.
For example, it’s impossible for advisers or planners to make recommendations about an existing portfolio without reviewing it using FE Analytics or a similar tool. Likewise, we would never advocate building a new website until we’ve analysed the Google Analytics for the current site.
So, in that spirit, here are our top 10 stats to help you improve your marketing.
By the way, unless otherwise stated, all statistics are the result of our own research.
1. 96.04% of clients are happy to recommend their adviser / planner, but only 39.69% have done so in the past 12 months
Referrals, recommendations and introductions are the best type of new client enquiry. However, most advisers and planners receive relatively few.
We believe there are 12 possible reasons why you aren’t getting more. Click here to read them and start solving the problem.
2. The best conversion rate we have seen: 45%
Typically, we see conversion rates (all enquiries to engaged clients) of between 10% and 45%. However, too many advisers and planners fail to monitor conversion rates. If you’re going to make evidence-based decisions about your marketing, monitoring conversion rates is vital.
Our blog explains more. You can click here to read it.
3. The average time spent per website visit is 117 seconds and the average number of pages viewed is 2.63
Monitoring the engagement levels of your website visitors is as important as knowing the number who visit. The time someone spends on your website and the number of pages they visit are excellent indicators of engagement.
Google Analytics will help you understand how your site compares.
4. 51% of advisers and planners don’t send client surveys
Surveying your clients periodically achieves many things. It helps you understand where you could improve and their attitude to referring you to others, it builds social proof, and can be useful to float ideas about new services and initiatives.
It’s another example of where collecting and then analysing data will help you make better decisions.
We’ve previously written about the six reasons why client surveys will help you grow your business. You can read that blog by clicking here.
5. 44 million people in the UK are active users of social media (Source: Statista)
Social media divides our profession. Some advisers and planners embrace it, using it to grow their business. Others would rather stick pins in their eyes than go near Twitter, Facebook or LinkedIn. However, the belief that “my clients aren’t on social media” is usually an assumption based on their preconceptions.
Social media can be a hugely useful way of connecting with existing clients and developing new enquiries. To dismiss it based on your own views is a mistake. Instead, take an evidence-led approach; ask your clients which social media platforms they use. You might be surprised by their answers!
6. 17.33% of adviser websites mention fees, but only 5% disclose in detail the likely fee paid by a client
There are advantages and disadvantages to you disclosing fees on your website. It’s for you to decide what’s right for your business. However, the evidence is clear; if you disclose your fees online you will differentiate your website from most of your peers and competitors.
If you do decide to include your fees on your site, our guide explains how you should do it. You can read it by clicking here.
7. Websites with a burger menu have a 35% higher bounce rate than those with a traditional navigation
Our research (from an admittedly small sample size) shows that sites using burger menus have a significantly higher bounce rate.
If you’re considering changes to your existing website or building a new one, think carefully about whether a burger menu should be used on anything other than mobile devices. Remember, most of your traffic will come from desktop devices, where the burger menu makes navigation trickier and seems to increase bounce rates.
8. The average click-through rate on Unbiased: 3.5%
Unbiased is another one of those topics which divides our profession. However, despite the obvious frustrations, it can be a useful way of generating new enquiries.
The most engaged enquiries are those who make a positive decision to select your firm. Therefore, it’s important to monitor and improve the click-through rate from directory searches to your profile.
Our research shows that the average click-through rate is 3.5%, although we have seen it as high as 9%. It’s simple to change too, as there are only four things you can control: the image used, the 20-word description, your Response Rating and the discounts you offer.
How does your click-through rate compare?
9. The average proportion of UK based visitors to adviser websites: 71.03%
It’s important to monitor visitor and engagement levels. However, experience tells us that most advisers and planners fail to dig deeper. They often get a nasty shock when we tell them that half their traffic is coming from some far-flung Russian republic neither of us has ever heard of!
Again, Google Analytics is your friend. Use it to understand everything you can about visitor behaviours on your website, including where they come from.
10. The average proportion of traffic to adviser websites from mobile devices: 26.82%
In our experience, advisers and planners significantly overestimate the amount of traffic to their website from mobile devices. It’s a dangerous assumption to make, especially if it’s used to make decisions about website design; for example, using a burger menu in preference to a traditional navigation.
Again, Google Analytics will help you understand the facts; for example, the proportion of traffic to your site from mobile devices, and whether the trend is upwards.
Follow the evidence
Decisions based on assumptions and preconceptions will never be as good as those which use a data-driven approach.
However, experience tells us that many advisers and planners fail to collect important data, without which, it’s impossible to make evidence-based decisions.