Scorecards have been around for a couple of years now and many advisers/planners have started to use them in their marketing. However, we don’t see many using the technology effectively.
So, in this week’s blog, we’re going to debunk eight myths and misconceptions to stop scorecards from being the latest in a long line of things which glisten but ultimately fail to deliver.
1. If you build it, they will come
As we’ve said many times, there’s no point producing content if you’re not going to promote it regularly. And scorecards are no different.
After you’ve built your scorecard, you need to do much more than slap it on your website and hope for the best.
Ideally, your scorecard shouldn’t stand alone. Instead, it needs to be one rung on a value ladder, with each step building on the last, adding increasingly more value to potential clients.
Your value ladder might look like this:
- Start with a monthly newsletter (remember, quarterly isn’t enough)
- Connect with your prospects on social media
- Build and send a scorecard
- Offer regular webinars.
Each piece of content should give more benefit than the last, demonstrating your experience and knowledge to position you as the go-to expert.
2. Advertising on social media will generate leads
Way back in 2020, we saw several firms advertise their webinars on social media. They all failed. People clicked their adverts but hardly anyone booked on to the webinar. This led to a cost per delegate which made no economic sense.
Why? Because the “ask” was too much. People are prepared to leave their contact details in return for content such as, for example, a guide. But, generally, they won’t sign up for a webinar or event.
The same, in our experience, is true with scorecards. It’s not realistic to expect people who see an advert to provide their contact details and then answer 20 questions.
Instead, the scorecard should come higher up the value ladder, when you’ve warmed them up.
3. Scorecards are expensive
We’ve heard tales of people spending thousands of pounds to build a scorecard or being asked for hundreds in subscription money each month.
You don’t need to spend anywhere near that much to use scorecards effectively.
Firstly, you probably spend more on takeaway coffees each month than the cost of a subscription to our go-to scorecard technology (Scoreapp) and they have a free version so you can try before you buy.
Secondly, nothing is stopping you from building your own scorecard.
Finally, if you want us to build a scorecard for you, it’ll probably take around eight hours.
At our current agency rate of £71 plus VAT per hour, one new client from the scorecard will return your money many times over.
So, if you’ve previously believed the myth that scorecards are expensive, it’s time to think again!
4. There are a finite number of questions people will answer
There probably is a maximum number of questions you should ask but there isn’t a definitive cut-off point of say 10, 15 or 20 questions.
We often get asked how many words a blog should be.
The answer is simple; as long as it needs to be and no longer. To put it another way, say what you need to say, then stop writing. The same is true with scorecards; ask as many questions as you need to get the answer you want and to deliver insights to the person completing it. Then stop.
If that means you end up with 10 questions, so be it.
If you have 20, that’s fine too.
And remember, the beauty of scorecards is that you can see how they perform.
Build it, promote it, test it. If people are completing all the questions, then great. If they are dropping out halfway through it’s time to look at both the quality and quantity of questions.
5. You are the most important person
Naturally, there’s a certain amount of information you’ll want to gather from the scorecard, but your requirements are secondary to those of the person completing the scorecard.
So, try to limit questions which are there solely for your benefit (for example, “how much do you earn?”) to as few as possible.
Remember, this isn’t a fact find. You’re asking questions so you can help the user identify gaps in their planning.
6. Personal/contact questions should go at the end of the scorecard
The technology is pretty new, so to learn what other people are doing, I regularly sign up for other people’s scorecards. Unfortunately, I see many of them believing the myth that the personal questions (name, email address and so on) should go at the end.
It’s far better to put those questions at the start.
That way, if someone only completes half the scorecard, you still know who they were and can follow up appropriately. In contrast, if you put the personal questions at the end and someone dips out after a few questions, you have no clue who they are.
7. Scorecard completion is the end of the road
No matter how good the calls to action are on your scorecard results page, only a small proportion of people will immediately get in touch.
So instead of waiting for someone to contact you, review their answers and then pick up the phone.
Chat with them about the results, ask them how they feel, and start a conversation about their options. Then, if it’s going well, offer an initial meeting.
8. I can’t use a scorecard because it means I’ll be giving advice
If anyone in your compliance department or team says that, send them to me!
Seriously though, your scorecard aims to identify gaps in someone’s planning. Not to give advice.
You’ll be doing that after you’ve called them and they agree to meet you.
Tap into our scorecard expertise
We’ve built five of our own scorecards this year to help you improve your marketing, and we’ve had hundreds of completions. We’ve also built many scorecards for the advisers/planners we work with.
So, if you want help with your scorecard marketing, you’re in safe hands with us.
Working with us means we’ll:
- Discuss whether a scorecard is the right option for you (if it isn’t we’ll be honest and tell you)
- If it is, we’ll build a scorecard that’s unique to you
- We’ll then help you promote the scorecard.
If you’d like to learn more about scorecard marketing email firstname.lastname@example.org or call 0115 8965 300.