If you have a background in digital marketing then you have probably heard this term but for many of you this term may be completely new. However, everyone has experienced first hand this marketing technique online and this is one of the most important tools a digital marketeer has at their disposal. This is where the relationship with a prospective buyer or in this case a prospective recruit begins and this concept is the key to starting engagement with new and especially passive recruits.
By now you have probably heard me or one of the other BrokerHunter team members drone on and on about how important it is to recruit to passive candidates. One of the reasons we do this is the simple math.
The challenge that employers and recruiters face is that at any given time only about 10-15% of Financial Services candidates are what we would call “active” or responsive to normal recruiting techniques. In a shrinking pool of talent like the one we currently have it is critical to engage and build a relationship with the other 85-90% long before they actually start pursuing new opportunities.
As you probably well know by now, the Financial Advisory industry headcount has been shrinking rapidly over the past few years. This trend is expected to continue for the foreseeable future. This math is why many firms are seeing diminishing results with traditional items like job postings, resume databases, etc… While these items are very important they typically only work for the most active of candidates. This is particularly magnified if you are sourcing Financial Advisors who in the classic sense are really all passive candidates.
Again…in a shrinking pool of talent it is important to engage and build a relationship with the other 85-90% long before they actually start pursuing new opportunities.
Digital marketers have known this for years. You need to develop and nurture relationships with your target audience and the best way to attract their attention and start the engagement is with a Lead Magnet.
The concept is simple but this does not necessarily mean always easy! The objective is to offer your target audience something that is of value or interest to them as a trade for something from them…in most cases it is their e-mail address. The magnet can be any number of things such as a white paper, research report, topical webinar, etc... The key is to make sure it is something that someone in your target audience would find interesting enough to engage with you and more importantly give you their e-mail which is the key to everything!
Here is a quick real life example of how this might work. Let’s say you are a branch manager in Atlanta that is trying to hire experienced Financial Advisors. Atlanta is the home to some major companies that I would suspect every financial advisor in this area has or has had clients with investments in one of these large local brand name companies (Coca Cola and Home Depot being a couple). If your firm has a great research report on one of these local companies that is available for public use then you could use this (if compliance approves of courseJ!) as a download for financial advisors at other firms to read and get your firms perspective. This would highlight your firm’s research capabilities and subsequently break the ice for future conversations down the road. Now here is one kicker to this….you do not want their work e-mail. You want to develop the campaign in such a way to have them give you their personal e-mail in order to get the report. This is not always possible but when you can this is the one you want!
Most firms already have tons of content already created that can be repurposed to generate leads and interest….you just have to be creative to find one that work for your target audience.
Here are some other ways to start filling your pipeline:
- Webinar: These are great because candidates can attend confidentially and find out lots of information. Again we just want their personal e-mail….we will get more information down the road.
- Banner Campaign: Very good long term strategy but typically lacks the “pop” of a live event. Also the trigger on the landing page needs to be good….think research report, white paper, etc…
- E-Mail Campaign: Same as above but utilizing rented list of your target audience to drive landing page engagement.
- Digital Open House: (physical events are also good but good luck getting employed financial advisors to attend those!). National scale and candidate confidentiality make these a good alternative to a webinar.
- Career Fairs (both online and physical events): These are interesting from a marketing standpoint as you can leverage the other employers at an event to get in front of potential candidates that may not even attend a stand-alone event.
Be creative…try different things. There is a tremendous amount of noise out there and getting the attention of a highly desired potential candidate is going to be difficult but it can be done.
Remember…it all starts with building your list and a lead magnet is the best way to start filling your pipeline!