Benchmarks give you a measuring stick for your marketing.
Without them, you are playing the game blind, which is a recipe for failure (and lots of wasted time and money).
It’s hard to know which financial advisor marketing strategies are the best in financial advisor marketing.
What is working and what isn’t? Not only that but the role of marketing in financial services can be hit or miss.
The right approaches to digital marketing and client outreach are important.
That's where marketing benchmarks come into play.
They help you determine what you can do better in your marketing strategy by understanding what is working or not working.
You can also provide the best online experience for prospects with that information.
Let’s dive into benchmarks and how they affect you as a financial advisor.
Originally, benchmarks were used to compare and improve rifles, as marksmen were rather unreliable.
Rifles were quite literally fixed on a bench in an attempt to hit a mark accurately.
In a business context, marketing benchmarks are measurable reference points that track performance and progress toward goals.
Often benchmarks are measured competitively, between advisors or as industry averages.
However, benchmarking can also be an individual, internal process to build strategies and hit new goals.
Benchmarking also helps you understand where any improvements can be made, especially in financial advisor marketing campaigns.
Even small registered investment advisors (RIAs) can boost performance by setting goals and benchmarking progress.
Overall, financial advisors can gain strategic advantages by benchmarking their services and outreach.
Benefits of marketing benchmarking include the ability to:
You want to be sure to put energy into the areas that will improve your offerings.
However, as digital marketing increases, benchmarking is moving beyond analysis.
It has brought more focus to how financial services and advisors promote themselves online.
So benchmarks are goals and you can measure how you meet them.
In short: benchmarks are measurable goals — and data shows how effectively you achieve them.
Great! But how does that connect to digital marketing?
Applying benchmarks to financial advisor digital marketing allows you to place resources into different marketing channels.
These can be emails, blogs, or paid ad search engine results, among others.
Normally, with benchmarking, you should test your current digital marketing actions.
This includes taking notes of how often to carry out campaigns.
How much traffic do they generate?
And how effective are they?
Think about what advertising spaces give you the best return on investment (ROI).
How about your competition?
Comparing your marketing performance to industry benchmarks helps you:
You use benchmarking to figure out what is worthy of your time and money.
It can be expensive and you don’t want to put your money in the wrong place.
That’s why a benchmark-driven marketing strategy matters.
Snappy Kraken helps financial advisors collect, analyze, and apply marketing data across multiple client engagement channels — without complex manual calculations.
They will take that data and apply it over different avenues of customer engagement so you don’t have to calculate alone.
They offer the ability to apply those benchmarks to financial marketing focusing on where you invest money.
Industry average social media click-through rates (CTR):
Industry average social media cost-per-click (CPC):
Industry average social media conversion rates:
Ultimately, determining your marketing benchmarks should start with the following five steps:
The good news is you don’t have to build the plan on your own!
Snappy Kraken provides you with original content relevant to your financial business.
What’s great is you can build your credibility and gain targeted clients while automating your digital marketing strategy.
This ensures you’re spending money where it counts.
You’ll have more time to focus on clients and worry less about marketing.
You’ll be able to see significant results quickly in your benchmarks by standing out from your competitors.
But why is marketing necessary in financial services?
Marketing is the difference between reaching new clients or only getting references from current clients.
Word-of-mouth has a significant impact on gaining new clients as an advisor.
In contrast, digital marketing campaigns provide measurable performance data that supports benchmarking and growth.
The financial advisor space is highly competitive, making targeted marketing essential.
Simply put: marketing drives predictable business growth.
For example, an advisor publishes a series of blog posts on their website.
The content targets retirees with large portfolios.
A primary goal is to educate prospects and clients about topics like diversification strategies.
However, the ultimate objective is attracting ideal clients.
After publishing, the advisor tracks performance metrics such as:
Snappy Kraken benchmarks help advisors measure blog performance automatically — without manual data pulling.
At Snappy Kraken, we’ve worked tirelessly to ensure you get the best, premium content.
You don't want the hassle of keyword research and spending on unsuccessful marketing.
You will stand out from the crowd and get your message in front of new prospects every month.
Take the guesswork out of marketing and use our proven marketing tools.
Visit our website today to streamline your marketing, produce high-quality content, and drive measurable growth.