- Interview with the Michael Kane
- So I know you’re very successful in being both a fiduciary and a marketer. Can you talk a little bit about how you’re doing it?
- What do you think is the one thing that advisors don’t understand, that they need to do, to be successful?
- If there is a place where people drop off, it’s the follow-up email.How do you structure a follow up process to be effective? Because I know you have a lot of success.
Interview with the Michael Kane
The vast majority of our clients, when they start working with us, are not marketing pros. They are great at their day jobs, financial advising, but there is something lacking when it comes to communicating just how great they are, to prospects.
I understand their pain, when I started Rixtrema I was a mere math geek; who had just quit a corporate job and had a young family. Initially this company was not doing well because, in large part, I knew nothing about marketing. All that changed when I started to invest in education. I now consider myself a highly proficient marketer and I spend a lot of my time persuading others that they can become one to.
At a recent challenge we interviewed Michael Kane, who started working with us for the very same reasons I began my marketing journey. He wanted to see results. Michael is the managing director of Retirement Planning Consultants, Elite Retirement Plan Group member, as well as being an elite plan advisor himself.
So I know you’re very successful in being both a fiduciary and a marketer. Can you talk a little bit about how you’re doing it?
We got involved in digital outreach or email marketing ten years ago, back in 2011. So one of the things that I discovered in doing that was the accuracy of email addresses, having accurate email addresses. What I can say about your product is we’ve never found an email address to be incorrect. That might sound kind of basic to everybody. But if you’re going to send them out and you have this huge database of retirement plans that you have and you have emails on each one of these plans, and if and if there are more that you need, you can click and it’ll provide you additional emails. Never found one to be incorrect. Never. Which is unbelievable because we used a lot of other database services.
The other thing is quizzes. 11 years ago we put a quiz on our website and it was a self assessment of fiduciary excellence, 21 or 22 questions. But people answered yes or no and it was really about how they were doing fiduciarily. And of course most people would answer they didn’t have any problems. What you’ve built into your quizzes is exceptional, is A.I. So the algorithms that you reference enable you to craft questions and they get people’s attention and quizzes or have to be an integral part of what you do. It drives people, and this to me, this is one of the objectives of your website. And your website is very critical to what we do. We use Rixtrema in a number of different ways. We can identify people who have fiduciary vulnerabilities from using Rixtrema’s product, and that enables us to be in a really great position to sell.
What do you think is the one thing that advisors don’t understand, that they need to do, to be successful?
Email campaigns. In the past we typically had an open rate in a neighborhood of 14% and a click rate of 21%. And with follow up emails, we get even a higher percent. So developing the element of trust with a large number of plans because the timing may be wrong today, maybe wrong six months from now, but if you’re continuing to stay in contact with them, that’s going to be it. I’d also say that lead generation is no longer valuable. Years ago, we had people making calls on our behalf, accelerated retirement, things of that nature. There’s a bunch of them down in Fort Worth, Florida. They’ll call you and promise the moon and deliver nothing. So to me, email marketing is important. The elements that you’ve described, the research that you’ve done and the two days that you spent really highlight things that need to be done. But you’ve incorporated all those into the elite retirement accelerator.
If there is a place where people drop off, it’s the follow-up email.How do you structure a follow up process to be effective? Because I know you have a lot of success.
You don’t call after one email, you know, and you really want to call people that are opening up. And what we’ll find is people that repeatedly open up the retirement plan itself. If you were to call them on a phone before you start to campaign, you would say, Daniel, do you have any do you have any concerns, fiduciary concerns about your retirement plan? You get the answer would be no, it’s all set. On the other hand, after three or four emails that they’ve opened up and clicked and read, and now you call them and you say, Hi, this is Mike Kane, you know, thank you for opening up our educational emails and we appreciate it. It seems that there’s some interest on your part on these topics. Once you bring that up to them they know from your emails exactly what they are interested in looking into. So you have some very specific issues to talk about.