The Importance of Well-Rounded Engagement Models
I frequently get told by advisor relations teams that they just want to meet advisors face to face, and that virtual engagement models are ineffective at improving advisor Understanding levels. While face-to-face engagement is highly effective, it takes more executive energy and is far more expensive than other engagement methods. I believe advisor relations programs that combine face-to-face and virtual engagement methods can keep the advisor community more consistently up to date on their capabilities and client stories.
The ISG targeted message is one example of a virtual engagement model. I believe it is a highly effective way to get specific messages to the right advisors on a short timeline. Some clients have expressed their doubts about the effectiveness of this program and haven’t worked it into their engagement approach yet. Thankfully, ISG collects advisor feedback as part of the targeted message program, so I went to the data to see what I could learn about how effective the targeted message really is.
To set the stage, I’ll describe what the targeted message is. A targeted message starts with identifying the right advisors to hear a specific message a provider wants to tell. For example…
- Your firm has a strong AI platform with 100’s of agents deployed in your client sites
- You have a special capability in a niche area
- Your firm has recently gone through a major event (change in leadership, update to strategic direction, acquired a company)
- Your firm is new to engaging with advisors and has low Awareness and/or Understanding levels
Your team develops a one-page communication (can include links to additional information such as a case study on your website) and your CSR will distribute that message to a carefully selected list of advisors for whom the message is highly relevant. After reviewing the message, each ISG advisor shares their feedback so you have proof of delivery as well as a valuable feedback mechanism.
I recommend the targeted message as part of an education program to improve advisor understanding levels. Depending on the topic, I recommend the targeted message be followed by virtual education sessions within a few weeks. The nice thing about this approach is that it is a low-touch way to reach the right audience quickly.
To ascertain the effectiveness of the targeted message approach, I’ve looked at more than 200 advisor responses to targeted messages from 2024. The results show that targeted messages are an effective tool in your advisor education playbook!
How much does targeted messages really improve advisor knowledge levels?
The data below shows that the targeted message is an effective tool at increasing advisor knowledge about a provider. We tested three different types of knowledge improvement, and we find this approach is most effective at improving advisor knowledge about provider capabilities and their applicability to ISG clients. Overall, about 80% of advisors indicate their knowledge of a provider improved as a result of a targeted message.
For some advisors, a targeted message could be the first time they’re hearing from a provider, but others may already be familiar with the provider. The data shows the targeted message is effective at improving advisor knowledge regardless of how well the advisor already knows the provider.
What do advisors tend to learn?
We asked our advisors to share what they learned as a result of the targeted messages they’ve reviewed. The results are likely what you’d want to hear…
1. Learned about a provider not previously on my radar
- "I was previously not very aware of <provider>. I specifically liked the Case Studies, which show a broad range of skills and expertise."
- "I didn't know <provider> at all, to be honest. So I am glad to have a basic understanding now what they’re doing, and there definitely are aspects that might be interesting for my clients.”
2. Learned about the provider’s capabilities
- "I didn’t realize the breadth and depth of <provider>’s IOT capabilities, which when combined with their industry knowledge and other horizontal services makes for a very strong value proposition."
3. Saw real-life examples of their capabilities in action
- "The breadth and depth of their capabilities surprised me, along with case studies makes them more capable in the cloud and related market than previously thought."
4. Learned what sets them apart from others in the marketplace
- "I am particularly very impressed with <approach>. This is clearly a differentiation as compared to other provider messages."
5. Better understand the business impact and outcomes they can deliver for clients
- "<Solution> provides for reduction of manual IT processes by utilizing automation."
What impact do they have?
I suggest providers think about their advisor engagement strategy as a portfolio of activities that support the goal of improving understanding levels. We define understanding as, “I know their capabilities well and can identify the right types of deals to include them in.”
Advisors tell us the targeted message is an effective tool to improve their advisor ability to recommend your firm in the future. In the chart below, I examine advisors with and without prior knowledge of a provider. In both cases, a high percentage of advisors are likely to recommend a provider after reviewing their message.
Not too surprisingly, nearly half of advisors with a strong base of knowledge (light blue bars) indicate they are Extremely or Very Likely to recommend the provider in the future. What they learn improves their understanding and strengthens their future consideration of the provider.
In situations where the advisors previously had little or no knowledge of the provider’s capabilities (dark blue bars), nine out of ten indicate they’d be likely to recommend the provider in the future, with about one-third (32%) saying they’d be very likely to recommend the provider.
What recommendations can you offer to make a targeted message most effective?
As part of our research process, we ask advisors to share recommendations to make targeted messages as effective as possible. Here is what they say are important things to consider when developing a targeted message:
- Create focused messaging tailored to specific topics, avoiding overly broad or generic messages.
- Simplify the messaging, avoiding excessive use of jargon and acronyms.
- Showcase unique differentiators and deep business knowledge that sets them apart from competitors.
- Use a narrative that highlights these differentiators and value propositions.
- Enhance content presentation for clarity and readability, maintaining consistency in language and format.
- Include detailed case studies and client testimonials that demonstrate the tangible benefits and outcomes achieved.
- Explain your commitment to client satisfaction and flexibility. Emphasize the importance of understanding unique client needs and adapting services to meet those needs.
- Provide examples of how innovations have been successfully implemented to solve client challenges and create new opportunities.
- Use embedded videos and interactive content to enhance engagement and understanding.
- Offer quantifiable data and figures to illustrate the impact of the services. Where possible, include actual financial details rather than just percentages for more clear impact.
- Highlight awards and recognition related to the story you’re telling
I hope you see why I recommend targeted messages as a component to your advisor education program. Advisors learn a lot about a provider by reviewing materials that are relevant to their client situations. Anecdotally, advisors tell me it is nice to be able to review materials on a schedule that aligns with their busy calendars. When the content is relevant, they pay close attention to it.
If you have further questions about how you can implement a targeted message, please drop me a note or get in touch with your account executive or client success representative. Any of us are happy to work with you!
As always, my past articles are available here. I’m interested to hear your thoughts on this topic – feel free to drop me a note or give me a call if you’d like to discuss.
