Everyone uses the same words in business, but what they say and what they mean are very different. Let's break down three marketing words advisors get wrong: automation, funnel, and follow-up.
Automation
Typically what people think when they hear automation is a one or two email sequence. But automation is actually the systems in place that perform tasks automatically: scheduling annual review meetings with clients, getting more referrals.
Automations are many, many systems tied together in order to automate tasks, not a single email that fires once.
Funnel
When we hear funnel, we think a funnel is what qualifies folks so they become good opportunities for us. But what a funnel actually does is unqualify folks.
The best funnels are built to get the tire kickers out, the people who are unqualified, so you are not spending your time on bad apples.
Follow-up
This is a funny one. We have all had a boss or colleague ask, did you follow up with that prospect? People think: yeah, I sent that email with our brochure two weeks ago. But following up is actually a process of many touch points that have already been built up. It is your internal process.
Think about following up as a sequence. Task one might be sending an email, then a day later call in the AM, call in the PM, connect on LinkedIn, send a message. When you follow up, you are accomplishing that specific activity the firm has built out.
Frequently asked questions
- What does automation actually mean for financial advisors?
- Automation is the set of systems that perform tasks automatically, like scheduling annual reviews and generating referrals. It is many systems tied together, not a one or two email sequence.
- What is the real purpose of a marketing funnel?
- A funnel's job is to unqualify people, not just qualify them. The best funnels filter out the tire kickers so you only spend time on prospects who are a genuine fit.
- What does it really mean to follow up with a prospect?
- Following up is a built-out internal process of many touch points: an email, then a call in the morning and afternoon, a LinkedIn connection and message. It is a sequence, not a single brochure email.
- Why do these marketing words get misunderstood?
- Everyone uses the same vocabulary but means different things. Knowing what automation, funnel, and follow-up actually involve helps advisors build systems that work instead of one-off tactics.