Ep 370: Leveraging Google Reviews To Generate Inbound Local Prospects with Tim Goodwin
Jan 30, 2024
auto_awesome
Tim Goodwin, founder of Goodwin Investment Advisory, shares his expertise in search engine optimization and leveraging Google Reviews to attract local clients. He reveals how focusing on online presence led to a remarkable increase in client revenue and allowed him to triple his minimum fees. Tim discusses the balance between firm profitability and employee well-being, along with unique hiring strategies that include recruiting former clients. His insights on building a strong prospecting pipeline and the importance of mentorship round out an engaging conversation about growth in financial advisory.
Tim Goodwin emphasizes leveraging Google reviews and SEO to build a strong pipeline, attracting local clients seeking financial advice.
By increasing his firm's minimum fee requirements, Goodwin focuses on quality client relationships and enhances overall client experience and advisor well-being.
Creating mastermind groups has enabled Goodwin to combat loneliness as a founder while fostering shared learning and improvement within his advisory practice.
Deep dives
Leveraging Digital Marketing for Growth
Tim Goodwin utilizes digital marketing strategies to significantly enhance his advisory firm’s growth trajectory. He employs search engine optimization (SEO) practices, focusing on Google reviews and paid search ads to attract local clientele seeking financial advising. This approach has built a robust prospecting pipeline, resulting in a substantial rise in demand, with Goodwin having to increase his minimum fee requirements as a response. For instance, nearly half of his clients have provided Google reviews, which he uses to establish trust and encourage prospects to reach out.
Transforming Client Feedback into Marketing Assets
Goodwin has systematically integrated client feedback into his marketing strategy by actively soliciting Google reviews after meetings. This practice has yielded over 150 positive reviews, which enhance credibility and attract new clients searching for financial advice online. The firm has also structured follow-up communications post-meeting to include requests for reviews, effectively embedding this ask into their workflow. As a result, satisfied clients are not only leaving reviews but also influencing potential clients' decisions, significantly contributing to lead generation.
Strategic Allocation of Marketing Resources
Tim has made strategic decisions to shift marketing dollars from third-party lead generation platforms to in-house initiatives, investing heavily in his firm's SEO capabilities and Google strategies. This reallocation has resulted in a 2.5x return on new client revenue for every dollar spent on marketing. For example, the firm signed 13 new clients recently who all originated from Google searches, indicating the effectiveness of this strategy in attracting higher-value clients. By prioritizing their own digital footprint, Goodwin has improved the cost-efficiency of their client acquisition efforts.
Quality Over Quantity in Client Relationships
Faced with overwhelming growth and capacity constraints, Goodwin decided to refocus his business model on quality clients, increasing his firm’s minimum asset requirements. This decision was aimed at improving the overall client experience, as he found that managing smaller clients often strained resources and led to advisor burnout. The firm implemented a structured 'graduation' process to transition existing clients who no longer met the new minimums, allowing them various options for continued service. This approach not only ensures a healthier workload for advisors but also fosters better client experiences and outcomes.
Prioritizing Team Wellbeing and Operational Efficiency
Tim emphasizes the importance of employee well-being as a cornerstone of his firm's success, arguing that happy team members lead to better client experiences. He actively monitors his team's satisfaction through tools like OfficeVibe, aiming to maintain a positive workplace culture. The firm has also established operational measures, limiting the number of clients each advisor can manage to prevent burnout and ensure quality service. By focusing on the health of his staff, Goodwin believes it ultimately translates to enhanced service quality for clients.
Building a Supportive Network of Advisors
To combat the isolation often felt by founders, Goodwin has formed mastermind groups to connect with peer advisors sharing similar challenges and experiences. This network serves as a crucial support system, allowing members to share insights and best practices while fostering growth in their practices. Tim highlights the importance of collaboration and shared learning, which has contributed to his ability to navigate the complexities of running an advisory firm. These interactions not only alleviate loneliness but also enhance the collective knowledge of the group, leading to better business strategies.
Tim Goodwin is the founder of Goodwin Investment Advisory, an RIA based out of Georgia that oversees $275 million in assets under management for 370 client households. Tim's distinct approach involves a strong focus on search engine optimization, especially Google Reviews, alongside paid search ads to attract individuals actively seeking a "financial advisor near me." This strategy has resulted in a thriving prospecting pipeline, leading Tim to triple his minimum fee requirements over the past two years due to the overwhelming demand generated.
Listen in as Tim shares his journey of building a pipeline for growth through a systematic approach to online reviews, resulting in a staggering 50% of his clients posting on Google Reviews, and how his marketing strategies led to a 2.5X return in client revenue. We also discuss how Tim navigated the challenges of balancing firm profitability, employee well-being, and client service, as well as his approach to hiring from his client base, strategies for establishing trust as a young founder, and the creation of Mastermind groups to combat the loneliness at the top.
