Our Financial Marketing Case Study for AFH Wealth Management
AFH Wealth Management’s quest to stand out among affluent clientele in the saturated wealth management market led to a strategic partnership for digital rejuvenation that addressed ineffective targeting, underpromoted UVP, and the lack of interactivity expected by their sophisticated audience. Within 3 months of implementing strategic changes, we achieved these quarter-over-quarter results.
14%
More High-Value Website Traffic
8%
More Leads
Reimagined Digital Strategy Supercharges Lead Generation for Wealth Mgmt Company
The Problem
AFH Wealth Management sought to elevate its market position and attract a discerning clientele. Yet, they faced some common barriers to meeting their business goals and remained unsure of where to take their digital marketing for financial services to overcome these challenges
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Standing Out in a Saturated Market:
Competitors were vying for the attention of a relatively small pool of affluent individuals interested in investments and wealth management, and they struggled to stand out - Underutilised Unique Selling Proposition (USP):AFH’s standout offering of zero platform fees wasn't receiving the market attention it deserved.
- Ineffective Targeting:Their wealth management services weren’t reaching the high-net-worth individuals who stood to benefit most.
Our Approach: Audit and Research
Our first step in delivering services to AFH Wealth Management was to conduct extensive Audit that would guide research and planning. During our Marketing Audit, we identified AFH’s business goals and objectives, target audience, competitors, and market trends. Through this process, we discovered that AFH’s target audience was primarily affluent individuals aged 40-60 with an interest in investments and wealth management.
We also found that there were several competitors in the market, but we identified an opportunity to differentiate AFH’s services by emphasising their zero cost on platform fees, something at that time no other competitor was doing. Our audit further revealed that their current digital marketing strategy was not effectively communicating this benefit. Moreover, audience research showed that while their target audience is not price sensitive, they are financially savvy and do not want to pay platform fees they deem frivolous.
Our Audit also revealed some secondary obstacles we would have to address to overcome their primary challenges:
- Static Client Interaction Tools:Potential clients were missing out on interactive tools that could demonstrate the tangible benefits of AFH's services.
- Inadequate Use of Emerging Technologies:The firm was not fully leveraging the latest tech to streamline client services and internal processes. This did not align with the expectations of their affluent audience.
As their consultant, I set out to show them why an investment in these areas would deliver an ROI that justified improving these key elements both in the short term and over time.
Joshua Reece
Digital Marketing Consultant
Our Approach: Implementation
Based on our research, we developed a digital marketing strategy and systematically unleashed a suite of tailored digital initiatives to directly address the findings of the audit. These included:
Creating and Publishing High-Quality Content
We showcased AFH’s unique approach to wealth management and that 0% platform fee UVP.
Managing Social Media and Email Marketing
We simplified the prospect and client nurturing process and clarified the buyer’s journey by enhancing their use of data analytics.
Designing and Executing Digital Campaigns
We were able to more efficiently reach the right audience with targeted digital ads.
Repurposing Technology Assets
We re-purposed an internal calculator that calculated 0% platform fee savings. By making it available to their prospective clients, we were able to demonstrate why developing interactive client tools and using current technologies is worth the investment.
During the implementation stage, the above initiatives achieved a 14% increase in website traffic and an 8% increase in lead generation compared to the previous quarter. By focusing on strategic innovations, small changes instantly demonstrated improvements.
Our Approach: Analysis and Optimisation
We tracked the performance of our digital marketing campaigns using key performance indicators (KPIs) such as conversion rates, return on investment (ROI), and client acquisition cost (CAC). Our goal was to lower CAC and increase ROI, which we were able to quickly achieve post-implementation. However, our focus on continual improvements and growth, allowed us to identify some key areas where we could further improve these KPIs.
During this phase, we tested and optimised our digital ads for better click-through rates and improved our email marketing segmentation to increase open rates.
Our Approach: Reporting and Recommendations
Our commitment to delivering short-term results first, provided us with ample justification to encourage AFH to continue investing in key areas to elevate their ROI even higher. We furnished AFH with the data and insights that brought clarity and direction for future campaigns. Our recommendation? To persist with the digital efforts that had begun to turn the tide. We advocated for the integration of AI to personalise client experiences within a more modern client portal that audience research showed their audience expected. After analysing which channels delivered the highest ROI, we also suggested that they build a robust social media presence and strong digital marketing framework to widen their reach and drive leads through the full client journey to generate referral behaviours.
We also recommended exploring new technologies such as chatbots and AI-driven customer service to enhance the personalised approach to wealth management that sets AFH apart from its competitors.
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