A long list of engaged, interested leads makes any marketer happy. After all, the more people interested in a company’s products or services, the better the bottom line. However, a broad and diverse pool of clientele can lead to an unexpected problem: the conventional marketing funnel doesn’t always apply.

This is the situation Cetera, a leading wealth management services provider, found itself in.

The Challenge: A Diverse & Rapidly Expanding Customer Base

Following rapid growth and multiple company acquisitions, Cetera wanted a way to connect to prospects with varying needs and preferences in a more bespoke way to better classify and route leads. Cetera’s existing methods relied on qualifying leads as part of the initial CSR engagement process, which wasn’t as efficient.  

“Our team was spending more time on the phone classifying leads than we wanted,” explained Merrill Varghese, Senior VP of Corporate Marketing. “We needed a better approach that allowed us to get right to a needs-focused conversation in that first call, so it could be more about how we could support the prospect’s needs.” Fortunately, the team didn’t have to wait long. What started as a project building an internal tool for mapping interest to available services became the spark for a client-facing, scalable, and self-selected approach.

The Solution: Implementing a Dynamic Customer Engagement Tool

Cetera knew what they needed. However, building and implementing the solution would take time—time the team couldn’t afford. To address this challenge, Cetera turned to the 4Thought Marketing team.

The 4Thought team used Cetera’s existing tech stack, including Adobe Marketo, to construct a tool to streamline the routing process. The “Find Your Fit” tool guided prospects through a series of questions, allowing them to identify their own needs and self-match with the most relevant offerings from Cetera.

The solution leveraged advanced algorithms and data-driven insights to categorize prospects based on their responses. This ensured that each prospect received a personalized recommendation, directing them to the top three programs that were the best match for their interests and needs. This approach enhanced the customer experience and streamlined Cetera’s internal processes.

How It Worked: A Personalized Journey for Every Customer

The system was a dynamic “choose your own adventure” experience. Prospects were prompted to answer questions upon visiting Cetera’s platform. Depending on their answers, the tool used predefined algorithms to categorize them into distinct customer segments.

For instance, if a prospect indicated an interest in tax and accounting services, the tool would direct them to content and service options specifically designed for tax professionals and accountants, ensuring they found exactly what they needed without unnecessary searching. This improved user satisfaction and increased the likelihood of conversion, as clients were more likely to engage with content directly relevant to their needs.

The Results: Enhanced Engagement & Higher Conversion Rates

It didn’t take long for Cetera to see an improvement. “The ‘Find Your Fit’ system made it easy for prospects to find exactly what they were looking for and understand how we could support their specific needs, and gave our sales team an immediate advantage. It was a game-changer for us and the prospect experience we were trying to create,” Merrill Varghese explains.

The implementation of the self-categorization tool yielded impressive results for Cetera:

• Improved customer engagement: The tool significantly increased customer engagement and satisfaction by providing a more personalized experience.
• Higher conversion rates: The tailored approach led to higher conversion rates, as prospects were directed to the most relevant services and support personnel from the start. This reduced the time and effort required for decision-making.
• Operational efficiency: The tool allowed Cetera to manage a diverse customer base more efficiently. By automating the initial sorting and categorization of prospects, the tool reduced the workload on sales and marketing teams, allowing them to focus on more strategic tasks.
• Data-driven insights: This approach also provided Cetera with valuable customer preferences and behavior data. This data was instrumental in refining marketing strategies and ensuring that each advisor segment received the most relevant content and offers.

Key Takeaways for Marketers

Cetera’s experience highlights several important lessons for marketers facing similar challenges:

• Adaptability is crucial: As businesses grow and evolve, so too must their marketing strategies. A flexible approach that can accommodate diverse customer needs is essential for success in a dynamic market.
• Personalization drives engagement: Tools that enable customers to self-identify their needs can significantly enhance the customer experience and improve engagement and conversion rates.
• Leverage technology for efficiency: Automating the segmentation process improves accuracy and allows marketing teams to focus on strategy rather than administrative tasks.
• Continuous learning and improvement: Using data to understand customer behavior is key to refining marketing strategies and ensuring long-term success.

If your company has the same challenge as Cetera, the answer might already be in your existing tech stack. We can help you find it and put it into practice. Get in touch with our team today to learn more and take the first step toward a long-term solution.