Develop a modern fresh visual identity:
A bold, confident new logo and colour palette that reflects the dynamic nature of a business going places.
Trebled the number of audits carried out - and the rate of growth is still strong
My Dealer Services
Increased revenue and financial security
How we took a financial services business from small player to being the ‘Home of Self-Licensees’ – and gave the MD his weekends back.
Five years ago, My Dealer Services (MDS) was just a job for a full-time consultant with a part-time person providing technical support.
The position of the business was “me-too” – just another service provider helping financial advisors become self-licensed. Its website was old and tired and the business had a precarious revenue mix.
A high 74% of its revenues came from one-off licensing applications and only 26% from ongoing support services. The Director was forever on the treadmill looking for new clients. As an asset, the business had little value.
We started working closely with the Director, shoulder to shoulder, to address these issues. To de-risk the business and increase its sale value.
Work Involved
Address the revenue problem by growing ongoing services:
Developed a three-tier suite of ongoing compliance support services. Priced them so they were profitable.
And promoted them immediately the client decided to proceed with their licensing application.
Then built that out with business partner services.
Position the business apart from the crowd:
As a boutique, high-touch service provider, MDS needed to differentiate itself.
The business became the “Home of Self-Licensees”.
A position that honours the role advisors play in the lives of their clients. And that MDS is here to support them with membership services that make running their business easier, simpler.
Develop a new website AND member portal
A website that clearly articulates the new position, the ongoing business services, and acts as the endpoint for all digital marketing activity.
The Member Portal: a digital home for each advice business client, where they can access compliance updates, adviser document templates, store client documents and find industry news and access business partner deals.
Making MDS’s clients stickier.
Digital Marketing to attract new clients
Targeting keywords on Google search, using a bespoke landing page that converts.
Generating a regular flow of enquiries to the team, and new clients.
Outcomes
Revenues up
Annual recurring revenues increased by $735,000.
Revenue split changed to 27% new applications, 73% ongoing services. Greater financial security for the business.
Uptake on ongoing membership services by new clients more than doubled to 87%.
Time reclaimed
They also provided the income to invest in new people.
MDS now has four full-time staff, freeing the owner up to take a more hands off / strategic role.
And reclaim his weekends for himself.
Digital marketing
Google Ads: an industry-leading conversion rate is delivering a steady flow of enquiries and new clients.
LinkedIn: getting onto the radar of potential clients at a much earlier stage in their buying cycle. Creating future clients.
My Dealer Services’ ongoing Google ads campaign’s conversion rate of 7% is 2.3 times the average B2B rate of 3%.
If you want help reaching your ideal new clients, call us on 02 4023 5958 for a conversation today.
Caveats
Context
- You can never create market conditions but if you are well-placed, you can maximise their effect. MDS did not instigate the Haynes Royal Commission. But they were well placed to take advantage of the fallout when advisors really started to question the value and benefit of their previous licensing arrangements.
- What works in one industry or niche may work in others, or not.
Attribution
Attribution of specific results is always vexed. Existing and new business activities, working together shoulder to shoulder, marketing activities, market conditions. To directly attribute outcomes to just one stream of work, let alone a tactical activity, is a futile task.
It is how they play out as a whole that matters.