AM radio is not dead! – Ryan Payne of Payne Capital Management

Ryan Payne, the President and Co-Founder of Payne Capital Management, grew his company's revenue 71% from $2.7m in 2013 to $4.7m in 2016.   Payne Capital Management is a registered investment advisor that provides fee-based financial services for high-wealth clients.   In this interview with Eversprint's Malcolm Lui, Ryan shares how he and his team accelerated their high value sales by:   Generating leads through AM radio.  Testing different marketing channels broadly on a small scale before scaling up.  Establishing a hiring process to find the best advisors.  Positioning for the future wave of millennial investing.  Actionable High Value Sales Insights:   When referrals were no longer enough to grow his business as fast as he would like, Ryan turned to AM radio.   Their AM radio show now generates around $500K of new business annually. When you factor in their 95% client retention rate, that's $10m of additional lifetime revenue each year!   How Ryan developed this new source of leads can be applied to any channel, not just AM radio. Here's how he did it, and you can too:   Word of mouth referrals at some point will limit the growth of your business, as you don't have control over the quantity and quality of the leads. To scale beyond this level, you'll have to move from referrals based lead gen to one that targets a larger audience.  To develop new marketing channels, test small first, and scale up on indicators of traction, such as an improving ROI. It can take one to two years of testing, optimizing, and slowly scaling up before you start enjoying high ROI from economies of scale benefits.  The ROI of a marketing channel should also take into account the lifetime value of your customers, not just revenue from the front end. Ryan's prepared to lose money on a new client the first year, as he knows he'll make it all back and then some over the next 20 years.  Provide different tracks for leads who are in different points in their lead-to-buyer journey. At Payne Capital, they provide a free consultation for those more ready to invest with his firm, and educational videos for those who are still in research mode.  Identify secular trends and position yourself to benefit from them. Ryan has identified that their industry has an aging workforce that's about to retire, and that millennials will take a greater interest in investing, and has built a younger team to take advantage of these two trends.