Investing in digital marketing is the number one avenue for advisory firms to reach new prospects, develop deeper relationships with current clients.
Many aspects of life have changed due to the ongoing pandemic. The one lasting effect that might stand out above all others, though, is the number of activities that had to go fully digital.
Until the pandemic, financial advisors had also been enjoying a hybrid approach to in-person meetings while incorporating little of digital marketing techniques.
In 2020, however, that hybrid approach tilted completely in one direction as in-person meetings were duly eliminated, and a digital-only approach became the standard.
For long term, digital marketing is the best way forward for advisor prospecting and sales.
In one recent survey, almost 85% of investors said they believe receiving personalized content is important for making their decision about who to invest with, and 42% now start the search for a financial advisor online. In an industry where client referrals have long been the number one way to grow, these are dramatic changes.
Here are some tips on how to up your digital marketing game and generate more leads:
Blogging
Many people misunderstand or don’t grasp the reason for a financial plan and need to be shown the value of good advice.
Writing blog articles is a perfect way to show that you can be that coach for their financial life. You can use blogs to explain complicated investing concepts, give your own commentary on what is happening in the markets, and share news about your firm.
It might seem like a basic concept given how long blogging has been around, but writing a blog is still one of the best ways to market your firm online. Blogging builds content that you can post on social, send in an email, and continually draw people back to your website.
Blogging also increases your visibility. You can use this technique to fill up the schedule for your social media posts, link to blogs in emails, and even use your blog posts to create videos or longer content. Plus, the more your blog is read, the more Google is likely to show the articles to other people looking for that same topic. Maintaining a popular blog also increases the likelihood that someone reading and enjoying your content will reach out to you for help when they need an advisor.
Email marketing
Email marketing needs to be a big part of your prospecting strategy, because emails keep you in front of prospects while also allowing for deeper discussion and education.
Drip campaigns—a communication strategy that sends pre-written emails to your target audience over a determined period of time—can be deployed easily through marketing automation software. These campaigns are an effective way to walk a prospect through the entire sales funnel, from the initial search for an advisor all the way to becoming a new client. Through these emails, you can share educational content (such as your blogs and videos) to get or keep prospects engaged, offer easy ways to schedule a meeting with you, and give readers a glimpse into your personality and what it’s like to work with you.
Social media
To find prospects, you need to be where they are, and they are definitely on social media.
Social media gives you a place to share all of the content you’re creating, as well as a way for your clients and followers to share that content with their friends. Client referrals are still a large part of the advisory industry; by making yourself more available online, you make it easier for clients to share what you’ve done for them.
Similar to blogging, social media rewards consistent activity. Monitor your accounts, respond to comments, and answer any direct messages as quickly as possible. One “like” could be the start of a relationship that turns into a new client.
Retargeting ads
How many times have you searched the internet for a service or product, and then seen ads for that same thing on social media or on every other website you visit after that?
It’s not magic; it’s called retargeting, or remarketing. Here’s how it works:
- You’ve probably noticed that most websites ask you to accept cookies when you first visit their page
- Cookies are a tracking device attached to each visitor
- After a visitor leaves your site and goes to other websites, the cookie goes with them
- When they land on a website with advertising space, the cookie information communicates with the ad placement providers to let them know to serve up your ad
- This ensures that your visitors, who have been cookied, are reminded of you when they visit other websites
Video
Video enhances every part of your overall marketing strategy. From email to social media to ads, video makes a higher impact on your audience:
- Email - Video increases email open rates by 19 percent and email clicks by 65 percent.
- Social media - 64% of consumers purchase after watching branded videos on social media
- Ads - Almost 60% of marketers say Facebook ads with video lead to more clicks than images only.
Video helps you quickly and consistently tout your thought leadership and value. Especially in today’s increasingly digital world full of Zoom happy hours and FaceTimed holidays, video gives you a chance to establish confidence and rapport with prospects who can’t see you in the same room, but can still engage with you face to face.
Investing in digital marketing is the number one avenue for advisory firms to reach new prospects, develop deeper relationships with current clients, and meet investor expectations for working with a firm today and into the future.
