Is there such a thing as digital marketing for financial advisors? If so, how does it work and help shape the businesses? These are the questions asked by many professionals in the finance industry.
The evolution of technology is the driving force behind small and medium-sized businesses to try new marketing channels to reach their target audience. Brick-and-mortar businesses are switching to digital marketing strategies to beef up their existing marketing efforts.
Digital Marketing for financial advisors continues to help the financial industry as one of the most efficient and effective channels to reach prospective consumers. Your digital marketing strategy can determine the success or failure of your business. Thus, you must invest your time and energy into designing and implementing an effective digital marketing strategy. This will help you increase your SEO ranking and improve your sales conversion rate by driving more traffic to your website.
Modern-day digital marketing for financial advisors will equip your business with tools and techniques to give you a competitive edge in your niche and enhance your business growth.
7 Reasons How Digital Marketing Can Help Your Financial Firm
To understand how digital marketing for financial advisors works, you must first understand the basics. This includes understanding the reasons why digital marketing is an effective channel to promote your business and the different types of digital marketing strategies.
Here are seven reasons how digital marketing for financial advisors really help their business.
1. Reach Their Target Audience
Digital marketing is taking over the conventional marketing channels with the help of internet marketing tools, as it enables you to target your audience in real-time.
Engagement is what your consumers expect when they interact with your business or brand. How you handle these interactions and engagements will determine the success and failure of your business.
Interacting with your consumers can give you direct insight into what your audience wants. You can use this vital information to steer your decision-making process by making the right moves at the right time. It will also help you enhance your customers’ experience, develop good consumer relationships by gaining their loyalty and trust, and, above all, increase your ROI.
2. Convert Website Users to Clients
The rate of incoming customer traffic on your webpage and the percentage of how many of them convert into leads, sales, and subscribers measure the success of your digital marketing success. However, it depends on what is the purpose of your website.
You need call-to-action on your website because you need conversions; without them, all that traffic will not mean anything, and your marketing efforts will go to waste.
Therefore, the main aim of digital marketing for financial advisors is to streamline their digital marketing efforts towards conversion optimization as their top priority. Search Engine Optimization, email, and social media marketing are some of the many tools to maximize your digital marketing results.
3. Increase Conversion
There are many benefits associated with the generation of higher conversion rates through digital marketing strategies. The most important of them all is better and improved ROIs.
With an enhanced expectancy of revenue growth using digital marketing strategies, small and medium financial enterprises have 3.3 times more chances to expand their business. They get opportunities to open their doors and showcase their brand, reaching better, broader, and farther markets locally and internationally.
To do so, here are some key points to focus on:
- • Create a selling proposition that stands out
- • Collect extensive data on the consumers’ need and market you wish to target
- • Gain in-depth knowledge about your niche
- • It is a two-way street, so give more to receive more
- • Interact with your consumers and be yourself as a brand.
Kevin O’Kane, Head of SME for Google’s Asia-Pacific region, describes digital marketing as the rocket fuel for the development of small and medium-sized businesses.
4. Target New Customers
While social testimonials and feedback can help you earn your customers’ loyalty and trust, a digital marketing strategy helps you entice new potential customers and take favorable actions that your business or brand expects them to take.
Although the website visitor stays in full control of initiating the sales, as a digital marketer, you can deploy innovative and clever calls-to-action to encourage the conversion to sales.
A call-to-action indicates and guides your new customer what they should do next, such as to subscribe, signup, download something, buy or contact you. Specific instructions will persuade them to perform intended favorable actions.
Thus, innovative website design, forms, texts, and optimized graphics, content, and color schemes will work in harmony. This will enable your digital marketing strategy for financial advisors to produce the best results for your brand.
5. Increase Brand Awareness
The strength of digital marketing for financial advisors lies in creating brand awareness to target new markets and consumers.
Whether you are a financial advisor, planner, or a wealth management firm, the customers looking for similar services are all prepared to know about your company, products, and services. They may have already made up their mind to purchase, and all you need to do is make your brand interesting enough to encourage them to buy.
Delivering on your promises will help you develop better clients’ relationships. And this can convert into healthy brand awareness by feedbacks, reviews, and word of mouth publicity through these satisfied customers.
These customers can prove to be an asset for your financial organization to build a brand reputation without costing you time, money, or energy. A satisfied client is more likely to tell others about their experience with your firm and services. It can help your company’s reputation go viral and open new avenues of opportunities.
6. Optimize Site for Better SEO
Search Engine Optimization improves your business’ online presence by improving your ranking in the search engine results such as Google.
If your website ranks higher in Google’s search results, it will generate more traffic. Hence, consumers will find you trustworthy and are more likely to click on your website. More clicks mean more customers visiting your website, which will result in more opportunities to showcase your products and services that might interest them.
Not only that, but a highly ranked site also contributes to higher conversions and revenue generation.
7. Build Their Portfolio of Clients
Digital marketing strategies are riding on the current trend of social media frenzy. The evolution of smartphones and mobile devices has influenced consumer behavior irreversibly, and they are spending more time on social media platforms than ever before.
From uploading their daily routine to searching for all their needs, social networks such as Facebook and Instagram are their go-to marketplaces. Thus, if you are a financial advisor, entrepreneur, or a financial management group, having a social media presence is a must in today’s world.
This is also the best way to have a more direct and personalized interaction with your clients. According to a report, 79 percent of the consumers expect the companies to respond to their queries within 24 hours via connecting to their social media business pages.
Keeping all the above reasons why financial advisors need digital marketing, it is safe to say that if you are not in the game already, it is high time that you start designing a digital marketing strategy to reap the associated benefits.
6 Types of Digital Marketing Strategies
Although digital marketing strategies come in many forms, some are more effective than others. Therefore, here are six types of digital marketing strategies that we believe can help the financial business sector.
1. Content Marketing
Content marketing is all about creating and distributing content to highlight your brand, products, and services. As a marketer for the finance industry, you can use a combination of text, images, and various forms of multimedia. This will provide value to your clients instead of simply broadcasting a text ad.
In case you are a Business to Consumer (B2C) organization, you can conduct successful content marketing via blog posts, articles, social media posts, and fun videos. However, for a Business to Business (B2B) company, you can also include reports, white papers, webinars, and tutorial videos.
Some of the advantages of content marketing are:
- • It is free of cost as it is all about attracting potential clients to your company instead of paying to advertise your product to a cold audience.
- • It is incredibly versatile and helps you educate, inspire, and entertain your audience. It also fuels and supports other aspects of your digital marketing strategies, such as SEO optimization, social media, and email marketing.
2. Search Engine Marketing (SEM)
Search Engine Marketing aims to get your website display as one of the top search results whenever a user searches for services related to your business.
For example, if you are a financial advisor operating in New York and a customer searches for “financial services in New York” or “financial advisor in New York,” your name must appear as one of the top search results.
It can include natural and organic searches by implementing SEO techniques. Additionally, you can use paid search tactics such as pay per click (PPC), etc.
Search engine optimization means creating content that customers are actively searching for. However, the trick lies in ensuring that your content is on the platforms where the customers ideally look for it. To be honest, every business and industry must focus on SEO, as it is what gives you a competitive edge over others for a broader outreach.
Two of the biggest benefits of SEO digital marketing strategy are:
- • It is cost-effective
- • It increases brand awareness when your company makes it to top search results. It invokes a sense of authenticity, loyalty, and trust in your customers about your brand.
Do some keyword research, what people in your niche are searching, and try to use this knowledge when creating your content for better SEO rankings on Google and other search engines.
4. Social Media Marketing
Social media grants you a unique opportunity to engage in a two-way interaction with your clients. It adds a whole new dimension to your consumer engagement.
Instead of simply broadcasting a message to a large audience, you can actually interact with all your customers (existing and new alike) and listen to what they want or have to say. There are various channels to help you deploy an effective social media marketing such as Facebook, Twitter, Instagram, YouTube, Snapchat, LinkedIn, etc.
Create Facebook groups, business pages, and posts, Instagram stories, or content on Snapchat to go viral. You can even use paid methods such as Google Ads and Facebook Ads as a more aggressive approach towards digital marketing for financial advisors.
The two main advantages of social media marketing are:
- Your content goes viral without any additional efforts as more people like or comment on your content and share it with family, friends, and other connections.
- Facebook ads are very sophisticated, and you can target specific clients with your content based on their location, age, profession, language, education, and other criteria.
5. Email Marketing
Emails may sound old school, but they are still as relevant as any other modern digital marketing tool. Especially e-commerce websites, retail brands, and financial service providers enjoy a lot of success by pushing seasonal discounts and promotions to both new and existing customers via email.
Suppose you are a financial advisor, and it is the tax rebate season; you can send out emails to your existing clients and potential customers to use your service by offering special rates and services.
You can also nurture your prospects by using email newsletters. This allows you to add a lot of value without aggressively pitching your products and services or appearing desperate to make the sales.
The main benefits of email marketing are:
- • An existing mailing list enables you to stay in touch with your clientele. Hence, you will do not indulge in cold pitching where the recipient does not know you. Plus, your email will not end up in a spam folder because the subscriber to your emailing has already chosen to receive promotions and messages from your company.
- • Staying in touch with the clients solidifies your relationships while keeping your company on top of their minds in case they need to buy.
6. Video Marketing
Video marketing content is “IT” of digital marketing strategies these days. If anything can help you reap the maximum benefits of digital marketing more than any, it is Video Marketing.
You can create short-clips or a longer video message. It can be a tutorial or a fun, entertaining content; you can even stream live in real-time. In short, whichever way you choose to do it, video marketing is the preferred choice by the customers worldwide.
Some of the benefits you can reap through this mode of digital marketing are:
- • You can create super effective and engaging messages to create an emotional connection with your audience. Plus, a video message is more likely to stick to their memory than a plain picture or text.
- • All major social networking platforms in the world, such as Facebook, Instagram, Snapchat, and LinkedIn now facilitate their users to create video content for a broader outreach.
Do you know businesses and brands with the video content in their social feeds rank higher amongst the search engine results in their niche?
Let the Experts Help You
Whether you are an independent financial advisor or a wealth management company playing with the idea to deploy a digital marketing campaign but do not know where to begin, let the experts like Mediaboom help you. They are a digital marketing agency with the expertise to help boost brand awareness and increase website traffic to generating quality leads, which will ultimately increase your sales.
By: Frank DePino
Frank DePino is Principal and Founder of Mediaboom. Since 2002, Frank has led Mediaboom’s award-winning staff of creative and technical professionals building the most effective marketing and advertising solutions for its clients.