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There are many reasons why digital marketing for financial advisors help build your brand and online presence, and here are some of them:
1. Connect with your target audience
When you research and define your target market, it is a matter of identifying their demographics, psychographics, online behavior, interests, and likes.
Given that wealth of information, you can concentrate your marketing efforts and presence on the sites and apps they frequent and topics that interest them.
If you are targeting clients or prospects who are executives or professionals, it makes sense to have a LinkedIn account.
If you wish to talk to a broader audience and have a lot of content to share, connecting through Facebook would be beneficial.
Financial advisors who have insights and forecasts to share and discuss can strengthen their positioning with email send-outs.
Digital marketing for financial advisors allows them to segment and target your audience and curate the right messaging for them, and since we’re dealing with social media, they’ll know how to find you.
2. Brand Awareness
A catchy slogan, a professional-looking logo, or even a beautifully designed website is enough to get a prospect’s attention and recall.
Forget TV or events. With the right strategy, you can use digital media to make your brand memorable and stand out in a sea of ads.
It helps to be a top-of-mind brand, especially when clients are deciding among other competitors, so your value and proposition should stick to them the first time they read or come across your brand.
3. Increase Conversions
Conversions are a lot easier when the proposition made is relevant and suitable to the prospect.
Digital marketing for financial advisors helps target the right product, offer, or message to the correct client segment.
The call-to-action is customized to reflect the individual’s stage in the client life cycle.
We commonly see these:
- Learn more – for prospects or Internet searches for your keywords
- Send a message – for those who are interested in what they saw in “Learn more”
- Call now – for those who are very interested to learn more about your offer
- Send me a quote – for those who’ve made up their minds and are in the purchase stage
- Share this post – for social media followers or clients who enjoyed or liked your post enough to share this with others
- Leave a Review – as a post-sales activity, for recent clients
Get reviews and testimonials from happy clients, as a testament of great service—and to entice future conversions.
There is nothing more convincing and trustworthy than “online” word-of-mouth marketing.
4. Extended Reach
The power of online media posting, reposting, and sharing is exponential!
Social media content and emails are virtually permanent—unless deleted, of course.
With engagement buttons such as “repost,” “share,” or “like,” there are many ways to make a post relevant again.
Sharing a post or tagging others is another way to extend reach and generate leads.
By doing the math, if one follower shares or tags 5 other friends, and if you have 1,000 followers— that’s almost 5,000 eyeballs!
If your content is relatable and unique, it’s more likely to be shared and talked about—and shared in a viral cycle.
That’s an awareness win for your marketing team.
5. Control (Return on Ad Spend)
Marketing efforts need to yield productive results and convert to leads, and one way is to track ROA or Return on Ad Spend.
This is computed as Revenue Attributable to ads / cost of ads. With a digital marketing strategy, you have better control over your media placement and allocation of your advertising budget.
For example, paid ads only charge you once clicked by the prospect.
That means your campaigns are hardworking and should be worth what you pay.
If you feel that your keywords or landing page are not converting to leads or sales based on your target, you can generate other search words or amend your call-to-action as needed.
You can also halt a campaign if you feel that you’ve already reached your financial limit.
A digital marketing strategy is flexible and easier to control—unlike traditional media that require fixed space, content, and duration.
6. Qualified Leads
In the past, cold calls meant prioritizing quantity over quality.
The more clients called, the more chances of booking an appointment. It was a numbers game.
With digital marketing, you can streamline your reach and leverage the “push and pull” techniques.
Social media works well to create awareness and interest for your firm, and an easy-to-use sign-up page or interesting email blast will make reaching out to you faster.
A financial advisor can incorporate specialized content or financial advice in the materials to target niche groups and segments.
Ultimately, those who respond or hit the “Yes, I’m interested” button would most likely be your bull’s eye target market, the qualified leads.
Related: Why Webinars Are A Good Marketing Strategy for Financial Advisors