While I don’t want to pigeonhole all Financial Advisers when it comes to marketing, I will say that many grab the marketing idea of the week and run away with it, and that’s a problem when you have a hundred other things to do in a small business!
What typically happens is, whatever makes the most noise one week all of sudden ends up in the marketing plan with no real thought, accountability or planning in place. I get that. We all get excited about new marketing ideas, especially with all the platforms, automation, APP’s and shiny devices – who wouldn’t get excited? The thing is, if a Financial Adviser gets the strategy part right in marketing, it can be surround with as many new shiny things as you like. But, the strategy is the important part. Similar to a client having a financial plan in place!
None of that is new is it? You’ve heard it a million times, “Get the right marketing strategy in place and your business will grow’. In this article, I will share five marketing principles that won’t cost the earth, work and will get you results. You can follow these and implement them into your marketing plan.
Word of Mouth
You may have heard me say “it’s not your clients job to get you more clients, it’s yours” and I know that when I say that many agree but when I ask some advisers how do you gain new clients they respond ‘through word of mouth’. What is the scary thing about that? While this is their number one client attraction strategy, there is no actual plan written, rather it’s a hope-based strategy; hoping that one of their clients will refer [introduce] a friend or family member. Word of mouth isn’t a marketing strategy unless it has some actions and processes around it.
In this digitally driven era how can you leverage all the online activity to get your name out there and passed around? Think about the things you share online. Perhaps an article you’ve read? An image you thought was inspiring or fun? Some facts that you thought were interesting? Or information that makes you look wise and in the know?
In your financial advice business today, what information, content, stories are you creating so that others can share them and spread the word about the value you can add to their lives?
One of the great things about this profession is the amount of content that’s available to be shared either via a Dealer Group, freelance writers or Financial Advisers. You don’t have to create everything yourselves, some prefer to, others don’t have the time. Either way, you have a nation keen to learn more about how to manage their finances, how to save for retirement, how to get rid of debt, to name a few topics that Australians are keen to get the answers to. Be the information source and ignite your word of mouth marketing.
I can’t stress enough about the importance of this. We all know how important your reputation is, nine times out of ten its how you get your work, it’s once again, word of mouth marketing but once again, it needs to be planned and actioned.
What is a digital reputation? How can you measure it? Someone who has an excellent digital reputation is someone who has gained high visibility online and a reputation for expertise in their industry. Is that you?
Let me give you a recent example – I was working with an adviser the other day that has a LinkedIn profile, but he was telling me that he doesn’t ‘DO’ LinkedIn. He has a profile, but he never looks at it, never logs in and never accepts invites! If you have any social profile, whether it’s on FB, Twitter, LinkedIn, any social platform, you DO social! You might not use LinkedIn, but your profile is there, and those that are using it can find you, and they can make a snap decision on whether you have a good reputation or not purely based on that LinkedIn profile you created some time ago and have never bothered looking at again because you don’t DO LinkedIn!
The interesting shift that we are now seeing is what we call blurred lines. Years ago, FB was very much your personal profile and LinkedIn your professional world and the two never impacted the other. That is no longer. With our love of social has come our love of interacting with many different platforms and devices. How you look online can equate to how your reputation is perceived. Think people aren’t looking for each other on multiple platforms? Think again – you’ll be surprised!
Educational Based Marketing
Educational based marketing is a new concept to some but when you understand the fundamentals of how it works it makes perfect sense for Financial Advisers to adopt.
Applying educational based marketing into your business ensures that you won’t be forgotten. While everyone has the best intentions to remember you, unfortunately, life just happens, and we all get forgotten! Making sure your content is short, simple and shareable will increase the chances of it being passed on to others and educating them about all things financial.
It doesn’t matter what size your business is; you could have multiple advisers or one adviser, segmenting your client base on a regular basis leads to excellent results.
Not many Financial Advisers are segmenting their databases enough; I would encourage you to. Why?
• Identify new services = retention of clients
• Create space for innovative thinking = stand out from all the others
• Targeted educational based marketing messages = new revenue opportunities
• Understand your clients persona better = build a better business
Some Financial Advice businesses are evolving, they’ve mastered the art of social media, and now they are transforming their businesses into social businesses.
To clarify a social business is:
2. Involved with its clients
3. Involved with third party suppliers
4. Involved with the staff
5. Involved with its community
6. Constantly broadcasting the same messages all of the time
7. Extremely transparent
This makes a business very nimble; it can move to meet its client’s requirements far easier than its competition.
How is your social presence?
Perhaps start with socially enabling your employees so that they can find information and share it online with their community. Many financial advice businesses are missing this huge opportunity!
The question for you here is, where is the business regarding social media? How involved are you with your clients, employees, third party providers and so forth? Do you all share a platform where you can engage, have you built a community? How have you wrapped your arms around it? Social media was/is a way to educate and promote, social business takes it to the next level, it’s a way of doing business. And it needs a plan!
In this article I have shared 5 proven marketing ideas –some of these you may believe you are doing parts of, some you may think are not. The strength is in creating a strategy that encompasses all. That’s what will make you stand out from all the other Advisers in this ever evolving profession.
If you are looking for a professional marketing speaker for your next PD day or would like further information, please feel free to contact me, I’d love to have a chat.