According to a recent article from financial-planning.com, financial advisors are falling behind in the digital era of marketing. The key issues where advisors need to improve are original content and overall engagement on digital platforms. The article goes on to suggest several solutions to the issues at hand:
First of all, in order to achieve their goals, advisors need to focus on finding what it is they are doing wrong. Weeding out flaws and mistakes in a one’s marketing strategy will set the tone for a successful approach. The article mentions key issues such as requesting personal information online and marketing into a black hole. In regards to personal information, it is important to first gain trust from a prospective client. This often means that an advisor needs to have a personalized approach to each prospect instead of an automated or generic one.
This brings us to the second point mentioned. Providing original content and finding the right audience can help gain that trust. However if advisors are not targeting properly and blindly firing paid ads then the entire marketing strategy will go to waste. Here are 10 more mistakes financial advisors make when it comes to digital marketing (along with some advice on how to avoid them).
Advisors need to also be sure to consistently stay unique in regards to their content. This means less re-posting or re-pasting content from other sites and generating something original instead. It is important to remember that quality on social media platforms will always have the edge over quantity. Advisors should also remember to have a certain personal appeal. In other words clients need to feel comfortable with the advisor and they will be able to do so when they can relate to them.
Finally, advisors need to be able to use a variety of different content. One such example is tailoring video content for prospective clients. In fact, when marketer post a video they are “four times more likely to convert a prospect into client than those who don’t”. Not only does it need to be highly customized but also needs to clearly articulate what the advisor is all about and how he or she is different from the competition. This is another aspect where quality is highly important which is why at Larkspur-RiXtrema we offer a free complimentary video when you order any of our tools for advisors. You can learn more about it here.
Once advisors are able to correct these mistakes and optimize their digital marketing they then need to make sure to “follow the process”. This refers to both working with a prospect to ensure one becomes a client, focus on client retention and of course a long lasting business relationship which can then lead to a satisfied clientele, referrals, and the growth of your practice.