We live in the age of the internet. It’s so much a part of our everyday life that the newer generations can’t even fathom a time where the internet wasn’t around. In a time when people go online to find a good place to eat, it only makes sense that they consult the internet for more important things, like the best financial advisor in town.
This is why it’s important for all businesses, including financial advisors, to have a strong online presence. And that’s where digital marketing comes in.
What is Digital Marketing
Digital marketing or online marketing is an umbrella term for any marketing technique and tools that use the internet to promote products or services. That includes social media, email, influencer marketing, and utilizing video platforms. Even SEO and website optimization come under the umbrella of digital marketing.
All the elements of digital marketing combined make up your online presence, which nowadays is the primary business driving factor.
Digital Marketing for Financial Advisors
Traditionally, the financial advisory has been a referral-based business. Word of mouth advertisement and a few success stories floating in the market used to be the primary source of bringing new clients to the businesses. But now, it’s different. Now, a financial advisor’s online presence, or lack of it, has a lot of say over how much new business they see. And the online presence is created and improved by digital marketing.
So, where should a financial advisor start? Marketing isn’t one of the core competencies of a financial advisor, so, understandably, they have trouble finding a footing in the world of digital marketing. The smart thing for most financial advisors is to outsource their digital marketing, at least until they cultivate the necessary skill set or knowledge base to control their digital marketing themselves.
An Amazing Website: It should start with an amazing website. The website should be built and optimized with SEO strategies for better ranking in Google Searches. It should be mobile-friendly since that’s where most traffic is coming from nowadays. And it should showcase your specialties and distinction. For example, a fresh financial advisor apt in alternate assets like crypto might attract more millennial clientele compared to a seasoned advisor who is well-versed in traditional investments.
Social Media: Go where people are spending most of their time. Social media platforms allow you to market your business in a relatively casual way (except for LinkedIn). Rather than using broad market advertisements, social media allows you to target your intended clientele in a much more focused manner.
Other Options: Email marketing, PPC, and lead generation strategies can augment your digital marketing campaign. Similarly, relevant content posted on your website, blog, and social media profiles can also drive organic traffic towards your business. Even a proactive approach towards replying to your Google Business Reviews can do wonders for a financial advisor’s business.
Financial advisory isn’t the only business that can benefit from digital marketing. But it’s one of the businesses that are still more focused on the traditional methods of attracting more clients. Realistically speaking, even a decently run digital marketing campaign won’t instantly transform a financial advisor’s business and start bringing new clients by the droves. But the fact is that without a proper digital marketing strategy, the business will suffer.