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Which Digital Marketing Strategies Work Best for Financial Advisory Firms?

Picture this. You’re browsing through Facebook and you find a sponsored post of a shirt that you absolutely must-have.

You click on the post, and it directs you to a gorgeously designed website to purchase the item. After placing your order, you are asked to enter your email address. Seconds after checking out of the website, you receive an email confirming that your new shirt is on its way and gives suggestions on a jacket or a pair of pants that might go well with it. Hours later, while browsing other websites, you see a Google ad of the exact same shirt for a much lower price.

These experiences and all the elements involved are part of the vast sea that we call “digital marketing”, and in this age where everyone is connected through the internet, it’s difficult to succeed as a business without at least one of these pieces in place.

But every industry is different. For example, the digital marketing strategies that work for a trendy restaurant may not be the same as the strategies that work for a large-sized retailer. Social media might be the main tool of choice for a restaurant, while the retailer may find more success in gaining customer loyalty through a mobile app. What are the most effective digital marketing strategies for independent financial advisors? Let’s break down the possibilities:

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Your Website

Surprisingly, only 51% of business owners have a website according to Blue Corona, and 70% to 80% of consumers say that they check out a company’s website before they visit their location or make a purchase. But it’s not enough to simply own a website that contains the most basic information about you or the RIA you’re associated with. Being a crucial part of any digital marketing strategy, your website must also be mobile responsive to reach those who are browsing on their phones, be well-designed to narrate the customer journey and be filled with valuable content to make the user want to stay.

Social Media Marketing

With more than 3.2 billion people spending an average of two hours daily on social media, social media marketing has the power to humanize businesses and make them more relatable. Brands are making use of social media to be able to interact with their customers in order to build brand loyalty. While Facebook reigns supreme as the most popular platform, other social media sites such as LinkedIn, Instagram, Twitter, and Pinterest are also there to serve different audiences with specific interests. Using social media is a powerful tactic that enables IAR’s to connect with transactional prospects and keep tabs on their clients. The key is to be active by regularly posting updates on one or more of these platforms.

We provided a great social media marketing introduction especially for you!

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Content Marketing

Content marketing is all about delivering value to your customers or clients. It’s about finding the perfect message that resonates with your audience. By providing answers to the questions that keep your audience up at night, you position yourself as the go-to IAR who knows their stuff. Your content can come in the form of blog posts on your website, as lead magnets for email subscriptions, or as guest articles on publications. While constantly brainstorming and crafting new content is time-consuming work, it has great potential for driving in more leads at no cost.

SEO

We talked about SEO for Financial Advisors, Finance Companies, and Financial Services and how to better optimize your website.

In relation to having a website and content marketing, Search Engine Optimization or SEO can be an effective tool for gaining new leads. Imagine appearing first on a Google results page. That makes you a front-runner for the services that you provide. There are three aspects to SEO. First, on-page SEO focuses on the keywords you use throughout your website and content. Second, off-page SEO involves other platforms “backlinking” to your website, including social media. Lastly, technical SEO refers to the back-end techniques that help rank your website, such as making the pages load faster and making your website optimized for mobile.

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Gone are the days when only big brands get the opportunity to have their products or services advertised. Now, absolutely anyone, even individual advisors, can run advertisements for their businesses or specific solutions online. With options such as Google Pay Per Click (PPC) or social media advertising, using paid ads can be a faster way of generating warm transactional leads. However, if done incorrectly, it could end up costing you more and producing unsatisfactory results. So the key to any form of paid advertising online is getting your paid ads in front of the right eyes by using exact keywords, behaviors, and characteristics to target them.

Email Marketing

99 percent of consumers check their email every day, and 59 percent say that marketing emails influence their purchasing decisions. With these statistics, email marketing is a strategy that you shouldn’t sleep on as a fantastic method to connect to both cold and warm leads. It is an inexpensive way to build retention by consistently delivering value as well as informing your list of whatever new features, products, or plan packages that you have. By making use of effective email marketing practices such as personalizing the message, emailing at the right time, and writing effective subject lines, your emails have the potential to convert your audience at astounding rates.


Tip: Always revisit your email list. You don’t want to be sending emails to inactive email addresses. Don’t know how? We got your back! We have an article on how to scrub your email list, especially for you!


Mobile Apps

There are more than 5 million apps on the market, and though a mobile app can be a product or service in itself, it could also serve as an effective digital marketing tool. Apps serve one purpose, which is to make life easier. For example, many RIAs are creating custom dashboards that are fully responsive across devices to provide their clients with a seamless experience. Creating an app for your service can increase conversions, improve customer experience, and develop loyalty.

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The Verdict – Best Digital Marketing Strategies

There is no “one size fits all” solution for any business or even financial advisor, but these digital marketing strategies all have one common predecessor that makes them effective – knowing your target market or ideal clients. Before deciding on the tactic that might benefit you the most, it’s best to sit down and really think about who you are trying to reach. Consider: What are their demographics? What are their habits and behaviors? What platform do you usually find them in? By identifying these characteristics beforehand, you cut the risk of wasting time and money on a strategy that might not deliver the results you desire.

It may also be beneficial to outsource your online marketing efforts to a digital marketing agency. Cut the guessing and leave it to the experts to develop a robust content strategy to help you generate better leads and retain existing clients.

Ready to get started on the best digital marketing strategy for you? Contact us today!

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