Up until now, marketing strategies haven’t been your core focus. Instead, you have most likely yielded positive results through your experience, expertise, and vast skill set.
Yet, you’re limiting your growth potential by neglecting to foster marketing strategies for financial advisors.
Since experts suggest up to 10% of your revenues go toward your marketing budget, you’ll generate a meaningful return from your marketing budget by honing into the correct areas–like marketing coaching.
Additionally, you can focus on the strategies discussed below.
Branding Your Financial Services to Stand Out From The Pack
What differentiates your financial services brand from thousands of competitors trying to lure in your prospects? Where do you stand amongst other registered investment advisors (RIAs), full-service brokerage firms, Robo advisors (e.g., Betterment), and discount firms?
The unique selling proposition of your financial services will drive your marketing strategy. Therefore, throughout your marketing materials, you must illustrate the one-of-a-kind benefit your target audience can only get with you.
So, we’ll ask, how do your services eclipse those of investment apps like Wealthfront? Why are you better for prospects than Charles Schwab or other mega brokers?
Defining A Niche Is the Key To Marketing Strategies for Financial Advisors
While this suggestion is still a branding component, pinpointing focus is vital to the success of marketing strategies for financial advisors. Trying to attract too broad an audience ensures your brand will get drowned out in a sea of similar competitors.
Conversely, finding your niche (e.g., in wealth management for corporate management, millennial tech professionals, and healthcare workers) limits the competition. As a result, you end up in a specialized space and tap into a lucrative market.
Content Marketing Will Expand Your Brand’s Reach
Content marketing can be email newsletters, social media posts, videos, or podcasts.
In today’s landscape, 42% of 18-21-year-olds prioritize mobile banking capabilities. 37% of 21-37-year-olds feel the same, while mobile is crucial for over 33% of 38-52-year-olds.
While these stats speak to the importance of mobile services in your business, they also highlight your need for an online presence. Being online puts you in front of more potential prospects (and, more importantly, relevant, targeted prospects), expanding your reach.
The content you publish, no matter what, must appeal to your target base.
For instance, Gen Zers are wearier than previous generations. Therefore, your content should be educational and less overtly sales-based if your target client is younger. This way, you establish yourself as a financial mentor instead of a faceless entity driven by profits.
Social Media Marketing Creates Brand Awareness and Attracts New Customers
Social media offers a platform and the tools to publish personalized content for your target audience. Your branded marketing message can shine through in each post, speaking directly to your ideal customer’s unique needs. As a result, you’ll expand your reach to a vast number of prospects who’ll be interested in your services.
Still, social media marketing is complex. It takes time and an expert’s touch to establish your brand, create content that converts, and make a splash on social media.