In the age of technology, digital marketing is an important part of growing and expanding your consulting business. Social media is an important part, but there is much more to a digital marketing strategy. If you don't check out the possibilities, you may be missing out on a valuable opportunity to expand your customer base. Knowing the different types of digital marketing for financial advisors can help you decide which ones to implement.
Are you ready to start your marketing plan and improve your business? Here's how to get started.
Digital marketing and traditional marketing for financial advisors
Digital marketing is a relatively recent development. But it will be an effective way to connect with advisors quickly. You can drive customer traffic to your business by establishing an online presence through your website, social media, or other digital marketing channels.
This is a major difference from traditional marketing methods such as cold calling or direct networking. Cold calling, for example, can take a long time because you have to call prospects one by one. Meanwhile, the Covid-19 pandemic has seen a significant shift from physical networks to virtual networks.
Digital marketing has made it possible for consultants to be seen by a large audience in less time. You can experiment with different digital marketing strategies to measure what works and what doesn't and adjust your strategy in real time.
Benefits of digital marketing for financial advisors
By moving your marketing efforts into the digital realm, you can reap many unique benefits. As mentioned earlier, it may take less time than traditional marketing. But there are other benefits.
For example, digital marketing can help you:
Gather information about prospects to better understand their needs and wants in consulting.
Connect with prospects and existing customers in an environment where they feel comfortable.
Increase brand awareness by increasing conversions and customer retention.
Showcase what makes you and your business unique.
Digital marketing also provides an opportunity to create a lasting impression and build trust without forcing potential customers to participate. By experimenting with different digital marketing strategies, you can identify what is likely to generate the strongest response.
Digital marketing strategy for financial advisors
There is no one-size-fits-all approach to digital marketing for financial advisors, which is good because you can tailor your strategy to your organization's business model, needs and goals. A good starting point for digital marketing is to understand some of the most commonly used advertising channels.
Here are some tools you can use to define your digital marketing plan.
Search Engine Optimization (SEO)
Search engine optimization is about creating content that makes your business more visible in search engines. After creating a website for your business, SEO is very important to your digital marketing efforts.
Creating search engine optimized content that matches what your customers might be looking for will help them find you in the wider online landscape.
Blogging or content marketing
A website is a static website that contains information about your consulting firm. You can enhance your site by adding informative content in the form of a blog or asset library.
For example, you can write an article that answers a specific question that your ideal customer is searching for online. SEO is an integral part of any blogging or content marketing strategy because the content you create must be designed to rank in search results.
Marketing emails
Email is a powerful digital marketing tool because it allows you to reach many people with a single message. Building a mailing list allows you to collect contact information from current and potential customers. You can increase awareness of your business by sending our newsletter or regular updates and encouraging recipients to contact us if they have questions or need help.
Social networks
Social networks can be another effective way to increase your visibility, but it is important to choose the right channel to focus your attention. For example, if you want to offer consulting services to people between the ages of 25 and 40, you can focus your marketing on Instagram or Twitter.
If your target audience is older, Facebook may be a more appropriate choice for marketing. Studying demographic trends for different social media channels can help you identify which ones are generating the best digital marketing ROI.
Video marketing
Video is increasingly written content online, at least from a marketing perspective. According to a HubSpot study, two-thirds of consumers say they've watched a video to learn more about a brand's product or service.
If you're aware of the power of video as a digital marketing tool, it might be worth considering how you can use it to make an impact. For example, opening a YouTube channel or using TikTok can be beneficial if it connects you with the types of clients you want to work with.
Implement digital marketing strategies in your consulting business
Before diving into a digital marketing plan, it's important to identify your goals and objectives. For example, you are interested in using digital marketing to:
Refine your brand and increase your visibility in the consulting room.
Expand your customer base (or shrink it if you're taking your business in a more accessible direction).
Increase conversions or increase engagement.
It is important to understand this before taking the next step, analyzing the digital marketing strategy to follow. The answer may depend on your understanding of your customer base. And it can be based on the needs of the customers you want to attract.
For example, how old is your typical customer? What is his net worth? Where are they in terms of income and what are their goals or needs? Perhaps most importantly, where do they spend their time online?
Answering these types of questions will help you better understand where to focus your digital marketing efforts, at least initially. It is important to remember that determining the right approach can take time. Maybe you just want to try one or two strategies for a while. Then evaluate the result whether it is worth continuing or you should focus on something else.
Emphasize
Digital marketing can have a huge impact on your consulting business. However, it is important to have a solid plan that fits the current situation. For example, if you are a startup consultant, you may not have much time or money to build a website or produce video content. If so, you can make more money by using your marketing spend on services that deal directly with customers so you can focus on growing your business.
Marketing tips to attract more customers
Use your time wisely. Marketing aimed at attracting new customers should not interfere with the ability to retain existing customers. If you want to maximize your time doing both, consider a lead generation service like SmartAdvisor, which can help you find and develop customers faster.
Take advantage of digital marketing opportunities. In this increasingly digital age, there is no reason to shy away from new technologies or the challenges of digital marketing. By expanding your reach with new digital innovations, you can expand your customer base.
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