If you want your financial advisor to thrive instead of just survive, you need to increase awareness for your brand. Otherwise, the majority of your target market won’t even know that you exist. Why would someone entrust their financial future with an unknown entity?
Aside from increasing brand awareness, you also need to make people believe in your brand. The financial industry relies heavily on building strong relationships based on trust. People will only let you manage their money if they’re sure that you’ll be able to deliver what you’ve promised and that you’ll take care of their interests first.
All of this takes a lot of marketing – just like with any successful business. As a firm that’s helped hundreds of financial advisors grow their business through digital marketing, allow us to show you what you need to do to survive in this industry.
To make your branding more effective, you need to target a specific niche or demographic. As a small business, you need to carve out a niche for yourself first and not try to compete with large financial institutions that have huge budgets and world class firms behind their marketing, and well established brands.
A smaller financial advisor practice will also have limited resources and manpower and can’t possibly try and address the needs of everyone. Your area of expertise and personal background will help you determine a specific demographic you can more effectively reach out to and connect with.
The needs of high net worth individuals is vastly different from those who are simply looking for a comfortable retirement. Consequently, your branding and approach to marketing should be tailored for whichever market you want to serve. Branding is all about first impressions, so you have to make sure whatever brand image you present will resonate with your target audience.
Branding and marketing go hand in hand. You’ll need to develop a good brand identity to make your marketing more impactful. And any effort you put into your branding won’t lead to anything if you don’t spend enough time marketing it. You also have to market to your target audience from different angles if you want to quickly gain exposure and increase recognition for your brand.
Let’s take a look at some of the different types of marketing you can use so that more people can discover your brand.
When you publish a lot of valuable content on the web, both on your own website as well as on other trusted publications, more people will be acquainted with your brand and regard you as an authority in your niche. As you put out more content, you’ll have higher chances of showing up on the first few search results pages whenever people from your target market are looking for more information or solutions to their problems.
These days, you can’t afford to not be on social media. It not only has tremendous reach but also allows you to communicate and engage with your target market in different ways. You can show different sides of your business on social media and build a community of like-minded people. You can also repurpose content you’ve already published before on your website and repost it on your social media pages to push it to a new audience. Social media platforms are also great for generating referrals and spreading awareness through word of mouth.
Paid ads allow you to actively reach out to people who have never heard of your company before. A well thought out marketing campaign can even convince people who are not actively looking for financial advisors to consider your services. Having regular ads also helps keep your brand on top of people’s minds.
It’s important to spend time on developing the right brand image from the very beginning. This allows you to consistently build it up over time and make it stick in people’s minds.
You need a unique identity and voice that people will instantly associate with your brand when they come across it. But if you’re not consistent with your branding, you’ll be alienating and confusing those who have already connected with your brand and throw away the brand recognition you’ve already generated.
When people check out your company online, you want to make sure you have good reviews everywhere. People take reviews and recommendations from anonymous people on the Internet very seriously nowadays. If they see too many bad reviews, your reputation will nosedive.
Of course, you can’t control what people post online about your business. But you have to take an active role in responding to less than stellar reviews in a constructive way. This way people can see your side of the story, or that you’ve at least owned up to your mistake. Posting testimonials on your website is a good idea. But it’s not going to be as convincing as reviews posted on third party sites like Google, Yelp, or other business directories.