Online Marketing Strategies for Financial Advisors
People turn to the Internet for advice on everything, including their finances. For some people, it’s the only source of information. Since people are spending so much time looking for financial tips online, your financial advisory firm should be using the Internet to market to them.
If you’re new to online marketing, this task might seem daunting. After all, there are so many options to choose from, including email, social media, mobile, and content. With the right investment of time and resources, though, online marketing can be the most effective way to generate new, profitable leads.
On this page, you’ll learn how online marketing is different from—and similar to—traditional marketing, what it takes to build a successful online marketing strategy, and how the right team can deliver the best results possible.
What’s the Difference Between Traditional and Online Marketing?
Actually, there are a lot of differences between the two. The goals are the same for both formats: to generate more qualified leads, increase revenues and build your reputation. However, online media and print media don’t operate the same way, so some aspects vary, including the following.
Most traditional marketing techniques come with a high price, whether you want to place an ad in the local paper or mail a flyer. Online tactics cost much less and are easier to measure with analytics tools.
Additionally, where print ad costs are based on the number of people who might respond, online ad costs are based only on the number of people who actually reach out. For example, pay-per-click advertising only results in a charge to you if someone clicks on your ad—not if they view it.
A traditional mailing or ad could take days, or even weeks, before you see a response. A financial advisor email marketing campaign, by contrast, could yield you an enormous response in a matter of days or even hours.
Plus, because of the lower costs, it’s possible to send out multiple communications for the time and money it takes to complete one traditional advertising campaign.
The audiences for traditional advertising are broad, segmented only by location or by common interest. Direct mail audiences are more specific, but still based on assumed needs or interests. Online marketing is targeted only to people who have already shown an interest in your services, or who have found you as the result of an online search.
With online marketing, the number of leads is smaller, but your chances of converting them go up dramatically. This is because you’ve already qualified them, and you know you have a much better shot at converting them into a paying client.
It’s hard to measure the effectiveness of traditional marketing campaigns. Even with marketing codes on brochures and newspaper ads, you can’t always find out which tactic generated the most leads.
By contrast, because everything is connected and traced online, you can get an accurate measure of how well every email, display ad, or landing page performed. Analytics are never more than a click away, giving you an accurate report of the performance of each marketing method—and it’s possible to track individual URLs or pieces of websites, too.
Traditional marketing is one-sided. The only time customers and prospects speak to you is when they place an order or fill out an information form. But online marketing changes everything as far as interaction is concerned, making it decidedly more open than before.
Online marketing facilitates communication between prospects and financial advisors. Social media marketing, online webinars, and other interactive channels have proven useful in starting conversations and increasing the number of interactions that occur before a sale ever takes place.
Why Do Financial Advisors Need to Market Online?
Even if you’re a relatively inexperienced financial advisor, social media marketing and other online tactics might seem like a distraction from the cold calls and face-to-face meetings that close deals. However, your potential clients are spending more time online than ever before, so they’re responding more to online tactics.
Online marketing provides certain benefits that traditional marketing simply can’t. Here are the three biggest reasons that you should be marketing online.
Your Prospects Will Be More Receptive
Traditional marketing techniques have always been geared to broad audiences that may or may not be in the market for your services. Online marketing is less focused on pushing out messages than on pulling in prospects.
In other words, if prospects are seeing your content, search engine ads, or social media profiles, they’ve already shown an interest in what you have to offer.
Online Marketing Brings More Brand Credibility
Traditional advertising doesn’t offer many opportunities to show off your expertise and experience to potential clients. Online marketing does. As an example, email marketing is one such way that you can show leads how much you know about your profession, convincing them that you can be trusted.
For a financial advisor, email marketing should be a way to deliver valuable insights, not just to sell your products or services. By doing so, you build a credible online presence that helps with another benefit of online marketing.
Potential Clients Will Have Greater Trust in You
Because online marketing allows you to communicate with clients and prospects—not just sell to them—they’re more likely to engage with you and your firm. Over time, they feel confident enough in your expertise and intentions to reach out.
Even if these leads or interested consumers don’t secure your services right away, they may express their trust online, which could send another prospect your way.
What Should Financial Advisors Do Online to Promote Themselves?
Now that you understand why you need to market your business online, you have to figure out a way to do it—or rather, several ways. No single method will generate the business you want, so you need to use a variety of tactics to catch the eyes of potential clients.
Some methods will demonstrate your expertise as a financial advisor, such as:
- Email newsletters
- Blogs and articles
Others will encourage interaction with targeted leads, including:
- Social media marketing
- Interactive website elements (ex. financial calculators)
Only you know what type of response you want from prospects. However, you’ll get even more responses if you trust your online marketing plans to a professional marketing firm.
WebpageFX Can Help You Market Your Financial Services Online
For today’s financial advisor, email marketing, social media marketing, and other online marketing tactics are essential to building a business. Prospective clients are busy, and they often turn to the Internet for guidance on investing, saving and other financial strategies. WebpageFX can help you develop a strategy to find these clients and direct them to your website.
We’ve created many successful marketing strategies for financial services firms, from social media campaigns to email messages. We provide recommendations or reaching potential clients, and then provide the tools to implement them. Whether you want to identify the most likely targets or develop the right messages to get their attention, we can help you reach your goals.
To receive a free, completely customized, no-obligation quote on a marketing package for your business, reach out to us by phone or online today. We’d love to hear about your marketing goals and find out how we can help. Our experts are waiting for your call!
WebpageFX can help you reach more clients with powerful online marketing strategies. Call 888.449.3239 or contact us online today for a custom quote on an Internet marketing package for your business.