Digital Marketing Facts for Financial Advisors
People in the financial industry, please take note. It’s time to invest in your future.
You may have noticed that your prospects and clients are glued to their smartphones. So why is it that an industry that wants people to invest for the “long term” is so quick to judge what’s clearly here, while at the same time clinging to AM radio and the mail of yesteryear?
We believe in marketing in all its forms, but most of it is in the digital space. why is that? Because we live in a digital world. Like it or not, you are in the digital space too.
The facts came out and have been going on for some time. There are a lot of wealthy baby boomers online. And the best part about it is that the financial industry hasn’t figured it out yet.
- 78% of baby boomers use Facebook.
- 67% of baby boomers are heavy YouTube users.
- 31% of baby boomers use LinkedIn.
- “No. 1” talk radio stations average about a quarter (25%) of Facebook’s reach in the baby boomer demographic across markets.
There are only a few online platforms like Facebook, YouTube, LinkedIn, and Instagram that can reach a surprisingly high percentage of people. The fact that you can reach with a very targeted footprint is a huge advantage compared to other advertising platforms.With three TV networks and no cable, so many viewers in one place never gathered.
Think of it this way. If he was 11:30 on a weekday night, the whole country would be watching Johnny Carson. Now the whole country is watching Facebook.
- Digital represents a field of far greater prospects, with far fewer competitors in the financial sector.
- Digital and social media marketing offer a way to select your audience in a way no other marketing platform can.
- Effective digital campaigns cost about half as much as broadcast campaigns.
- Get more information about your campaign success.
- Social media is a great way to build your brand and do real marketing (showing higher conversion rates) as opposed to infomercial-style advertising.
It’s important to realize here that a common objection to digital is that many prospective customers aren’t ready to “meet”. But in reality, about 10%-12% of digital leads can convert to his 1:1 meetings. So, potentially, 90% of all users who enter a new list of prospects would be willing to meet her face-to-face.
Compare this to regular mail’s 0.05% return. And compare this to the number of people who “may” hear your commercial on the radio and the number of people who call you. Why is the advisor OK with this?
The fact is that the data are not perfect. It’s a game of percentages. We find that the data we receive from digital is more specific than broadcast or email. Here’s why. You can see the “bad data”, people who aren’t engaged, but you don’t see his 99.5% of people who don’t respond to mail or radio campaigns. It just captures leads that “could lead” to bookings.
We routinely see some advisors spend literally hundreds of thousands of dollars on “safe and traditional” marketing with predictably bad results. Is it really safe if it stops working?
Digital marketing is still (surprisingly) “new” to the industry. Often the only advice comes from the internal marketing department of a financial institution (RIA, b/ds). Or that he’s a “specialist” in digital marketing for only one form (like stock investing where he invests in the stock of one company). And “generalist” digital companies that don’t understand the financial business.
Effective digital campaigns are much more affordable and deliver much higher ROI. But producing results from digital requires two things:
- Someone who knows what they’re doing and can demonstrate empirical results in your industry
You see, 40 years ago when someone decided to do a dinner seminar, there was a bit of trial and error. increase. The good news is that great things are happening even in the beginning, when you’re not converting leads into bookings.
- You are branding your company to thousands of prospects and clients (not bad for referrals).
- I am building a first party database. This is the most important thing for any business today.
So you want to go digital. First, we have to accept the fact that we live in a digital world. Like it or not, when people use Google to find your number, visit your website, or look at your financial statements online, you’re in a digital business. There will be Next steps are: