There will be an estimated 19 billion Internet users worldwide by next year, and roughly around 2.13 billion social media users. The web and social media platforms have shown great effect in the business industry, where marketing has become more digital, real-time, and direct to target markets.
Even service providers like financial planners need to know more than just the basics about digital marketing to expand their brand awareness. But, it’s not as easy as some may think. It’s not all about tweeting, posting content on social media, and placing ads online.
Social media and digital marketing requires strategic planning and proper execution to gain great returns.
Why join the digital revolution?
It’s cost-effective. This answer really matters, especially for the neophytes who are still unsure where to start. Getting the most clients without spending too much, sounds appealing to most businesses. But, don’t take it lightly. Just like any marketing platform, the web and social media can only be positive for a brand if they know exactly what they are doing. It requires proper execution, strategizing, and continuous market analyzing to gain from digital marketing.
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Apart from the reduced cost, there are various other reasons why financial planners opt to choose online marketing over the traditional approach.
• Simpler and easier to measure
• Real time results
• Wider reach and exposure
• Greater engagement
• Convenient way of tracking competitors
Adopting digital marketing can also help the financial planner to showcase their innovation and how they would adapt to changes happening in the industry. This is highly necessary especially since many changes are imminent due to technological advancements (fintech services).
But, you shouldn’t stop by just having an online marketing approach. Present versatility by learning other ways of adopting technology to revolutionize your services such as understanding Bitcoin and its capabilities as an alternative investment. Curriencies are now also evolving virtually, and some clients might be interested in including some digital investments in their portfolio, too. So, it is always best to be prepared.
What to avoid?
We have reiterated a couple times that digital marketing can be the greatest tool in reaching new markets, but when not executed properly; it can be extremely detrimental to your business. Since everything in digital is done in real-time, financial planners cannot afford to commit any mistakes. The most crucial element in this process is understanding what is being said about the brand as well as addressing the concerns thrown at it by providing the right solutions to keep clients happy.
Clients are actively waiting for answers, especially when they connect with the business through social media. Do not keep them waiting, or if the answer is not yet available, set proper expectations and be honest. Even if it makes them irate, clients appreciate it when they are being addressed immediately.
As an additional guide, it might help to read common digital and social media marketing mistakes to avoid to reach success in your marketing efforts.
In addition, avoid overselling your brand. Customers are smarter than you think, given the abundance of information at their fingertips. They know when a business or a provider is selling them services. It’s best to be subtle in your approach and focus on how your business can actually help. How can we help a client who is in need of financial planning? How can a planner assist someone who is drowning in debt? Less bragging will help businesses succeed, so focus on the genuine intention to assist and expect more clients to trust the brand.
As CFP member Michael Kitces previously said in his post, so long as we can really reach the masses, then success is attainable in financial planning. What lacks is the ability to clearly define to the public what financial services can do to them and why it matters. For now, the internet can help the industry reach the public at large. It’s a good start from this standpoint.