Making alliances by referring others. Get to know your clients.
According to the rules of financial advisor marketing, win-win situations are the most effective way to grow in the market. Enemies are bad for business. One of the best ways to do that is by hosting a client event. That way, instead of asking for referrals from your customers, you allow them to come naturally. That way you avoid looking fragile, and you’ll be the respected host of an event. Hosting a client event is perfect because it allows to approach your clients and customers on a personal level and introduce business at the same time. These are the best opportunities to make possible referral alliances.
Asking your clients to bring a guest and every plus one could be a great move to increase your proximity with them and have potential allies you’ve already met and that are related to clients.
Develop a story
Whenever you’re hosting an event or reaching your customers, having a personal story that they can relate to is a good strategy to getting their attention. It can be a story of your struggles to get where you are or a life-lesson on how you became as successful. Your call.
Be relevant and active on social media
Marketing for financial advisors is all about reaching your clients and keeping the quality.
All financial advisor websites will tell you that social media is the easiest way to keep showing your face to clients. It’s free advertising, and it’s the best and the fastest method. This is great because unlike the usual cold call and referral, the social media interactions will reach thousands of prospective clients instead of one at a time. Facebook, Linkedin, Twitter, Instagram, Google+, all of these serve to get in touch with many clients at a time and having at least some of these is not optional – it just boosts your appearance so much that nowadays. It is a must.
The benefits of going online
LinkedIn has a reputation for being an outdated social media, but LinkedIn for financial advisors is still very much used for business and marketing for financial advisors.
Another great thing about social media that financial services marketing should greatly abuse is the fact that social media suggests new contacts and connections based on your clients and their common interests.
Social media for financial advisors is vital. When going digital, making your website a source of trust is essential to guaranteeing your client’s fidelity.
Make a systematic plan for Financial Advisor Marketing
This helps to outline your progress and help to look at things in a cleaner way. When marketing financial services, you should set out goals and objectives, write down purpose, method, and end-state. Set guidelines and monitor your progress. This plan consists a strategy of creating, maintaining and increasing value for customers.
The financial advisor marketing plan will help to deal with sudden competitions and unexpected downs and roadblocks. It is a must consider when planning ahead. The best financial advisor websites will explain the 7Ps of a marketing plan.
The seven Ps of a financial advisor’s marketing plan
Product: Overall quality of the finished product.
Price: Price on the market according to the competition.
Promotion: What platforms you’ll be using to promote your brand.
Place: Where and why?
People: The kind of client you’re trying to reach and the type of talent you’re trying to hire.
Process: How you’ll reach the clients – shipping, communication.
Physical environment: The kind of physical evidence you want your product to create for your client.
Know everything about your clients
Who is your target client? What are their needs and wants? How is the market doing and what is selling well in it? These are all questions that will benefit you if you put your customer first. Doing that research and knowing the market helps in getting feedback on how to approach your customers. This is as important as getting a new one, if not more.
Not really a business quote, but a lead designer of a game company once said: “We don’t make changes for newcomers that might enjoy our game for a day or two and then leave it at that, when we can make changes for the older, loyal players that are playing no matter the circumstances.” This is true for business marketing and making decisions based on your clients. Old customers are also more likely to buy, and you’ll benefit from their happiness.
Things that don’t work anymore in Marketing for Financial Advisors
Indirect and impersonal contact with clients like cold-calling and promotional marketing emails are awful for reputation and don’t work anymore. Since some firms are ditching these methods, it is wise to ditch them as well since customers will likely hate receiving that kind of e-mail and block it. Finally, there is a software called CRM that tracks your progress for you. It has proven to be very successful.