Launching a new practice and need to build visibility? Seeking a means to distinguish your firm from the competition? Looking to fuel your firm’s client acquisition efforts? Interested in expanding communications frequency with clients and prospects? Big goals, limited budget?
If you answered “yes” to any of the aforementioned questions, then you’ve already begun to build a compelling case for the utilization of digital media as a foundation for your firm’s practice marketing program.
Why digital media, you might ask? For starters, the ability of FAs to precisely target their message and to effectively engage constituents on a cost-efficient basis using digital media is unequalled relative to “other” media options available to them. Another strong consideration begins with the need of an advisor firm to “get found.” As we all know, it is difficult to gain the consideration of your target audience when they cannot find information on your firm. Further, in the web-centric world in which we operate, getting found means achieving a Page One or Page Two ranking on a major search engine when individuals conduct their research on a potential advisor or when they are seeking information on a financial topic of interest.
The fact of the matter is that search and e-mail remain the top two online activities for U.S. consumers. This fact in and of itself reinforces the potential benefit of having a solid digital presence. A meaningful digital footprint, in turn, will make it easier for stakeholders to find or engage with your firm in the manner and at the time of their choosing. That said, in our experience working with advisors in the area of practice marketing, we have found that there are three proven tools that should form the “troika” of an FA firm’s digital marketing program.
The first and most important tool is a compelling, mobile-friendly content management platform, commonly known as a website, built using the most current web development technologies. Whether you are building a new website or updating an existing site, this investment of time and resources can be viewed as a “cost of entry” when it comes to practice marketing. The good news is that this is an investment, which advisors can make with confidence. Current Internet usage trends, coupled with the role that mobile devices and software applications play in consumers’ lives reinforces the utilitarian value of an investment in this area. To further emphasize this point, consider that Gartner, one of the world’s foremost information technology and research advisors, recently reported that smartphone and tablet sales will outnumber PC sales by a margin of seven to one on a global basis in 2014.
Another aspect of website development is related to search marketing and, more specifically, organic search engine optimization. The actions required to boost your firm’s search engine rankings actually begin concurrently with the development of your firm’s website. While the look, feel and functionality of a website are important for distinguishing a firm, equally as important are those aspects of the web platform that can boost the firm’s visibility … namely, on-page search engine optimization tools: title tags and page descriptions; meta tags; H1 tags; and alt text to name a few. All of which your web developer will be familiar with.
However, this is not something to take for granted. It is imperative to speak with your web developers to reinforce the importance of this in the site building process, asking them to pay particular attention to incorporating the latest on-page search engine optimization techniques in your website. This will greatly expand your site’s visibility with each of the key search engines, which in turn will boost your firm’s organic search rankings and ultimately the number of visitors to your website.
Experience suggests that getting a firm’s organic search “right” is much more efficient than the costs associated with layering on a paid search initiative after the fact. While paid search can play a role in the lead generation process, studies have shown that users tend to ignore paid or sponsored listings, relying instead on organic listings for their search purposes. Further, as time goes on, fewer and fewer users scroll beyond the first one or two pages of search results, thus upping the ante for achieving the highest possible organic search ranking.
With a mobile-friendly, search-ready website in place, it is time to consider the second component of the digital marketing “troika”—social networking. Whether in the context of client retention or in support of fielding a professional or client referral marketing program, social media can be an excellent means of building message reach and user engagement. Social media has quickly evolved from being a “nice” to a “necessary” consideration in any business’s marketing program. According to the Pew Research Center, as of January 2014, 74 percent of online adults within the U.S. used social media. A blog and social networking site links are important components in a firm’s website. They make it easier for people to follow a firm and to consume and share the content it publishes.
The next tool is e-mail. Your prospects are seeking information and your clients desire a certain frequency of interaction, and time is limited for every stakeholder in the loop, including the advisor. E-mail represents an excellent means of maintaining a meaningful level of two-way communications frequency between the firm and its constituents. It is inexpensive and time efficient, and despite the increasing levels of e-mail activity, it remains a primary online activity for U.S. adults.
Fortunately for advisors, digital marketing tools and tactics provide an effective and efficient means of building both their brands and their businesses. As Seth Godin, the noted American author and marketer, aptly stated: