Every advisor needs effective marketing to grow their business. But with so many strategies available, it can be tempting for you to try everything with the hope that something will stick. Unfortunately, such a broad approach will often lead to poor performance, and many advisors will waste precious time and capital.
So, where should you invest your time?
In an effort to answer that question, our team at FMG examined the data from Michael Kitces’s 2022 marketing report to identify five key opportunities for you to improve the return on investment in your marketing. We looked at how often these strategies were adopted and how often they worked. Some of the tactics are proven but still underused.
1. Create A Clear Marketing Plan
According to Schwab’s “2022 RIA Benchmarking Study,” firms that have created an ideal client profile, a client value proposition and a marketing plan attracted 42% more new clients and 45% more new client assets in 2021.
Many financial advisors find themselves bogged down by the pressures of marketing through social media, websites, email, etc. The amount of work they have to do can make them feel overwhelmed. The result is that their marketing lacks direction.
With the right marketing plan, however, you can effectively apply strategies, knowing who you’re trying to reach and why. To begin creating your plan, ask yourself the following:
• Who is your audience? Get detailed. What is their occupation, age, location, etc.?
• How do you bring value to your audience? What problems do you solve?
• Where does your audience like to spend their time? What social channels and websites?
• What is your niche? (If you have one)
Answering these questions will allow you to create a more effective marketing plan and inform your future marketing efforts.
2. Search Engine Optimization
The subject of getting more search engine traffic to your website is a popular one, but also intimidating. Many advisors skip out on it. But there are some quick ways to get SEO benefits without becoming an expert. Two of our favorite approaches have been successful for FMG clients, who have seen an average 40% increase in traffic from organic searches.
The first approach is done by using something called “long-tail queries.” These usually involve searches with extended, nuanced phrases, not just short keywords. For example, rather than Googling “Social Security,” a client might search for a longer phrase, such as “When should I take Social Security?”
The websites that win results on these more involved searches usually publish blogs with detailed information targeting long-tail phrases that answer clients’ questions in-depth. To improve your appearance in searches, you’ll want to do the same by creating blogs that answer questions your audience might ask. Be sure to also do the following things to increase your chances of ranking:
• Provide specific keywords related to the query in your title;
• Break your topic into headers to make the blog skimmable;
• Include images where appropriate to break up text;
• Focus on one topic and go in-depth; and
• Include at least two links to your other content. These backlinks are critical for search engine optimization.
The other approach is called “local SEO.” These search terms usually involve broad queries about local items, such as “financial advisors near me.” Claiming and completing your Google My Business will help improve your results for local searches, and you’ll be in a place to receive reviews, show off your business and demonstrate what makes you the perfect fit for your potential clients’ local financial service needs.