Hortz: What about the other principles? Do you apply these differently?
Halloran: Yes, there are two more principles.
Social Proof: We use social proof in a different way than one might expect. We use it in two ways:
1. We have the social proof of commitment to content and that you are a thought leader in your area of expertise. The more you deposit your thought leadership, the more social proof you have. We view this as a numbers game. When you have one hundred more podcasts than another advisor, we believe you are noticeably more credible because you have shown consistent commitment to educating your target market.
2. We also use social proof by getting industry experts to be guests on our clients’ podcasts. The guests’ presence demonstrates that the advisor can attract and bring in the best of the best to educate their audience. Basically, those guests are endorsing you and your practice by being in the show.
Commitment/Consistency: We ask our clients to initially stay with us for a year. This is to show your clients and your audience that you have made a commitment to them! We also have them set a consistent marketing/podcasting/social media strategy to prove that they are not only committed to sharing great content but also consistent with it. Advisors want to be in the lives of their clients; this becomes possible when advisors create content that clients can enjoy 24/7 at their convenience.
Hortz: Why do you see podcasting as the perfect delivery system to build influence?
Halloran: Producing easily accessible and consumable thought leadership is the key to building influence, but so few advisors know how to do this; and few put in the effort that is needed. What we have found is that podcasting is the easiest and best way for influencers to produce valuable, intimate, honest, and personal content that their audience enjoys consuming.
Think about this. Consider how convenient podcasts are and, most importantly, consider how a podcast comes across to listeners. You can listen while you walk, commute, or cook dinner. This is also why we recommend that your podcast is 27 minutes long as that is the average length of time of each of those activities. Since listeners have control and have opted when and how they consume the information, they tend to be more relaxed and open to information being shared. Listeners are more open to hear how much the podcaster cares, what they know, and how they communicate.
Hortz: Any other thoughts to share on why podcasting should be considered by advisors wanting to build engagement and influence to grow their business?
Halloran: Starting a podcast is such a powerful competitive tool and community engagement strategy that attracts your ideal prospects. Podcasts turn skeptical prospects into fans who start doing the selling for you; this usually happens when they tell other people about your podcast. That is how influence works. It’s magic 24 hours a day, if you put the effort into it.
Look, I have never met an advisor who did not like to talk. So, this can be a natural progression. In fact, we have an Academy with courses, led by vetted experts and podcast producers, who make it easy to start your own podcast and to walk you through the steps and progression of developing your podcast. We invite you to grow your influence by signing up for a free beginner membership at our PodRocket Academy.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors — Ultimus Fund Solutions, NASDAQ, FLX Networks, Pershing, Fidelity, Voya Financial and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines).