There are always a handful of advisors who shine as media darlings, their voices resonating on TV, in print and on social media. Yet many practitioners put strategic media relations way down on their to-do list of bullet points. They might covet more media coverage, but don’t have a plan and put it off.
Without media relations, however, advisors are likely to miss out on the type of press coverage and social media presence that can help their firms grow wealth, said Marie Swift, president and CEO of Impact Communications, during the recent virtual Advisor Growth Summit presented by Financial Advisor magazine and CEG Worldwide.
A well-done media and PR strategy will help you “get slightly famous,” said Swift, who works extensively with advisors. “You’ll become an influencer in your tribe. People tend to gravitate to people they feel they know and trust.”
The public relations professional said one of the best ways for you to attract media attention is by making sure targeted journalists are receiving the substantive content you should be writing and sharing with clients, prospects and centers of influence.
For instance, if you share investment market commentary or analysis of the recent Silicon Valley Bank meltdown, make sure to send it to reporters in your targeted areas as well as national journalists, adding contact information so they can reach you quickly.
When it’s done effectively, a successful media strategy can get you televised interviews, published articles and multiple shares on social media and it “builds trust and magnetically draws the right clients to you and your firm,” Swift said.
Journalists love authoritative, readily available sources. To be one, make sure you respond to reporters’ queries in a timely fashion. Don’t let voice mails or emails linger unanswered for hours, because you’ll likely miss the reporter’s deadline, she warned.
How do you get great content? An advisory firm can create its own press releases, blogs, market analysis and social media posts. It can also buy content. “This allows you to create your own value. When you customize content, you demonstrate not just character and value, but expertise,” Swift emphasized.
You could also host or attend podcasts and Twitter Space discussions to establish credibility with clients, prospects and reporters, she said.
Halo Effect
If you correctly target your audience, social media can help you reach them directly and put yourself out as an authority on newsworthy items as you pursue what Swift calls the “halo effect”—the glow you get with the media, peers and investors when you’ve succeeded in becoming a sought-after expert.
That means building out your channels on LinkedIn, Twitter and Facebook (and if applicable, Instagram), and cross-link everything you do to create “a magnifying effect” that gets you more hits and eyeballs, she said.
When you are posting great content, people will want to share it.
“This amplifies visibility. Your intended audience will then visit your blog, they’ll go to your website, they’ll follow you on social media. Eventually, they’ll reach out and ask if you can send them your latest special report or come to your event. Once they become a client, we call that a sale,” Swift said.
A credible social media presence also makes it easier for you to get referrals. It encourages clients to share your insight with friends, business associates and family members they want to refer to you.
Swift also suggested that advisors routinely convert their digital media clips and use them in client emails, newsletters and social media posts and on their firms’ websites.
“Harness everything. If you get something published, add it to the ‘In The News’ section you should have on your website. Add it to your bio and brochure. Let clients and strategic partners and centers of influence know you were interviewed. Send them a note that says, ‘In case you missed this, I was interviewed,’” Swift said.
Then “buzz up” the coverage on social media and tag the journalist and outlet. They’ll appreciate it because you’re adding more visibility for them and their work, she added.
“I hope that as you think about your marketing plan, you’ll consider how PR will help you stand out against competitors and do it in an authoritative way to make you the pre-eminent advisor in your community and among your targeted clients,” Swift said.