The importance of multichannel marketing for financial advisors
The importance of multichannel marketing for financial advisors cannot be overemphasized. Different prospects may use various channels, such as social media, websites or direct mail, so it’s wise to use more than one channel.
Multichannel marketing is important for financial advisors seeking to grow their client base. Different prospects may be more apt to view marketing pitches via different channels and types of media.
Having a solid multichannel marketing program in place is important for an advisory firm that is looking to grow.
Having a solid multichannel marketing strategy can help increase the value of your advisory firm to other firms or investors who may be looking to make acquisitions.
Using a lead generation platform like Unbiased can help sustainably grow your firm.
What is multichannel marketing?
Multichannel marketing is what it sounds like, using various channels or outlets to deliver your marketing message.
Online via a website, social media, email marketing, landing pages, and digital advertising are all pretty standard these days.
Statistics vary, but today, about half of purchases of financial products or services originate and close online. This is where many of today’s prospects for financial advice conduct their searches.
Hard copy print marketing is not dead, however. It might involve mailing prospects a market summary or information about your firm’s services. It can also include inviting prospects to a “lunch and learn” or similar in-person educational session.
In-person or online calls can also be valid marketing tools. These meetings may result from a professional referral, such as an accountant or attorney, or they might be the next step in a follow-up to your online or direct mail marketing efforts.
Why is multichannel marketing important for financial advisors?
Not every prospect your firm targets spends time on the same marketing or media channel.
For some of these prospects, a social media channel like LinkedIn might be the best place to get their attention.
Others may search the web for a financial advisor, so you should ensure that your site is optimized for SEO for the keywords you want to be found for.
Search engine advertisements, such as ads on financial information sites, are another online way to attract prospects to your firm.
Why should you not be dependent on one channel?
Today, more and more of your firm's ideal clients are online, and that is often the best way to reach these prospects. If you want to reach these people you need to have a presence where they will find you.
A well-designed multichannel marketing strategy can enable advisors to reach their desired audience through a variety of platforms.
Dependency on one marketing channel limits your ability to reach your desired audience who don’t utilize the single marketing channel you may have chosen. You want to make it easy for your target audience to engage with your marketing message.
Additionally, marketing channels change and evolve, and so does your target audience’s use of them. A solid marketing strategy is about making it easy for your audience to gain exposure to your marketing message, especially as media and demographics continue to change over time.
How can a financial advisor implement a multichannel marketing campaign?
The first thing a financial advisor should do is to determine their message or messages. What do they want prospects to know about the firm or their services? This will generally be tied to the type(s) of clients the advisor is looking to attract to their practice.
As far as implementing their multichannel marketing campaign, advisors need to look at the vehicles and methods that will resonate with their prospective clients. These can include:
Online marketing: This can include email marketing, social media outlets and a solid online presence via the firm’s website. The latter requires a solid landing page that will pique the interest of visitors. Search engine advertisements are a way to attract prospects to your site or to contact you.
Direct mail: In spite of all of the emphasis placed on having an online presence, direct mail is still an important marketing vehicle for financial advisors. Especially among millennials, a high percentage of this group still takes the time to review their mail. Further, response rates can be fairly high from direct mail, so it is important to have a solid presence here.
In-person: Holding live events such as lunch and learn sessions, dinner presentations, or even an online video session are all effective ways to get your message to prospective clients.
Outstanding content that resonates with your target audience is critical across these and other channels. Whether this content is online, delivered via direct mail or spoken to a live audience, your message must be focused and compelling.
What impact does multichannel marketing have on your business?
If properly implemented and monitored, a solid multichannel marketing strategy can be the lifeblood of your firm. It can consistently help bring in the volume and types of new clients your firm needs for growth. Beyond growth, clients do leave financial advisory firms over time for a number of reasons, including death.
A solid, well-implemented multichannel marketing campaign can add to the value of your firm. This can help if you are at a stage of your career where you are considering an exit strategy. Even if you are not at that point in your career, acquisitions in the financial advisory firm space are not uncommon.
Having a solid growing practice that is profitable, at least in part due to having a solid multichannel marketing program in place, can do nothing but add to your firm’s value. Besides adding value in the case of selling the practice, it adds value when looking to add additional advisors to support your growing client base.
Work with Unbiased
A multichannel marketing strategy is essential for financial advisory firms that want to grow their client base effectively and efficiently.
A lead generation platform can be an essential part of achieving your growth targets.
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Content Writer
Roger is a financial and business writer who brings his extensive experience as a financial advisor to his writing. Roger's work has appeared on a number of sites, including ThinkAdvisor, Investopedia, Motley Fool, Time and a number of other sites. In addition, he ghostwrites extensively for a number of financial advisors and other financial services firms.