Which Advisors Will be Victims of the Pandemic?

2. Those who are afraid to get creative

Revamp your marketing strategy and try something new. Many traditional means of marketing, such as dinners, seminars, and direct mail, are impossible or are not going to cut it. It’s time to get creative.

Experiment with ways to use video marketing and social media to your advantage. Over half of consumers want more video content from businesses they support – and with a sharp decrease of face-to-face contact, that’s some of the most personal marketing you can employ.

Financial Symmetry is a great example of this, they’re producing consistent COVID-related video content and sharing it on YouTube and LinkedIn.

Video content isn’t the only way to get creative with your marketing. Work with your team to brainstorm and create something fresh, whether it be a podcast, interactive campaign, webinars, or something else. Take that creative leap to set you apart from other advisors.

3. Those who don't embrace and leverage technology

Thanks to the ever-advancing tech industry, the applications of technology in business are endless. As of 2020, 59% of the global population uses the internet. Advisors, and companies in general, were already dependent on technology before COVID-19. Having a website and social media legitimized your establishment. Now, with the majority of the U.S. working remotely, that takes on a whole new meaning.

What does it mean to, “embrace and leverage technology?”

Communication with clients

Its biggest merit, in terms of marketing, is that technology makes it simple to drive mass communication efforts. Your options for those communication efforts are plenty.

Solidifying a stream of digital communication with your clients goes a long way. That includes bolstering your social media, email marketing, and website or blog – all things that are important regardless of the pandemic. However, it also includes intentional communication specific to the situation. Advisors should take care to address the situation and its effects, while reaffirming that they are still there for their clients. Offering more virtual opportunities, such as webinars or virtual meetings, is also a good idea.

Communication with colleagues

For firms that aren’t used to operating remotely, effective internal communication is vital for smooth performance. According to the New York Times, many companies have embraced this; the use of popular remote work apps, such as Zoom, is skyrocketing.

Centralizing your company’s communication reduces stress and mistakes. Besides video conferencing, another option to communicate efficiently and in real-time internally is to create a channel on Slack or a similar platform.

Organization

Technology is all about information, and it’s pretty good at compartmentalizing that information.

Not working in a traditional office space demands attention, accountability and organization. Letting technology help makes business operations easier, freeing up more time to focus on other aspects of your work. Good organization has the power to speed up everything else. With more accessible information comes quicker action.

4. Those who don't save money by consolidating

A scattered “tech stack” is a nightmare. In one of my previous articles, I introduced this sample marketing budget:

Even though marketing doesn’t have to be your firm’s biggest expense, be conscious of getting the most for your money. When you’re using five different tools just to manage one or two of these areas, it gets messy and expensive.

Consolidate your suite of marketing technology to an all-in-one platform, rather than juggling a bunch of different ones. This makes things easier on you, saving you money and offering some financial wiggle room to spend on other marketing efforts. Lead Pilot, for instance, is a multifaceted tool specifically for financial advisors that handles social media, email marketing, landing pages, lead generation, analytics, and offers customizable content.

COVID-19 has impacted each advisor differently, but it’s had an impact on everyone. This is a difficult time for small businesses. If you’re struggling to keep up, take these key points as a guideline – adapt, get creative, embrace technology, and consolidate.

Samantha Russell is the chief marketing and business development officer at Twenty Over Ten (a digital marketing and website development company for financial advisors). Samantha helps financial advisors create digital marketing strategies that produce explosive growth through website development, content marketing, SEO, social media and video.

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