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With 2022 rapidly approaching, it's never been more important for financial advisors to evaluate their marketing tactics. With the increasing importance of a digital presence, advisors must consider what will be the most effective marketing strategies to strengthen their businesses.
Three strategies stand out: those based on credibility, recruitment and Google.
While these strategies are not new to the financial services industry, their use will grow in the coming year. Take note of them and the associated tactics to embrace them in your business.
Here are the trends we can expect to see for these different marketing strategies in 2022, and how you can meaningfully apply them for your own success.
Credibility marketing
Leading experts expect to see an increasing alignment in PR, thought leadership and SEO, meaning that content will have to reflect overlapping visibility, credibility and authority. Financial advisors need to focus their energy on projecting a holistic presence that markets their expertise and credibility. This strategy is what I call “credibility marketing.”
It means finding ways to build a credible reputation, harnessing that reputation and integrating it into a marketing strategy. What does this look like?
For many, it means receiving an endorsement through various earned media forms, such as being interviewed on TV, quoted in an article, receiving an award or other means of recognition of expertise or authority. These endorsements reassure potential clients of your credibility as an expert and professional. Earned media success should then be pushed through your marketing channels to attract potential clients and grow your business. This means reposting your press hits on your website, social media account or email blasts.
Earning and leveraging your PR success through credibility marketing is incredibly effective, as seen through the experience of Josh Brown, the co-founder and CEO of Ritholtz Wealth Management. Via Twitter, blogging, YouTube and media appearances, Brown has seen massive success through credibility marketing. His focus on millennials and emphasis on honesty and humble confidence has catapulted him and his company into a place of strength, and he will likely remain there over the coming years as he continues to execute this strategy.
Where should one start with credibility marketing? Here are some tips to get moving.
Write thought pieces for large, credible sites such as Forbes or Advisor Perspectives, or agree to guest blog for a like-minded organization with a large following. Additionally, execute your earned media strategy by securing placements in top-tier news outlets. And, finally, put emphasis on an expanded social media presence via impactful content and sharing your press hits. In conjunction with these efforts, enhance your public presence by seeking out awards or certifications to legitimize your expertise.
Next, encourage your clients to leave reviews on your website and Google pages, and put emphasis on your best ones. This will help support the other public pronouncements of credibility. Once you have all these things in place, leverage them on your different channels to create unified marketing that reinforces your strong reputation.
Recruitment marketing
Amidst the ongoing "great resignation," recruitment marketing is another powerful tool for enhancing your business, especially as many employees leave their financial services firms. Recruitment marketing refers to tactics that focus on finding, attracting, engaging and nurturing talent through the recruitment process.
There will be a slight uptick in the number of job seekers for 2022, even more than what we are currently seeing. However, organizations that put emphasis on candidate-centric recruitment marketing will see positive effects.
Why is this? Employers with positive recruiting practices and a candidate focus don't just attract the best talent, they enhance their own brand in the process. When companies bring on strong employees, they continue to enhance the culture, resulting in a virtuous cycle that strengthens the organization while providing messaging to the public about the company’s values.
How can you put emphasis on good recruitment marketing? Ensure that your recruiters and marketers aren't siloed from one another. Make sure that they are working together to build and share common messaging. Likewise, put the same emphasis on recruiting employees as pursuing new clients, as this will pay off dividends in the long run.
Add personalized touches across the recruitment process, which will help candidates have a positive experience. This includes via email, text messages and website, among other channels. Encourage your employees to write reviews of the company on hiring sites, such as Glassdoor, to ensure that prospective employees are seeing accurate and positive depictions of the organization.
Google marketing
While marketing on Google has been around for a long time, it still dominates as a marketing strategy, and it isn't going away. This is particularly true for advisors, as potential clients will often take to the search engine for assistance. For our purposes, Google marketing refers primarily to the use of Google Ads as well as search engine optimization (SEO).
As of 2019, there were more than 112,000 monthly searches for either "financial planner" or "fee-only financial planner." Likewise, 40% of Google's searches result in someone clicking the top four results, meaning it's critically important to compete for search terms and rank. Moreover, Google's newer offering of "local service ads" (LSAs) appear at the very top of the search results page in certain service areas, making it a fantastic option for financial advisors. These are all important considerations for financial planners.
Focus on your SEO strategy for your digital media. Ensure good placement in search results for persistent lead generation, though it will take time to see results.
Next, try out Google Ads for placement in different spots on Google based on three different options: branded terms, local terms or topical terms. They all have different reach and potential for results. Finally, dig into Google Ads new LSA option. These aren't paid for unless they generate a lead, so this is a good option for starting out with Google marketing.
Digital marketing is a must, and 2022 will be no different. Strong marketing strategies for the new year will be buttressed by marketing using credibility, recruitment and Google. Don't fail because of insufficient planning or lack of marketing integration. Start planning for 2022 to ensure the best possible results and jumpstart your marketing.
Brian Hart is the founder and president of Flackable, an award-winning public relations agency representing financial and professional services brands nationwide. Learn more about Flackable at flackable.com. Follow Brian on Twitter at @BrianHartPR.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
