Digital marketing is not a set-it-and-forget-it project – in fact, it requires a continuous, precise strategy and a significant investment of time.
But if done right, this initiative can pay off big time for financial advisors.
“Digital marketing is essential for most advisors,” Robert Sofia, co-founder, CEO and chairman of Snappy Kraken, a leading marketing technology company that provides systems for financial advisors, asserted in an interview with ThinkAdvisor.[Certainly] “If you have aspirations to contribute to the next generation and want to do more than create a small club of billionaires in your family office, you need to market yourself online.”
Sophia suggested various ways advisors can make an impact online: He also lists the biggest mistakes people make in digital marketing.
Sophia also discusses search engine optimization, artificial intelligence, text messaging, and social media. She previously served as the Director of Business Development for Ford Motor Company and worked as a financial advisor for several years.
In the interview, Sophia details how AI can reduce costs for financial advisors, why many advisors aren't cut out to host podcasts, and reveals the most effective way to generate referrals — statistics she calls “surprising.” [his] heart. “
Highlights from the conversation include:
THINKADVISOR: Is digital marketing a must for financial advisors?
Robert Sophia: A must for most advisors.
Advisors who want to continue growing to contribute to the next generation, who want to stay relevant online, and who have a desire to do something different. [serve] The small club of billionaires within family offices will likely need to market themselves online.
What is the main objective of digital marketing?
How to expand your connections — To communicate with customers.
The number one reason people leave an advisor has nothing to do with performance or service. It has to do with poor communication.
Digital marketing is a great way to stay in touch in a meaningful way.
What is the biggest mistake you see advisors make with online marketing?
They have holes in their strategy, no strategy at all, or are too impatient with their strategy.
Cons: Lack of niche focus or automated follow-up or nurturing sequences to generate leads/opportunities and convert them into meaningful conversations.
If you write a blog but don’t have a clear call to action in the footer so people can opt-in, that’s also a drawback.
And if you don’t promote your blog through email to the list you’ve built up, or publish it on your social media channels with a link, that’s a hole.
What do advisors need to know about search engine optimization?
Without a strategy for the largest search engine, Google — 95% of search results are — That's obviously a big problem.
So, take advantage of Google’s technology and make Google your priority: Apply for your free “Google Business Profile”.
Specific [come with that] It helps you appear higher in search results. For example, create a complete profile by adding your website URL, client reviews, a list of services, and more.
What else is important when it comes to SEO?
Advisors should specifically communicate to their target audience: [these prospects] Understand what users are searching for and what their concerns are. Identify relevant keywords and optimize your website content.
For example, keywords about a specific company and its stock option plans and how they work will rank much higher than a general keyword like “getting the most out of your retirement plan.”
Use tools like Google’s Keyword Planner or Semrush to optimize your website content around keywords, including page titles, page headers, and body text.
This involves writing very thoughtfully.
Is that all?
No. You want to take the time to create high-quality content and continue to answer questions with blogs, videos, infographics, and podcasts. — Includes transcript.
This way, you can continually build content that supports your SEO strategy.
You also need to ensure that your website is optimized for mobile browsing, otherwise it won't rank highly. [in searches].
What about marketing via text messages?
Text messaging garners the most lead conversion activity.
If you put a CTA on your page like, “Have questions about how to save on taxes? Text me,” people will immediately call and text you with their questions.
Once they do, you can have a conversation and get their name and email address. You already have their phone number!
What follow-up strategies should advisors employ?
For each new lead that joins, [prospects of financial advisors using Snappy Kraken] You will receive a series of email messages from your advisor, as well as video and text messages at various intervals.
You could write something like, “I just posted an update on how the presidential election will affect market returns and thought you might be interested in reading it.”
This is very helpful in a non-spammy way. However, [follow up] Too many and people will unsubscribe quickly.
How effective is email marketing?
This is also really important: if you have a list of contacts that you've built up and you want to get them to talk to you, the best way to do this is to email them a video.
According to a January 2024 Digital Marketing Report, video emails have 117% higher open rates and 120% higher click-through rates than text-only emails.
Enter the title “Video” in the subject line. [in the body] Inserts an image of a video with a play button.
When a client clicks, they will be taken to a page with the video and below that a form they can fill out to submit their question.
It brings a lot of involvement.
Data shows that a two-week email of content is enough for clients. — For example, the invasion of Gaza and elections. — This is the most important thing.
You should email new leads and prospects at least once a week, and these emails should gradually increase the value you provide so you can warm them up and make them want to do business with you.
Where does generative AI fit in?
AI is not a fix-all tool, especially when it comes to marketing. If all your marketing is generated by AI, you'll end up with very watered-down, underperforming content.
It's not all about AI.
However, if used in the right way, it can save you a lot of costs, such as generating images specifically for your brand, rather than having an illustrator create images from scratch.
And instead of brainstorming ideas for blog posts, you can let AI generate dozens of concepts using keywords from your website.
How does Google's summary at the top of search listings affect people searching for companies on a general theme? Should advisors worry about getting lost in the shuffle?
In your AI overview, it's important to prioritize high-quality, reliable content.
Early testing shows that AI Overview can result in a significant drop in organic traffic, especially for informational queries. — This allows for “zero-click search”.
Therefore, it is essential to closely monitor key performance indicators and metrics to understand the direct impact, including lead conversions.
Google says its systems automatically decide which links and sources to feature in the AI summary.
[But] Following the normal SEO best practices outlined by Google Search will essentially increase your chances of appearing in these outlines.
Should advisors host their own podcasts?
This is a common mistake advisors make: they start a podcast but don't think through the content, they're not a compelling speaker, they don't invite the right guests, and they don't post the podcast in emails or on social media to grow their audience.
And they quickly give up. Most advisors who have podcasts don't do it right. But those who do have great results. Podcasts can be a great way to build authority.
Going back to social media, how much value is there in using X (formerly Twitter) for marketing?
You need to understand your audience and focus on the platforms where you can make the biggest impact.
If you're targeting retirees, Facebook is much more effective than X. If you're targeting tech entrepreneurs, X is much more effective than Facebook.
LinkedIn is a better choice if you're targeting mid-level professionals, while Instagram, which is linked to Facebook, is a better choice if you're targeting millennials or a broader audience.
I have never seen an advisor that excels across all platforms.
What is the most common objection you hear financial advisors express when it comes to digital marketing?
“No, I get all my clients through referrals.” So I ask these advisors, “But how do you keep your clients informed? Are you calling all your clients every time the market moves 4%?” They say, “No.”
“How about sending us a video update?”
“Great idea!” they say.
That's digital marketing!
With so much attention focused online, is it still worth holding an in-person customer appreciation event?
We found that events are the number one way to drive referrals — Free events that are social in nature, such as sporting events or wine tastings.
Data shows that 57% of clients would accept an invitation to an event from their advisor, and of those, 34% would bring a guest if invited.
That was a surprise!
