Financial and Insurance Professionals are becoming more and more savvy as competition is at an all-time high. Are your marketing strategies keeping up? Here’s what’s in store for 2017.
When you think about advertising and marketing, what comes to mind? Most likely, you instantly recall a few television or radio commercials with short, catchy messages. You might even remember ads from ten or twenty years ago, because they were just that memorable! If you have a plumbing problem, you might instantly pick up the phone to call that guy with the catchy jingle.
What makes marketing messages so memorable? More importantly, what makes them powerful enough that you act upon them? Sometimes it’s a catchy jingle that gets your attention, but it’s also the incredible subliminal power of words.
Language can convey terrific amounts of subtlety, helping you win over your audience when you choose the right words. The following ten words are some of the most powerful ones in marketing.
You. We’ve already used this word eight times in this article, and we didn’t do it by mistake! We know that offering you general, impersonal information would bore you. Instead, we speak directly to you, because that is much more personable and memorable.
Free. This is one of those emotionally-driven words, especially in the United States where we all love our freedom. More specifically, using the word “free” signals to your readers that you’re not just trying to take their money. They drop their defenses and pay attention to you.
Offer. Must like the word “free”, an “offer” helps you dig through your prospects’ wall of defenses. You aren’t trying to get your hands in their pockets; you’re doing them a favor. See how much nicer that sounds?
Easy. If you’re asking your audience to do something, subtly remind them that it’s just a small, simple task. The word “easy” tells them that following your call to action won’t take up a lot of their time, or be overly difficult.
Now. A call to action could easily be put off until later. Adding the word “now” is a subtle direction, and gets the job done right away.
Hurry. This is another great word to use alongside a call to action. People don’t like to miss out on a valuable opportunity, and the word “hurry” implies that this offer might not be available forever.
Revolutionary. We’re all about innovation and new ideas these days, and consumers want life-changing products and services. Set yourself apart from the competition, and tell your prospects that you’re not offering the same old financial services their grandpa used.
Because. Your prospects aren’t going to hand over control of their life savings without a very good reason for doing so. Using the word “because” signals to your audience that you’re willing to give them that reason.
Challenge. Speaking of “problems” can sound too negative. A “challenge” is something that people are motivated to overcome, and of course you are the guy who has the solution!
Compare. Everyone likes to feel in control of their decisions, especially when large sums of money are involved. Inviting your prospects to compare your services to those offered by the competition is a terrific way to put them in the driver’s seat, and also makes you appear more confident.
These are just examples of powerful words that advisors should be using to overcome their audience’s defensive walls, create a lasting impression, and spur prospects into action. We know quite a few more of these tricks, but you’ll have to contact us to learn more about them. Give us a call or shoot us an email, and we’ll be happy to analyze your digital marketing strategy and make suggestions for improvements.
Don has been a financial advisor for over twenty years now, but digital marketing is a whole new horizon for him. He knows that writing informative blogs, or creating helpful videos, are the keys to pleasing his online audience. So far, Don isn’t sure whether his content is having much of an impact. Is there anything else he needs to be doing?
Do you remember the last time you were in an unfamiliar place, perhaps a hotel room, and you grabbed the television remote control to change the channel? If you’re like most people, you had to stare at the remote before finally finding the right button, or you might have pressed the wrong buttons a few times. Even worse, you sometimes discover that you’re using the wrong remote! Many people just give up and unplug the TV, or leave the room to do something else.
As you grow your practice, it can be difficult to know how to spend your marketing budget. Different forms of marketing offer their own sets of benefits, but for you, the bottom line is that you want to invest your resources in a method that brings results. You want to stay in touch with your clients and attract new ones, but you don’t have time to personally nurture each connection.
Email marketing can be a cost-effective solution for advisors, because you can create messages that are automatically personalized and sent to every address in your email database. And since nearly everyone checks their email daily, you can be sure that your contacts are seeing your messages.
When you first meet a prospective client, do you explain your services and win them over right away? Sometimes that does happen, but often we find that prospects need a bit more time to make a decision. After all, you’re asking them to entrust you with their life savings, their plans for retirement, and possibly the legacy that they hope to leave to their heirs. Choosing a financial advisor is not a decision most people make quickly.
In part one of this series, we shared some essential statistics with you. We know that numbers are important to you, especially when they relate to helping you reach your target audience! You’ve learned a bit about optimizing your website and email strategy; now let’s switch our focus to social media marketing.
Did you know…
- Social media has become a primary research tool for investors. 5 million investors with assets worth more than $100,000 use social media to investigate their financial options (LinkedIn/Cogent Research “Social Media’s Growing Influence Among High Net Worth Investors)
- In fact, 90 percent of all high-net-worth investors use social media sites (LinkedIn/Cogent)
The takeway lesson: Your target audience is on social media, and they are looking for you! Not only do high-net-worth individuals use social media at high rates; they aren’t just sharing photos of their pets or chatting about their weekend activities. They view social media as a powerful research tool to learn about financial advisors, market conditions, and other valuable investment information. If you haven’t yet tapped into the enormous marketing potential of social media, or if your current social media strategy lacks commitment, then you are missing out on a huge opportunity.
That’s not all. This probably won’t shock you, but we aren’t the first people to realize that your target audience is actively using social media. Other financial advisors have already noticed this trend, and social media has become a vital part of their marketing strategies.
- From a survey of 800 financial advisors, 79 percent of them found new clients via social media sites (Putnam Investments)
- Over 60 percent of financial advisors who prospect on LinkedIn reported acquisition of new clients (LinkedIn and FTI Consulting)
- According to an American Century Investments report, 43 percent of financial advisors have already seen a positive ROI from their social media use.
- 48 percent of advisors use LinkedIn to enhance their profile with clients (ACI)
- 28 percent of advisors improved their referral rate with LinkedIn (ACI)
- 28 percent of advisors enhanced their business knowledge via LinkedIn (ACI)
- 24 percent of advisors used LinkedIn to share insights with clients or prospects (ACI)
The takeaway lesson: As you can see, advisors are using social media in a variety ways, and finding more than one benefit from their strategies. More importantly, these advisors are your competition, and they have discovered a valuable resource for staying in touch with current clients, improving their referral rates, locating new clients, and opening doors to new opportunities. Your future clients are on social media. If you don’t network with them, who will?
What are your main challenges? If you said prospecting or marketing, you’re in good company. Most advisors say that reaching their target demographic is one of the toughest challenges they face.
Because we know you enjoy working with numbers, we’ve collected some of the most important statistics relating to digital marketing today. We’re not saying that a single strategy is the key to your success; rather, you should take a look at the overall trends here and put together a marketing strategy that uses them to your best advantage.
If you built a website and established an online presence to attract more clients, then you’re on the right track. These days, most advisors recognize that a well-executed digital marketing strategy is essential to the growth of their practice.
But what if your website visitors aren’t “converting”? In other words, they aren’t following your call to action, filling out the contact forms, and hitting the ball into your court so that you can contact them in the future. This is a frustrating problem, but the solutions aren’t all that difficult. Just imagine how your website looks from a prospect’s point of view, and you will see what we mean…