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Marketing in Times of Uncertainty - What Financial Advisors are Saying (2022)

by The Seven Team

As the country settles into the reality of high inflation, rising rates, uncertainty in the stock market, and geopolitical conflict – digital communication is the norm, and digital channels are becoming more important than ever. We thought it would be helpful to provide some of the best marketing ideas we’ve come across in our discussions with financial advisors. You are all working hard to stay connected with clients, and for many of you, this is resulting in an adjustment across new and existing business.

First, if you haven’t set your goals for the next twelve months, we have a good training here:

 

Now, here’s what we’ve seen work best:

 

Develop a Consistent, Weekly Point of Contact

Whether it’s a Sunday night email to clients, a Monday blog post, a Tuesday morning market recap you throw up on Facebook or LinkedIn, or a short video of yourself you post on your site and promote across channels – the key is to keep your content in front of your audience consistently, and frequently.

It doesn’t have to be over-engineered – just get your voice out there consistently. Everyone is looking for stability and a calming voice, so this is a great time to build brand awareness. Guide your clients across multiple topics, figure out ways to give back to your audience digitally, and make connections with the stickiest clients you have.

How do you execute? Take these steps:

  1. Establish the why behind the series – why is someone going to read or watch this? What action do you want them to take? Write down why you’re creating the series (this is also your first piece)
  2. Determine the media format – is it doing to be a video series? A blog series? Set a type of format where you feel comfortable enough to create consistently, and your clients want to consume regularly
  3. Give it a name – this should be a functionality series name so people can begin to become familiar with it (for example, our podcast is called the Advisor Lab)
  4. Get to creating – pen to paper, turn the camera on – good is better than perfect. If you’re writing a blog, check out this writing checklist, or this video checklist if you’re shooting video
  5. Deploy at the same time every single week. For example, we release our podcast every single Wednesday – our listeners have come to expect episode drops on this day
  6. Repurpose your content for different channels. Take your blog post, turn it into a video on social. Take your email and turn it into a blog post. Repurpose early and often
  7. Create a feedback loop – ask clients what they want to hear about from you, get feedback on the content you’re deploying

Understand the Current Opportunity With Existing Clients

Take time to review opportunities of entry for your current clients – there may be many clients who want to enter the market due to the volatility but just haven’t had the time or ability to reach out yet. Check-in with current clients, top clients, and the lower tier – you never know who wants to put money to work. A simple check-in email will suffice.

Also, use surveys to drive deeper engagement with your clients. Surveys can not only be an excellent source of inspiration for your content strategy, but they can also help you develop a referral system. After you collect survey responses, let them know if there’s anyone who’s looking for help with similar situations to theirs, you’re here for them and their network.

We have developed 3-different surveys for our financial advisors to create this system (example below). Reach out to our team to get the surveys. 

 

Marketing Survey - Financial Advisor

Focus on the Other Ps of Marketing

Tuning up your practice with regards to price, product, and positioning can be very foundational. Be there for your clients, but also focus on other areas that may give you the uptick you need.

Spend some time figuring how you’re positioning your products and services – think about your pricing model, now is the time to optimize your practice in ways that may not mean new clients, but it can set you up to be successful long term. Also, ensure your messaging is up to date. Your value proposition is your secret weapon. Clarifying your “what,” “why,” and ‘how” can ultimately take your practice to another level of service offering – which will fuel client acquisition.

Before you build any brand positioning, you have to figure out how your ideal prospect views the value you can bring to the table. Additionally, you have to figure how you fit into someone’s everyday life. This is the most important step to determining brand positioning – identifying where you fit within the investor’s mind and determining their biggest ongoing questions around their finances and the emotional connection to them. This allows you to avoid guessing as you build your brand positioning. It allows you to root your brand in real responses, from real people.

Document this accordingly. Look for the qualitative feedback.

Expand the Referral Network

You’re already in contact with your existing clients about market volatility. Offer to have a no-strings conversation with anyone they know that is experiencing confusion or distress about what to do with their portfolio. After 2008, some of the biggest books were built on referrals because clients were happy with their advisor – regardless of what the market did. You can also host a webinar or event and encourage sharing with friends and family.

Additionally, take some time to expand your COIs. One of the best strategies we’ve seen for COIs is to bring them onto a video series or ask to be a guest on their content. This not only bring value to their network, but it expands your brand. Set up a roster of COIs and reach out to them to catch up about how they’re managing their business during these times.

The Bottom Line

Navigating the world of marketing your practice right now can be difficult and confusing – that said, advisors are finding ways to net new business, service current clients, and reshape their practice. Focus on the things you can control, service your community, and revisit foundational marketing elements.


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