Financial advisors, wealth managers, investment brokers: are traditional marketing efforts not producing the results you want? Are you seeing the majority of your clients come through referrals, but they’re not exactly the ideal client you want to work with? If so, it may be time to rethink your marketing plan.
Inbound marketing is providing the right content to the right person at the right time so that they seek you out when they’re ready to make a purchase decision. Rather than in traditional marketing, where you are going out and finding clients through cold calls and emails, inbound marketing is all about creating ways for potentials customers to find you.
Here are 3 steps to harnessing the power of inbound marketing for your business:
It all starts with your ideal customer.
You already know your current clients or referrals are not meeting the qualifications of your ideal client. Have you stopped to really identify who that ideal client is in and out? Fully defining your buyer persona of who they are and what motivates them is key to reaching them.
Maybe you have a few clients or past clients who are in your target audience. Start by surveying and interviewing them. Note their demographics (their gender, occupation, income, level of education and where they live). Find out their goals, values, challenges and needs. What problems do they need solved? Ask the “why” of their answers.
Gather any existing marketing research on your ideal customer and figure out the commonalities between the market data and your interviews. Use a buyer persona template to compile it all to create the story of your buyer.
By knowing your buyer persona, you can target your content and efforts directly to them. It allows you to convey a stronger message by using the language they use.
Tailor your content to fit your persona.
The buyer’s journey is the active research process your ideal client goes through leading up to their purchase. Your target client’s buyer journey or path of purchase may be different than other companies.
There are three basic stages of the buyer’s journey: Awareness, Consideration, and Decision.
Stage 1: Awareness
In the Awareness stage, buyers identify their challenge or desire they’re looking to address. Likely they are searching for basic information about financial advisors.
They might search for:
- What does a financial advisor do?
- Financial advisors services
- Why use a financial advisor?
At this stage, it’s important to provide neutral information that answers the questions they have. Search Engine Optimization (SEO) is very important in the Awareness stage and the inbound methodology. Producing content such as informative blogs, white papers, and industry reports are great for attracting your buyer.
Stage 2: Consideration
In the consideration stage, they’ve defined their need and are interested in learning their options. This is where you provide solutions to their problems, like providing a resource that explains the pros and cons of different advising services. Content such as a comparison guides, video clips, and expert tips are best in the consideration stage. Focus on the solution, not the sale.
Stage 3: Decision
In the decision stage, the buyer has decided on a solution and is ready to buy. They’ve narrowed down their options and are ready to choose their financial advisor. They’ll need supporting information to help them make their final decision to go with you. Content in this stage may include your own success stories, case studies, and client testimonials.
Be in the right place at the right time.
An equally important aspect of inbound marketing is your distribution of content. Create a stellar website rich with relevant and useful content, blogs posts, and content offers. Generate content through social media platforms such as Facebook and LinkedIn to build relationships with existing and potential clients. Use email marketing to send out expert tips, industry updates, and content offers.
Figure out the best channels to serve content to your buyer persona. According to LifeHealthPro, studies show trust in advisors is decreasing. Growing your social media presence is the perfect way to build trust with buyers in advance. Find out the best social media practices among the different platforms.
There you have it! Three steps to reaching your ideal client. Ready to grow your firm? Get started on your company’s inbound marketing strategy today, and contact us if you have any questions or would like to learn how we can help you succeed online.