When the pandemic hit the world stage in March 2020, every profession has had to change, including financial advisers. Forget about the obvious switch to Zoom / Teams, there have been a lot of changes for the industry, and after so much investment, creativity, and time to think through these changes, some of them might not be so temporary. after all.
The financial and banking industry is sometimes seen as a slow and archaic profession with the rise of retail traders and new online banks.
However, the pandemic has shown that financial advisers can act quickly to adapt to the needs of their clients and to changing conditions in the world at large.
Advertising can make or break even the most established financial advisers or institutions, and the methods that worked before the pandemic may not be the most effective in this new era.
Below are the top 6 marketing trends that will shape the financial advisor landscape in 2022 and beyond.
1. Subscriptions are good for the cash flow
Every household now has some sort of subscription service that comes out of their bank account every month in 2021. The usual model of X% per year or a package of a few hundred dollars is not suitable for many young people.
However, get them to think of it as Disney + or a cafe membership for, say, $ 20 a month and you’ll find that many customers are more than willing to give it a try.
If you can manage to keep your churn rate permanently low, it also means you have a constant monthly income which is great for your business cash flow.
Customers can also pay according to their needs. If they want a basic package, they can pay a smaller amount or maybe a higher amount for meetings with themselves. Finally, you can target these customers over and over again through cross-selling and upselling of other products and services.
2. Take a look at memes
If you want to ride the wave of new retail traders and grab the attention of young investors, you will need to invest in memes.
I’m not saying go throw your wallet in GameStop. However, if you can accept the idea that investing in these âmemes companiesâ is not profanity, young investors might feel more inclined to use your services because they can identify with you a bit more.
Memes are also good for social reach, getting many actions and overall higher social engagement scores than most other posts, especially in the financial space.
Many older people don’t understand memes or the culture behind them. Consider consulting with a relative or younger friend about the most relevant memes you can transform to be relevant to your audience.
3. Give people your time
I’m sure everyone has emptied their inbox at some point and clicked ‘unsubscribe’ from all those boring marketing emails.
Research has shown that, on average, these types of emails get an open rate of around 18%, which is considered good.
If you can personalize your emails, give your customers time, and give all automated emails a good rating – think eye-catching subject lines and appropriate times – then you can crush the competition in a hot field. lacking to many financial advisers.
Have a clear purpose with every email you send (don’t bombard customers with multiple options or things to think about).
And more importantly, you must succeed in the call to action.
You have to tell them what to do next – not ask them.
It is a saying not a request.
4. Virtual events will become crucial
Even with the country’s openness and COVID appearing to have passed its peak, virtual events will not revert to a thing reserved for international meetings.
Now the most important thing here is to make sure you don’t have a boring event with little to no audience engagement. Pre-event surveys can give your potential customers the feeling that the content you are about to present will be tailored to their needs.
Hiring artists, such as comedians to do a short series, magicians to do a little routine, or even a musician to perform a few songs, is a great strategy for small and large virtual events.
Gamification always works well for engaging audiences. Whether it’s in-person or virtual events, things like prizes or challenges work well to turn a boring event into a memorable one.
You need to familiarize yourself with the platform you are using, there is nothing worse than people not knowing how to unmute, share screens, or other simple technical issues. You may want to consider adding a producer to the event to make sure everything runs smoothly while you focus on hosting.
5. Being local pays
If you haven’t set up your business with “Google My Business,” you’re missing out on one of the easiest, digital marketing strategies that doesn’t cost a dime.
Someone looking for a financial advisor in their area will automatically get results that are closer to their address.
If you are listed on “Google My Business”, you may be able to get their attention if you are the only one or one of the few financial advisers in the client’s specific search box.
There are plenty of tips and tricks for using ‘Google My Business’ to your advantage, but just being there is the first step in letting potential customers know that you are in their local community.
Optimizing your ad can be as simple as adding complete data to your ad and processes like updating keywords in your ad can provide a big boost.
6. Video reigns supreme
As a financial advisor, you will already have a whole lot of knowledge and insight that people will want to pay you to know. Another way to distribute this information is through video content.
Financial channels on YouTube have millions of subscribers and multi-million dollar monthly revenue. You also don’t have to limit yourself to YouTube.
With so many social media sites paying for good video content, you can either use them all or pick your favorite as most of them are offering money for view-generating content.
If you don’t know how to create great content or how to edit videos, you can always defer to an expert and let them do this part.
The most important thing, however, is consistency and not getting discouraged when you aren’t instantly going viral and making a lot of money with your video content.
It’s not just about ad revenue here either, just think about potential customers who could potentially see your face and what you could offer them.
Why go digital now?
As you can see from the trends outlined above, the future is digital, and if you don’t do it now, when will you?
With the downfall of cable to subscription services and taxi businesses to Uber, you must constantly adapt to new waves that are hitting your industry or being left behind.
You will notice that these trends gain momentum towards the end of 2021 and advisers will follow them at full speed throughout 2022.
The world is becoming interconnected and digital every day. If you choose not to adopt a digital strategy sooner rather than later, you risk finding yourself at the bottom of a very difficult ladder to climb.
Just like the markets, the more you are there, the more you can expect to be successful.
Towards 2022 and beyond
To recap, the top trends you want to focus on for the next year are mostly social media and content.
Learn some basic editing techniques and shoot the next viral video “What I Spend In A Week As A Financial Advisor” and create memes on Jerome Powell’s Infinite Money Printer.
If you can adjust your tone to suit the mindset of the younger generation and tailor the social content to what they like to see, you will get their business and their friends because young people like to share things and talk. between them.
Other than that, focus on new revenue streams like the idea of ââsubscription service and learn how to increase your SEO by optimizing your ‘Google My Business’ listing.
The bottom line is that you don’t get stuck in your old ways and believe that the things you’ve always done will continue to work and pay off in the long term in this digital age.
It’s an ever-changing landscape in the marketing world and financial advisors must adapt to these changes as quickly as they do to changing market conditions.
Following the trends outlined in this article should help any advisor stay on track to meet their goals for the year ahead and for years to come.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.