Three marketing myths and how to beat them
If you challenge the ‘accepted wisdoms’ of adviser marketing you can achieve amazing results, says Jon Pittham, managing director ClientsFirst
Sometimes there can be nothing worse than ‘accepted wisdom’ in marketing. In a world that is necessarily fast-paced, the only thing that should be ‘accepted’ about marketing is that the status quo can and will change, and that it will do so bewilderingly quickly. When this happens, it creates marketing ‘myths’: pieces of accepted wisdom we’re told we can never conquer, when actually the ability to do so is right under our noses. Beating those myths can produce amazing results.
It’s a well touted example in business nowadays but it’s worth trotting out Uber once again. Uber is a company who spotted the myth that taxi rides had to be inconvenient to organise and expensive to complete; they beat it and are now reaping the benefits. Here are three more marketing myths financial advisers can try to conquer, with promising results just waiting to be discovered.
Myth 1: Your website’s conversion rate will always be tiny
The recipe for web traffic has always been one of plenty, with few resulting conversions. In professional services it’s likely that your traffic-to-conversion rate could be as low as 0.02%, perhaps even lower. The accepted wisdom here is that this is just how it has always been, with plenty of browsers but few buyers.
Beat the myth by: Better nurturing your visitors.
Most website visitors will be unknown to you, so the first action to complete here is to try to get some contact details and start the conversation. You can do this in a number of ways; prominent Calls To Action (CTA) on your homepage (‘Sign up to our free newsletter here’), advanced analytics software that can give you some insight into your visitor’s identities, compelling content giveaways, and more. Once you’ve got some details, a thoroughly planned out lead nurturing campaign can make all the difference (see link below).
Myth 2: Social media is free
A particularly dangerous one! Signing up for social media is indeed free, but what price social success? Abandon the notion that you can grow your social following to mega proportions on the back of a few status updates. For better or worse, paid-for social is here and here to stay and will take a more prominent role in building social reach.
Beat the myth by: Committing a small amount each month to Facebook, LinkedIn or Twitter Ads.
You can start a campaign to get people to like your page, download your content or follow your corporate account quickly, easily and cheaply. With each platform you can set a maximum spend, target only people of interest to you (over-60 year olds who follow other pages to do with retirement perhaps?) and measure your results within the various networks’ advertising platforms. What’s more, social adverts are still in their infancy, meaning you have the benefit of being an early adopter in a market absent of most of your competitors.
Myth 3: Promoting financial advice has to focus on finances
Yes, it’s likely that you ‘sell’ financial advice but is that really what your clients think you sell? Aren’t they more interested in the results of that advice; their retirement situation, the peace of mind, the dream holidays they can now make sure they go on?
Beat the myth by: Producing lifestyle content that shows what benefits your clients enjoy.
Content from advisers focusing on lifestyle topics is on the increase as more advisers recognise that one of the ways to attract potential clients is to give them exactly what they want! Instead of writing on markets, the state of pension funds and new legislation, advisers are producing content on bucket-list holiday destinations, exercise options in later life and more. The message is clear: adapt your message to your clients, rather than trying to force your own message onto them.
Visit ClientsFirst website
Visit Uber website