Adapting to Social Media’s Uncertain Future

Adapting to Social Media’s Uncertain Future

There is an ongoing debate surrounding social media’s potential decline that is primarily driven by concerns about mental health, privacy, and misinformation. These factors have led some users to reduce engagement or even leave platforms altogether.

For financial advisors who have found success in social media marketing, there is no need for immediate concern. However, it is wise to consider contingency plans and explore additional channels for reaching prospects.

For those who don’t have an existing social media strategy but are considering trying it out, it’s important to manage expectations. You may not achieve the same level of success as advisors who leveraged these platforms earlier. You can also explore alternative channels for engagement.

The key to success lies in remaining adaptable, enabling you to navigate the ever-changing social media landscape effectively.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.

Build Your Network

Build Your Network

I work with many financial advisors entering niche markets, and those who achieve success quickly often have an existing network in that niche. They’ve built trust and credibility over time, so when they focus their marketing on that niche, people in the community are eager to work with them.

For instance, an advisor with connections to doctors on LinkedIn received an inquiry from a doctor soon after updating his profile to reflect his new specialization. Another advisor, experienced in a specific industry, launched a business to serve his former peers and quickly gained traction after announcing it.

To succeed in a niche, build a strong network as soon as possible, either online or offline, or both. A strong network not only accelerates marketing success but also supports long-term growth. Remember, people do business with those they know, like, and trust, so prioritize relationship building.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.

Referrals versus Word of Mouth: What’s the Difference?

Strike the Perfect Balance Between Timely and Evergreen Content

Strike the Perfect Balance Between Timely and Evergreen Content

As a financial advisor, your online presence is important for attracting potential clients and keeping current ones. Crafting the perfect content strategy is essential, and finding the sweet spot between timely and evergreen content is the key.

Timely content is about staying current and connected to events, market changes, or new financial regulations. The perks? Higher engagement, a reputation as a thought leader, and the chance to ride the wave of trending topics. The downsides? Constant updates and a shorter shelf life.

Evergreen content, on the other hand, is like a classic novel—it never goes out of style. It focuses on topics that are always of interest to your audience, like financial planning strategies, retirement planning, or tax tips. This content stays relevant longer and keeps traffic flowing, but it might not spark the same immediate excitement as timely content.

So, what’s the ideal approach? Mix it up! Blend timely and evergreen content by sharing insights on the latest financial happenings while also offering timeless advice. This way, you’ll keep your audience engaged, showcase your know-how, and make your online presence both informative and captivating.

Written in collaboration with artificial intelligence (ChatGPT). Edited by a human.

Referrals vs. Word of Mouth: What’s the Difference and How to Leverage Them as a Financial Advisor

As a financial advisor, you know that building trust and credibility is crucial in acquiring new clients. Two of the most powerful tools to achieve this are referrals and word-of-mouth marketing. Although they share some similarities, the two approaches have key differences that can influence how you tailor your strategy to grow your client base. Let’s dive into these differences and explore how you can use both approaches to your advantage.

Referrals: Personal Connections and Direct Recommendations

A referral occurs when one of your existing clients recommends you to a potential new client, often based on a positive experience the current client has had working with you. This recommendation is rooted in a personal connection between you and the existing client. Since the potential client is receiving a trusted recommendation, it can be a strong motivator for them to give you a try. Referrals are often the result of excellent client service, relationship building, and exceeding client expectations.

To encourage referrals, make it a priority to build strong relationships with your clients. Maintain regular contact with them through various client communication channels and by hosting events. You can also ask for referrals directly. Keep in mind that the key to getting referrals is to provide exceptional service that makes your clients want to recommend you to others.

Word-of-Mouth Marketing: Creating a Buzz and Reaching a Wider Audience

Word-of-mouth marketing is about creating a positive reputation and buzz around you and your company. This can spread organically through various channels, both online and offline. Word of mouth is often less personal than referrals, as it can reach a wider audience without necessarily having a direct connection to the person recommending you.

To generate word-of-mouth marketing, start by demonstrating expertise in your area of specialty. Create valuable content, such as blog posts, white papers, and social media updates, that showcase your knowledge and insights. Engage with your target audience on social media platforms, and join online forums and groups where potential clients may be discussing their financial concerns. By offering helpful advice and sharing your expertise, you can build trust and credibility with a larger audience.

Offline, consider presenting at local events or seminars to network and share your knowledge with potential clients. This can also help establish you as a trusted resource within your local or niche community. Encourage your clients to share their positive experiences with you with their friends or review websites, as this can help spread the word about your services.

Combining Referrals and Word-of-Mouth Marketing

To maximize your client acquisition efforts, consider using a combination of referral and word-of-mouth marketing strategies. Referrals can help you reach a targeted audience through personal connections, while word-of-mouth marketing can create general awareness and attract a wider audience.

Monitor the effectiveness of both strategies by tracking the sources of new clients and adjusting your efforts accordingly. This may involve tweaking your content strategy, ramping up your client touchpoint calendar, or refining your referral program. By continually adapting and optimizing your approach, you can increase the flow of new prospects.

Final Thoughts

Referrals and word-of-mouth marketing are distinct yet powerful methods for financial advisors to acquire new clients. By understanding their differences and leveraging both approaches, you can build trust and credibility and ultimately grow your business. Focus on providing exceptional service and demonstrating your expertise, and watch as your client base expands through the power of personal connections and positive reputation.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by humans.

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About Kristen Luke

Kristen Luke is the president of Kaleido Creative Studio, a marketing consulting firm that helps Registered Investment Advisors and their employees position themselves as experts in a niche, making them “uncomparable” to other advisors.

Her book, Uncomparable: The Financial Advisor’s Guide to Standing Out through Niche Marketing, is expected to be published on July 25, 2023. Financial advisors associated with an RIA can request a free copy here: https://www.kaleidocreative.com/book.

Referrals vs. Word of Mouth: What’s the Difference?

Referrals vs. Word of Mouth: What’s the Difference?

Referrals and word-of-mouth marketing are powerful ways for financial advisors to acquire new clients. While they share some similarities, the two approaches have key differences. By understanding these differences, you can tailor your strategy to attract new clients.

Referrals typically involve a direct recommendation from an existing client to a potential new client. The current client has had a positive experience working with you and feels comfortable recommending you to others. Referrals create a personal connection between the existing and potential client and are often a result of excellent customer service and relationship building.

On the other hand, word-of-mouth marketing involves creating a positive reputation and buzz around you or your company, which can spread organically. Word-of-mouth marketing is often less personal than referrals and can reach a wider audience. It is often created by demonstrating expertise in a particular area or specialty through content, such as blog posts or social media posts. The reputation then spreads through the advisor’s niche or local community via online and offline channels, such as events and social media.

Referrals may be more effective for reaching a targeted audience through personal connections, while word of mouth can help create general awareness and attract a wider audience. By using a combination of both approaches, you can build a strong and sustainable client base

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.

Giving AI Credit Where It’s Due

Giving AI Credit Where It’s Due

When using AI-generated content, it’s vital to credit artificial intelligence (AI) transparently and appropriately, just as you would with ghostwritten articles. This practice informs the audience of the collaboration between the writer and AI. Here are some guidelines on when and how to credit AI:

1. Credit AI when it significantly contributes to the content, such as generating entire articles, sections, or key insights.

2. To credit AI, include a clear statement in the article’s introduction, conclusion, or as a footnote—for example, “Portions of this article were generated with the assistance of [AI Tool Name].”

3. Acknowledge collaboration, emphasizing the writer’s role in refining and contextualizing the content—for instance, “This article was created in collaboration between the author and [AI Tool Name].”

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.

The Marketing Cycle: Navigating Between Development and Maintenance

The Future of Content Marketing Is AI

The Future of Content Marketing Is AI

AI tools are evolving rapidly, becoming more sophisticated and proficient in generating high-quality content. To fully harness the potential of AI-powered content creation tools, financial advisors must excel in the art of asking the right questions.

Posing the right questions to AI entails gaining a deep understanding of the needs and preferences of the target niche. Financial advisors should identify the subjects and challenges most pertinent to their clients and subsequently tailor their questions to generate content that specifically addresses these concerns.

By skillfully asking the right questions, financial advisors can leverage AI to produce content that is not only informative but also engaging and relevant.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.

The Marketing Cycle: Navigating Between Development and Maintenance

Instead of constantly developing a new marketing plan each year (or quarter, as I recommend), sometimes it’s best to simply work the plan. In those periods, establish a marketing routine rather than create an entirely new plan.

Throughout the nearly 18 years of my career, I’ve created marketing plans ranging from 30-page documents to one-page summaries, and from slide decks to spreadsheets. My quest has been to find the perfect framework for a marketing plan that advisors will follow.

What I’ve discovered is that the framework for your marketing plan is likely to change from year to year. It depends on the marketing mode your business is in. For example, there will be development years, where you tackle major initiatives such as a new name and brand, a new website, or implementing an intentional marketing strategy for the first time. Then there are maintenance years, where you simply work the strategy you developed in previous years.

For instance, in 2023, my business is in development mode. Therefore, I’m using a more extensive marketing plan structure, as outlined in “The 12-Week Advisor Marketing Plan.” I’m launching a new book this summer, complete with a new program and brand. Everything needs to be on a set timeline for a synchronized launch, making a detailed plan crucial.

However, in most years, when I’m in maintenance mode, I don’t use the 12-week marketing plan for my business. Instead, I establish marketing routines ingrained into workflows within our project management system (advisors would probably use their CRM). For instance, I send out a weekly marketing tips newsletter, write a blog and guest article every other week (or at least I try), and reach out to a specific number of COIs each quarter. We also run Google retargeting ads 24/7. Some of my routines are annual, such as attending the same conferences each year.

The key to successful marketing isn’t constant innovation and development. Consistency and repetition of what you develop are what will produce results. It takes time and persistence to build relationships, establish trust, and increase brand awareness and engagement. This holds true for both in-person and digital marketing, as well as advertising such as paid radio spots or online ads.

Here are some examples of marketing routines:

Daily:

• Engage for 15 minutes in groups or with connections on social media

• Run Google ads (continuous)

Weekly:

• Schedule 10 social media posts for the week

• Write a blog

• Post a blog

Monthly:

• Review marketing analytics

• Send birthday and anniversary cards

• Send email newsletter highlighting original content

Quarterly:

• Send quarterly market wrap newsletter

• Host quarterly market wrap webinar

Annually:

• Host holiday open house

Establishing routines helps you integrate marketing into your workflows seamlessly. There is no question about what needs to be done—it just gets done. There is no need to wonder what you will do this quarter or year for marketing, because if you don’t do anything but your routines, you are ahead of most advisors.

Final Thoughts

Navigating the marketing cycle involves understanding when to focus on development or maintenance. The framework for your marketing plan may change from year to year, depending on your business’s marketing mode. Development years involve tackling major initiatives, while maintenance years focus on working the existing marketing strategy.

Consistency and repetition are key to marketing success rather than constant innovation. Establishing daily, weekly, monthly, quarterly, and annual marketing routines helps seamlessly integrate marketing into your workflows. It’s crucial to use the right planning tools, like the 12-week marketing plan, during development mode and to create marketing routines during maintenance mode.

Key Takeaways

• Your business will fluctuate between development mode, when you push forward big initiatives, and maintenance mode, when you work the plan and harvest the fruit of your efforts.

• During development mode, the 12-week marketing plan is the best planning tool to use.

• During maintenance mode, create marketing routines and build them into your CRM workflows.

Written by a human. Edited by artificial intelligence (ChatGPT-4) and humans.

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About Kristen Luke

Kristen Luke is the president of Kaleido Creative Studio, a marketing consulting firm that helps Registered Investment Advisors and their employees position themselves as experts in a niche, making them “uncomparable” to other advisors.

Her book, Uncomparable: The Financial Advisor’s Guide to Standing Out through Niche Marketing, is expected to be published on July 25, 2023. Financial advisors associated with an RIA can request a free copy here: https://www.kaleidocreative.com/book.