5 Ways to Improve Your Financial Marketing ROI

Walking the financial marketing ROI tightrope...

The way that different industries approach marketing is fascinating to me. Every industry faces different challenges and finds different ways to overcome them, but some do it better than others.

For example, retail marketing demands a very different kind of approach to IT marketing. There is less technical jargon to contend with and the focus is often on the customer experience rather than the product or service itself. For IT marketing, there must be a balance between informative product marketing and human connection. It’s a tightrope walk that can often lead to a fall if marketers lean too far on either side.

When it comes to financial marketing, there is a similar balancing act. Financial advisors far too often fall into the trap of believing that an in-depth knowledge of their industry (complex jargon included) is the only thing customers want to hear. It’s an easy mistake to make when that’s your own experience every day, but financial marketers should remember that their trade is in people’s assets, in their savings, in their lives.

Connecting with your clients or prospects on a human level is far more effective than alienating them with ‘financial speak’.

That isn’t to say that advisors should ditch their financial knowledge altogether. It simply means they should lose the jargon and try to make their language as accessible as possible.

This is just one way to improve your financial marketing ROI. Below I’ve compiled 5 more tips to help financial marketers build a strategy that gets results.

1. Financial Advice for Dummies

Just because you understand what you’re saying doesn’t always mean your client will. Think simple, concise and poignant. How will this service improve the lives of your clients, not just their finances? Touch on pain points and offer specific solutions in layman’s terms.

Be like Einstein: “If you can’t explain it simply, you don’t understand it well enough…”

Challenge yourself to write up your services and processes in the simplest way possible, without losing their meaning. Create your own ‘Financial Advice for Dummies’ guide. It doesn’t have to be complex language to be reputable advice. Clients appreciate transparency, and if it looks like you are dodging real problems with flowery language, they will quickly lose trust in you.

Considering that only 30% of people in the UK trust the financial services industry, being transparent is key to a good financial marketing strategy.

2. Facebook is Watching (and So Are Your Clients…)

Your first impression is going to be online. No number of in-office meetings or phone calls will ever compete with the instant access to your company online and on social media. This is why you have to make your first impression count.

On social media, you should be almost as active as if you were in an ongoing meeting with potential clients. You wouldn’t stop talking half-way through a phone call, so why would you stop engaging with potential clients online? There must be continual engagement to both pique interest and maintain trust.

Show them who you are, not just what you do

3. Compliant doesn’t mean Silent

It can be difficult to be personal, passionate and also compliant.

This is where disclaimers come in. According to the FCA, sharing, liking and commenting on other social posts can be seen as endorsement. This can often lead to financial advisors saying nothing at all, for fear of endorsing something that does not reflect the views of their employer.

However, your silence can be received by clients as impersonal. They’re looking for someone with whom they can trust their money and their livelihood. Trust is a two-way street, so it’s only fair that you should also share some of your life with them. Why should they let you in if you don’t return the favour?

To remain compliant while also showing your personality, make sure your social media profiles and websites include the relevant disclaimers.

4. Be Yourself

So, who are you? The last few tips have centred around being transparent, active and personal. However, to do this, you must first know who you are and why you do what you do. Take time to understand your purpose, what you offer to clients that no one else can, and how you relate to them on a human level.

Maybe you’re saving to buy a house and use the same tools you are offering to clients to make that investment. Or perhaps you have recently inherited and are forming plans to manage this new capital… Anything like this is an example of how you could connect with your clients and find common ground.

When you find that common ground, tweet about it or write a blog talking about your experience. Your clients will appreciate a human insight into an industry that usually comes across quite clinical and intimidating.

5. Just Get Started

Don’t waste another minute wondering what to write about, follow these steps and just get started.

It doesn’t matter if it’s messy or incoherent the first few tweets. Over time you will find the voice of your brand, and clients will appreciate having an understanding of who they are potentially trusting with their money and their life goals.

What are your top tips for engaging with clients and potential clients? Leave a comment below.