Just when it seems we’ve reached the pinnacle of digital channels, something new comes along to reach more potential clients. While the audio channel itself isn’t new, it has become more accessible than ever. With the help of increased internet accessibility combined with the advancements in technology (smartphones), it’s no stretch to say that virtually anyone can have a presence in the audio space. Get started by learning about:
- Audio advertising definition and types
- Why it matters
- Defining your audience
- Creating a budget
- Writing engaging content
When it comes to the younger generations like Gen Z’s and Millennials, financial advisors can’t afford not to have a presence where these highly coveted future clients can be reached. If leveraged correctly, audio advertising can be one more tool in a highly successful strategic digital marketing plan.
Why is audio advertising important for financial advisors?
Before diving into audio advertising, it’s essential to understand why it matters for financial advisors to have a presence. As with many other trends, Gen Zers and Millennials have changed the progression (and inherent predictability) of the financial journey of someone from young adulthood to retirement.
The traditional financial path would look something like this: college, job, house, marriage, kids, and so on. However, the younger generations aren’t following the “traditional” financial path, making it more challenging for financial service advisors to reach them and provide services that appeal to them.
For financial advisors, it’s critical to connect with these potential future clients because they are precisely that: the future of your business. Don’t forget they will be inheriting trillions of dollars over the next few decades.
What is Audio Advertising?
One thing audio advertising isn’t is a radio commercial. It may seem logical if you remember the days of AM/FM radio advertising being one of the leading marketing channels for financial advisors. And while it’s not as antiquated as the phone book, for example, it’s not where this highly coveted demographic can be reached.
In today’s terms, audio advertising is a blanket term that covers podcasts, satellite radio (Sirius XM), and streaming music services. While traditional radio advertising would mostly reach people in vehicles or the background at home, it's now possible to be in your audience’s ear multiple times a day, and throughout the day and night.
That’s because these younger consumers have grown up with smartphones, WIFI, and the instant gratification that modern technology brings. As you can see, Spotify remains (2022) the global leader in streaming music.
Part of that means having access to audio content on-demand and listening anywhere and everywhere as almost a soundtrack to their daily lives. Advertisers have the opportunity to reach them while they commute to and from work, while they exercise, throughout the workday, while they run errands, clean the house, etc.
This near-constant access gives advisors an opportunity to meet potential clients where they are, which in a sense, is everywhere!
While physical location doesn’t dictate what content they can access, it’s important for financial advisor marketing to reach clients in the areas you serve. Fortunately, advertising platforms help deliver advertisements to the right audiences.
Programmatic Audio Advertising
Programmatic audio advertising (under the umbrella of programmatic digital advertising) allows financial advisors to choose the audience they would like to target by specific demographics and places them on primary audio services on your behalf. That means a financial advisor with a local reach can target listeners who fit that criterion on powerful platforms like Spotify and major podcast networks like Apple and Google.
Interactive Audio Advertising
Another feature of audio advertising is known as interactive audio advertising. Because most listeners are connected to the internet (streaming) while listening, this creates a unique opportunity for marketers to get instant results from their audio ads. With the help of smart speakers, headphones/earbuds, digital assistants (like Siri and Alexa), and even Bluetooth in the car, interactive ads allow the advertiser to include a call to action that can immediately be taken via voice command.
Synchronized Audio Advertising
Synchronized audio advertising enables a cross-channel collaboration to reach your target audience wherever they are throughout their day. Moving between digital channels and using geofencing and other location-based services, advertisers can utilize these types of advertising platforms to “synchronize” a message in many ways.
Getting Started
Digital marketing for financial advisors expands from this form of advertising, but here are some essential things you need to know to get started:
Define Your Audience
Because there are so many targeting capabilities, it’s important to define what your ideal audience(s) look like before any content is created. You may have more than one audience profile – which means you can tailor your audio ads to appeal to that audience and run different content for other audiences.
Because of these unique capabilities, consumers don’t like to be “mistargeted” and they will notice if an ad comes their way that is not relevant to them.
Budget
Like many other forms of digital marketing, audio advertising can be tailored to
fit your budget. The vital step is to figure out how much you plan on spending and monitor it regularly to see if any adjustments should be made. Keep in mind that the more sophisticated the campaign (interactive and synchronized), the more expensive it is.
However, it often boils down to a quantity vs. quality scenario. Having a clear marketing budget and well-defined goals from the start will help immensely.
Content
It helps to not look at today’s audio ads the same way as traditional radio ads. For example, many FM radio ads feature sound effects and other “attention-getting” tactics to get the listener’s attention. But digital audio audiences are already engaged – usually with their audio coming right into their ear from headphones or earbuds with no competition for their attention.
That said, your financial advisor audio ad content should mirror your brand and be as unobtrusive and interesting as possible.
That’s a Wrap
Even if you’re experienced in other forms of digital marketing, audio advertising may seem like one more thing you know you should do to promote your financial advisor firm, but don’t think you have time. Don’t let that hold you back.
In this case, reach out to a digital marketing agency for help getting your audio advertising up and running. They can help with everything from audience building to budgeting, content creation, measuring results, and everything in between.
