Digital Marketing for financial advisors uses inbound marketing techniques designed to increase your online visibility, website traffic, and website conversions. Maybe you are reviewing your financial advisor marketing budget for 2020 and are considering making some changes? You may even have been considering hiring an in-house digital marketing team, but there is another option:
Outsource your digital marketing to a digital marketing agency!
Digital marketing agencies have all of the elements you need to put together a successful financial advisor marketing plan, build your RIA website, create captivating content and more—without hiring and managing a team of your own.
Here are 5 reasons why it may make sense to outsource your financial advisor digital marketing efforts:
1) You are a Financial Advisor – Not a Marketer
The first, if not most important, reason is exactly this. You are a financial advisor and that’s where your expertise lies. Just as in your field, marketing professionals study and hone their craft through education, certification and industry experience.
Marketing on social and digital channels is constantly changing. That means keeping up with those latest rules, trends and best practices, which at times can be a full-time job. Your time will be better spent days doing what you do best: working with your clients, helping them to plan for their financial futures.
You may have the desire to learn about the nuances of digital marketing. However, there is probably not enough time in the day to work with your clients and study the in’s and out’s of digital marketing.
Even if you hired an in-house marketing agent or team, it would take time to get staff up to speed and implement digital marketing procedures – something an existing digital marketing agency can do in a fraction of the time.
Working with an agency, such as Paladin Digital Marketing, that specializes in the financial advisor space makes the most sense. They will be familiar with the important challenges that financial advisors can have with their compliance department.
2) Increase Your ROI
As someone who manages money for a living, you know how important your ROI is. Where you’re spending your money and if you are creating a positive return. Creating and maintaining a budget for your marketing strategy is something that you undoubtedly pay close attention to.
Hiring a digital marketing firm can make your marketing dollars stretch even farther by utilizing an already established “plug and play” system that can be customized to fit the specific needs of your business without the cost burden of hiring an internal team or training yourself.
Digital marketing agencies are staffed with marketing experts who work to maintain a high ROI for their clients and have a close eye on how much is being spent per campaign per day – sometimes even per hour. Also, digital marketing agencies are able to provide reporting and explanations of where your budget is being spent on a high-level basis as well as on a very detailed, granular campaign level. If you set a maximum budget, your digital marketing firm will ensure you don’t spend a penny more.
3) You Need Someone to Create Content
Simply having a financial advisor website isn’t enough to compete in the digital marketing space. The quality of the content on your site is key, and if you don’t have strong content generation, you will be missing out on a huge piece of the business.
Original content can be anything from website copy to infographics and blog posts and videos. But good content takes time to research and put together, and often it needs a specific set of technical skills (in the case of video) writing skills (in the case of blogs) and graphic design experience in the case of infographics and overall web design.
Hiring a professional digital marketing agency provides all of those technical skills wrapped in one package. While you may have the ability to create good content, you may not have the time. Keeping a website updated, a blog current and digital ads running can be very time consuming, and you might not be able to keep it up at a sustainable pace without neglecting either your marketing or your clients.
4) You Need Someone to Distribute Content
Once you have content created, the next step is getting it out there. This can be harder than it seems.
Within the digital space for financial advisors there are millions of pieces of content. Having great content doesn’t mean that your target audience will ever see it. That takes the expertise of digital marketing professionals who work every day within marketing platforms that deliver digital content through social channels, search engines, display ads, and just about anywhere else the internet provides.
Simply creating a quick video and posting it to your website and social media isn’t enough to get it out there at the level it takes to generate real, quality leads. Instead of simply reaching the people who already visit your website and social pages, true digital marketing can reach your target potential customers who don’t yet know about your business or services, but soon will.
5) It’s Easier Than You Think
If you think hiring and staffing an in-house marketing team or simply doing your marketing yourself is easier than outsourcing to a digital marketing firm, you’d be making a mistake.
Hiring a digital marketing firm for your RIA is like adding a new member to the team that doesn’t need to be trained on the level of a new employee. Plus, you don’t have to take on the burden of an employee or multiple employees to do the same amount of work that an agency can take on without the liabilities on your end like insurance, taxes and overall staff management which itself can be time-consuming and ultimately fruitless if the search doesn’t yield the right candidate. And let’s face it, finding one or two employees who can specialize in all of the aspects of a fully staffed digital marketing firm would be a rare find indeed.
If you’re not sure how to get started, contact Paladin Digital Marketing. We are a team of dedicated digital marketers working exclusively with financial advisors and financial advisory firms.