Why does a financial advisor in Singapore need to invest time and money in digital marketing?
Over 90% of Singaporeans have a social media account, and the average person spends more than 8 hours every day searching the internet.
The strength of digital marketing for financial advisors lies in creating brand awareness to target new markets and consumers. Whether you are a financial advisor, planner, or wealth management firm, the customers looking for similar services are all prepared to know about your company, products, and services.
Before we go too far into any one specific digital strategy, though, let’s spend time establishing what digital marketing is and how your advisory firm can benefit from it. Below is the daily time spent on media in Singapore.
Here are seven reasons why financial advisors need digital marketing to help grow their business.
1. Reach Your Target Audience
Digital marketing is a process that uses the internet to reach out to a targeted audience. This is becoming more prevalent as it enables marketers to reach out to their audience in real-time.
How do you engage prospective clients?
Through interaction with consumers, you can gather valuable information about their buying habits and make informed decisions. This will allow you to improve your product or service offerings and enhance their loyalty.
2. Convert Website visitors to be your Clients
The ability to convert people who visited your website into leads is crucial to the success of your digital marketing campaign.
A "Calls-to-action" or CTA is the cornerstone of any website. Without them, all that traffic will go to waste.
Digital marketing is a process that involves improving the efficiency of your sales and marketing efforts by converting them into leads. This process is achieved through various strategies and techniques such as search engine optimization, email marketing, social media marketing, and web design.
3. Nurture leads with marketing automation
Marketing automation helps you to identify potential customers, automating the process of nurturing those leads to sales readiness.
It enables you to streamline, automate, and measure marketing tasks and workflows so you can increase operational efficiency and grow revenue faster.
Your ability to leverage software to automate repetitive marketing tasks help nurture leads. Invest in good customer relationship management (CRM) and customer data platform (CDP) software will benefit you in the long run..
4. Target New Customers
For any financial advisors to grow and achieve financial stability, he/she needs to constantly be on the hunt for new clients. That holds even if the majority of your clients are servicing monthly premiums. But getting qualified leads and finding the right clients is easier said than done. After all, how do you convince total strangers to place their trust in you? How to get more clients in a shorter time frame?
Well, you need to put in the work. You have to figure out what kind of clients you want to find you, understand what they’ll want from you, and then get their attention. For financial advisors to produce the best results, invest in an outreach campaign with social media platforms and search engine marketing.
5. Improve your personal brand
The strength of digital marketing for financial advisors lies in creating brand awareness to target new markets and consumers.
Whether you are a financial advisor, planner, or wealth management firm, the customers looking for similar services are all prepared to know about your company, products, and services. They may have already made up their mind to purchase, and all you need to do is make your brand interesting enough to encourage them to buy.
Delivering on your promises will help you develop better clients’ relationships. And this can convert into healthy brand awareness through feedback, reviews, and word of mouth publicity through these satisfied customers.
These customers can prove to be an asset for your financial organization to build a brand reputation without costing you time, money, or energy. A satisfied client is more likely to tell others about their experience with your firm and services. It can help your company’s reputation go viral and open new avenues of opportunities.
6. Optimise your website for better leads generation tools
Search Engine Optimization improves your business's online presence by improving your ranking in the search engine results such as Google.
If your website ranks higher in Google’s search results, it will generate more traffic. Hence, consumers will find you trustworthy and are more likely to click on your website. More clicks mean more customers visiting your website, which will result in more opportunities to showcase your products and services that might interest them.
Not only that, but a highly ranked site also contributes to higher conversions and revenue generation.
7. Build your Portfolio of Clients
Digital marketing strategies are riding on the current trend of social media frenzy. The evolution of smartphones and mobile devices has influenced consumer behaviour irreversibly, and they are spending more time on social media platforms than ever before.
From uploading their daily routine to searching for all their needs, social networks such as Facebook and Instagram are their go-to marketplaces. Thus, if you are a financial advisor, entrepreneur, or a financial management group, having a social media presence is a must in today’s world.
This is also the best way to have a more direct and personalized interaction with your clients. According to a report, 79 percent of the consumers expect the companies to respond to their queries within 24 hours via connecting to their social media business pages.
Keeping all the above reasons why financial advisors need digital marketing, it is safe to say that if you are not in the game already, it is high time that you start designing a digital marketing strategy to reap the associated benefits. If you need any help in planning your digital marketing strategy, please arrange a meeting with us via the link below.