Wealth management is one of the biggest industries in the world. People want to invest their money to increase their returns. But activity has decreased because of the COVID-19 pandemic. Even though the wealth management industry is expected to rebound in 2021, wealth managers need to work now to secure their current clients and attract new ones. Fortunately, digital marketing that works for wealth managers is very effective.
With different digital marketing strategies, you’ll generate new opportunities and convert investors into clients. If you’re looking for digital marketing that works for wealth managers, continue reading about these 15 effective digital marketing strategies!
1. Voice Search
How often do you ask Siri or Alexa a question versus typing a search query into Google? If you notice you use voice search more frequently, you’re not the only one. SEO is still a winning digital marketing strategy, but wealth managers need to approach SEO differently than they did before.
How do you optimize your SEO strategy for voice search? Optimize your website and content for long-tail keywords. Long-tail keywords are phrases rather than one or two word search terms.
For example, an effective keyword for wealth managers is, “how do I grow my wealth?” In comparison with a simple keyword such as “grow wealth,” the first option is a phrase that prospective investors will ask their AI bot as opposed to stating “grow wealth.”
Optimizing these queries for SEO will result in more organic traffic and a better engagement rate, defeating the competition.
We rely on AI every day. AI can benefit investors and clients in many ways. For example, you should add a chatbot to your website if you haven’t yet.
The chatbot industry is expected to be worth $9.4 billion by 2024. By then, having a chatbot will be more than just an option — it will be an integral method to interact and engage with potential investors.
Some companies are taking AI to the next level with personal assistants. They can send your investors notifications, account updates, investing tips, and can process payments and fees automatically. This takes away menial tasks, helping you and your staff focus on more important matters.
3. Video Marketing
There’s a reason why video marketing has been at the top of every marketing strategy list. Video marketing is no longer an option.
More people view videos, which will help enhance your visibility and increase conversion rates. Not only that but watching educational videos will increase a person’s understanding of a topic.
Why is video marketing recommended for investors? You can communicate your message with ease, reaching investors in a simple way. You can easily communicate complex topics in finance and investing, compared to typing out these concepts.
There are also more ways to publish your videos. While YouTube is a popular medium, Facebook and Instagram are also centering on video content.
What videos should wealth managers produce? Create videos about different investing techniques and updating clients on the market. Releasing a video about the history of your firm and even success stories will help you engage with prospective investors even more.
As a wealth manager, you’re reaching a niche audience. Even compared to the general finance world, wealth management is something different. You’re specifically targeting investors who want to grow their wealth, not simply someone saving for retirement or trying to reduce their spending.
Because of this fact, generic marketing and advertising won’t attract your market.
You’ll want to emphasize personalization in your marketing strategy. You’ll target your services to the right people while optimizing your strategy to certain demographics. This will help you convert leads while remaining competitive.
However, you don’t want to be too intrusive. There are increasing restrictions and regulations that safeguard personal data, making it harder to understand your target market. This is why personalization should focus more on interests and advice rather than on hard data.
This is where effective content marketing comes in. You can release content that will benefit your target audience, such as investing tips and the guidance a wealth manager can offer. You can post this content to your blog as well as your social media pages.
5. Disruptive Marketing
Disruptive marketing is one of the newest marketing concepts. This concept aims to follow the opposite of trends.
Disruptive advertising is especially an effective strategy. Disruptive ads are placed in unexpected ways, following the opposite approach of generically placed ads. There are different technologies that use disruptive advertising, ensuring you reach investors.
How can a wealth manager use disruptive marketing and advertising? The key is to find an innovative concept that no one else will think of.
For example, maybe you think high-risk investments are a better idea than low-risk investments. Write a blog post about it or share your thoughts on social media. Explain why and how your practice will help investors make the best high-risk investment decisions.
6. Inbound Marketing
Inbound marketing is a common but essential strategy. This strategy aims to create an effective user experience by providing something relevant and useful.
Different inbound marketing tactics do more than attract customers. They help get your desired message out so your customers understand your practice better.
What are some common inbound marketing tactics? You may be using some of these tactics already — social media marketing, blogging, and email marketing for wealth managers are a few of the most common tactics.
How do you take your inbound marketing to the next level? Focus on lead scoring for new prospects and retargeting existing investors.
Your branding still matters, especially in the digital age. Branding encompasses many factors, besides just the physical aspects of your business. You can also brand your content, speaking to your audience with a specific voice.
Why is branding so important? Investors will recognize your business, establishing trust. A well-defined brand also makes your business look more professional. All of this will attract more leads.
Use the visual aspects of your brand on your logo, website, and all design-based marketing materials. Use your branding voice on your blogs, social media posts, and even when you contact customers.
Marketing automation is becoming the standard in marketing. 51% of companies currently use marketing automation. You can automate just about every marketing function — email marketing, social media posting, and even more.
Marketing automation is integral because it handles the menial tasks that come with marketing, such as sending emails and publishing content at a specific time. You can use this extra time toward creating great content and handling other business tasks.
9. Create Converting Landing Pages
Your website is your vessel to explain who you are and what you do. Ultimately, your website will also convert leads into clients. To achieve this goal, you’ll want to ensure your landing pages are effective.
Place your contact information clearly. This could be your phone number, email address, contact form, and/or a chatbot. To warm leads, state you offer a free consultation or something similar.
Be sure to state this information throughout the page. For example, if you’re using contact forms for lead generation, have a couple of contact forms on the page.
The best lead-converting landing pages don’t give the viewer many options. For example, your landing page can be one page that only invites customers to fill out the contact form.
10. Pop-Up Forms
Another way to easily capture leads is by creating a pop-up form. Pop-up forms are a way to warm up leads before they become clients.
They pop up at a specific amount of time the visitor is on your website. The visitor has the option to either enter their contact information or click out of the pop-up.
For example, a pop-up form can invite website visitors to sign up for your free email newsletter. Offering something in exchange, such as a free consultation, will make this tactic more effective.
Warming up leads is beneficial for many reasons. You’re capturing the interest of website visitors who may not be ready to become customers yet.
Keep in mind, don’t ask for too much information. Your website visitors will get intimidated and will click out of the pop-up. The information you request also matters. For example, website visitors are more willing to enter their email address as opposed to their phone number.
11. Utilize Local SEO
Does your practice attract primarily local clientele? If so, you should utilize local SEO. This includes a number of strategies that will bring local traffic into your practice.
First, you need to make your business available on Google. Do this by creating a Google My Business account. It’s free and your essential information will appear on search engine results and on Google Maps.
Then, optimize your content for local keywords. Examples include “wealth manager near me” or “wealth manager” with your city and state.
Getting referrals from other listing pages is also an easy way to create backlinks. Yelp, CitySearch, and YP.com all let you create accounts and list your business for free.
Use Digital Marketing That Works for Wealth Managers
Are you still unsure about digital marketing that works for wealth managers? Maybe you’re looking for more ways to grow your wealth management practice? You may be the perfect candidate for wealth management consulting! Contact us for a free evaluation.