We’ve written about the place blogging plays in private wealth management, but I wanted to go a bit broader. Why not look at the role inbound marketing plays in wealth management as a whole? And even one step broader, the role it plays in any small business as a whole.
Let’s face it, the world is changing. If you run a private wealth management firm, you’re not just catering to wealthy patriarchs of families who want to put their money into a safe for their families. You’re working with young millennials who are out of school and have no idea how to manage their finances. How these young cliental find you will be very different than traditional methods, so to market them we have to think outside the box a bit.
We have to think inbound
While this post is largely geared towards wealth management, the principles will work for any blog or business so be sure to read and brush up on some marketing tips you may have missed!
What is inbound marketing?
Inbound marketing is a method of marketing designed to bring potential customers to your site. Rather than cold calling and outreach, inbound marketing preaches methods to draw people in. These include strategies like utilizing social media, email campaigns, and blogging.
A firm utilizing inbound marketing will effectively utilize social media to send blasts out to their followers. They’ll also blog often to create compelling content, and entice potential readers and customers to come back. We all hate sales calls, especially at dinner, so inbound marketing is a direct stance against them. It’s about creating content that people like and enjoy to set yourself apart from the competition.
How can my firm market?
Typically wealth management firms market through referrals. You build a relationship with your clients, and pivot off of their networks to build your book of clients. In the old way of marketing that was fine, and even ahead of its time. You won’t be able to find a 23 year old prospective investor that way, so we need to get creative.
Fortunately inbound marketing preaches creativity and provides a great deal of flexible options for your firm.
I may be a bit biased (since I love blogging and am making an app for bloggers), but blogging may be one of the best ways to incorporate inbound marketing to your current strategy.
Finance is a large umbrella term. There are countless investment strategies employed by firms around the nation and world. With that comes a unique personality for each firm. If you ask me, there’s no better way to cultivate that personality, or as I like to call it, persona, than through a blog. Suppose your firm focuses on investing in growth stocks, then have a blog geared towards that to keep your investors updated on the news. What if you invest in new tech? Well, write about that. And if you invest in broad index fund investing–well you already know what comes next.
When it comes to content though, especially finely tuned dedicated content like this, it is crucial to cover the right stories in relation to your firm. Fortunately Blog Trackr will make that entirely automatic by creating a custom catered newsfeed delivered straight to you in real time.
Social media is another excellent, albeit tricky strategy for wealth management. For a larger firm with hoops to jump through when it comes to compliance social media may be a back burner tool to utilize. If you’re a smaller firm that wants to get the word out then you absolutely have to start using social media.
We’ve written on social media campaigns you should consider running, but I’ll give a brief overview here as well. The big ones for any firm are Twitter, Facebook, and LinkedIn. They are at the forefront of many a young potential investor’s horizon. By building a large base on Twitter and Facebook, you’ll have a growing audience to share your content with and leverage in meeting new customers.
Secondary options for wealth management may be Instagram and Pinterest. Though both platforms are widely popular, they’re visually based which, for wealth management, is less relevant.
Once you’ve got your audience you’re going to have to, gently, remind them that you have content readily available. One of the best and most classic ways to do that is through an email campaign.
By building a list of subscribers you can keep them up to date with new content on your site through an email list. This is a great way to build a base, while reminding them that you’re pushing great content out that they can then share with their networks. There are many great options for you to build an email campaign, some free and some paid. We use MailChimp which offers a free platform, however there are many others out there that you should explore.
What are the benefits?
I think the benefits are pretty clear. Rather than throw money at advertising or waste time cold calling, you can create a meaningful and compelling marketing campaign to draw people in.
There’s more though. By blogging and pivoting on social media you can emerge as a thought leader in your field. Rather than just be a wealth manager, you’ll be an expert, someone people look to for answers. If you ask me, that’s a heck of a lot better than calling someone at 6pm to ask if they have a retirement plan set.
While traditional methods of outbound marketing will result in many closed doors and “nos”, inbound marketing gives you the chance to set yourself apart from the rest of the pack. Sure blogging and running a social media will take some work. Trust me though, it will be worth it in the end.
So now you’ve got no reason to not convert to the ways of inbound marketing. By creating compelling content you’ll be able to draw in potential customers and reach new markets. Not only that, but your firm can emerge as a thought leader to jump ahead of your competition.
The road may be hard at times, but fortunately there are plenty of resources to help you along the way–this blog included. So grab some paper, a pen, and a coffee and get to work on creating your new marketing strategy.
Ready, set, go!