Digital marketing in 2021: what a financial advisory firm should keep in mind

“Your brand is what other people say about you when you are not in the room”

Jeff Bezos

In this new digital world, all of us sift through a massive amount of data and information before making any buying decision. Today’s businesses must have a digital marketing plan that can distinguish themselves from others and convince customers to choose them over their competitors. Statistics show, 85% of consumers conduct online research before making any purchase, and for accounting services, that number is greater than 60%.

The field is uneven and the stakes are high

The Big 4 are extraordinarily well-positioned to capture market share and they are formidable due to their relationship with large client enterprises, experienced professionals, subject matter experts, years of data library, capacity to spend on marketing budget, and customers who already trust them.

Unfortunately, these factors contribute to a much uneven playing field for medium and small-size firms. However, with the changing landscape driven by 5G and digital transformation reaching the target audience has almost become effortless.  

Digital marketing strategy is a blueprint for how a firm will market to the target audience, whom they want to reach, how will they reach them, and how much time and money they should invest in reaching them.

Three advice for medium and small size firms

Some of the proven and effective digital marketing strategies of Big 4 consulting and big financial institutions to reach target audiences could be very handy for the medium and small size firms too.

1.   A vibrant website that is easy to navigate

Your website is the first impression of you. The clients would like to know as much as they can about the firm before trusting them with their finances. A well-designed, aesthetically pleasing, and easy-to-navigate website can provide them with the details they need about the firm. Such websites influence the decision of the clients and demonstrate the firm's ability to assist them.    

According to Adobe, 38% of people will stop engaging with a website if the content or layout is unattractive.

Essential facts and information needed on the website homepage could be:

• A simple narration of what the firm is all about
• Clear engaging options that tell visitors what they can do next (e.g., browse service, firm’s talent, overall experience, client testimonials, make appointments, etc.,)
• Free downloadable research papers
• the website must be mobile-friendly. More than 70% of all visits to the internet are via mobile.
• Attractive headlines and images that are in sync with the services provided
• While the above are the front-end features- the content must be top-notch and search engine optimized.  

2. Effective use of social media

One of the most important tools in digital marketing today is social media, which aids in brand awareness and reaching out to the target audience.

LinkedIn, Twitter, and many other social media platforms help to connect with customers directly.

As per the recent reports from LinkedIn,

• 4 out of 5 people on LinkedIn “drive business decisions”
• 55% increase in conversations among connections in 2020
• 33% of B2B decision makers use LinkedIn to research purchases

Perhaps, these social platforms can be leveraged upon to provide updates to the clients about things such as regulations, insights on current trends, market, economies, and much sought-after free advice and webinars.

However, it would be a wastage of resources and time to build and maintain a presence over multiple social media sites, it is always advisable to create a strong presence on platforms where you can find your right target audiences.

It is also advisable to get help in managing your persona on these digital platforms for great returns and stronger footprints.

3. Blogs and content marketing

A blog is an opportunity to demonstrate your knowledge and catapult you to the status of a thought leader in your area of expertise. Potential clients are keen to know about the experience, knowledge in relevant areas, and ability to deliver by the professionals they hire. The blogs on the website or content shared on social media will help in creating influence, showcasing practical exposure and expertise to influence the target customers. Content marketing also helps to build trust and gain interest from potential clients who have yet to decide if they need the service of your firm.

Consistency is key. Commit to a regular schedule for content sharing to strengthen your social media. Creating quality and consistent content will undoubtedly take time and effort, but the payoff can be enormous.

According to 7th Annual Blogging survey from Orbit media Studios:

Bloggers who publish more frequently get better results.

Seek out the right digital marketing partners for your business

The business risk landscape continues to shift at an ever-increasing rate — driven by emerging technologies such as 5G, 4th industrial revolution, macroeconomics, geopolitics, sustainability, and climate change.

Your digital marketing team plays a critical role in protecting the digital well-being of the organization, and by extension, its people and business. They are the guardians of the company — they identify emerging issues, anticipate their impact on an organization in conjunction with all the other factors, and provide strategic marketing recommendations to prevent any digital crisis. Marketing cannot be summarized better without the quote by John Berardi, “Know what people want, do something awesome to deliver it and tell everyone about it. “

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