There is no denying that the COVID-19 pandemic is taking its toll on business and there is undoubtedly a recession looming. Brand marketing is essential for Financial Advisors to flourish post-COVID. In this post, I outline 3 marketing tips for financial advisors during COVID-19.
Don’t cut your marketing budget
Cutting your marketing budget in the short term can have long term ramifications. Maintaining marketing spending at pre-COVID-19 levels may essential to ensure that your business survives, and even gives you the potential to gain market share from your competitors who are cutting their spend. A business that spends wisely can succeed as communication clutter decreases, advertising cost drops, and share of voice increases. And it can stay ahead; research shows advertising aggressively in tough economic times increases sales as well as profits.
Protect long-term spending
If budget cuts have to happen, whether due to lack of resources or for fear of creating demand above capacity, focus on protecting long-term spending. For financial advisors, it’s likely over the coming months you’ll see a spike in demand for your services and therefore consider this before you cut marketing spend.
Consider innovation
Now is a time to become more customer-centric and be innovative with the services that you offer. Think about the issues that are currently affecting your clients and pospects and market how you can help to address these problems. Not only will this win you business now, it will also generate customer loyalty in the long term.
I hope that you’ve found this blog post on 3 marketing tips for financial advisors during COVID-19 useful.
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