Noone could of foreseen a year like 2020. COVID-19 has emptied desks worldwide, turned markets upside down and battered the economy. Financial advisors are in a unique position, as much of the recent concern has caused financial stress on businesses and individuals. As the economy begins to reopen and people are questioning their financial health, it’s critical for advisors to make their presence known and position themselves as a trustworthy resource. So how exactly can you make that happen? In this post, I look at What Financial Advisor Marketing looks like in 2020.
1. Monitoring Competitor Activity
Now that business operations are starting to return to ‘normal’ it’s important that your firm is seen as a front runner, but that won’t be possible if you’re complacent about keeping up with market trends. To formulate a strong strategy for returning to the market you need to know what everyone else is doing, both good and bad. Take notes on what you see from competitors and relevant brands, including:
• What they’re doing well and what you don’t like about their communications
• How they have changed their messaging from the beginning of the pandemic to this point
• How their stance in the market has changed and why
Analyzing how your competitors are responding (and the success of that response) will allow you to make educated decisions about your strategies moving forward. Timing is everything, and waiting until after the pandemic ends to begin formulating your plan will be too late.
2. Adapt to your clients’ needs.
The services clients needed pre-COVID were drastically different from what they will need post-COVID, and it’s your responsibility to anticipate and provide for those needs. Take time to reevaluate your current offerings and decide what is still relevant to your consumers. Making changes is not negative, but rather shows that you are listening to your audience and proves that you’re the expert they’re looking for.
Providing resources on COVID-specific topics will not only benefit current and future clients, but it will also favorably position your firm as a reliable source during a difficult time. Because they’ve already trusted you for information, people will be more likely to hire your firm when they begin making important financial decisions.
3. Lean into the “new normal” with new messaging
You’re probably tired of hearing about the “new normal,” but there is a reason it has become so common over the last few months: It’s a reality the entire world is facing.
The COVID-19 pandemic has made a drastic impact on our society and how we function, and these changes won’t be going away anytime soon. So even if you hate the phrase, it would be naive to think your company’s products, services and messaging don’t need to change with our new way of life.
I hope you’ve found this article on What Financial Advisor Marketing looks like in 2020 useful. If you’re a financial advisor looking for help , please feel free to get in touch here. Myself and my team are more than happy to help.
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