Continuing market volatility and recession fears means that just about everyone is looking for ways to cut expenses down to the bare minimum. Financial advisors are far from the exception. But if you’re an independent financial advisor, cutting back on your marketing efforts will have the opposite desired effect. Your clients and prospects need your expertise now more than ever. So don’t shy away from maximizing the opportunity a down market can bring to shine a light on how you can help.
If you need a little more convincing, let’s dig a little deeper.
Why Does Downturn Marketing Matter More?
1. Your clients need reassurance.
You know your clients extremely well (maybe even better than some family members!). And you know that they’re probably no longer as reassured by the message “It’s about time in the market, not timing the market” and being pointed back to 2008. Something about our current volatile economic climate feels different. So what do they need from you?
- Personalized reassurance: Put your expertise and knowledge on full display to show them tangible steps tailored to their specific fears. It might be as simple as a phone call or in-person meeting, or it could mean coming up with a whole new strategy. But as their partner on their financial journey, your clients know they can trust you to be there for them.
- Regular reassurance: Yes, you’ve already communicated countless times about how to prepare for a bear market, but clients often forget these conversations. Consistent and timely marketing messages will be your best friend in times like these. When a blog or video post can address a variety of concerns, you’re likely saving yourself from innumerable one-on-one phone calls.
Tips to Keep Clients Calm
- Focus more on identifying and addressing clients’ specific needs rather than past performance. Those numbers and charts can be a blur for many clients who are just thinking, “I don’t want to run out of money.”
- Apply the facts to their exact situation (to their numbers), and use real-life scenarios they can relate to.
- Explain how you’re watching over their money to ease their worries.
- Understand your clients’ motivation and offer guidance on how to spend money.
2. Your prospects may be looking for a new financial advisor.
When you’re not satisfied with a certain product or provider, you’ve got your ear to the ground, ready for something better. If your prospects are experiencing dissatisfaction with their current financial advisor, a market downturn could be the straw that breaks the camel’s back, inciting them to look elsewhere for help.
But how can these prospects find you if you’re not present online? When someone types “financial advisor” into Google, does your firm show up? SEO, or search engine optimization, is an umbrella of best practices designed to make your business rank higher in search results and look better when your business does appear. The results are more traffic generated to your website from the most relevant search terms. If your marketing strategy isn’t consistent and doesn’t maximize factors such as SEO, it reduces the likelihood of prospects landing on your website.
Tip: Ask prospects, “How is your current advisor lacking in assisting you?”
3. Consumers often shift spending to essentials during a downturn.
Volatile economic times often cause consumers to decrease their discretionary spending and focus on essential goods and services. Although some may consider financial guidance as a nonessential service, according to a CFP Board recent study, 65% of adults working with a financial advisor feel more prepared now than they did in 2008 for a potential recession.
Market downturns present an opportunity for financial advisors to demonstrate how the value they provide is truly essential. A cohesive and consistent marketing strategy can position you as an authority in your industry and effectively convey your value proposition to clients or prospects who may be uncertain of the value a financial advisor can add.
4. DIY investors decide it’s time to enlist the help of a professional.
You know the importance and value of enlisting the help of a specialist when a need arises, yet many still try to wing it on their own. The Do-It-Yourself (DIY) investors who are comfortable managing their own money in bull markets find themselves in over their heads in bear markets and reaching out for the help of a professional.
Take advantage of this marketing opportunity. These individuals won’t want to entrust their financial issues and concerns to just anyone. Make sure your marketing highlights your knowledge and experience and how you’re the perfect partner for someone like them.
5. Clients are putting their financial plan (and their financial planner) to the test.
The proof is in the pudding. Seeing their plan in action will lead your clients to have greater trust in you as their advisor and in their plan. If together you can weather this economic storm, there will be greater confidence moving forward. And for prospects who find their plan (and their advisor) to be lacking, you’ve got a prime opportunity to provide a better alternative.
This is where your specialization can shine, setting you apart from the crowd. Let your clients know that this is why you approach their finances individually and push goals-based planning that can weather market fluctuations.
Invest in Your Marketing for Long-Term Growth
There is a common misconception that bad markets mean it’s a bad time for business—but that couldn’t be further from the truth! It’s like you’re always telling your clients: Stay the course when times get tough. This is true for financial plans, and it’s also true for your marketing. An all-weather marketing plan can help you stay competitive even in tough times and connect with more of the A+ clients you want to work with.
You know that when your clients invest in your services, they’re investing in their future. There’s no denying that your marketing is an investment, but it’s an investment in the future of your business. You are your clients’ trusted resource in good times and bad; let Indigo Marketing Agency be that for you when it comes to your digital marketing.
We are here to simplify and demystify your marketing efforts so you can grow your business no matter the economic climate. Let us do the heavy lifting while you do what you do best: Do you have something specific you want to say about how you watch over your clients’ money? We can focus your messaging to address your clients’ specific needs and fears.
Get in touch today to make sure your marketing strategy is helping you stand out from the crowd—not fade into the background.