Developing marketing strategies that include media is one of my favorite services that I provide as a virtual assistant. There is no greater feeling than seeing a client published in an industry trade journal, being asked to speak at an event or being requested for interviews. However, there are financial advisors out there who may be thinking, “What, me in the media?” “How exactly is that going to help me build my business and be effective?”
A media strategy is going to help you “get your name out there” and build your brand awareness. The more people “see” you, the more they will remember you. It is important to stay top of mind, especially when trying to get in front of your target market. According to the Rydex SGI Advisor Benchmarking Study, only 6% of advisors surveyed stated that they “might” use media to build their practice. 10% of advisors surveyed stated that they use press releases as a way to keep in touch with their clients. What this means is that this marketing strategy is no where near being over saturated with advisors. Simply, if a reporter or editor from a trade publication or magazine is looking to quote or feature someone, why not have it be you?
Take away: While direct mail, calling campaigns or advertisements definitely have their place for marketing your practice, it is important to consider all avenues when trying to reach your target market, building your brand awareness and establishing your place in the industry as a subject matter expert.
The survey also explained that, “Advisors who know the audience and demographics of a particular news outlet, or can explain how national or global stories affect local news consumers, are ideal sources since they can help reporters obtain unique and compelling information quickly.” For example, Virtual Business Partners.net recently worked with a financial services client who was not only published once, but 4 times since April 2011. This has helped the client in several ways:
- Build brand awareness
- Establishes subject matter expertise
- Verifiable credibility within the industry
- Current clients can enjoy referring their advisor and have continued trust and confidence in their relationship
Next Up: 4 Tips for an Effective Media Strategy for Financial Advisors