We’ve received so many questions from advisors asking about the value of geographically exclusive content and the need for a sales territory. With 11,473 SEC-registered advisors and counting, limiting your reach to a specific geographic area probably seems like a great choice to block out competitors. However, there isn’t much value to this approach. Below we’re outlining what exactly geographically exclusive content is and why it isn’t beneficial for financial advisors.
What Is Geographically Exclusive Content?
Geographically exclusive content is the sharing of content in a particular geographic region. As a financial advisor, your content will be restricted to your specific geographic area. The goal is to prevent people from seeing the same content from different financial advisors and to reduce competition. A lot of salespeople use sales territories, so why shouldn’t financial advisors?
Why Geographically Exclusive Content Is a Bad Idea:
1. Your social media isn’t limited to your geographic location
Your social media profiles don’t stop at your “territory” border. When you send out a tweet or make a post on LinkedIn, you cannot restrict your posts to a certain territory. If a financial advisor was restricted to Austin, Texas, for example, they would not be able to only share their content with people located in that area. With social media, thousands of people around the world can see your posts, making geographic territories unfeasible. Social media is increasingly becoming one of the best forms of marketing for financial advisors and given that it doesn’t allow for this geographic exclusivity, sales territories won’t be valuable for financial advisors.
2. Your reach (and prospects) is far greater than your immediate zip code
The majority of prospects are currently searching for advisors who work with their specific niche, not just someone who works close by. People want advisors who can specifically help them with their needs. For example, let’s say there’s a physician nearing retirement who needs help with retirement planning, he or she is going to search for an advisor that specializes in working with physicians rather than searching for “financial advisors near me.” Since your reach is far greater than your immediate zip code, it doesn’t make sense to decrease that reach with specific sales territories. This will not only make it harder on you but also for your prospects who will need to spend more time searching to try to find an advisor who not only works with their niche but also in their geographic location.
As you can see in the map below, these are the top financial advisors for Millenials in the United States. These advisors are dispersed all around the US, and you can also see one in Oregon that is willing to work remotely via phone or skype. Without sales territories, this large reach is possible. However, if sales territories were implemented, a prospect living in North Carolina would not be able to receive the services from the Oregon firm if they wanted to.
3. It’s still canned content
Canned content is content made by a third party that you can’t edit or customize. We see an overwhelming amount of financial advisors still sharing this type of content on their social media channels, in their email campaigns and on their websites. Being exclusive doesn’t change the fact that thousands of advisors can use that exact same content and/or campaigns. And while your clients and prospects probably aren’t literary critics, they are influenced by what you say and how you say it. If you’re using canned content, nothing sets you apart from your competition and there’s no unique value proposition.
At Twenty Over Ten we do not believe in restricting advisors to certain territories. Nor do we believe canned content is the right approach to content marketing for your firm, which is why we developed Lead Pilot. Lead Pilot offers fully customizable content so that people likely won’t see the same content from multiple advisors. Our content library offers robust articles, infographics, videos, and interactive content that can be edited as much or as little as you want to ensure the content you’re pushing out is in line with your brand voice, your business and SEO goals, the services you provide and ultimately connects with your clients and prospects.
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About The Author
Namisha is a Content Creator at Twenty Over Ten, passionate about fostering community growth. A Bollywood enthusiast, she loves to travel and hopes to experience all seven wonders of the world