Deciding whether inbound marketing or outbound marketing is the best option for your financial advising firm is a big decision. Before you determine which is a better fit for your financial advising firm’s marketing efforts, it’s critical that you know the difference between the two so you can make an informed decision.
76% of marketers use inbound marketing approach as their primary strategy
Inbound marketing encompasses digital content that’s created to draw clients in, rather than you having you reach out to clients. In addition, inbound marketing is great for lead generation and boosting traffic to your website. Inbound marketing gives you a higher ROI because the marketing techniques used are cost-effective because they are in-house and done by your business versus paying someone else to implement them.
Inbound marketing is typically more informative and helps you develop close relationships with your niche audience. Successful inbound marketing should provide the viewer with something valuable from the interaction. This can range from helpful tips on an infographic to an Ebook download. Ultimately, the goal of inbound marketing should be to provide your niche audience with content they’ll want to engage with.
Types of inbound marketing include blogs, email newsletters, podcasts, videos, infographics, webinars, whitepapers and any other content you’re offering to your current and prospective clients. Below we have 3 examples of effective inbound marketing that you can implement into your strategy:
1. Leverage Your Email Newsletters
Think email marketing is a thing of the past? Think again! Email marketing remains one of the most cost-effective and valuable marketing strategies to this day. In fact, email generates $38 for every $1 spent, making it one of the most effective options available that give you a high ROI.
Lead Pilot allows you to customize the look of your emails to help them stand out in your receiver’s inbox. Here’s how:
Scroll to the top right of your screen and hover over your name and user icon.
Scroll down and click “Settings” from the drop-down menu:
Click “Manage Email”:
The “Email Design” section will appear at the bottom of the page with a preview on the right and customization tools on the left:
Clicking the “Update” button below any tool will show your changes:
Once you’re pleased with your design choices, click the “Save Email Design” button:
2. Utilize Video Marketing
If you haven’t included video into your marketing strategy, you need to! According to a report by Cisco, video will account for 82% of traffic by 2022. Incorporating video on your advisory firm’s website and landing pages is a great way to get viewers to engage with your site for longer.
In the example below, Founder of MLS Financial Planning, Maury Schneider, CPA, MBA, CFP® utilizes video on his website rather than writing a long blog. As you can see below, there are a couple of short paragraphs with a quick video. Video is a great way to share relevant and helpful information to current and prospective clients to get them to convert. In fact, using video on a landing page can boost conversions by 80% or more.
3. Create A Blogging Strategy
Blogging is a great way to educate your current and prospective customers and build credibility as a financial advisor. In addition, search engines will reward you for producing valuable and click-worthy content. It’s important to post consistently as your readers will come to expect consistent content. We recommend using an editorial calendar like the one below to organize your blogging strategy and ensure that you are regularly posting content. When it comes to successful inbound marketing, the more content you are posting, the better!
In addition, blogging is a great way to increase lead generation. David G. Niggel, CFP® utilizes the Lead Pilot landing pages with several of the blog articles. There is the option to subscribe right next to the title making it quick and easy for leads to subscribe.
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In contrast to inbound marketing, outbound marketing is primarily about driving a sale, rather than building relationships with current and prospective clients. The main issue with outbound marketing is that the message is often very general, making it hard for clients to feel connected to it. In a field such as financial advising, it is critical that you develop and nurture a relationship with current and prospective clients because they are trusting you with their finances and should be able to feel comfortable with you and trust your knowledge and expertise.
Below are some examples of outbound marketing:
- Cold calling
- Email spam
- Door to door sales
We hope that this blog helped inform you of the benefits of inbound marketing as well as ways that you can effectively utilize inbound marketing strategies in your marketing plan. Keep in mind that these are just some inbound marketing tactics and that there are many others than you can take advantage of to boost your strategy.
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About The Author
As the Chief Marketing & Business Development Officer for Twenty Over Ten (an online marketing and website development company for financial advisors), Samantha focuses on helping business owners and others in financial services understand the value of their online presence and connecting them with the marketing tools and digital solutions they need to effectively manage their brand.