Every marketing consultant has to say they see a “white space” or a window of opportunity for their clients. Now, there are single hung windows, and then there are bay windows. YouTube is, in my view, the #1 opportunity for financial advisors who want to grow their businesses fast. This article is going to discuss why most advisors won’t do it, why you should be different from them and decide to do it, and showcase an unbelievable financial advisor YouTube success story that proves my point.
YouTube Resistance is Unfounded
First I’m going to discuss why most financial advisors won’t consider being on YouTube. The main reason is that they think retired or about-to-retire people don’t watch YouTube.
So before I show you examples that are going to prove this type of thinking to be wrong, I’m going to tell you that by thinking this way you are just opening up the bay window that much wider for the advisors (your competition) who have risen above these misconceptions. And I’ll also show you concrete proof of this a little bit later.
To disband this misconception about seniors, check out Sixty and Me with over 60k subscribers. They’re all millennials? They’re all broke – all 60k of them? I don’t think so.
The other reason that advisors resist YouTube is that they feel it compromises their competence. YouTube is typically thought of more for entertainment than for business purposes. As a result, advisors think people won’t take them seriously if they communicate this way.
In my opinion, and I think I’m not the only one who feels this way, the last thing the world needs is another “world’s most competence financial advisor.” Most people would agree that financial communications are the most boring stuff out there. So crack a smile and loosen up that tie – be human, for heaven’s sake. You’ll find little objection and in fact will probably be the breath of fresh air that people are waiting for from this dull, dry industry.
Stop resisting YouTube, financial advisors!
YouTube vs. Other Platforms
I’m going to go a step further and say that YouTube is probably the platform with the greatest potential of them all. Here’s why:
It is a Google product
Yes, hail to the Almighty Google.
When you advertise on YouTube you get to use Google’s target. Of course, Facebook, LinkedIn, and others all have targeted. Think about the data advantage that Google has over these platforms; every time someone enters something into Google’s search tool, a data point is created. Google knows things about us that Facebook and LinkedIn never ever will.
Secondly, the cost of YouTube advertising can be, in many cases, much lower than the cost to advertise on other platforms. The cost of financial keywords can be exorbitantly expensive on more competitive platforms. However, on YouTube, pay per click usually goes for between 10 and 30 cents. Considering I’ve never advertised on LinkedIn for less than $4 per click, this is an unbelievable saving.
Let me repeat that.
Said differently, at an average of 20 cents a click (and by the way, I’ve advertised for way lower than this), I can get 1,000 people to watch my video and it’ll only cost me $200. And here’s another great cost advantage – they have to watch it for 30 seconds before I get charged. If someone watches my YouTube ad for three seconds (what Facebook, by the way, counts as a view), I don’t get charged whereas on other platforms I would.
Let me put this all together for you. If all of this holds true, by advertising on YouTube as opposed to many other places you’d be getting 10 times the exposure for less money.
I mean, what else is there to say?
The lesson here: strike while the iron is hot, financial advisors, and start building your brand on YouTube now (while few financial advisors are doing it) before demand makes the cost rise.
There are other advantages to being on YouTube, by the way, besides just advertising. You can live stream to your followers for free. Data from HubSpot states that consumers prefer video as a means of communication over other media.
Still skeptical? Stay tuned for some success stories.
Evidence of Financial Advisor YouTube Success
Scandlen story, Devin Carrol
I recently conducted a podcast with Josh Scandlen of Heritage Wealth Planning. When Josh went independent he started the Heritage Wealth Planning YouTube channel and within a year he stopped taking clients due to all the leads that were generated from YouTube. Today he stands at about 15k followers. To hear more about how he did this, check out the show here.
Devin Carroll is another example of financial advisors success on YouTube. He’s got about 50k subscribers. Nearly 400,000 people watched his video about 5 Smart Reasons to File for SS at 62.
Retirees don’t watch YouTube, remember!
Tips for Making YouTube Videos that Kick Butt
If you want to kick butt on YouTube, here are some guidelines.
- Always announce your name and company in the first 5 seconds of the video, and smile. Then thank them for watching and ask them to subscribe.
- Include pictures of company logo in the background or on clothing.
- If you are using music in your videos, beware of copyright violations. You have to purchase the rights to the music in order to use it. This also applies to any logos or company brand marks you tape, even peripherally, while driving in your car or walking on the street. For example, if you pass by a Dunkin Doughnuts, you’re technically infringing on their intellectual property if their signage appears in your video.
- The more live interaction, the better. Getting other people involved in dialogue is more “real life” and convincing to the audience instead of just a sit-down lecture blog.
- Vary the content. Some videos can be sit down, others interview style, others “car vlogs” or on the scene footage.
- Include a call to action at the end. For example, please subscribe. Please share. Please contact us for a free consultation. Then smile and thank them for watching.
- Include your contact information in the lower left-hand corner of the video. It should be present the entire time the video is running.
- Don’t forget to keyword optimize your videos. Remember that YouTube is owned by Google and it is a search engine. If you’re not including keywords in the title and the summary field below the video, you’re missing on out the chance to get found by people who enter searches on key terms.
The case for getting onto YouTube is pretty convincing but that’s not to say it has to be your only marketing dollar spent. YouTube can be great with other marketing assets such as blogs, podcasts, etc. For tips about how to take advantage of this window of opportunity here’s a great YouTube channel to watch – check it out here!