Financial advisors regularly struggle with time management. It’s true: You are always looking for an effective way to communicate your value proposition, balancing the need to stay in front of your clients, and communicating with your team while seeking to grow your practice by adding new clients.
This is why you should start a podcast.
Marketing Opportunity of Podcasts
Podcasts are an effective way to spread your brand across the world but are underutilized in financial advising. They present an opportunity to establish yourself as a thought leader and create a professional contrast between you and your competitors, giving you an advantage.
Podcasts expand your reach far beyond your office doors. A good podcast can influence thousands of people, reaching prospective and established clients. Plus, you are developing relationships and connecting with people who want to broaden their knowledge. You have a direct method to communicate who you are and the expertise you bring, building rapport on a regular basis.
Podcasts reach your target audience, scaling your message while being cost effective with your marketing budget. Plus, they provide you with the ability to share your value proposition through multiple channels, including social media.
Essentially, podcasts allow you to have thousands of conversations with existing and potential clients anywhere they have their smartphones, all for less than any other marketing opportunity.
According to Nielsen and Infinite Dial:
- 50% of all U.S. homes are podcast fans.
- 26% (73 million people) listen to podcasts monthly.
- 17% (48 million people) listen to podcasts weekly.
- 45% of monthly listeners have household income over $75,000, compared with 35% of the U.S. population.
- 27% of U.S. podcast listeners have a 4-year college degree, compared with 19% of the U.S. population.
Audiences have grown significantly due to smartphones, with listeners increasing from 11% in 2006 to 44%in 2018. Plus, podcasts appeal to a wealthier and more educated population that wants to increase their knowledge.
Effective podcasts must do three things: entertain, educate and inspire. People listen to podcasts for entertainment. This doesn’t mean you have to crack jokes. Authenticity will bring more listener enjoyment.