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.
Educate your listeners. They listen because you are an authority on your topic, and they want to learn from you. As with all marketing, include your call to action. Inspire your listeners to act, whether it is filling out a form or engaging with you in other ways. A note of warning: Avoid jargon as this will alienate an audience.
Behaviors for Success
Podcasts require certain elements in order to be successful. First and foremost, be consistent with posting. Make a schedule and stick to it. Recording backlog episodes as a reserve will ensure you can post consistently.
Post at least three to six episodes at the launch of your podcast. This will give listeners a sense of who you are, plus your podcast will appear more established. One necessary item is having SEO-friendly titles on your podcasts that match your topic. This is one way your audience will find you.
The biggest key to success is patience. Podcasts are a long-term form of marketing. People will subscribe, especially if you are genuine. Podcasts are about buying personalities, and being yourself will help you make authentic connections with your listeners. There is consistency with no farce to maintain.
Successful podcasts require making yourself available, including putting your podcast on multiple platforms so listeners can find you on their preferred platform. Also, put yourself out there by being a guest on other podcasts. Self-promotion can be free, so be on as many shows as possible.
Most importantly, engage with your audience. While this can be as simple as providing handouts for the podcast, things like allowing listeners to ask questions can highlight your knowledge while making your audience part of the show.
Mark Mersman is the host of 16 Ways From Sunday, a marketing podcast for financial advisors. He is the Chief Marketing Officer at USA Financial, a comprehensive financial services institution, focused on providing advisors with the tools required to make solid recommendations and to empower clients to make educated and informed financial decisions. For more information, go to www.usafinancial.com.
Mersman is an investment advisor representative of USA Financial Securities. Member FINRA/SIPC. A Registered Investment Advisor located at 6020 E. Fulton St., Ada, MI 49301.