The Difference Between Digital Marketing And Growth Marketing For Advisors
By Clout by TIFIN
Most financial advisors today understand the need to extend their firm’s presence into digital and social media channels. The vast majority have adopted a basic foundation of digital marketing. They likely have a website, LinkedIn Page, basic email and newsletter capability, etc. This is fine to create a system for information sharing and basic discoverability, but the benefits of traditional digital marketing end there.
In order to evolve and thrive in today’s competitive advisory environment, modern advisors need to adopt a growth-first mindset. What does this entail? It means shifting from digital marketing to growth marketing, and adopting a marketing culture that focuses on revenue driving outcomes.
Growth marketing focuses on a few key goals:
- Lead Generation - How does a firm focus on attracting new customers, capturing their interest, and converting them into new clients?
- Deepening Relationships - Engaging with existing clients to deepen relationships, uncover new goals and investment opportunities. This also creates greater satisfaction and better retention rates.
- Organic Growth - Extending a firm’s reach through the networks of existing customers to drive referrals & additional revenues.
While those goals are not new, the process and tools an advisor uses can make a significant difference in the efficiencies and outcomes of their marketing campaigns. Growth marketing focuses on striving for zero waste in marketing budgets, consistency of engagement, and a learning agility that drives quick optimizations.
It starts with experimenting with different channels and marketing techniques. It accepts that many may fail at times, but takes those learnings to refine and focus these efforts.
Seems overwhelming? It doesn’t have to be.
Nowadays there are many fintech marketing tools in the industry that enhance and augment a firm’s capabilities without the needs of expanding headcount. Modern marketing automation tools allow advisors to find engaging content, streamline how they share that content across social media and other digital platforms, and get insight into what is working and what is not.
This is why we created Clout. To enhance the capabilities of financial advisors to execute growth marketing campaigns. Clout is a marketing platform that leverages AI powered-content activated on multiple digital channels to enhance outcomes for advisors and their clients. Plus, to further alleviate the time commitment, we have created a hybrid platform with Advisor Success partners who help embed themselves in a business and drive the specific growth objectives for a firm.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.