Is inbound marketing viable for your financial practice? Probably - but it's not for everyone. Financial marketing experts agree that a well executed inbound marketing is one of the most cost effective and impact ways to build a financial brand, communicate your firm's story, and generate high-quality leads . Before we can take the leap, let's define what inbound is (and is not).
What is inbound marketing?
Inbound marketing is the activity that brings visitors and opportunities to you as opposed to chasing sales and trying to get your promotional message in front of people. Inbound is about creating a plan that draws in the right people instead of persuading, buying and chasing new sales opportunities.
Many of us have grown up being exposed and using traditional marketing tactics like direct mail, cold calling and paid advertisements. Inbound marketing has revolutionized the way consumers (read: your prospects and potential leads) get information and make purchasing decisions.
There are two important parts to every content marketing strategy:
- The content. There are some rules that can be put in place but the types of content used will be different for everybody. A few examples of various content types are: guidebooks, white papers, blog articles, video and podcasts.
- The people. We don’t just want to create content for the sake of having content. We want to get the right content, to the right people, at the right time. This part is key.
In short, inbound marketing is content marketing. It's all about finding common ground with your ideal client and relaying (through a variety of content types like stories, pictures, video and writing) how you can help. If you're considering taking on an inbound marketing approach in your firm, there are a few steps you'll need to know about first.
4 Steps of Inbound Marketing
Inbound marketing is not rocket science. It’s just gathering the know-how and nailing a well-executed plan.
- Identify an ideal client or target market. The first step is identifying the ideal client or the target market. Who is your niche? Some examples include: it pre-retirees, business owners, tech start up executives. Next, add some more details to paint a picture about this niche.
- Choose the right tools & tactics. Understand what matters to your niche and brainstorm common pain points or problems that your financial practice can address.. Find tools that your audience can relate.
- Develop a content plan. This involves building out a marketing plan to get the right content into the hands of the right people, using the best tools and tactics. A great example is blogging. A blog is a great way to communicate your message, build your brand and tell your story regularly on your website.
- Convert and track results. The beauty of an inbound marketing strategy is that we can measure every single step of it so we pay very close attention to how content is received. You can literally pinpoint exactly where to spend your time based on results - real life measurable results. Creating and inbound marketing strategy for your financial practice helps identify what works and adjust the plan to make sure you are getting the biggest possible ROI for the time and energy spent.