Unfortunately, when it comes to marketing the financial industry has always seemed to be a little behind the times. While it is starting to improve, with big-name brands and banks embracing the digital age, there are still some advisors who prefer to use more traditional means of marketing.
While methods such as seminars and word-of-mouth referrals do still have their place, the power of digital marketing is what will really put your business ahead of the competition.
We’ve compared traditional and digital marketing across a few key areas so you can see why you shouldn’t limit your marketing strategy. The truth is that digital marketing will produce a much higher, demonstrable ROI in the long run.
When it comes to cost, there is no doubt that digital marketing gives you more bang for your buck. Think about it; you may place an Ad in a local paper, but it’s only effective if it’s seen by your target audience on the day it’s printed. Digital Ads, on the other hand, are much more cost-effective. You can create graphics and content that can be placed multiple times across multiple channels, using free software such as Canva. Plus, you can target digital content to a specific audience!
When it comes to traditional methods, you can market to certain demographics and audiences, but you aren’t able to target customers individually. When you run Ads online the sheer amount of segmentation options, means you can always target the right audiences with the content that will speak to them.
It is extremely difficult to measure results from traditional marketing. Apart from the number of people coming to your business, there’s no real way to know what methods have been effective and which have been a waste of time. In stark contrast, digital marketing offers a wide range of data to analyse to make sure you increase ROI. After all, the numbers don’t lie.
Even better than the organic data, digital marketing allows you to complete A/B tests. You can track which Ad’s, copy or landing pages get the best results in converting an audience into customers, and use that to continue to increase your results.
Traditional marketing methods are often one-time or one use events, that you can’t re-use. Digital allows you to create marketing that can continue to produce results for years and years to come. Every blog post, social media post, video or website are marketing efforts that can stay online for years and continue to harbour results. Digital content is ‘evergreen’, it will continue to convert your audience into customers for as long as you need it to.
We’re not saying you should get rid of all your traditional options. After all, if it produces ROI that’s the main thing. But, once you compare traditional and digital against each other, it’s easy to see why you should be including digital marketing methods in your campaigns.