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Fitting Video Marketing into Your Business Plan

How does video marketing fit into your business plan? Does it at all?

If it doesn’t, it might help to know that almost 77 percent of small business owners get results when they incorporate video marketing.

Video is a big deal, especially for small businesses. Having a website is only part of the battle, now. With almost half of internet users looking at video before visiting a store for the first time, not having some kind of video for your financial planning firm could actually be hurting you.

To Have or Not to Have Video Marketing

Compounded with our almost-impossible-to-combat instant gratification impulse, it makes complete sense that video advertising has become the easiest and fastest ways for a business to convey a message.

Hours, days and even months can go into researching and crafting the perfect medium. Thousands of marketing research dollars, testing groups, advanced analytics tools to measure things like attention span, engagement, drop off times—you name it—it’s there. It all matters.

And of course, there’s always a risk it won’t work, and we’re left wondering if we’ll get the best possible ROI or if it will flop.

When it comes to video advertising, if it moves, is pretty and speaks to our souls then guess what, we’re probably interested. We may even sign up for your newsletter.

Sounds simple—but since you’re a business owner, you know it isn’t.

Science is showing that we have even less time to capture our audience’s attention, and it’s only about 20 seconds. Yes, 20 seconds.
But does it matter to try video marketing for your practice in 2020? Yes. A huge, loud, resounding yes!

Though by no means exhaustive, here’s a quick start guide to help you to start thinking about video content for your financial planning practice’s marketing efforts.

Starting from Scratch

You’re going to want to build a plan to develop your video strategy, which will include scripting, production and editing time and, of course, sending it off to compliance. While the following list may change depending on your practice, the general idea will look something like this:

  • Target demo: Your existing clients OR prospects (you may have to develop slightly different “buyer personas” for each).
  • End objective: Do you want to increase your visibility? Build trust? Upsell?
  • Metrics of success: Sign ups, conversion rates, referral numbers, page visits, etc, social shares, etc.
  • Distribution: where is it going? Social media? Pay-per-click ads? Your website? YouTube? Sit down with your team and brainstorm a plan of attack.

What Kinds of Video Content Marketing to Use

There are so. Many. Options.

The best part of video marketing in 2020 is that you really don’t need the fanciest equipment to deliver value to your prospects.

Heck, you could be recording a value message while driving in your car with your phone recording your dashboard and you could, technically, throw it up on your social media (though, always make sure to run everything through your compliance department first).

As a financial planner, you can create:

  • Video interviews (with existing, obviously-consenting clients to give testimonials)
  • Video case-studies
  • Video ads, 30 seconds or less
  • Quick animated videos explaining a difficult financial topic
  • Tutorial videos (webinars) that pertain to tax returns, estate planning, investments, etc.
  • Snippets of or full video presentations you’ve given (events you’ve spoken at, etc).
  • Social livestreams and snippets of the best pieces of those livestreams later

Depending on your short-term end goals (building an email list, getting a warm lead, etc.) some of these may be better than others. Do you want to increase your visibility to existing clients to be able to upsell on other products and services? Do you want to establish some trust with prospects?

Like with every piece of content you create, you want it to be part of a well-planned “sales funnel.”

Sometimes, a video is just the start of one. Other times, there’s a video at every step. And, other times still, a video could be a purchase at the end of one.

You decide how you want to use your content—just make sure it’s part of a well-conceived plan.

How Long Should Videos Be?

You’re busy, right? Well, so is your prospect. Remember this fact with not just every video you create, but every email. Generally, keep it short and succinct. The rule for us marketers is to keep a video under 2-3 minutes.

There’s tons of data that shows there’s little difference in engagement between a 90-second video and a 30-second one, depending on the desired end-result.

You might be thinking, “But Kristina, there’s no flipping way I can get my point across on an intense topic like estate planning to my prospects in 2 minutes.”

The good news is that, for more “educational” content, the second best length for a video is between 6 to 12 minutes. Yes, there will be drop off, but it’s not as significant as the plummet that occurs after the 2 to 3 minute mark.

If you want to create an educational webinar or show your prospects a conference you spoke at, then that’s fine. You can manage the video length by either creating a mini-series (each piece about 6 to 12 minutes in length), or pulling the “nuggets of wisdom” and turning them into little micro-clips for your advertising.

Where Should the Videos Go?

To start, know that mobile video marketing and social media video marketing are two different things.

If you already utilize paid ads through AdWords or Bing, a video ad works similarly to a text or image pay-per-click ad.

Social media video marketing is different. Just like with your text and image ads, you should be catering your ad length and messaging depending on the platform you use.

It also means that you pay the social platform to “boost” your video to an audience verses a search engine, or that you create specific videos intended for those social platforms

It depends on where your target demo is likely to be found. If you’re targeting Gen XY and/or millennials, Instagram and Twitter is lifeblood.

Don’t Be Left Behind

The bottom line? Over two-thirds of small businesses are now using video in their marketing arsenal, and it’s expected to keep growing by 14.6 percent per year.

So, turn on that phone and record some wisdom—and then let compliance take a look!

Kristina Rocci

Kristina Rocci is the web content manager for The CWA Network (seen in MDRT, Advisor Today, FA Magazine, PlanPlus Global, etc.) a financial adviser coaching business in Rochester, N.Y. that recently released a completely free business plan training webinar for planners. She originally hails from the fintech world in Toronto with 9 years of digital marketing under her belt.


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How to Balance High Value and Time

What is one thing every business owner lacks? Time.

Time is one of the most valuable commodities as a business owner, making it imperative to strategically maximize.

A roadblock I see many business owners face is the struggle between providing high-value and having the time to do it. Every business wants to provide its clients with an optimal experience, adding unique value to the services it provides. But that isn’t always easy.

High-value is often equated with a ton of time. How can you add value to your services without sacrificing time? This blog post explores this question.

Expand Your Touchpoints

Touchpoints are the ways that your clients interact with you. Most often, this becomes synonymous with meetings. But a meeting, whether in person or virtual, often takes up a good chunk of time—time you could be spending on client work and growing your practice.

It should come as little surprise that people spend way too much time in meetings. According to a study documented in the Harvard Business Review, 65 percent of senior managers felt that meetings keep them from their own work and 71 percent reported their meetings to be unproductive. Entrepreneurs have little time to spend on meetings with the million other responsibilities on their plate: invoicing, payroll, internal growth, client work, marketing, etc.

So they need to find other ways to save time while still engaging their clients. That is why non-meeting touchpoints exist. When you expand the way you reach your clients, you are able to be more creative in

how you reach them. These touchpoints, while not in person, can still be personal. Between blogs, newsletters, videos, emails and more, you will be adding immense value to the client experience.

Remember, you don’t have to add more meetings to increase the value you provide.

Double Down on Your Content

If you are going to reduce your meeting workload, you’ll need to take some serious steps to implement a strong content marketing facet of your business.

Contrary to popular belief and current discourse, content marketing isn’t just to attract prospective clients. It is also used as a touchpoint for your current clients as well. Blogs, for example, are an excellent resource for you to add value to your client’s life. If, for example, you were going to chat about IRAs with your clients that month, put out a blog that focuses on the different types of IRAs and how it can work for them. This way, you are still giving them the information they need in a personal way that isn’t a meeting.

Take some time to think about your global communication strategy. How do you interact with your clients and how can that communication be improved? You could implement a monthly newsletter, updating your clients on the firm and a topic that you want to bring to their attention. Another idea is providing a quarterly market update.

Video is another excellent medium for communication, so you can send out monthly or quarterly videos, detailing upcoming dates or topics to keep in mind such as tax season, charitable giving and maxing out your 401(k) contributions.

Remember to consider your audience when you create your content. You can do this by brainstorming different subsections of your audience, or tag groups. For you that might be young adults or new business owners or pre-retirees. Take a look at the different sections of your audience and create content that is unique to them.

Increasing your client touchpoints supports a subscription billing structure. Since you have created a strategy to nurture and reach out to your clients through multiple channels, they won’t be surprised when the bill comes. If you only speak to them once per quarter and they receive a bill from you, they may not feel like they have received optimum value. But if they speak to you once per quarter, receive monthly newsletters and blogs and also a regular video update, you are providing more value to them and people will pay for valuable services.

When You Can, Automate

When you have multiple touchpoints: newsletters, blogs, videos, etc. it can be tough to organize all of the information and ensure it actually reaches your audience. That is where automation comes in.

Schedule your blog posts, newsletters and email updates. You can batch create or outsource your content and then from there plug them into your website and email service so you won’t have to think about it.

Every business owner wishes there were more than 24 hours in a day. But since there isn’t, it is important to find scalable ways to maximize the impact of your time.

One way you can do that with your clients is by increasing non-meeting touchpoints by adding high-value content your audience will love.

Charesse Hagan

Charesse Hagan helps financial planners work smarter, grow their firms and offer exceptional services to their clients. She holds a bachelor’s degree in business administration and is an operations consultant at Charesse J. Hagan, LLC, and an FPA Coaches Corner coach for technology and operations. Find more resources from Hagan here.


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Improve Your Marketing Next Year  

At this year’s FPA’s annual conference in Minneapolis, I shared valuable advice on the topic of marketing for financial planners. As next year approaches, here are some of those tips I shared in Minneapolis that you can use to improve your success in 2020 and beyond.

1.) Know Why You Are Marketing

When developing a marketing strategy, know what you want as an outcome and hold your marketing tactics accountable. Are they to drive new business, satisfy clients, retain clients, build stronger strategic alliances, recruit financial advisers or something else? If you know what you want, you are more likely to achieve it.

In our consulting business, it is amazing how much money we have seen spent in marketing budgets that deliver very few positive results. That isn’t to say marketing budgets should be slashed. The old adage—“you need to spend money to make money”—is true. Instead, marketing budgets need to be better allocated to deliver real results.

Have a detailed business plan. If growth is a major initiative of that plan, have a growth strategy and build out a marketing calendar that helps plan, budget and track successes and failures. It’s true: a mistake is not a mistake if you learn from it.

Act like a Fortune 500 company and get scientific about your marketing efforts. If you do, you will find each year you become more and more successful at it.

TO DO: Want more tips? Visit the FPA Coaches Corner Business Growth Strategies page for lots of insightful advice.

2.) Think Outside the Box When It Comes to PR

Similar to the marketing advice above, before you start trying to get publicity, know why you want to get it. Is it to get new leads, to convert prospects already in the pipeline, make clients bigger advocates or something else? Some just like the notoriety, but I’d prefer that the public relations efforts help your business in some concrete way.

When starting out, research clients to learn what they listen to, watch and read. This will give some perspective on where you might want to get media exposure. This will likely identify retail press to consider, but don’t forget about industry press, as that can help build credibility (even if your clients and prospects are not normally exposed to that type of press on their own).

Next, look at not only traditional press, but nontraditional press too. For example, it might be beneficial to be in The Wall Street Journal for many reasons, but it might be even better to be on local websites.

For example: if your target market is small business owners, write an article that provides them helpful advice and consider getting it published on the local chamber of commerce website.

If you want wealthy families who are philanthropic, consider getting exposure from a non-profit organization, possibly on their social media pages. Think creatively and many nontraditional ideas will come to you.

If there is a specific industry you cater to, look to see if there is a podcast you can be a part of. I recently took my own advice on this and participated in the FPA of Massachusetts’ “Wicked Pissah” podcast.

TO DO: Want more tips to get positive publicity? Check out a series of YouTube videos loaded with great tips from The PR Planners by Ben Lewis, FPA’s director of public relations, and me.

3.) Text New Marketing Tactics

Marketing is always evolving, in most part thanks to technological advancements. Things like advertising that were kind of hit or miss in “the old days” can be tracked in the digital world with precision, so you can know if they work.

My favorite recommendation today is to try personalized video emails. These are not the videos that get uploaded to YouTube and get blasted out to your email distributions lists. In contrast, these are one-on-one messages that can be used for client service, prospecting and much more.

Personalized videos can be a better way to communicate. Imagine sending a video to a client who is a widow on the anniversary of her spouse’s passing. That message can convey emotions better than written text. Or imagine thanking a client for a referral. The excitement from getting a new lead can really shine through in a personalized video message, much more than written words.

Younger generations are already using personalized videos via social networks at an eye-opening rate, and soon older generations will follow. For now, there is a “wow” factor in using this form of marketing that won’t last forever. Stay ahead of the trends and your business will better succeed.

TO DO: Read more about video emails at ByrnesConsulting.com/Email.

I am excited to be a partner with the Financial Planning Association as part of the Coaches Corner, among other things. If you need advice to be more successful, shoot me a message with business growth strategies-related questions or check out the resources on my Coaches Corner page.

Mike Byrnes Headshot

Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisers become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.