Marketing Channels Shift During COVID 19

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Marketing continues during COVID-19

Marketing matters – even while financial advisers (and compliance pros) are sheltering in place as a result of the COVID-19 pandemic. While the need to market – to keep one’s name, the name of one’s firm, or even to keep clients, potential clients and referral sources updated on breaking matters – hasn’t changed, how one markets has.

Conventional business development/marketing strategies to recruit clients and develop referral sources are “closed for business.” But many firms have pivoted from face-to-face to face-to-digital. So no in-the-room breakfast at a local chamber of commerce event, network meeting, alumni reunion. The new world of marketing is digital.

Why digital marketing matters

Digital marketing, even digital meetings, have always been part of a firm’s marketing mix. But prompted by the pandemic, the trend has accelerated. Writing in a recent issue of InvestmentNews, writer Mark Schoeff, Jr. says financial services professionals increasingly are focused on finding new prospects online. This means enhancing online profiles, posting more content, tweaking websites and enhancing social media activity.

Schoeff reports that word-of-mouth referrals are still occurring, but financial advisers can no longer close the deal with a one-on-one conversation in their offices. Instead, they have to turn to video conferencing/chat solutions.

Beyond virtual sales calls, advisors are using video conferencing as a marketing tool, hosting networking meetings, webinars, town halls and other “social-distancing,” yet visibility-generating strategies.

What if you don’t have a digital presence?

There is no time like the presence to establish one. Advisors’ Schoeff interviewed reported strengthening their websites and making themselves easier to find on the search engines, Facebook, LinkedIn, etc. He says that during a time of extreme disruption and robust reaction, such as the massive government stimulus efforts, advisers should reach out digitally (email/social/blog/video) to explain what those mean for personal finance. The market for such guidance is growing and provides a way to attract new clients for advisers putting themselves out on social media.

Sales does not stop in a pandemic

The key is to focus on how to keep communicating – through all the conduits available. That includes email, text, online, snail mail and even phone calls. To paraphrase one of the advisors Schoeff interviewed, “Keep in touch. Communicate appropriately through all conduits. Share content. Pay it forward, and the business will take care of itself.”

Patrina compliance can keep communications compliant

Pandemic or not, compliance professionals are still charged with keeping firm members compliant, regardless of where they are working – at home, or someday back in the office. Now, during the pandemic, and after, Patrina is committed to helping you remain regulator-compliant. Because we know the work-at-home environment and digital communications make your job more difficult, we are making our two, most popular compliance services available for free or very low cost:

  1. Click here to snap on Patrina 17a-4 Compliant Archiving Services for as little as $50/month.

We are in this with you. For more than 25 years, Patrina has been helping uniquely committed compliance professionals like you to stay on the “straight and narrow” efficiently and cost-effectively. So, let’s talk. Call 212-233-1155 to ask about Patrina’s cost-effective, designated third-party services, our comprehensive  8-module compliance solution, and compliant data capture & file storage, and records archiving services specifically designed for the financial services community. Be smart. Be covered.Be compliant.  

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