Financial advisors, other professional advisors and micro-businesses should be aware of a trend positioned to become extremely popular in 2021 and beyond—captive marketing. In its simplest sense, captive marketing is a blend of marketing tactics to showcase professionals as trusted, credible thought leaders in his or her hyper-local market and social sphere of influence.
The Whole is Greater Than the Sum of Its Parts
We have all heard about content marketing, thought leadership and influencer marketing. So what’s so special about captive marketing? Well, because captive marketing is the set of tactics that ties them together to generate stronger aided awareness for an advisor. The stronger awareness an advisor has, the higher their conversion rates. This translates into new client acquisition at a lower cost and a more expansive and holistic offering for the prospect or current client.
First, let’s discuss captive marketing trends by tactic:
- Hyper-local market influence: the ability to establish influence in a hyper-local market via content development and educational authority.
- Social sphere influence: the ability to create a heightened awareness of an advisor’s credibility in their local clients’ and prospects’ social spheres.
With hyper-local influence, the tactics are growing and advancing in complexity. Content development is no longer limited to static pieces. In the past, articles, white papers and blog posts could all establish a high sense of authority. Now, more advanced and effective tools exist, such as podcasts and video content.
Captive Marketing Avenues
With podcasting, an advisor can establish authority on topics and utilize digital marketing to share their podcast with the local market. Options for video content are quickly expanding, creating the ability to live stream discussions and host video-based interviews. Advisors who develop an asset inventory are one step ahead.
Additionally, advisors can conduct live or virtual workshops on a wide variety of topics to become educators. Although a grassroots effort, this tactic can generate high returns on investment due to the ability to prove credibility.
With respect to social-sphere influence, advisors need to understand the difference between social media management and social impression management. Social impression management puts captivating content in front of the right people, at the right time. Sure, it is easy to post content on Facebook and hope that anyone across the world views it. But what’s more important, is developing engagement from that content among the targeted prospects in an advisor’s hyper-local market. With captive marketing, advisors find ways to work the funnel of social impressions to move from engagement to interaction.
Captive Marketing & You
Captive marketing is an up and coming trend for advisors looking to deploy effective marketing dollars in 2021 and beyond. As each captive marketing asset is developed and deployed, it is important to consider the collection of tactics available along with the impact they may have on hyper-local markets or social spheres of influence.
Having the right resources to properly leverage captive marketing is crucial for those looking to take their business to the next level in 2021 and beyond. White Glove is laser-focused on Done-For-You solutions for advisors as it relates to captive marketing: seminars and webinars to develop educational authority and social impression management and podcasting to create hyper-local captive authority.
Want to learn more? You can start here.