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It’s been a year since the profession was plunged headlong into remote working, and while the entire financial services sector has changed dramatically in that time, one thing is clear: Consultants have had to focus more on their marketing.

Obviously, given that face-to-face meetings weren’t possible, many have invested much more specifically in their digital communications mix – content marketing, email newsletters, social channels, and so on.

On one level, this is fantastic – financial services (especially the consulting world) have traditionally lagged behind other industries in adopting digital marketing strategies and incorporating marketing technologies into business development. On another level, I would like to advise caution.

There is no one who is more pleased than me that so many consulting firms are investing more time and resources in their digital channels. However, for the best results (or any meaningful results at all), it is important to make sure that the digital marketing strategy you are pursuing is tailored to the industry.

We all know that the consulting world is an unusual place and the marketing aspect of consulting is no different. In a largely B2C environment, the marketing landscape is deeply unique.

Why? You can ask. Well:

• The lifetime value of customer relationships can be extremely high
• The remittance channel is usually the primary source for a company’s business
• Managing finances is something that many prospects prefer not to think about
• It has a reputation for being boring, transactional, and intimidating.

I mention this because many of the concepts and digital marketing strategies that are very effective in other industries just don’t translate well into the consulting world.

If you’ve dipped your toe in these waters, you’ve likely come across terms like “conversion rate”, “cost per acquisition”, “marketing automation”, “webinar funnel” and “return on ad spend”. And the thing is, when we’re selling scented candles or ostrich safari tickets, it’s exactly that type of metric that you should be focusing on. In that case, I would recommend that you create marketing KPIs, find measurable data points, create trackable campaigns and, for example, see how you can improve your conversion rate on a website or checkout page.

Upside down

For the majority of consultants, however, this approach is completely upside down. The name of the game in advisor marketing is to attract a small number of very high quality clients and consistently promote referrals from the existing client bank. Everything else is background noise.

Let’s face it, most consulting firms will never have enough relevant traffic for the law of small numbers not to apply in their marketing metrics. Even if you could be running digital campaigns that are driving a lot of traffic, want to crawl hundreds of low quality potential customers who don’t remotely match your needs?

It’s not about fishing dynamite. The point is to go out and consistently catch the tuna with a good ol ‘hook, line, and sinker. And frankly, all of this is a function of the consulting firm’s business model. For most, it’s not just about volume.

Unfortunately, many of the strategies people take up in courses or read in blog posts are digital marketing approaches that were borrowed straight from other industries. They may be very effective in markets with fewer niches, less complex, and lifelong customer benefits, but they make absolutely no sense to most consulting firms.

Before you venture into conversion optimization or fancy marketing funnels, it’s time to sort out the basics. Communicate consistently with your existing customer bank. Provide original, quality content to reassure them, educate them, and make sure they feel comfortable.

Don’t send generic content that nobody reads. When communicating with your client bank, make sure that you address their individual needs, concerns, and concerns.

Get your website in tip-top shape. Make sure it speaks who you are as a consultant and what values ​​you have as a company. Make sure it feels approachable and human, and get the reader to reach out for advice.

Yes, consider hosting a client or prospect webinar with an introducer, and a well-put together social media marketing campaign won’t hurt. Just don’t let the bounce rate of your internal web pages or an A / B test in Google Data Studio stop you. This applies to other industries.

Communicate consistently and authentically with current customers. If necessary, nudge them gently for recommendations and make sure your communication takes into account the specific circumstances.

From there, things will take care of themselves. Beware of anyone who tells you otherwise.

Faith Liversedge is a marketing consultant. You can follow her on Twitter @FaithLiversedge