Google SEM: Only One Part
Many consumers do not a strong allegiance to an insurance company or brokerage firm. Consumers are bombarded with messages offering low cost insurance quotes or zero fee stock trades making every company “appear” equal. While messages focusing on “costs” may appeal to some consumers, progressive finance and insurance professionals need to consider their costs associated with each online marketing strategy.
While Google search is an important element of a successful (local) wealth management or insurance marketing strategy, the keyword costs are high, as shown below for keyword “wealth management firms which can cost $32.99 each time a consumer clicks on an ad. Despite the upside of acquiring a new client with a multi-million dollar account to manage, there are other methods to reach more local consumers at a lower cost.
Navigation, Social, and Video
A comprehensive financial services, wealth management, or insurance marketing strategy must include Google Maps and online reviews. In the example below, the search for “wealth management firms near me” yielded three law firms bidding for that keyword, as shown in the red dashed box. But as consumers scroll the down page, to see which companies are near their home, a different ad strategy is available.
Notice that only “BNY Mellon Wealth Management” knew that they could promote their Google My Business listing to the top of the map pack. (look for the word “Ad”) A trained eye will also see that some of the local financial advisory firms have placed little emphasis on their Google reviews. Jaeger Wealth Management and PWN Advisory Group had zero reviews. What message does that send to potential clients when other firms, obviously not local, have dozens of reviews?
While financial services firms are investing in Google SEM, they are missing many aspects of a cost effective, local marketing strategy. What happens to consumer click results when a business owner focuses on reviews, social media, maps, and paid marketing? They get an increase in organic and paid traffic!
Be Your Customer
Consumers spend hours each day on social media, watching YouTube videos, and sharing information on messaging apps. Is it possible that financial service firms have been so focused on Google SEM that they have ignored social channels. Here is a search done on Facebook from the same computer, in the same location as the Google search above. Notice that only Facebook listed ZERO local wealth management firms.
When we searched Facebook for PWM Advisory Group, which showed in Google search, we found the business page shown on the right. The last post was over six month ago which shows that business owners need help to keep all their online assets updated. When Facebook sees business pages with low engagement, it will now showcase these business in the search pages (left image below).
Sadly, when you click to Facebook pages for financial services and insurance firms in market, you will see that many pages are abandoned and lack engagement. Business owners that want to “shine” online need a partner that we help them keep all online assets up to date.
Let’s start a conversation on how to increase local awareness for your insurance, financial services, or wealth management firm. Click on the button below to schedule a free consultation.