Why Awards Are a Vital Component of Your Wealth Management Firm’s Marketing Strategy
In a marketing strategy, one often underestimated, but highly effective, element of a marketing strategy is pursuing and showcasing awards and recognitions. These accolades not only validate your firm’s expertise and credibility but also provide a compelling edge in a field where trust and reputation are paramount. In this blog, we will explore why awards are a crucial part of a successful marketing strategy for wealth management firms and most importantly, how to incorporate them into your communications.
Strengthening Your Brand Through Validation and Credibility
Your firm’s website acts as your digital storefront. Upon hearing your firm’s name as a referral, chances are, the first action a prospective client will take is to perform a quick search for your firm to take a peek at your website. What will they see? Will they see a page devoid of any media or content? A website that is out of date and does not reflect current market information? Or will they see media logos, awards, current content and your best thinking for all to see?
High-net-worth individuals and families seeking wealth management services are often diligent in their research and decision-making. Award-winning firms are seen as industry leaders, capable of delivering exceptional results, which can significantly impact the caliber of clients you attract. This should be reflected throughout your website, including your earned media.
Awards can be a powerful third-party endorsement, signaling to potential clients that your wealth management firm has been recognized by industry experts for its outstanding performance. Accolades for service excellence, financial planning, investment strategy or other relevant categories, can help to foster credibility and trust; at a bare minimum, there is external validation upon a first visit to your website.
As the market becomes more crowded with independent wealth management firms, these awards can serve as a critical differentiator and like it or not, people are attracted to media outlets that they recognize. Awards can also give a lasting impression, increasing the likelihood that potential clients will remember you.
And while there is a general assumption that these awards can be pay-to-play, we can tell you from experience, most are decidedly NOT. Firms that make the list are evaluated on a variety of criteria, including assets under management, year-over-year growth, client size, number of employees, client retention, years in business, services offered, and more. We wish you could pay to place! And while it may seem that only the biggest firms make the list – that is not always true. As an example, CNBC’s FA 100 list is one of the toughest out there, and there are many, many small firms included.
Team Confidence
Awards aren’t just beneficial for attracting clients; they can also have a positive impact on your internal team. Recognition for outstanding performance fosters a sense of pride and accomplishment among your employees. This recognition can enhance their job satisfaction, boost morale and inspire them to continue delivering exceptional service. Happy and motivated employees are more likely to contribute to the overall success of your firm, creating a positive feedback loop that reinforces your firm’s commitment to excellence.
How to Use Awards in Your Communications
We’ve discussed the benefits of being recognized by prominent media outlets in their awards – but how can a wealth management firm use these awards? How can we ensure a target audience will even take note of the recognition? The short answer is that we blast it out on every channel.
Awards can provide valuable content and talking points that can be featured on your website, blog posts, social media updates and email newsletters. On your website, these awards and accolades can enhance both the visual and the content experience, but they can also enhance your website’s SEO (Search Engine Optimization) significantly so that when someone searches for your firm online, they are more likely to find you if you have relevant links to external news sources.
At a minimum, we would recommend that one award be turned into:
- A blog post for your website
- A visual graphic for your homepage
- Content in an email
- Two social media posts
- Custom graphics to accompany each piece
Don’t know where to start? Having trouble understanding which awards would apply to you and your wealth management firm? Confused about which awards are worth the time? Don’t despair! We can help. Call us any time to learn more! Discover the potential of award-winning recognition for your wealth management firm – and don’t wait, because your competitors certainly aren’t!