October 27th, 2020 · 2 min read
It’s a different world with a new normal, and all that was isn’t certainly so anymore. People are living through the biggest crisis of the last decade. Businesses closed their doors, people lost their jobs, savings depleted, and retirement planning changed.
Now is the time of reentry into the marketplace. Companies will have to make what is being coined by the Boston Consulting Group, a “rapid rebound” defined as making up for lost business as fast as possible!
Financial advisors are in a unique position. People are thinking about finances more than ever before. People are looking for guidance about what to do next. Here are three rapid rebound steps that FA-mag.com recommends all advisors do to make their presence known.
Analyze your competitors
Businesses are opening back up, and life is returning to “normal,” but you need to stay ahead of the market trends. Look at the messaging, branding, and tone your competition is putting out. You must know what everyone else is doing.
• What are they doing correctly?
• Analyze how their message has changed pre and post-COVID.
• What are they focused on offering as the solutions?
Understanding the competition isn’t a new concept. It is, however, an essential practice in the middle of this pandemic. If you wait until you’ve made it through this crisis to formulate a plan, you will surely be too late. Get in front of your audience, armed with all the knowledge and planning you can.
Adapt to the needs of the clients
Reevaluate every offering you have because the clients’ needs before this crisis and after are not the same. The only piece that remains constant is that people want to save and plan for retirement. You will need to understand the clients’ needs and adapt and show that you hear what they need. Understand all the different stimulus packages. Google released a study that stated that searches for “Coronavirus money help” went up an astronomical 3600% in the last few months. That leaves a fantastic opportunity to write about the topic and pull in new leads through blogging or talk about it on social platforms. Let your clientele, both present, and future see you as an industry leader.
Create new messaging
Many people are talking about the “new normal” and trying to understand what that is. Guide the client, speak to them on every platform you have, create as much content as you can about the topics your clients need to know. Think about what your clients mean by “normal”. The majority of people are worried about not having enough money in savings. People are also scared about the “second wave” of the virus coming. Clients want to know how to keep their money safe. Create newsletters, blog posts, articles, social media posts, and videos addressing the solutions to their fears.
We are in strange times for sure, but there are financial solutions. There are ways to plan and keep growing financial portfolios during a pandemic. Remind your clients you are trustworthy, educated, and care about their emotional needs as well as their financial ones.