Four Reasons You Should Abandon Traditional Marketing
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Advisors have been slow to adapt the latest marketing trends. I still see many who rely on traditional marketing, such as seminars, dinners, lunch and learns, referrals/word of mouth, postcards/snail mail, rather than digital marketing.
While traditional marketing can still be effective, they are four factors that make it costly and time-consuming. There are incredible digital marketing tactics that advisors aren't leveraging, even though it is much less expensive and produces greater ROI over the long term.
Traditional marketing drawbacks versus digital marketing
Why you should implement digital marketing as a part of your overall marketing strategy? To best compare these two strategies, it is easiest to talk about some of the limitations of traditional marketing when compared with digital.
Check them out below and see why you shouldn't limit your firm to only traditional marketing, and how when executed properly, digital marketing is much more effective and will produce a higher ROI in the long run.
1. Higher costs
Traditional marketing costs are much higher than digital marketing costs. For example, that ad you placed in the local paper is only effective if your target audience sees it on the day you choose to run it. What about that postcard or flyer that you distributed? All of the fees to print them weren't cost-efficient, especially since the paper products are for one-time use.
Now, compare that to content, graphics, and other marketing assets that you create digitally. You can create digital content and then repurpose it across multiple channels. For instance, an infographic can be shared on your website, social media, a guest blog post, an email newsletter, an online ad and many other places.
Best of all, your digital content can be highly targeted to a specific audience. It can also be easily shared, which allows for your content to reach a much larger audience. Now that’s a win!