You’re a financial services provider who is very good at what you do. But you’ve been in business long enough to know that being good at what you do is no guarantee of success.
To really give yourself an edge in a crowded, competitive field, you need to find ways to stand out. Even then, growth isn’t guaranteed, but it’s much more likely (and a lot easier).
Where to start? Try out these five strategies to get your financial services practice noticed, draw new clients to your doorstep, and level up your growth strategy.
1. Partner With High-Visibility Peer Companies
How many times have you heard that “your network is your net worth?”
You keep hearing this because it’s true. And no disrespect to your clients, but the highest-value parts of your network aren’t individuals who pay you for services. They’re peer companies — fellow service providers — who can complement and build your business.
Take the partnership between wealth management and trust services provider Asiaciti Trust and PCRIC, an insurance company serving the greater Asia-Pacific region. Even without knowing the details, it’s clear that it’s synergistic. And it’s just one of countless examples of such synergistic partnerships in the financial services realm.
2. Leverage Free or Low-Cost Business Directories Online
There are hundreds of these, if not thousands worldwide. You can’t hit them all, so focus on those that don’t cost much out of pocket and that serve your specific financial services niches (or have audiences composed of your prospective clients).
Not sure where to start? Use BrightLocal’s list of citation directories for financial services firms to find those relevant to what you do.
3. Generate Thought Leadership on High-Visibility Platforms You Control
Such platforms may include LinkedIn, YouTube, Medium, and your podcast or email newsletter service of choice.
Notice that “your website” isn’t among them. That’s because, as important as your company’s website is, it may not be the highest-traffic part of your digital presence. Focusing on high-visibility platforms with lots of existing traffic ensures incidental exposure for your brand.
4. Hit the Networking Circuit (In Real Life)
LinkedIn is an acceptable online base for professional networking in the financial services industry. If it’s the only place you use for networking online or in real life, however, that’s a problem.
Financial services firms need to do a mix of digital and “IRL” networking to really stand out. On the IRL side, pick a few conferences and conventions to attend each year and block out your calendar. If you’re not sure where to devote your efforts, check out Spendesk’s guide to the top U.S. financial services conferences.
5. Build and Double Down on a Niche — and Build High-Value Content Around It
Your financial services practice can’t be everything to everyone. When you find a good niche or set of related niches, double down on it/them. Then do everything you can to build a library of high-value, topical, useful content around it. Become the go-to expert in that particular field and you’ll be amazed how far it takes your business.
Rise Above the Noise
When you’re ready to rise above the noise, you know what you need to do.
You need to find complementary companies and organizations to partner with for mutual benefit.
You need to take advantage of free or low-cost online resources to boost your visibility.
You need to leverage platforms like LinkedIn, Medium, and YouTube to develop your reputation as a thought leader.
You need to network in real life, not just on LinkedIn.
You need to stand out in a niche, doing something that few of your competitors are doing (and doing it well).
And you need to become a content generation machine, or be willing to pay people to take on that role for you.
It sounds like a lot of work, and maybe it is. But the other option — doing nothing and letting your business stagnate — isn’t much of an alternative.