Marketing matters a lot, and it clearly matters when there are lockdowns brought on by fear of a global pandemic. Conventional ways of marketing and “getting the message out” have been turned upside down. New digital technologies are being used to make an impression. 

In this article, Abby Salameh, chief marketing officer at Hightower Advisors, considers the terrain and how COVID-19 affects marketing. The editors are pleased to share these insights and invite responses. Jump into the conversation! Email tom.burroughes@wealthbriefing.com and jackie.bennion@clearviewpublishing.com 

When I joined the Hightower team in the late spring of 2019, I had no idea how much change we’d be facing in the next 12 months. The challenge presented by a sudden, and now long-term, global pandemic was simply not on my radar. And then, it was. 

In the space of a week, the entire wealth management industry and the rest of the corporate world had to make some rapid changes. 

From suddenly accommodating a fully remote national workforce to supporting our advisors as they advised clients through the worst market volatility in a decade, it was clear that my 2020 marketing plans would need to be quickly adapted to the times. It was a forced catalyst for quick adoption of new tools and solutions.

Four months into this new normal, it looks as though our industry is going to be altered forever by recent events. And honestly? I think much of this change is for the better. 

Physically distant, closer than ever
At Hightower, we have shifted away from hosting in-person events for our existing advisor community, for M&A prospects and for our own employees, but that doesn’t mean that we aren’t still seeing a lot of one another – albeit through a screen. This crisis has forced us to become virtual experts rather quickly.  

In addition to the research and trial-by-fire learning we have all done, we wanted to make sure we were helping support our advisors as they navigated approaching this new normal with their clients. To help bolster this rapid switch from in-person to online events and meetings, we hired an external consultant for our Hightower community, who trains us on best practices for communicating and presenting virtually. 

Additionally, and quite coincidentally, we were already in the process of building out our newly-launched digital marketing platform, which provides our financial advisors with custom content and campaigns, automated to drive leads and engagement through social media and email marketing. When we embarked on building this custom platform, we had no idea just how valuable it would prove to be.  

Historically, we host several in-person events per quarter to bring our community together. In light of the pandemic, we have pivoted to using a third-party online event hosting platform which allows similar functionality and networking experiences that an in-person event would have: breakout sessions, general sessions, study group meetings, online exercise classes, and even virtual happy hours. 

We recently hosted a virtual Investment Forum for 200 of our Hightower advisors; a three-day online event complete with an exhibit hall, activity-packed happy hours and roundtable sessions designed to bring our advisors together for peer-to-peer sharing. 

This influx of virtual communication actually means we are talking with and also “seeing” each other more often, and it has ultimately led to better outcomes across the firm. 

Replicate the in-person networking experience
There’s still nothing quite like face-to-face interaction, but we have been getting as close as possible. The marketing team has been planning campaigns for our advisors to encourage their clients to communicate with them online. 

One example of this is our “Coffee Talk” campaign. This multi-cadence campaign allows advisors to invite their clients to join them for a cup of coffee and some market discussion. A Starbucks gift card is sent in advance of the meeting, so all can join with an actual cup of coffee. Clients are encouraged to bring a friend or a family member to these chats, as they would to an in-person networking event. 

Another virtual success we’ve seen over the past few months has been our “second opinion” campaign, which allows clients to forward a virtual second opinion card to a friend or family member and then schedule a complimentary consultation with the advisor as a value add for being a client.  

Both of these approaches have not only increased engagement with the clients, they have also helped our advisors grow their businesses. In addition, we’ve seen advisors partnering with their centers of influence to conduct joint webinars for their collective clients on issues such as taxes, retirement planning and insurance solutions.

Dos and Don’ts
While things have been difficult for everyone, I truly believe that this moment is an opportunity for our industry to grow – which is not an insurmountable hurdle. In order to meet this challenge head on, firms should brush up on training for delivering virtual presentations, hosting webinars and client meetings. There are some very basic things that your team can do to immediately make a better impression and a favorable impact, including, but not limited to:

•    Dressing the part. We’re all defaulting to our athleisure wear these days, but on webinars, it’s best to dress as you would at the office;  
•    Turn off notifications. You might think that you can just ignore them, but they are specifically designed to disrupt your attention; 
•    Look at the camera, not the screen. It’s natural to want to look at the people on your screen, but you want them to feel as though you are making eye contact with them through the screen. This creates a deeper connection; and  
•    Use video content. Our advisors have seen a lot of success creating videos to use during virtual conferences and beyond. 

No turning back
As we move into 2021, I believe we will continue to see technology drive marketing simplicity in executing marketing campaigns, and new tools and solutions designed to connect people in ways that are new and exciting.

The skills we are learning today are likely to propel us into next year and beyond, and perhaps stick around forever. I don’t see us ever going back to the “old way” of conducting business. If you look at the evolution and the costs of marketing in today’s COVID-ridden world, going fully digital can actually be more impactful and easier to measure, as you can track every person who registers for a virtual event, clicks on your ad, download a white paper or fills out a form on your website and flow their information into your CRM to automate a digital follow-up. 

It has been incredible to see the pace with which technology has improved to suit our changing needs over the past few months. For example, prior to the pandemic, Zoom was a little-known firm. Now it would be hard to find anyone who has not been on a Zoom call at least once this week. They have had to make quick enhancements to their platform to serve the market safely, securely and with the functionality we all need; these firms have risen to the occasion, as have we. 

I am energized about the future and excited to see what’s next for the wealth management industry. Who knows, maybe this time next year, technology will enable us to actually smell the coffee in our “Coffee Talks” Zoom webinars!