By Zoe Menendez, Senior Digital Media Manager.
A well-informed financial strategy can make the difference between someone thriving through retirement or struggling through it, yet only 1% of Americans reported having a financial advisor… So why don’t more people make use of one? Financial advisors routinely struggle to make an impactful impression on potential clients and effectively get in front of them. Well, in the digital age, a smart digital ad campaign can solve this problem. [1] Consider this: Since January 1st, 2024, over 3,750 companies in America have announced mass layoffs. [2] There’s likely a portion of these individuals that are close to retirement age, and their sudden lack of income is sure to be putting a wrench in their plans for retirement. This is where financial advisors come in to help them make what they have stretch further.
During an uncertain time in these people’s lives, a financial advisor can be their savior. We know one of the easiest ways to reach consumers is through digital ads, so it’s only logical that creating a digital campaign targeted to past employees of a company who just went through a major layoff would be the perfect pairing. However, campaigns that target such a focused demographic operate differently than “standard” campaigns. As such, there are additional factors to consider that could greatly impact the performance of the campaign. We’re going to use the angle of going after individuals who have recently been laid off, but these principles apply to most campaigns with narrow target audiences.
1: Does an online audience exist that’s big enough to support your digital efforts?
Often, an advisor will come to us saying that a local business in their city just went through a major layoff and they want to jump on this audience now because they know people need their help. We’re supportive of this effort, but we always ensure that we do our own research about the market opportunity before providing them with an official pitch so we can make sure there’s enough potential return for the advisor to spend on the endeavor.
To provide some context, recently one of our advisors came to us with this exact ask because an Amazon center in their area was about to start layoffs. However, after we investigated this more, the LinkedIn audience size was only a couple of hundred people. While this sounds like a lot of people to target, it’s not big enough for a successful digital campaign because we’ll exhaust the audience too fast, and the number is too small to guarantee enough engagement that may turn into business for the client. For an audience this small, instead of running a digital campaign, we might recommend the advisor buy a list of employees of this company in their area and contact them with an email campaign. The advisor could even reach out to these employees personally to build a personal connection right away.
On the other hand, a different advisor let us know that Intel was about to go through layoffs in their area. Our research here showed a potential audience size of 27,000 – surely enough people to run a cost-effective campaign. However, audience size isn’t the only factor to consider…
2: What job titles might you see if you run this campaign?
This factor might be harder to find, but it’s important to consider, especially for advisors who have strict requirements for new clients. For example, if a retail company recently laid off a lot of its sales associates, then, regardless of audience size, a digital campaign might not make sense because the individuals you would be going after would be too young to be thinking about retirement or have very little saved. This would mean that no matter how much money you put into the campaign, it could all be for naught.
However, if a company has laid off employees from all levels, then a digital campaign could make sense! The senior level managers who have been with their old company for 10+ years likely have a solid nest-egg, 401(k), or pension built up and now they need someone to help them figure out how to make the most of it.
3: Is it the right time to hit this audience?
This factor is crucial for us to consider because if a company went through layoffs last year, then it might be too late for a digital campaign. The last thing you would want is to re-open a wound for some people and have your firm’s name connected to that. If it’s too far in the past, then it’s best to leave it in the past.
However, if you get ahead of the layoffs too early, like maybe before they even happen, then it could come off as predatory and this might also put a bad taste in people’s mouths. This is why it’s so important to go after these leads at just the right time so you can show the audience that you know what they’re going through and you truly care about helping them through it.
4: Are you prepared for a lighter influx of leads if you run this campaign?
Of course, every advisor wants as many qualified leads as possible but with a niche campaign that has a smaller audience than say the ‘general retirement’ audience, it’s expected that you’ll get fewer leads than you’re used to. If your marketing company prepares you for this difference and you’re okay with it, then you can continue your next steps! For a lot of advisors, knowing that they could help people who are going through a difficult time is enough to justify this.
At Simplicity Simplicity Lone Beacon, we constantly say that having a variety of campaign types is the way to see true digital success. A niche campaign could be the perfect way to try something different than what you usually do while also helping to make a positive impact in your community. Just remember, there are several factors that need to align for a campaign to be successful, but with the help of a top-level marketing company, and discover the best campaigns for your firm and the best use of your marketing dollars.
Sources:
[1] https://www.cnbc.com/2019/11/11/99percent-of-americans-dont-use-a-financial-advisor-heres-why.html
[2] https://intellizence.com/insights/layoff-downsizing/major-companies-that-announced-mass-layoffs/
About the Author: Before Zoe came to us she worked with two well-known New England advertising agencies where she honed her skills at digital marketing serving both local and national accounts. She attended Johnson and Wales University where she won two national collegiate advertising titles and graduated with a BS, as well an MBA in Advertising and Marketing. Zoe is a native New Englander and grew up in New Hampshire, but happily for us left for the city life in Boston where she resides and is a proud mom to her cat, Winston.
