Originally published on Evidence Based Advisor Marketing
Every advisor wants to differentiate themselves. How many times have you seen “Why Us?” or “How We Are Different” on the Home page of advisor’s websites?
Often, there are no objective differences among advisors who use the same investment philosophy. They are typically competent and well-credentialed. Most offer comprehensive financial planning, in addition to providing investment advice.
A real point of differentiation
There is one way every advisor really is different: Your advisory firm is the only place where clients can be advised by you. It’s critical to demonstrate your unique qualities on your website. One really effective way to do that is through video.
Not just any video will accomplish your goal. This is where the train often goes off the rails. Video of you in front of a green screen discussing an investing topic is worse than no video at all. It comes across as cold and impersonal…and boring. It’s more likely to discourage further inquiry than stimulate one.
Investors don’t hire firms. They don’t make objective decisions, although many believe they do. They are looking for an advisor they like, with whom they share values and one they can trust.
How do you create a video that stimulates those feelings?
Hire a professional
We have learned a lot producing videos for our advisor clients. Our screening process for video teams we hire all over the world is vigorous. We pay double and sometimes triple the rate charged by many video producers. Our teams often have invested in equipment worth $100,000 or more. We require two cameras and professional lighting. We pay a lot of attention to the quality of audio.
We don’t script our videos. Instead, we spend time with both the crew and our clients developing themes and then shoot at different venues for a minimum of half-day. Our post-production team distills the raw footage into two 90-second videos. Our goal is maximum emotional impact.
Our typical charge is $5500 for the complete package. You can’t replicate our quality and content on your own or with someone who has a $1000 video camera and believes they are qualified to shoot a professional video.
If you can’t afford to do it right, don’t do it at all.
Share your values
The worst videos we see are ones where the advisor comes across as stiff and robotic, often reading from a teleprompter. An effective video conveys warmth and relatability. It should show you in a combination of venues: At home. Engaged in your hobbies. Talking about what’s meaningful to you.
Often advisors believe they have to come across as perfect. Think about that. We are all imperfect. We don’t relate to perfection. There’s a reason video bloopers are so popular. All of us have screwed up. When we see someone flub their lines, trip and fall, or show spontaneous kindness, it resonates. We think: “They are just like me.”
Invest in yourself
Many advisors skimp when confronted with an expense representing an investment in themselves and their business. You should be spending at least 5% of your revenues on marketing. Most advisors spend less than 2%.
If you don’t believe in yourself, it’s unlikely others will.
Here’s the bottom line: The right videos are a prudent investment.
Resource of the week
You can find some useful statistics on the power of video here.