- Posted by Adam Smith
- On June 12, 2018
One of the questions I often get asked by advisers is whether I think advertising in the local press is still worthwhile as part of their marketing strategy.
They are understandably concerned that as print circulations have declined, so have the number of eyes on their advertising. Some believe that it’s no longer a cost effective way of promoting their business.
There’s no doubt that advertising in local newspapers does not have the same impact as it did 20 years ago, with the main reason being the explosion of the internet.
Yet should this ‘old-fashioned’ medium be ignored altogether? Given the target audience of many financial advisers, I’m firmly of the belief that it shouldn’t.
Picture Your Ideal Client
When you picture your ideal client, what do they look like? Are they a 20-something hipster holding a pint of craft ale while planning a backpacking adventure to South America and Snapchatting their mates about it?
Or, do you see a more mature person who’s accumulated wealth and is looking to grow their money either for their retirement or the benefit of their loved ones?
My guess is that for most advisers the answer would be latter. And it is for this reason that I believe local press advertising still has some value.
Why? Because it’s the older generation who are most likely to be interested in local news and still take their local newspaper.
Although local newspaper readership may be significantly smaller these days, that readership is exactly the demographic you need to be talking to as part of your drive to attract new clients.
Free Editorial Space
Local press advertising can be relatively cheap and it’s often possible to negotiate a significant chunk of free editorial space alongside a paid-for advert, perhaps in the form of a regular column or a Q&A piece.
This gives you the perfect opportunity to connect with your potential clients and become something of a local expert on all things finance related.
You can invite questions from readers to increase engagement and also position yourself as the go-to person the paper’s journalists will turn to when they need a quote for a finance-related story.
It goes without saying that each time you’re quoted you’ll be able to shoehorn your company name into the copy as well – a great plug for your business! And most people will agree that editorial carries more weight than advertising.
The report in print will often end up online as well so you get two bites of the cherry for a relatively small outlay. This also increases your searchability.
These days people are empowered by the availability of information online and it’s never been easier to thoroughly research a company before deciding to employ their services.
Level Of Trust
As a consequence your online presence is hugely important. A relationship with your local paper where your editorials appear in Google search results will work wonders for the reputation of your company and adds another level of trust to your proposition.
Combine this with an informative and well written website, active social media profiles and solid reviews and testimonials from happy clients and you’re onto a winner when it comes to bringing in new business.
It also means that if you’ve got an interesting story to tell that isn’t necessarily finance related, it’s more likely to be looked upon favourably by the news editor of the local newspaper you’re already working with.
And in this day an age when newsrooms have been stripped to the bone and are running on a skeleton staff of often fairly junior reporters, having access to ready made copy from a trustworthy source (you) is a boon to them.
Here at Adviser PR we apply our decades of journalistic experience to pinpoint newsworthy and topical stories, write them for you, organise photography and liaise with editorial to get them published. We can also be your representative with the advertising department.
It’s worth mentioning that unless you’re paying for something, there’s never any guarantees that a news item will get published, but knowing how to present it in a way that means minimum work for the editorial staff will greatly increase your chances!
So, while it may seem at times that local newspapers are not the most efficient use of your advertising spend, there are several important reasons why you should not rule them out, especially if your current marketing strategy isn’t producing the results you’d hoped for.a
Call Adam on 07543 195476 for a free, informal chat about your public relations requirements.