Are you an experienced financial advisor looking to expand your practice and target new clients?
Google’s pay-per-click (PPC) advertising program may be the solution you’re looking for.
The Google Display Network reaches over 90 percent of internet users globally.
Whether you’re trying to get the word out about your financial advisory firm or just promote an upcoming event, effective Google Ads campaigns can increase your visibility and sales.
However, it can be challenging to figure out how to create a successful Google Ads campaign, especially if you don’t have any prior financial advisor advertising experience with Google Ads or other search engine marketing (SEM) efforts.
This article will reveal essential tips to help your financial advisor Google ads become more effective and profitable to help you grow your business faster.
By the end of this article, you’ll learn–
- The basics of PPC for financial advisors to ensure a goal-oriented campaign.
- Why you should use Google ads in your financial advisory firm’s PPC campaign.
- 7 success tips for Google Ads marketing.
- Paid search marketing regulations for financial service providers.
- Best practices for a successful Google Ads campaign.
- Three reasons a paid advertising agency should manage your Google PPC campaigns.
Let’s get started!
PPC For Financial Advisors: Ensuring A Goal-oriented Campaign
Statistics show that the traffic PPC advertising generates yields 50 percent more conversions than you will get from organic advertising.
Pay-per-click advertising, or PPC advertising for short, is an advertising format where you pay every time someone clicks on your ad. While that might sound expensive, it’s an effective way to get your business in front of people actively looking for what you have to offer. PPC for financial advisors is an essential component of any financial advisor’s paid advertising strategy.
With Google Ads, you can advertise on relevant keywords, reach potential clients searching online for your services and bring them back to your website.
(Source: Brands Martini)
The success of your PPC for financial advisor advertising is dependent on campaigns that are narrow in scope, efficiently optimized, and goal-oriented.
Why Should You Use Google Ads In Your Financial Advisory Firm’s PPC Campaign?
As someone in the financial services industry, you’re likely using paid search marketing (via Google AdWords or another platform) to generate leads and sales through your website.
Now that we have established Google Ads as a viable tool in your firm’s PPC campaign, let’s look at the top four reasons your practice needs financial advisor Google Ads.
1) Google Ads are Highly Targeted
When advertisers only placed financial advisor ads in broadcast media such as television, radio, and print, they were seen by many people. But unfortunately, most of them had no intention of employing a financial advisor.
On the other hand, financial advisor PPC advertising can be laser targeted to the exact type of clients you want and, more significantly, at the precise moment, they’re looking for a financial advisor. Since the target markets for financial advisors are enormous, you’ll have better ROI.
2) Financial Advisor Ads in SERPs Produce Measurable Results
Another issue with the previous spray-and-pray financial advisor advertising technique was that financial advisors couldn’t analyze the performance of their marketing initiatives, compare them side by side, or run A/B tests.
However, financial advisor Google ads deliver a lot of real-time and detailed data on your adverts. You’ll determine which ads are the most effective, which ones need to be tweaked, and which ones you should stop running entirely.
Again, this digital type of financial advisor advertising boosts your ROI dramatically and helps you target (and identify) the people who are most likely to be receptive to you and your financial services.
3) Financial Advisors Google Ads Come in a Variety of Formats
Financial services can be pretty challenging to understand; hence, they require more than a 5-minute commercial to pass a message across.
From captioned pictures to 30-minute financial advisor videos, Google ads come in various formats to suit audience preferences. The financial advisor videos, for example, can be long enough to contain basic information about your services.
Because of this versatility, you can tailor your advertising to your potential customers.
4) You Can Retarget Your Google Ads
Retargeting ads have an average click-through rate (CTR) of 0.7%, which is ten times higher than display ads (0.07%).
Retargeting your most interested clients is a massive benefit of financial advisor Google Adwords. When a potential customer replies to your adverts, the advertising networks track it. You can then continue to present the prospect with ads tailored to the amount and type of interest indicated by their original ad response.
Google Ads Marketing for Financial Advisors: 7 Success Tips
A successful financial advisor Google Ads strategy can help you generate more leads and close more sales, but it’s not always easy to do effectively. To make your Google Ads campaign work, you’ll need to start with the right keywords, create landing pages that convert, and track your results—easier said than done!
To help get your Google Ads campaign off on the right foot, we’ve put together these seven tips on creating an effective Google Ads campaign for financial advisors.
1) Start With Your Client
First and foremost, you should begin your online marketing campaign with your client in mind. As a financial advisor, if you don’t know what your audience wants to learn, how can you expect to attract and convert them?
Understanding your customers means learning their pain points and motivation so that you can speak to them appropriately. Your ads should always be pain-killer-based. In other words, when someone searches on Google and sees an ad that resonates with their pain point, they will click on it and hopefully pass through your entire sales funnel.
When crafting effective financial advisor ads, remember that your ads can convey several different messages, some of which might resonate more than others with particular consumers!
2) Set Goals
A goal is something you want to achieve. Therefore, before launching your financial advisor Google Adwords campaign, it’s essential to have clear objectives. Otherwise, you will waste time and money on ads that aren’t likely to generate any return.
Setting Google Ads goals helps you assess priorities and allows you to measure success when it comes time to review ad performance.
3) Target a Specific Niche
Rather than blasting out adverts to everybody looking for an independent financial adviser (IFA), you should aim to be as specialized as possible.
Hence, it will be far more fruitful to attract your target markets for financial advisors using a niche marketing. The more detailed the search query, the more you can attract high-quality traffic to your website.
4) Make Use of Lead Magnets
Google Ads is an excellent approach to reaching out to people who have expressed interest in your financial services. A large portion of your audience will be eager to contact you for a consultation. The use of a lead magnet comes into play here.
Lead magnets can take several shapes, the most typical of which is a downloadable guide with some extremely beneficial information or advice. You give your viewers your lead magnet in exchange for their contact information. It allows you to follow up with them rather than leaving your site and leaving with no way to contact them.
Lead magnets build trust and are an excellent method to show your visitors that you are an industry expert and that they could just contact you and take action.
5) Differentiate Yourself from Competitors
Competitors are everywhere, primarily online. If you aren’t differentiating yourself from your competitors and making sure you stand out in people’s minds, you could be missing opportunities to attract new customers. A great way to do that is by thinking about what makes your financial firm unique and then integrating that into your digital presence.
Maybe it’s something as simple as a personal story, or perhaps there’s an angle on their experience or industry expertise that will resonate with potential clients. The possibilities are endless—just make sure whatever approach you take is true to your brand and what defines your firm.
6) Create Multiple Campaigns
Before creating an ad, it’s crucial to develop several strategies for attracting and converting target markets for financial advisors. First, if you have no sense of who your target audience is yet, try separating your marketing goals into multiple campaigns so you can focus on specific metrics and keywords.
The easiest way to do that is by creating different campaigns with different budgets and ad groups. This way, you can start gathering data about what works best and doesn’t work.
7) Review Reports Regularly and Make Adjustments Accordingly
To ensure that your financial advisor ads campaign is working, you need to monitor performance in real-time. Because the competition is tough out there, you may want to review your reports daily, which will allow you to recognize changes in traffic and activity quickly. Then, if things are off-kilter, you can change course or adjust your paid advertising strategy before you lose too much time and money.
Be sure you also set up conversion tracking to measure performance accurately and your most enormous opportunities are optimized for growth.
Paid Search Marketing Regulations for Financial Service Providers
Are your financial advisor Google ads legal? Are there any google policies Adwords financial ads must adhere to?
Although Google remains your best bet when it comes to financial advisor PPC advertising platforms, you’ll still have to ensure that your ads follow certain Google advertising restrictions for financial products before you turn them on.
However, in recent years, new regulations from both the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC) have come into effect that governs how you should advertise through these paid channels.
These Google advertising restrictions for financial products apply to all financial services providers, so make sure you know them before setting up your next financial advisor Google ads campaign. Here is a list of some of these regulations:
- You must use only factual information about how your company works and does business in all of your financial advisor ads; anything else could lead to being banned from using Google ads.
- Your financial advisor ads must not make false claims about how long it takes for someone to get paid out if they win their case or about how much money someone will receive if they win their case.
- Financial service providers cannot use financial advisor ads that include comparisons to other companies or products, such as comparing your payouts to other companies’ payouts, unless you have hard evidence showing that your company pays more.
- Financial service providers cannot tell people what they should do with their money; instead, they should only provide information about what their company does and how it works.
- Financial service providers cannot use language that could be perceived as manipulative or misleading in their financial advisor ads.
These are the significant Google policies Adwords financial ads campaigns must follow to keep from running afoul of the government and harming your business reputation.
Best Practices for a Successful Google Ads Campaign
If you’re just starting a financial advisor business, Google Ads is an important channel you should tap into to acquire new clients and increase your conversion rate from first contact to closing the sale.
Unfortunately, you may have no idea how best to use it or even what type of ads to run. But, rest assured that, over the years, we’ve discovered the best practices that can help you reach your financial goals with financial advisor Google Adwords and now we want to share them with you!
So, here are the five best practices financial advisors can follow to enjoy a successful Google Ads campaign in 2022.
1) Measure Your Results
Look beyond your click-through rate. You may be spending thousands of dollars on Google Ads and receiving zero conversions, but if your click-through rate is high, you’ll still see that as a success.
So instead, take note of conversion rates (the number of people who clicked on your ad divided by those who visited your site) and spend more time finding keywords with high-quality scores—meaning they’ve got low cost per click and high conversion rates.
2) Optimize Your Campaigns
A good way of making sure you do that effectively is by coming up with objectives first: what are you trying to achieve with your campaign? Only then can you choose appropriate metrics and start fine-tuning towards achieving them.
Once you’ve got some data about performance, focus on relevant KPIs such as return on ad spend (ROAS), cost per lead (CPL), customer acquisition cost (CAC), or profit margin per lead.
3) Use Automated Bidding
According to Google, automated bidding allows you to automatically set your ads’ bids to increase visibility, clicks, and conversions. Financial advisor PPC advertising campaigns can improve efficiencies, but only if ad bids are set appropriately from day one.
Automated bidding options make optimizing your campaign’s spend and performance over time easier.
4) Keyword Planning Made Easy
The average ad CPC for the finance and insurance industry on Google is $3.44 for search and $0.86 for display network.