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Podcasting Stats Every Advisor Should Know

Podcasting is an engaging medium and the recent advancements in podcast analytics are confirming what many have thought —it’ll be a cornerstone tactic in any relevant marketing strategy for advisors and fincos for many years to come. 

Here are some of the most important podcast stats you should pay attention to.

There were 550,000 podcasts as of June 2018
There are 750,000 podcasts as of June 2019
There are over 30 million episodes as of June 2019

Podcasting is here to stay. Podcasting has experienced steady growth for many years now. It’s become a safe marketing tactic and is slowly but surely taking its rightful place as a part of powerful marketing strategies. 

Podcasts aren’t a bubble, they’re a boom—and that boom is only getting louder. (2)

While 750,000 podcasts and 30 million episodes are big numbers, podcasting truly is unsaturated at this point, especially financial podcasts.

49% of podcast listeners tune in at home
22% of podcast listeners tune in from their car

Podcasts Listening Statistics

Where people listen to podcasts is a game-changing marketing breakthrough for businesses and, specifically, financial firms and professionals. Imagine having the opportunity to talk and share ideas with your ideal audience while they are sitting in their living room, walking their dog, or cooking dinner. Your favorite client fully immersed in listening to you.

Advisors have spent years and lots of money vying for the attention of their ideal audience. It’s never been easier. It’s never been more appropriate that the most valuable advisors with the best communication skills now have a distinct advantage over their less experienced or less comprehensive peers. You can’t fake a podcast. It’s proof that you are the expert your marketing says you are. Your podcast is proof that you get your ideal audience. 

80% of podcast listeners listen to ALL or MOST of the podcast

Over 80% of podcast listeners are listening to most of the podcast. Even though they could easily turn off or move on without the social pressure that’s so evident in live seminars or webinars, podcast listeners keep listening on their terms and, for the most part, are prepared and happy to listen to most of each podcast episode. This is just one more validated reasoning that supports the podcast marketing enthusiast and their (our) push for better financial marketing. 

47.9% of podcast listeners also follow the podcaster on social media

I wouldn’t say this stat is surprising or earth-shattering, but it points to the power of podcasting’s dynamic nature; podcasts are perfect social content. Podcasting provides what social engagers want — rich, authentic content. Research shows that LinkedIn is by far the best place for professional-content engagement: LinkedIn users are 11 times more likely to engage professional content than users of any other social network. 

41.3% of podcast listeners have made a purchase as a result of a sponsored message

There is a small percentage of financial podcasters I’ve worked with that aspire to having a revenue-producing podcast. Regardless of the current podcast revenue model, it’s good to hear that sponsors are seeing podcasts’ advertising activity. 

Podcasting Ad RevenuePodcast ad revenue as of 2016 was $119 million
Podcast ad revenue as of 2017 was $314 million
Podcast ad revenue as of 2018 was $402 million
Projected to be $659 million in 2020 

It can’t hurt that sponsors are lining up to spend money on podcast advertising to engage these audiences. This trend certainly expands the opportunities for advisors as they build their podcast audience and expected outcomes. 

70% of Americans are familiar with podcasting, and 50% have listened to a podcast

Do you remember back when investors didn’t necessarily research advisors’ websites? I predict podcasts will be almost as important as a website within the next five years. As podcasts become more accepted, they will be heeded for their credibility and easygoing nature. The cost of doing business will soon have to include having your own financial podcast. And guess what, the best time to start a podcast was four to five years ago. The second best time is today. 

Podcast listeners are 45% more likely to earn $250,000+ income 

This stat confirms what most advisors want to hear: that podcast listeners are higher-income earners. This generally means that listeners are also more educated and probably more willing to look for and accept professional advice. It’s yet another positive for podcasting being part of your financial marketing strategy.

In summary, podcasting is an incredible medium for advisors that is unsaturated, brings your voice into your clients’ and prospects’ worlds, captivates a high-earning listenership, is ideal content for a LinkedIn audience, and shows no signs of slowing down in popularity. Podcasts are a boom that is only getting louder. Now the question is — are you ready to start podcasting?


ORIGINAL SOURCES:
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Episode 181 — How to ask for Referrals without Begging — Referrals Mini-Series Part 2

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Ep 178 – Show Your Clients How to RetireReady — With Ed Dressel

Today, Matt shares the mic with a guest who has a substantial amount of experience in the finance industry and ideas to help you solve problems and make your life that much better.

In this episode, Ed Dressel, president and owner of RetireReady Solutions, shares how his company helps advisors educate their clients about what retirement can and will look like. Most importantly, you will find out how Ed’s processes can be applied to your experience.

In this episode, you will learn:

  • How the reports that Ed’s company provides breaks down retirement plans in a way that everyone can understand
  • What it means to take a smaller step towards retirement and other important questions to ask your financial advisor
  • What Ed likes to do for fun to blow off steam
  • Ed’s go-to piece of advice or life insight
  • And more!

Tune into this episode of the Top Advisor Marketing Podcast and learn how to help your clients RetireReady!

Resources: RetireReady Solutions

 

Brought to you by: Iris.xyz

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How to Build and Maintain Your Personal Brand in 4 Simple Steps

Personal branding is a great way to enhance your presence both online and offline. Building your own message and professional image can open doors to opportunities you may have never been considered for.

Helping audiences understand more about you and what you do, adds great marketing value to your personal brand, foments trust in you and your services, and makes you look professional and organized. And we all know those elements are highly important in the financial industry.

Most importantly, personal branding gives you a chance to separate yourself by positioning your specific expertise for a specific audience.

Personal branding gives you a chance to separate yourself by positioning your specific expertise for a specific audience.There are many misconceptions about branding, and sometimes advisors don’t take full advantage of this powerful tool when thinking about marketing themselves or their services.

Some people wrongly assume that personal branding means creating a fake version of yourself to appeal to audiences by telling people what they want to hear. 

The truth is, personal branding is about acknowledging all of your greatest attributes and building a quality message around them, which, in turn, builds your exposure and enhances the image others have about you.

A great example of a strong personal brand in financial services is Josh Brown, “The Reformed Broker.” Josh is the CEO of Ritholtz Wealth Management, but still finds a way to separate his personal brand from that of his company.

Having a dedicated space for your professional self, outside of a company, can give you the freedom to express your personality, as Josh clearly does on his website and social media. You will often see that it’s his personal posts that get the most engagement, as Josh creates a forum for people to join the conversation.

 

 

Another upside of having personal social media profiles and websites? They give you more places to promote other services that you offer or content you create, such as public speaking or books and podcasts.

Here are a few steps you can follow to start building your personal brand.

Step #1: Define Your Goal

Take some time to understand what is it that you want to achieve through personal branding. Do you want to be known for doing something unique? Gain recognition from your peers or audience? Promote your books and other publications? Be hired for speaking engagements? Become a micro-influencer?

This is a crucial step that will allow you to understand your why. Understanding your why will allow you to come up with a solid plan and keep your focus on the strategies ahead.

Step #2: Research

Research what other top financial professionals are doing. Inspiration can come from a professional you admire, a mentor, or even your top competitor. Make a list of all the tactics you find interesting that have worked for others and that resonate with the public. Then, adapt those tactics to your brand and find ways to make them better: more compelling, more credible, and more resonant to your audience.

At this stage, you will also need to have a strong sense of who you are. Specifically, recognize your strengths and the unique services you offer. Evaluate the methods and words you are currently using to deliver your messages and the results they have gotten you. Take in the good and make it even better.

 

Step #3: Choose your purpose and words

It’s time to determine what you want your brand to be associated with. Now that you’ve had time to understand your purpose, recognize your unique attributes and strengths, and research your competition, it’s time to come up with concepts you would like to build around your brand and make a list based on those concepts. This step will help you create strategies to achieve your goal.Michael Kitces Twitter

If you want to be associated with trust, you may consider building a message around transparency and the systems you use to guarantee information safety or share any certifications and awards you have. 

If it’s innovation, perhaps promote your unique approach, that groundbreaking method you use to make your clients’ lives better. Find ways to talk about that state-of-the-art software you use that no one else is using. 

If you wish to focus on experience, you could create guides and tutorials for your clients, volunteer to speak at events, start a new podcast, or change the dynamic of an existing podcast.

Once you have that list of attributes, it’s time to create your unique brand statement. A brand statement is a short description of what you do, what you are good at, or, simply, your values. Here is an example from Michael Kitces; he uses the word “nerd” for his personal brand, suggesting that he is a dedicated and highly knowledgeable advisor. We also see that same message replicated across his social media.

 

 

Michael Kitces Website

 

 

Step #4: Nurture

Now that you’ve laid the foundation and core values of your personal brand, it’s time to start building it up. Embrace this opportunity to start creating original content. Showcase your personality, views, and expertise in any way you can. This doesn’t necessarily mean you need to produce extensive publications. Sometimes the most personal forms of micro-content can inspire powerful conversations and build your relationships with ideal audiences.

 

Downtown Josh Brown 2

 

This last step is where it starts getting complicated for some advisors.

Marketing is not usually a “build it and they will come” tool, and it will take consistent effort to do it right. There has been a shift in the way businesses, professionals, and brands communicate with their clients — and this shift is becoming more common in the financial services industry, too.

Professional success for advisors is not entirely about the number and quality of leads and clients anymore. There is a new component to that: nurturing relationships with your ideal prospects, positioning yourself as a lead industry professional, and influencing people.  

Building your influence through personal branding can take some time. But it is, without a doubt, one of the most rewarding and important investments you can make in your career. 

 

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Ep 177 – 7 Steps for Strategic Risk-Taking — with Craig Hersch

Today, Matt welcomes back a known thought leader Craig Hersch, estate planning attorney and founder of The Freedom Practice.

Craig is here to share how he’s grown his business to the point where he’s able to spend time focusing on his highest and best use. In this episode, Craig also uncovers seven steps for strategic risk-taking so you too can overcome your obstacles and start generating great ideas.

In this episode, you will learn:

  • Craig’s seven steps for following through on your ideas
  • How your personality traits affect your ability to generate and carry out great ideas
  • The importance of looking back at how far you’ve come
  • Why you should be doubling your costs when doing a cost-benefit analysis
  • The importance of delegating tasks so you can carry out your highest and best use
  • And more!

Tune in and learn how to start putting your ideas into practice!

Resources: The Freedom Practice | The Estate Planner’s Practice Development Podcast | Kolbe Personality Test | The Blueprint Program

Brought to you by: Iris.xyz

 

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Ep 176 – Uncork Your Productivity: Part 2 — With Patty Kreamer and Michelle Donovan

Many advisors tend to have difficulties in the area of referrals. How much is too much? And why isn’t your COI reciprocating with client referrals?

In part 2 of uncork your productivity, Matt discusses the ins and outs of referrals with Michelle Donovan. They go on to answer many questions around referrals that plague the minds of many financial advisors.

In this episode, you will learn:

  • Where financial advisors can begin with getting referrals.
  • How the fear of sounding desperate is a self sabotaging belief.
  • Way to deal with the fear of sounding desperate when asking for referrals.
  • How to set clear expectations with your COIs and other existing clients.
  • The influence having a niche has on a financial advisor’s ability to get referrals.
  • How Michelle helps advisors find their niche.
  • What the communication training by Michelle and Patty to their clients looks like.
  • And a lot more!

Need some help with asking for or receiving referrals from your COIs? Let Michelle Donovan help you get uncorked and get results. Tune in now!

Resources: Productivity Uncorked

Brought to you by: Iris.xyz

 

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Ep 175 – Uncork Your Productivity: Part 1 — With Patty Kreamer and Michelle Donovan

Welcome to part one of this mini-series with our friends Patty Kreamer and Michelle Donovan, co-owners of Productivity Uncorked!

Today, Matt speaks to our special guests about productivity. They bring you actionable advice, covering topics from managing to-do lists and getting rid of brain clutter to calendering and cutting out email-stress once and for all.

In this episode, you will learn:

  • What it means to be truly productive
  • How to go about creating and managing a to-do list
  • How Patty teaches people the time blocking system
  • What it means to be unproductive and how to get ahead of it
  • Some of the biggest time wasters financial advisors deal with
  • Tips for reducing the stress that comes with handling emails
  • What the productivity coaching program by Patty and Michelle entails
  • And more!

Are you ready to uncork your productivity and become more effective? Then tune in to learn how!

Resources: Productivity Uncorked

Brought to you by: Iris.xyz

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Ep 174 – Start Creating Documented and Repeatable Systems — With Dean Soto

When Matt gets this excited about a guest, you know it’s going to be good!

Today, Matt chats with Dean Soto, president of Pro Sulum, about scaling your team and saving time by enlisting virtual assistants to document your systems. Dean also explains why rescinding control can be a good thing. In fact, Dean firmly believes that 95% of what we do can be done by someone else if there is a process in place.

In this episode, you will learn:

  • What drove Dean to start his own business
  • Which essential and time-consuming tasks virtual assistants can do for you
  • Who the most important person is to have in your organization
  • How to make standard operating procedures easier to put together
  • Why virtual assistants will save you time and money
  • Where the name Pro Sulum came from
  • And more!

Listen in now to find out how to document your systems and free up your time!

Resources: Dean Soto via LinkedIn | Pro Sulum

Brought to you by: Iris.xyz

 

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Ep 173 – Cracking the Code to Customer Devotion — With Shawn Moon

Today, Matt welcomes Executive VP of Global Sales and Delivery at FranklinCovey, Shawn Moon to the show!

In this episode, Matt steps outside of the finance industry to get Shawn’s fresh, new take on how to cultivate fierce loyalty in your customers. As it turns out, it all starts with your employees — 70% of your customers are influenced by your frontline employees! Today, you will learn how to help your employees strengthen their sense of empathy, responsibility, and generosity.

In this episode, you will learn:

  • Why the finance industry is practically tailor-made for the leading loyalty framework
  • Why it’s imperative to influence frontline employees
  • About the 11 huddles to have with your team
  • Ideas for using a powerful emotion —  surprise — to inspire customer loyalty
  • The satisfaction metric pitfalls to avoid
  • And more!

Tune in and learn how to influence your frontline employees and build customer loyalty!

Resources: Leading Loyalty |  FranklinCovey  

Brought to you by: Iris.xyz

 

 

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Ep 172 – Make Your Brand Powerful and Consistent Across Locations — With Austin Schmitt and Elijah Kovar

Great Waters Financial has truly achieved branding excellence. And today, Matt is bringing you some behind-the-scenes insight into just how they did it.

In today’s episode, our friends Austin Schmitt and Elijah Kovar, partners of Great Waters Financial, are here to share their secrets, starting with how they stay in control of their brand message while operating several locations accross the state of Minnesota.  

In this episode, you will learn:

  • An exercise to help you answer: What kind of story do you want to have told about you?
  • How to get down to the core of your brand message
  • Which part of the branding process usually trips people up
  • Why a mission statement is not a marketing message
  • Ideas for building your mission into your culture (even if you have a big team)
  • What percentage of Great Water Financial’s annual revenue is spent on marketing
  • Why your marketing budget should be the last thing you cut
  • And more!

Tune in now to learn tried-and-true strategies for uncovering your brand message and making it shine across several locations!

Resources: Great Waters Financial | Great Waters Financial Facebook Page | Iris.xyz