YouTube changed the way we connect with each other, share information and ideas, and hear each other's stories. Born out of a need to easily share posts and videos with family, this $200 billion business is now hosting many of our videos. He dismissed the social media phenomenon of influencers recording themselves doing their favorite things or sharing experiences; you watch because you've grown to have a connection with the influencer.
As I like to say, connection breeds relatability, and relatability breeds preference. After all, for those of us who think we buy a good or service simply because of that item, they are wrong. People buy from people, not businesses. Behavioral economists, scientists, researchers and data show that over 95 percent of purchase decisions subconsciously driven by people's emotions. We're not thinking when we make most of our economic decisions—we're feeling.
That's why it's important that advisors don't just see themselves as people who make financial plans and help others retire comfortably. Yes, that's technically what you do, but that's not what separates one advisor from another. How would we expect an investor to decide between Advisor A and Advisor B if they are making the decision based solely on services that are largely the same? We can not. It's all about the brand of the advisor.
To go back to relatability for a second, it's about three things: originality, personalization, and accessibility. The first aspect is, you've probably guessed, bringing your true self to your work; sharing your passions and your true personality with people. Of course, there is a risk that someone will not appreciate your humor or your offer, but this is also a method of helping unsuitable customers to choose their own path. Often, it will endear you to people and make them referral magnets because of their connection to you.
An important point about accessibility is to make sure that you are putting yourself out there so that people can contact you. In my case, I travel a lot, so you can find me on stages all over the country. But on my website, while I have the pretty standard contact form that most people use, I also have my email address, my phone number, and my address. I'm inviting people to talk to me in whatever way is most comfortable for them. People looking for that level of accessibility know they'll find it with me.
I also like to say that relatability is your income superpower. Fifty-seven percent of customers will increase their spending with you if they think about it about your brand and you personally. Also, 76 percent of consumers will buy from you over your competitor if they feel drawn to your brand.
Another key component of relatability is trust or confidence in yourself and your brand. Women are known to have impostor syndrome, especially if you grew up like me, being told not to smile too much. My smile is what got me to where I am, starting with the beginning of my career when I was smiling and calling. Those with imposter syndrome must do their best to shake it off and recognize all of their superpowers.
Some people find trust difficult because they don't want to appear arrogant. And this is understandable. If you're less comfortable advertising your accomplishments, let others do it for you. That's what the evidence is for.
I know this may sound corny, but I think the world would be a better place if financial advisors built similar brands. Listen to me. The investor achieves more wealth. The advisor touches more people, which can increase the country's financial literacy. Advisers can introduce prospective clients when they are ready for financial advice.
Advisors who want to work on humanizing their brand can take some or all of these steps:
- Put a calendar booking tool right on their website in addition to phone and direct email.
- Create educational content and simple communications for clients and/or prospects in their own voice or with video, depending on an advisor's comfort level.
- Post testimonials on their website and social media that show how they've solved other people's problems and drive engagement.
Creating pathways that bring people closer to you through authenticity, personalization and accessibility can bring more profits and customers. There's a reason we all use YouTube to find information. After all, it has your say in it.
Diana Cabrices is the founder of Diana Cabrices Consulting