October 2021 Issue: Testimonials: The new Marketing "Silver Bullet"?-Testimonials: The new Marketing "Silver Bullet"? by Miguel Gomez

Testimonials: The new Marketing "Silver Bullet"? by Miguel Gomez

Pdf Summary

The author discusses the use of testimonials as a marketing tactic for financial advisory firms. While testimonials can be effective in building social proof, the author warns against relying solely on them as a marketing strategy. Testimonials can be used in paid advertisements or on an advisor's website, but they should be used in conjunction with other marketing efforts. The author suggests thinking of testimonials as a new asset class and considering their practical, regulatory, and branding implications before incorporating them into a marketing plan. The author also discusses the use of reviews as another form of testimonial, which can be more appealing and useful to consumers. However, the impact of reviews may vary when it comes to entrusting one's life savings to a financial advisor. The author advises advisory firms to improve their current marketing efforts before focusing on soliciting client reviews. They highlight the importance of having a well-designed website and effective procedures for working with prospects from the internet. Compliance rules should also be considered when actively soliciting reviews from clients. The author concludes by stating that reviews and testimonials may become more popular in the future, but the process is likely to be slow.

Keywords

testimonials

marketing tactic

financial advisory firms

social proof

paid advertisements

advisor's website

marketing strategy

new asset class

regulatory implications

branding implications