Can National Press Outreach Help Local Wealth Managers?
Many wealth managers question the benefit of reaching out to the national press to promote their firm.
Why talk to a national audience if you are only interested in attracting clients readily accessible to your office? Although engaging both national and local media isn’t mutually exclusive, many wealth management firms don’t bother with reaching out to the national media. Yet, many wealth managers ask the question: How could greater visibility with high net worth investors in California be beneficial to my firm in Maryland?
What Can National Exposure Do for My Firm?
Although it’s not easy to accurately track media exposure to new business, being quoted or featured in the press positions you as an authority and makes you recognizable on a larger scale. Both prospective and existing clients are likely to hold you in higher regard and feel more confident that their money is being managed by a reputable, knowledgeable firm.
With national exposure, existing clients are likely to view you as a thought leader in the market. If you were a prospective client, who would you rather listen to? An expert highly-regarded by the mainstream media with a large following, or a small firm with only local clientele?
National Press Profiles and Readership
Let’s look at some audience statistics for select national press outlets to get a better understanding... According to Barron’s magazine’s audience profile, the average reader’s household net worth is $2 million. Forty-three percent hold top management positions and over half are millionaires. Other magazines and newspapers publish similar statistics, such as Marketwatch, who sees 10 million unique visitors per month. Fifty percent of their subscribers are millionaires.
“But why does this matter to me if those millionaires reading the news aren’t in my geography?” you might ask. The response is simple, they most likely are. According to a 2017 survey done by Spectrum Group, there are about 10.8 million people whose net worth is above $1 million in the United States. So, if 41% of the Wall Street Journal’s subscribers have net worth in excess of $1 million, then there is a high chance that the high net worth individuals in your local geography are reading those publications.
The Landscape is Changing
Another point to consider is that the media landscape is changing. According to the Bureau of Labor Statistics’ Occupational Employment Statistics (OES) fact sheet, the number of people employed in newsrooms across the country as reporters or editors decreased by 37% from 2004-2015. This trend is continuing, and as a result, local news outlets are relying more and more on national wire services like Reuters or Bloomberg for content. Today, a wire service interview can be invaluable, giving you both national press and the opportunity to be covered locally at the same time!
Doing so also builds up your credibility with the local press, who will be reading those national publications and see your firm, leading to the possibility of continuing coverage.
What if I Just Do It Myself?
Every firm wants to enhance their brand’s presence effectively. Many wealth managers take to the local radio waves as regular guests or even host shows where they talk to members of the community on financial topics. This is a good way to get some hometown recognition – and requires a great deal of work when done regularly. Anyone who has ever set up their own successful podcast can tell you, marketing a show is a business unto itself. You need regular content, a website, recording studio time, production assistants, and a lot of time to put together an engaging, dependable program. Wealth managers are already busy people and it may not make sense to market both a firm and a radio program to build your profile.
Creating a Strategy
Is establishing a national footprint a viable option for your firm? There are many pros and cons to designing and implementing an effective PR strategy and many questions you should ask before starting on your own. To find out what is right for you, sign up for a free PR consultation and learn more.