Your Business

Successful firms have a digital strategy

December 2016

Without a simple, well thought out digital approach to business, your future is under threat. 

How important is a digital strategy?

Good advice firms will continue to exist without one says ANZ Wealth aligned dealer groups general manager Darren Whereat, but more successful firms will need one.

At a round table discussion of industry experts, held by ifa magazine, he outlined that a digital strategy is about acquiring more customers, being positioned for tomorrow, and improving service and communication with clients. It is something that complements a business and broadens its appeal.

But understanding what is needed and how to start can be challenging for advisers.

Fortify Financial managing director Glen James recommended starting with the “small things”, but emphasised just starting, making sure a firm implements about four initiatives (whatever it prioritises) in a year.

Orion Financial Group director Sacha Loutkovsky says being clear, precise and targeted from the beginning is essential.

“There’s so many different ways to engage with clients … every different social media platform has a different purpose” and it can become confusing. “Targeting is absolutely key to a clear digital marketing strategy … [you need to] decide what you want from a strategy and just go for that.”

Some firms may believe digital capabilities would add little value for their target customers, says ANZ Wealth insurance managing director Gavin Pearce, but once started, the firm will find the value is there.

Integra Financial Services began by using a consultant to develop a well thought-out documented approach, allocating appropriate content to appropriate channels.

“Facebook is more for the happy snaps and things like that. So I do think if you’re going to do it you need to be serious about it and you need to formulate a strategy, and we did engage someone to help us with that, but basically we’ve done all the work ourselves,” says Integra financial adviser Deborah Kent.