AboutPeople (AP)
First impressions of credibility marketing, Pt. 1
By Michael Lovas
I came to the financial industry after a career as a marketing writer, and I was always fascinated with the psychology behind marketing. Yet over the years, I simply saw too many marketing pieces that were totally dysfunctional with conflicting messages. I knew there was a more effective way to put all the elements together -- and I found it. In fact, I wrote a book on it, entitled Beyond Wave Marketing.
The combination of type faces, graphics, photos, words, line length, paragraph length and font color all make different statements about who you are. If you don't coordinate them in the right way, you send a mixed message to your target market. So, let's look at how you can maximize the credibility impact from your marketing efforts.
First impressions: Your Web site
In this day and age, your Web site is a business requirement. Think of it as your "virtual office." People who do not have a dynamic Web site appear to be amateurs. In fact, the reality is we judge people and companies by many different variables. When we're still forming a first impression, one of the places we go to is their Web site, making it just as important as your business card. Thus, the Web site is a critically important opportunity to deliver the exact message you want people to have about you.
Knowing that, what sort of impression does your Web site give to visitors? What does it say about your professionalism, sophistication and credibility? You see, for advisors, the Web site is not a profit-generation tool, it's not even an information tool -- it's a credibility tool.
I'm often asked to critique professional Web sites. One of the most common mistakes I see is that the site assumes a visitor has all day to linger, reading and believing every word. It's rare to hear,"Oh, Martha, this is great! Look, the firm started in Davenport, Iowa! I wonder what their hobbies are."
Far too often, the most vital information is obscured behind an avalanche of words in long paragraphs. That's simply annoying to the visitor. But even worse, it's seriously counter-productive because by the time the visitor finds the first vital fact, the first impression has already long been formed. If that person had to dig and search to learn what value you represent to him, well, he won't be impressed and is probably already on his way to someone else's site.
So, how many minutes do you think you have in order to give visitors to your Web site a great first impression? Actually, none. In fact, less than one second. According to Gitte Lindgaard of Carleton University in Ottawa, the first impression from a Web site is made in 50 milliseconds. Lindgaard described her findings in an article in the scientific journal Nature. She warns, "Unless the first impression is favorable, visitors will be out of your site before they even know that you might be offering more than your competitors."
What goes into a Web-based first impression? People look for three categories to decide whether your Web site and, consequently, you are credible: the professional look, the congruence and the relevance.
Professional look: Does your site look like it was professionally done, or is it oh-so obvious that you and your teenage nephew put it together one Sunday afternoon during halftime? Does it look good, but resemble way too similar dozens (even hundreds) of other financial sites?
Congruence: Is your site congruent with your profession, industry and the expectations of your visitors? An ad agency's site would look different from engineer's site, which would look different from a CPA's site. Know your market and the types of images, color and content that appeal to them. In the financial industry, you need an appropriate look and great content that is relevant to your chosen target market. You don't need dancing figurines or pop music. Finally, make sure the graphics and language on your site are congruent with your intention.
Relevance: Let's say you're looking for someone specific -- like an estate planner who knows the Napoleonic Code (the legal system in Louisiana). If the language on the site does not mention Louisiana, you'll believe that the people behind it do not operate in Louisiana. If you see lots of advice about lots of different topics, you'll think that the people running the site do not specialize in anything. Both of these are reasons to look elsewhere. No one can be all things to all people in all states. Specificity wins.
A couple of years ago, I was starting to put together a network of coaches who operate in the financial industry. I thought it would be a simple job, since there are plenty of them. It did not take long before I realized that many coaches don't specialize in the financial industry and very few specialize in anything at all.
Indeed, the vast majority of the ones I researched claimed to be all things to all people. They were saying, "You want sales training? I can do that. You want marketing help? I can do that. You want an in-depth analysis of your financials? I can do that. You want help with personal issues? I can do that..." Where is the credibility in that? I'd say it is missing in action.
Power elements
In my research into what builds credibility most effectively, I identified five "power elements" that affect credibility on a Web site. Here are the top three:
Credibility is also important considering the current state of the economy. Because the financial industry has taken a gut punch -- a rapid and catastrophic disintegration of credibility -- it directly affects you. How? Consumers (or investors) see the horror stories in the media. They know the industry is in a sad state -- and they associate you with it. After all, you are a representative of it... right? So, while you are likely to be a paragon of competence and honesty, your target market now lumps you in with the industry's problems. That means you need to learn how to fortify and build your credibility. And you need to initiate a credibility strategy -- now!
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.
The combination of type faces, graphics, photos, words, line length, paragraph length and font color all make different statements about who you are. If you don't coordinate them in the right way, you send a mixed message to your target market. So, let's look at how you can maximize the credibility impact from your marketing efforts.
First impressions: Your Web site
In this day and age, your Web site is a business requirement. Think of it as your "virtual office." People who do not have a dynamic Web site appear to be amateurs. In fact, the reality is we judge people and companies by many different variables. When we're still forming a first impression, one of the places we go to is their Web site, making it just as important as your business card. Thus, the Web site is a critically important opportunity to deliver the exact message you want people to have about you.
Knowing that, what sort of impression does your Web site give to visitors? What does it say about your professionalism, sophistication and credibility? You see, for advisors, the Web site is not a profit-generation tool, it's not even an information tool -- it's a credibility tool.
I'm often asked to critique professional Web sites. One of the most common mistakes I see is that the site assumes a visitor has all day to linger, reading and believing every word. It's rare to hear,"Oh, Martha, this is great! Look, the firm started in Davenport, Iowa! I wonder what their hobbies are."
Far too often, the most vital information is obscured behind an avalanche of words in long paragraphs. That's simply annoying to the visitor. But even worse, it's seriously counter-productive because by the time the visitor finds the first vital fact, the first impression has already long been formed. If that person had to dig and search to learn what value you represent to him, well, he won't be impressed and is probably already on his way to someone else's site.
So, how many minutes do you think you have in order to give visitors to your Web site a great first impression? Actually, none. In fact, less than one second. According to Gitte Lindgaard of Carleton University in Ottawa, the first impression from a Web site is made in 50 milliseconds. Lindgaard described her findings in an article in the scientific journal Nature. She warns, "Unless the first impression is favorable, visitors will be out of your site before they even know that you might be offering more than your competitors."
What goes into a Web-based first impression? People look for three categories to decide whether your Web site and, consequently, you are credible: the professional look, the congruence and the relevance.
Professional look: Does your site look like it was professionally done, or is it oh-so obvious that you and your teenage nephew put it together one Sunday afternoon during halftime? Does it look good, but resemble way too similar dozens (even hundreds) of other financial sites?
Congruence: Is your site congruent with your profession, industry and the expectations of your visitors? An ad agency's site would look different from engineer's site, which would look different from a CPA's site. Know your market and the types of images, color and content that appeal to them. In the financial industry, you need an appropriate look and great content that is relevant to your chosen target market. You don't need dancing figurines or pop music. Finally, make sure the graphics and language on your site are congruent with your intention.
Relevance: Let's say you're looking for someone specific -- like an estate planner who knows the Napoleonic Code (the legal system in Louisiana). If the language on the site does not mention Louisiana, you'll believe that the people behind it do not operate in Louisiana. If you see lots of advice about lots of different topics, you'll think that the people running the site do not specialize in anything. Both of these are reasons to look elsewhere. No one can be all things to all people in all states. Specificity wins.
A couple of years ago, I was starting to put together a network of coaches who operate in the financial industry. I thought it would be a simple job, since there are plenty of them. It did not take long before I realized that many coaches don't specialize in the financial industry and very few specialize in anything at all.
Indeed, the vast majority of the ones I researched claimed to be all things to all people. They were saying, "You want sales training? I can do that. You want marketing help? I can do that. You want an in-depth analysis of your financials? I can do that. You want help with personal issues? I can do that..." Where is the credibility in that? I'd say it is missing in action.
Power elements
In my research into what builds credibility most effectively, I identified five "power elements" that affect credibility on a Web site. Here are the top three:
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1. Testimonials: There is a danger here: If you can't use real names, but have to list them as something like "BJ, Phoenix," then don't bother. About 15 years ago, I was the editor and co-author on a book about doing business with the senior market. The client asked me to write some testimonials. I said, "Huh?" And he replied that if I'd write them, he'd find people to say them. It was the last time I worked with that person.
2. Articles about you: In the January issue of MorningStar, there is a long article by David Drucker titled, "So You Think You Know People?" It's an amazing example of how to enhance credibility. We love the article because it's all about Pam and me. You can find the article by clicking here.
3. Articles by you: There is an expectation that if you are not published, you either don't know your topic, or you can't communicate. Either of those is reason enough for someone not to do business with you. People don't go out looking for an advisor who "isn't so bad," or one who's "as good as the next guy." They want someone who is highly competent and is a terrific communicator.
Credibility is also important considering the current state of the economy. Because the financial industry has taken a gut punch -- a rapid and catastrophic disintegration of credibility -- it directly affects you. How? Consumers (or investors) see the horror stories in the media. They know the industry is in a sad state -- and they associate you with it. After all, you are a representative of it... right? So, while you are likely to be a paragon of competence and honesty, your target market now lumps you in with the industry's problems. That means you need to learn how to fortify and build your credibility. And you need to initiate a credibility strategy -- now!
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.
