August Benefits News and Posts

Financial Planning as a Workplace Benefit

From e MONEY / By Mac Gardner

For far too long, financial planning and wellness resources have only been available to people who are already wealthy. Technology is playing a big role in changing that and it’s getting an assist from employers who understand that financially healthy employees are good for business.

Millions of dollars in employee productivity are lost by large employers each year because of the stress over finances suffered by their employees. This has led to an increase in the number of employers who offer financial wellness benefits options alongside traditional health and retirement benefits.

I was joined on Season 3, Episode 5 of the eMoney original podcast, That Makes Cents, by Farzin Karim, Senior Vice President and Head of Financial Wellness for Fidelity Investments and Ross James, CFP®, AIF®, QPFC, Vice President and Head of Financial Planning for Sentinel Benefits & Financial Group.

Our discussion centered around the importance of providing employees with tools to improve their financial wellness and how employers can effectively determine what their employees want and need.

Determining Which Financial Wellness Benefits Are Right for Your Employees

The job market for employers is extremely competitive and the pandemic has changed how people want to work. Employers are finding that they need to get creative to attract and retain top talent. Adding financial wellness benefits to your employment package is a way to differentiate from the competition.

But there’s some work that needs to be done to determine the right benefits for your employees. Farzin noted, “Employers need to ask themselves, ‘What is the makeup of my workforce?'” The answer to this question will help with your decision about what to offer.

She adds, “If you have a younger workforce that is burdened with student loan debt, consider offering student debt repayment or refinancing programs. The pandemic disproportionately impacted women and people of color. If this describes your workforce, you may want to consider flexible work schedules or childcare options.”

Ross added that at his company, they help employers ensure their benefits cover the “3Rs: recruit, retain, retire. You can’t look at employee benefits in silos anymore … It’s all about health and wealth planning. Employers can help their employees use their 401(k) effectively; use their healthcare plan effectively; [teach them] how to properly insure themselves. [This thinking] gives employers a more strategic benefits vision moving forward.”

Meeting Employee Expectations

It comes as no surprise that employees expect their employer to be a resource to help with financial wellness. After all, they are already the primary provider of income, insurance, savings, and many other benefits that contribute to financial wellness. A recent survey by eMoney found that nearly 50 percent of participants would like their employer to offer insight into their entire financial picture—not just retirement.

There are many options for employers when it comes to helping employees look at their finances more broadly and addressing both short- and long-term needs. Farzin pointed out that, “Life is messy. When employers are considering the benefits people need to have, not only are they facing varied needs and challenges, but employees aren’t feeling confident and knowledgeable.”

She noted that Fidelity’s research into the key drivers of financial behaviors found that, “Confidence and financial knowledge are the top two drivers—much higher than any others. As employers think about how to understand the needs of their workforce, it’s also important to address those needs in a way that helps them feel more confident and knowledgeable.”

This is something I have long believed—competence brings confidence. Employers have a clear opportunity to provide financial education to their employees. By giving them the knowledge to make competent decisions about their financial needs, employees will be more confident in doing so.

Simplify the Benefits Process

A theme that came up numerous times during our discussion was simplification. Employees benefit from understanding how all their job benefits work together to support them and their families.

Ross circled back to this concept several times by sharing, “When it’s all [entire benefits package] working together, it makes it simpler for the employee.” This includes the benefits selection period. He added, “People tend to have to make these huge financial decisions in one or two weeks during open enrollment.” He feels that’s just not enough time to fully understand the options available and how everything works.

Certainly, communication and education are an important part of the benefits picture—and simplifying the processes and language used in your financial education efforts will help.

Ross goes on to add, “Absolutely simplify the language [used to explain benefits]. It’s what makes people get stuck sometimes and a workplace financial wellness program should be getting people unstuck. Poll staff to see what they want to learn more about. Find out what they are focused on for the year and tailor a communication plan around that.”

Use Technology to Improve Outcomes

When I think about the pace of technological change it makes my head spin. The amount of change taking place is staggering and it’s been a boon to financial professionals, enhancing their ability to reach more people.

Farzin especially likes the way it can be used to “personalize the experience of helping people on their financial wellness journey.” She shared, “What providers have been able to do in helping people save for retirement is making it easier for them to participate—autoenrollment, auto-escalation, vesting, employer contributions and matching—those are the kinds of things that provide nudges and incentivize participation in traditional savings plans. If we apply that same principle to using technology and innovation to instill better discipline and habits in an automated manner for employees to be able to take the right steps to save for an emergency, save for college, save for an unexpected life event, those can have a pretty wide impact.”

Ross agrees that using technology “can really break down barriers and increase access to … financial wellness tools. I hope that technology providers can continue to advance the cool things they are doing and make sure we can get these tools into the hands of more and more people.”

Using technology to help employees set and prioritize multiple goals, monitor progress, and assess how they are doing can increase their confidence and outcomes to live the lives they want. Being able to pick up your phone and see all your family’s financial life in one place is wonderful.

Leveling the Playing Field

For a long time, our industry has focused more closely on working with people who already have a certain level of wealth. But things are changing, and people understand that their employers are willing to provide answers to their financial questions. As more and more employers offer financial wellness programs as part of their benefits packages, financial professionals would be wise to look for ways to lend their support.

To hear more of our conversation about financial wellness as a workplace benefit, give a listen to Episode 5 of Season 3 of the That Makes Cents podcast.

Todd BellistriJanuary 17, 2022August Benefits

Why not start off this selling season leading into the holidays on the right foot? One way to do that is to finally give some thinking to smart marketing. We don’t need to be the ones to tell you it’s very competitive out there (but we will), what with tons of start ups and side hustles all over the landscape. By developing a legit marketing program you are giving yourself a true foot up on the competition. So read on, you’ll see that its not as daunting as you think and the upside is well worth it.

FROM FORBES / BY DOMINIQUE HARROCH

In today's digital landscape the right approach to small business marketing combines advanced technology, data-driven insights, and effective digital platforms. Here’s a comprehensive guide to small business marketing to companies navigate the current marketing trends and tools that can drive business success.

Key marketing tools for small businesses

Following is a summary of 11 key marketing tools that small and growing businesses should consider when leveraging owned, earned and paid media:

1. An optimized small business website

A high-performing website is crucial for marketing today. An optimized site increases your page rank on Google and other search engines, and in today's world, fewer than 1% of searches go to the second page of a search. Key elements of an effective small business site include:

Memorable domain name: Choose a name that reflects your business and is easy to recall.
User-friendly design: Ensure your site is visually appealing and intuitive. Sites should have a clear structure, intuitive navigation and information that is easy to access.
Search engine optimization (SEO): Implement SEO best practices to rank higher in search engine results.
Mobile optimization: Since over 55% of global web traffic comes from mobile devices, you’ll want to ensure your site is mobile-friendly.
Valuable content: Regularly update your site with engaging content like blogs and articles that address your audience's interests and needs.
Fast loading times: Optimize page speeds to improve user experience and SEO rankings.
Secure hosting: Use reputable hosting services to protect your site’s data and performance.

Additionally, integrating tools like Google Analytics (now called GA4) and Google Search Console (GSC) can provide valuable insights into your site's performance and user behavior.

2. Paid search engine marketing (SEM)

Paid search engine marketing, in which you pay if a keyword is clicked on that drives traffic to your website, remains a powerful tool for driving targeted traffic. Platforms like Google Ads and Bing Ads allow you to:

Bid on keywords: Use tools like Google keyword planner to select high-value keywords relevant to your business.
Control costs: Set daily and monthly budgets, and adjust bids based on performance.
Analyze performance: Track key metrics to assess and refine your campaigns.

3. Paid listings and display ads

Paid listings on platforms like Yelp, Facebook, and Pinterest can boost visibility. Use Google’s Display Network to target ads based on user interests and behavior. This approach allows you to:

Choose ad formats: Use banners, text ads, or video ads to capture attention.
Track return on investment (ROI): Monitor clicks and conversions to measure effectiveness. Track your costs, record and monitor revenue, and record all expenses. Make sure to measure lead generation numbers, customer acquisition, and sales metrics as valuable insights into your marketing effectiveness.
Testing: By experimenting with different ad copy, targeting options, and formats, businesses can identify what resonates most with their audience, refine their strategies, and ultimately improve click-through rates and conversions. This can include A/B testing, target audience variations, ad copy variations, call-to-action (CTA) testing or visual elements where you test different images or videos to determine which visual elements attract more attention and engagement.

4. Content marketing

Content marketing remains a cornerstone of effective digital strategies. Key tactics include:

Blogging: Regularly post optimized content to drive organic traffic. Nine out of ten marketers use blogs as part of their content strategy.
Guest posting: Publish articles on popular platforms such as Medium and AllBusiness.com to enhance your reach and SEO. Strive to create “evergreen” articles, which are designed to remain relevant and valuable over a long period of time, regardless of current events or trends. Unlike timely articles that focus on current news or trends, evergreen content addresses topics that have enduring interest and utility.
Video content: In 2023, individuals spent an average of 17 hours a week watching videos online. Utilize platforms like YouTube and TikTok to engage your audience.
Content platforms: Leverage content recommendation platforms like Outbrain to expand your content’s reach.

5. Social media marketing

Social media is a powerful tool for engaging with your audience. Focus on platforms such as:

Facebook: Effective for broad audience reach and targeted ads.
Instagram: Ideal for visual content and influencer partnerships.
LinkedIn: Best for B2B marketing and professional networking.
TikTok: Useful for viral video content and younger demographics.

With over 5 billion global social media users and growing, effective social media marketing can significantly enhance your brand’s visibility and engagement. To be effective, you must regularly post interesting content to obtain and keep followers.

6. Influencer marketing

Influencer marketing involves collaborating with individuals who have a significant and engaged following on social media platforms like Facebook, TikTok and Instagram to promote products or services. These influencers, who can range from celebrities to niche content creators, leverage their credibility and relationship with their audience to drive brand awareness and influence purchasing decisions.

The impact of influencer marketing on broader marketing efforts can be profound, as it allows brands to tap into authentic, targeted communities that are often more receptive to recommendations from trusted (or at least known) voices.

This form of marketing can enhance brand credibility, expand reach, and generate higher engagement rates compared to traditional advertising. As consumers increasingly seek personalized and relatable content, influencer marketing has become a powerful tool for connecting with audiences in a meaningful way.

7. Online business directories

It’s important for business owners to list their companies in prominent and reputable business directories. Often these listings are free, but even if you must pay a small fee, it can be worth it.

The benefits include

Exposure to potential clients and customers.
Boosted SEO through backlinks.
Improved online presence and brand awareness.
Increased credibility for your business.
Low-cost or free marketing.

The following is a list of top business directories to consider listing your business:

AllBusiness.com
Better Business Bureau
Facebook Page
Google Business Profile
LinkedIn
Superpages
Bing Places for Business

8. Radio marketing

While less prominent today, radio can still be effective. Many people are in their cars during peak commute hours. To maximize radio advertising:

Targeted placement: Choose stations and time slots that align with your target audience.
Engaging content: Create memorable and concise ads.
Consider your market: Are you a B2C company (business to consumer) or B2B company (business to business)? Is your market local (like a neighborhood restaurant), national (such as selling payroll services), or international (such as selling unique clothing to multiple markets)?

The cost-effectiveness of radio compared to TV makes it a viable option for more localized campaigns.

9. Press releases

Press releases are valuable for announcing significant business updates. Ensure your release is:

Newsworthy: Focus on unique and timely information.
Well-structured: Include a strong headline, key details, and contact information.
Multimedia: Incorporate multimedia elements like images and videos to increase engagement.

10. Email marketing

Email marketing remains effective when executed correctly. Best practices include:

Segmenting: Personalize content based on customer preferences and behavior. Use data to segment your lists and target markets.
Offering engaging content: Provide valuable information, special offers, and updates.
Optimization: Use A/B testing to refine subject lines and content.
Using AI-driven tools: These can help automate and personalize email campaigns, improving engagement rates.

11. Direct mail marketing

Despite the digital age, direct mail still works for certain audiences. To optimize direct mail:

Use targeted lists: Use well-researched mailing lists to improve ROI.
Implement creative designs: Ensure your mail piece stands out and is easy to read.
Track mailings: Monitor responses and effectiveness.

More tips to enhance your marketing campaigns

Here are some additional tips to optimize your marketing campaigns:

Segment: Segment your target market to a specific audience. Segmentation can be done with respect to age, gender, income level, education, geography, purchase stage or brand loyalty, and more.
Business lists: Consider using high quality business lists such as Dun and Bradstreet, Experian Business, ZoomInfo or InfoUSA. These lists can be used in multiple channels as well, maximizing the value of the lists.
Track real time: Track your marketing campaigns in real-time to get immediate insights, make quick adjustments, and understand what is working or not.
Key metrics: Track the key metrics in your campaigns, such as click-through rate, engagement rate, conversion rate, sales, revenue, customer acquisition cost, market share, and churn rate.
Software and AI: Use software and artificial intelligence (AI) tools for social media management, content creation and testing of alternative ads.
Budget: Allocate your budget wisely. Assess the performance of different marketing channels and allocate your budget to the ones that deliver the highest ROI. Continuously review and adjust your spending to focus on the most effective strategies.
Keep current: Stay updated with trends. Keep up with the latest marketing trends and technologies. Experiment with new platforms, tools, or strategies to stay ahead of the competition and reach your audience in innovative ways. Keep up to date with experts by seeking articles from reputable business sources such as AllBusiness.com.
Promote across channels: Share earned media coverage on your website, social media platforms, and email newsletters. For instance, if a major publication writes about your product, feature this article prominently on your homepage or social media profiles.
Showcase social proof: Use earned media as a form of social proof by highlighting positive reviews, testimonials, or features from reputable sources. This can build credibility and trust with potential customers.
Strengthen relationships with media: Build and maintain good relationships with journalists and influencers. This can lead to more favorable coverage in the future and expand your media network.
Repurpose content: Convert mentions and reviews into additional content, such as blog posts, case studies, and infographics. For example, if your company was featured in a popular tech blog, you could create a detailed blog post about the experience and its impact.

Ready to enhance your small business marketing strategy?

Developing a comprehensive and modern small business marketing strategy requires leveraging a mix of traditional and digital techniques. By integrating artificial intelligence tools, optimizing SEO, utilizing effective SEM strategies, and harnessing the power of social media, you can create a dynamic and effective marketing approach. Start by experimenting with different strategies, tracking your results, and refining your approach based on performance data.