In 1932, Lucky Strike ran their infamous advertisement: “Do you inhale? Everybody’s doing it!” Big Tobacco’s populist ploy sold countless cigarettes.
84 years later, there’s a new product that carries the same addictive properties. Only this time, it’s in digital form:
Social Media. Everybody’s doing it, including your parents and grandparents. Most everyone can relate to stories of grandmothers posting a Facebook status, but what are the implications for financial advisors?
Benefits of Social Media
The facts are astounding. Consider Brunswick Group’s 2015 findings on how people use social media to make investments: “77% of the survey group reported that they have investigated an issue based on information viewed on digital and social media.”
77%. That’s a supermajority. Social Media presents a new frontier for financial advisors. To truly take advantage of its potential, however, a game plan is essential. Unlike traditional media, Twitter, Facebook and LinkedIn move at the speed of light. Whereas news media can suffer from hour or even day-long reporting delays, social media lives on the cutting edge.
For investors, that kind of currency separates the winners from the losers.
In this post, we will examine the three main social media networks - Facebook, Twitter and LinkedIn - to see how they can help financial advisors target, attract and retain clients.
Twitter is a highly rewarding property. You’re essentially given 140 characters to crack into someone’s conscience. There’s a reason it’s so popular, though. Twitter rewards the concise. Each post is built for spontaneity, and our culture of soundbites and headlines can’t get enough of it.
As a financial advisor, here’s how you can make Twitter work for you:
- Get the word out when you’re hosting a webinar, speaking at an event or attending an industry conference. You can draw people to your presentations, increase traffic to your website or simply let your peers know where to look for you at an event.
- Become a thought leader. Your clients care about what you think. Twitter is a great way to cultivate a readership interested in your worldview. Twitter commentary on current events often spreads faster than the news itself. By sharing your opinion or encouraging involvement, you refine your image as an authority on the subject matter while encouraging your readers to get involved.
All of the above can lead to re-Tweets, which quickly translate to Referrals.
This is a key component to targeting millennial investors, but Twitter’s baby boomer audience has grown like wildfire. FastCompany reports that 55-64 year olds are Twitter’s fastest growing audience, up 79% since 2012.
Twitter’s not just for kids anymore.
When you see people on their phones, chances are they’re on Facebook. Business Insider reports that Facebook accounts for 66% of all social media sharing on iPhones. What’s more, 73% of American internet-users with incomes over $75,000 are on Facebook.
Mark Zuckerberg wouldn’t even need a Lucky Strike ad to get the point across. Everyone is already doing it.
What makes Facebook so useful to your business?
With “Pages” and individual profiles, Facebook allows people and companies to customize and hone their brand. Facebook can help you cultivate connections with prospective clients and enhance existing relationships.
Facebook has a very approachable and open feel. Financial advisors who take advantage of Facebook can be seen in a friendly light, while still using their social media tools to promote their business.
LinkedIn is like a 24 hour networking event. Recent studies reveal the typical LinkedIn user makes over $83,000 a year and has twice the buying power of the average American citizen.
On LinkedIn, you’re in good company. Here are some of the functions of the third pillar of social media:
- Brand your business. LinkedIn gives you the opportunity to add videos, interesting biographical blurbs and much more to color your company however you please.
- Expand your professional network by connecting with current clients, increasing referrals and communicating with new client leads. LinkedIn can be a one-stop shop to identify prospective clients, to get in touch, and to set up meetings.
- From CPAs to Health Insurance agents, LinkedIn “Groups” allow you to hone in on your target audience and network with the precise people you had in mind.
With over 3 million MBA graduates, 1.39 Ivy League alumni and 7 million C-Level Presidents, Executives and VPs, LinkedIn is one area you don’t want to be left out.
Twitter, LinkedIn and Facebook are all powerful social platforms that can help financial advisors target, attract, and retain clients and keep them engaged with content that is intends to interesting, informative, and helpful in resolving a concern that a reader may have.
- When you’re promoting your business on social media, you need a fresh, inviting and informative website to direct your prospects to. Advisor Launchpad builds beautiful mobile-friendly websites to capture more leads, as wells as optimizing them for SEO and populating them with captivating content.
- Still want to learn more about social media for advisors? Fill out the form below for a detailed white paper on how financial advisors can utilize social media while remaining in regulatory compliance.