Social media has transformed the way the world does business, and has begun to make its mark on the financial services industry. A recent survey by American Century Investments found that nearly 90% of financial advisers have a professional social-media profile, and 60% use social media for business multiple times each week. For an industry that has been somewhat slow to embrace this medium, those numbers aren't too bad.
As advisers flock to Facebook, LinkedIn, Twitter and the like, it is important to realize that social media is only one piece of an overall marketing strategy.
For social media to be truly effective, you need to approach it as you would any marketing initiative, with a detailed strategy, a well-crafted message and a plan to track your results.
MOST WAVES
Although there are myriad social-media sites, let's dig into perhaps the one that has made the most waves recently: Facebook. If your firm allows you to use Facebook, here are seven tips to help you create a buzzworthy strategy:
Make your page stand out. With Facebook's new timeline feature, you can create a unique look and feel for your business page. Take the time to select a great “cover picture,” or have one custom made that contains your logo, pictures and a bit about your firm. Then add a “profile picture” of yourself or your firm's logo. Use the “about” page to showcase with whom you work and how you help them, while being sure to provide your contact information and a link to your website. It sounds simple, but more than 75% of the adviser Facebook pages we reviewed lacked these basics.
Invite people to “like” your page. Your social-media reach is in direct proportion to the number of people following your page. Invite friends of your personal page, link to the page from your website and provide a link in your e-mail signature.
Post valuable content. We are bombarded with millions of messages each day. As a result, we have learned to tune in to the important ones; the rest becomes “noise.” The key to avoid being tuned out is to provide content that is relevant to your followers. Understanding your followers and the information they are seeking is key. Not all content must be created by you. Although you want to offer some original material, it is also beneficial to provide links to other articles and information. People will visit your site only if they find value in it. Because we live in a “what have you done for me lately?” world, give people something more than market updates.
Engage people. People want to feel important. They seek connection. Taking the time to engage your audience through conversations, polls and discussions helps your followers see you as a real person, not just as an adviser. And with the bad reputation the industry often suffers, the opportunity to become personable will set you apart. Speak in your own voice, let them get to know you, and, if allowed by your compliance department, have a real conversation.
Give back. Followers of your Facebook page are vitally important. They hold the keys to spreading your message and amplifying your social-media presence. Find ways to thank them for following and engaging with you by offering free downloads of white papers or promoting their businesses. Let your followers know about your charitable endeavors and encourage them to participate in kind.
Let them get to know you and your firm. Studies show that when people select an adviser, they focus less on the track record of returns and more on whether they like, trust and respect that person, in addition to whether the adviser was a referral from a friend or colleague. Be real. Be transparent. Show some personality and allow followers to catch a glimpse of what you are really about. Post pictures, share stories and, above all, speak in your own voice.
Promote events. Make sure that your Facebook profile includes an “events” page, where you showcase upcoming seminars, speaking engagements, charitable endeavors and client events. Provide a description of the event, as well as a link to a registration page, as appropriate.
Although there is no magic formula for the number of followers that you should have or the frequency with which you should post a status update, you must have a strategy for your Facebook page. Create an editorial calendar. Start with a list of potential topics from which you can write an original post or research a compelling article. Next, determine how frequently you will update your page (consistency is key) and then map out time in your calendar to get it done.
Kristin Andree (kristin@andree media.com) is president of Andree Media & Consulting.
