As a financial advisor, you should know that the growth and exposure that social media can provide is incredible. Thoughtful networking and connecting to the right audience have been the cornerstones of all the successful mainstream professions. Being a financial advisor, if you have been creating profiles on the vital social media platforms then you are already expanding your internet footprint.
How can social media be effectively used to thrive as a financial advisor? Well, there are copious strategies on the niche that can help you grow your business and foster your career as a financial advisor. This question cannot be answered in one word but if you need a precise answer then we would say that social media works on horsepower to make your business a success story.
It all starts by recognizing the competitive choices that you have, reckoning the strongest platforms and investing in the powerful and result-driven mediums to extract fruitful results. In this guide, we will walk through the approaches to assimilating the worth of social media and how it can largely contribute to promoting your practice as a successful financial advisor.
How Top Advisors Are Doing It?
Social media is an intriguing and crazy world. You might be a reluctant user but there are some suggestions that you can take from the ardent and socially active financial advisors who have successfully turned their SM apparatus in a money-generating machine.
The recipe followed by all the accomplished financial advisors is the same. It includes:
- Active Blogging: A blog is a core or central component of social media strategy. It is a perfect medium to showcase the thoughts and ideas of a professional. People read your post and if they find it helpful and compelling then they share it on their accounts. This can be the easiest way to generate leads and push traffic at your website.
- Twitter: Whether it is a politician or a celebrity, everyone is engaged on Twitter. This gives the power to reach thousands of followers. Twitter, if used in the right way can become one of the biggest traffic generating channel for your business. It basically provides fuel to drive compounding effects of a wide-ranging digital plan.
- Multiple Social Media Platforms: The choices are endless. LinkedIn is still the most famous connecting website for the financial advisors. Other than that, you have Facebook, Google+. Pinterest, YouTube, and many other compelling websites.
Normally, an advisor who is socially active will spend some 1 – 2 hours in managing the social media strategy which is exactly the time one spends on prospecting and managing an outbound marketing campaign. The difference in the current world is that advisors are now investing their energy in inbound marketing campaigns and still able to reach millions of people that share a common interest.
Understanding the Facts
- Almost 42% of the adults are engaged with one or more social media platforms
- 92% of people would trust the reviews shared by others rather than indulging in any kind of advertisement trick. If you have good reviews to back up your profile then that will do the trick.
- 70% people trust online reviews as the most trusted source
- 82% of small businesses claimed that word-of-mouth marketing is the most effective source of getting in touch with new people.
As far as word-of-mouth is concerned, the social media channel that has been ruling the recommendation and review based marketing is Twitter, followed by Facebook and Google+.
Building Up the Funnel
#1. Selecting Social Media Platforms
As we have mentioned above, smart choices will help you reach the right place and also grow in your profession. As a financial advisor, it is extremely significant that you make a mindful selection of the platforms where you will implement your social media game.
You are recommended to do some digging and determine the platforms where you can find suitable communities that are interested in seeking your help. Networking is the key to push all the right buttons in social media. You should make a chart of the target audience and then determine the right choices for use.
This could include target gender, age group, profession, salary scale, lifestyle, and many other components.
#2. Creating Social Media Accounts
Once you have shortlisted the platforms, the next big thing is creating an account. This is not a personal account so you should rather use your company name while creating a profile.
#3. Develop an Editorial Calendar
What you really need to understand is that keeping up with your followers or contacts is the key to establish a presence. You are nobody when you start but the mantra is to create awareness about your presence. This comes from great and meaningful blogs and emails that can feed some kind of unique information to the people.
It is best to bring some great ideas of your own that are not commonly available online. People are hungry for quality information. Not only they educate themselves but also keenly share it with their community. Isn’t this what you want for your social media campaign to be a wide success?
Make sure to develop an editorial calendar and take it very seriously if you wish to create a stir in the social world.
#4. Respond to the Customers
When people read your stuff, they get curious and mostly ask questions. This is where you can bring your “A” game in action. You need to start communicating with the readers and feed them with satisfying answers.
Sometimes you might also come across harsh comments but you should handle the critics very tactfully and try your best to satisfy them with meaningful answers.
There are various means to measure the impact of social media. Below we will discuss the common approaches:
- Antidotes: Social media is sure to help you generate revenue. This might come after making constant efforts but it will turn around. So, you should note all the times when social media helped you generate profits or have impacted sales.
- Correlation: It is important to see the concoction of things happening around. You should note the number of increased likes and response on the social media platforms compared with the revenue generated from these sources.
This will help you understand where you are going right or wrong with the digital campaigning. If the profits are abundant then perhaps the strategy is working for you and pleading for a continual. However, if there is an opposite case then you should look for some new strategies and implement them.
- Multivariate Testing: You are also recommended to compare your sales or conversions between one group exposed to social media vs another group on a different social media platform. This will help you assimilate the groups and the mediums that are bringing more revenue. You can also cut other sources and focus on the ones that are genuinely making a difference to your income.
- Links & Tagging: While sharing your data and content on social media, the common thing to do is to link it back to your website. This is also a highly effective source to determine the places from where more people are coming back to your website. Keep a track of platform-specific user-interaction stats such as tags, shares, URL click-throughs, etc. and measure the social media impact.
So, these are some common ways by which you can measure the impact of social media in increasing awareness about your presence and multiplying the sales.
The ultimate goal of all the struggle with social media marketing is to move prospective clients into your database so that these can be cultivated into a professional relationship with you. By this point, your efforts on building an online presence and creating an impact by building relationships are to bring the clients to the point where they start to interact with you.
The social media contacts that have moved along the process might be interested in direct communication. Therefore, you should facilitate them. You can do so by offering a subscription, a free ebook, an invitation to a webinar, and so on. You can also begin to gather more information from them through personal emails, or private social messages.
Make sure that you are not the only one in the league. Many other professionals are making effort in increasing their social media presence and luring more customers. Be distinctive and firm with the strategy that works for you.
Is Social Media Presence Important For Increased Business?
Well, considering the digital exposure and wide usage of social media platforms, it is the only solution to increase and widen your spectrum of earning.
What Are The Best Social Media Platform to Start?
The most recommended and result-driven platforms are Twitter and Facebook. While there are countless other platforms surfacing but these are the finest ones for the start-ups.
How Long Will It Take For Social Media To Deliver Results?
It depends on your social media strategy. You should be patient with social media strategies. They might take some time but with right plans, you will surely see surprising results.