The place of social media marketing in the digital marketing plan of financial advisors cannot be overlooked.
“A well-planned social media strategy should be an important part of your digital marketing.”
Social media continues to serve as the bedrock of the entire marketing world today. This is even truer for financial advisors. Statistically, 85% of financial advisors make use of social media for their enterprise. More so, of these 85 percent, 80% of them are able to gain new clients from such a plan.
Without a shred of doubt, being on social media can prove to be a rewarding marketing tool. If you wish to engage your present clients and nurture prospective ones, this can be very helpful.
However, it requires technical mastery and abilities to create a strong social media presence for financial advisors. If you wish to make social media your major source of fresh clients, you need to do it right.
Presently, there are more than 2.38 billion monthly Facebook users! That’s huge!
Billions of others are employing numerous social media channels. Be it LinkedIn, Instagram, Twitter, and beyond, you can find your audience there.
But, without the right proficiency in handling this plan, it will only be a conscious waste. Every financial advisor faces the risk of easily becoming lost with this large number of users present on the internet.
Therefore, first, you need a reliable social media plan. Then, you need a committed person or group to implement the plan.
Social media marketing for financial advisors is in no way a full substitute for other marketing tools. Instead, social media will improve your entire marketing strategy.
Plus, with a perfectly implemented social media plan you will be able to boost your brand pedigree through:
You can start by building a social media profile on Instagram, Twitter, Pinterest, Facebook, LinkedIn, or videos on YouTube. All you need is to create an online presence. And the best way to do this is by posting contents people care about. That way, you can connect with more prospective clients.
However, sometimes your presence on these important platforms might not instantly evolve into an upshot in business. When this happens, stay calm and persist. Your investment will yield significant rewards at the right time.
Again, social media marketing for financial advisors is one amazing growth source. It is so for any business that makes the best use of it. With time, many more people will discover your social media presence. They will check out your posts and evaluate the value you offer.
On your part, provide your audience with enlightening, inspiring, and valuable content. By doing so, you will successfully lay the right foundation in their minds. Over time, this will become an edifice of pedigree and trust which will later result in a constant succession of clients.
Similarly, many of those who check out your social media pages will pass your links on to others. Your links go on to their family, friends, colleagues, and others that might need financial advisory services.
Sometimes, a sole viral tweet, Facebook post, or Instagram post may be all you need. With that single post, you may produce substantial growth in business over the next few years.
In social media marketing for financial advisors, selecting a social media platform should not be a comparison activity. It does not say that Facebook is better or worse than Instagram. Simply understand that they all perform different tasks.
Below is a brief outline of popular social media platforms and their importance:
Essentially, there is a higher chance that an investor will click a link. Then, proceed to read something on Facebook.
Also, when you use Facebook, remember to add a picture or video together with the link in your posts. That way, your viewers do not get lost when they visit your feeds.
YouTube is mainly a video-based platform. With that, it is an incredible niche to deliver informative content. There, you can also define yourself as an information carrier
Instagram combines pictures and videos to deliver one of the best lifestyle platforms for everyone. As regards social media marketing for financial advisors, a platform like Instagram will come in handy.
You can post pictures and videos that deliver related content you know your viewers will be interested in. That way, you will not only keep them interested. Also, you will build a following of prospective clients who will grow to see you as proficient.
LinkedIn is a social media channel suitable for building networks of professionals. It’s a wonderful platform to engage prospective clients. Also, you can effectively build networks, nurture relationships, and assess interest.
There are various ways to go about social media marketing for financial advisors. To make the best use of these social media platforms is to understand the best ways to market on social media. Follow through!
Advertising on social media can be an extremely cost-effective way to market on social media. Averagely, you spend as low as $5 to reach as many as one thousand people.
Advertising using social media platforms is rather influential as you can aim at your intended circle of clients. You have the chance to easily reach the perfect people. To do this, you will employ details and tools like:
With demographics, you can run laser-targeted ads. With this, you get to reach people according to their concerns and online attitudes. You will aim at particular genders, ages, income levels, locations, and so on.
With an email list made perfectly, you get to run custom ads that suit your email database. That way you do not only make the most of your email list but also get the best marketing results.
Include retargeting pixels to your site and advertise to new website guests. Just 1-2% of your guests get to convert on their first contact with you. However, with the help of retargeting, you can boost your conversion rates.
As incredible and unusual as it may sound, certain financial advisory firms solely depend on Facebook advertising for the totality of their digital marketing plan. This strategy might not be the most ingenious and cautious one for your firm.
We recommend that you devote at least a little percentage of your marketing budget to social media advertising. According to present trends, many more people will move toward the internet and its several social media platform options. Most people will do this and leave the traditional newspaper, radio, TV, and the other forms of the traditional media.
Based on this insight, your firm should regulate its strategies according to the trends. The traditional outbound advertisements you do now will slowly reach lesser and lesser prospective clients. Plus, the competition will go on to connect with an ever-growing population of potential clients.
This will be as they embrace inbound marketing platforms on social media while you don’t. To avoid this, come on board!
It will be a display of negligence if we fail to mention this fact. Both the millennial age population, as well as most parts of Generation X, are spending more and more time on these social media platforms.
Platforms like Twitter, Facebook, Instagram, LinkedIn, YouTube, and other social media platforms are host to this population. All you need to do is to target these tech-savvy people via a solid social media advertising plan.
With that, you can bring them into the picture as soon as possible. That goes on to improve your odds of winning their loyalty for constant business over time.
Receive your FREE copy of “Digital Marketing for Financial Advisors: How to Build Your Firm,” to get insights into growing your business with digital marketing.
This is another financial advisor social media best practice. You will need the services of a competent social media manager. That way, you can make easy and seamless progress with the reach of your brand in no time.
Sometimes, engaging your audience on these platforms can become too strenuous. In such cases, consider employing the services of a part-time or full-time social media manager.
This person helps do the work on your behalf. That way, your online presence will always be engaged with your brand. That helps your brand establish crucial relationships. By extension, that will lead you to prospective limitless referrals in the coming years.
Social media is a good way for you to run proper market research. These social media platforms provide us with a peek at what others value.
By learning more about your potentials and likely clients, you are well poised to take them on when it’s time. Additionally, it enables you to stay visible at the best times to achieve the perfect reward.
As financial advisors, you can learn more not only about your potential clients. Again, you can research your competitors. Depending on what the case may be, you should take out time to assess what your competitors are up to. If what they are doing is rewarding, you might also want to consider doing the same.
There is a higher likelihood that investors will go for you as their advisor when you create robust relationships by engaging with your right set of prospective clients.
Increasing your engagement across your social media channels will require enough skill, time, and of course, patience. It is not enough to put a post ‘out there’. That is not a guarantee that anyone will check it out.
You can begin by building a buyer persona. Then, you will proceed to enforce that persona in the content you upload. You will boost the odds of influential engagement. As the engagements increase, your connection with your audience will get stronger as well.
Developing a brand for yourself is essential. You need a brand that can echo with your targeted audience.
With that, you get to invite more clients to your brand. All the story you need to tell is a function of your branding. With proper branding, you can tell your story clearly to your target audience.
Furthermore, branding is your chance to place your values on display. That justifies why clients should prefer you over every other option. Your distinct brand should make you different from the rest. This is as it informs your audience about your brand’s personality, your philosophy, and what you offer.
Take the space to ponder over what makes you as a business stand out. Then, you can create strong effective branding for yourself.
Boosting your website traffic will instantly impact your leads and conversions. To run a winning social media marketing campaign, you must steer high amounts of traffic to your website. With more traffic comes clicks. And with more clicks, you get more conversions.
Additionally, do not forget to give links directly to your homepage, your blog, and other parts of your online presence. Ensure they feature on all your social media platforms
Therefore, it doesn’t matter whether or not your social media followers and guests read through the totality of your posts. You can still rest knowing that they will consider the values and excellence of your services illustrated on your site.
We might have failed to stress the importance of this aspect of social media marketing for financial advisors. You must refrain from anything on social media unless you have obtained the necessary training.
Aside from this, you must also install automated monitoring software for compliance.
This is certainly an important part you cannot overlook. Social media marketing is beneficial and will yield more financial planning potential for you. However, it can still be difficult and risky from a compliance perspective.
When you fail to abide by the ethical post-use and supervision implemented, you might battle with certain avoidable issues.
In a nutshell, the importance and position of social media marketing for financial advisors cannot be overemphasized. You can reap a lot of benefits from this dimension of marketing when you do it properly.
Thankfully, there is enough for you to work with in this post. By paying attention to every nugget and piece of information here, you can get the best out of this. Good luck!
READY TO IGNITE YOUR MARKETING STRATEGY?
Copyright 2020 Mediaboom. All Rights Reserved.