I spent the bulk of my career in financial services. I’ve worked for major companies such as JP Morgan Chase and Fidelity Investments. I was licensed as a financial advisor back in 2008 – a great time to be an advisor. During the time of “the Great Recession” when advisors, sales professionals, service folks, and just about anyone in financial services were not exactly viewed in a warm and fuzzy way.
Fast forward to now.
Now I’ve been a full-time entrepreneur over three years. I consult, coach, speak, and write a lot about the power of effective brand and marketing strategy. Of course my financial savvy is still sharp, and I’m still fascinated with the bottom line. So what I especially enjoy doing is helping my clients develop more effective brand and marketing strategy – online and off – that leads to cash flow. That tends to lead to profit. And I think profit is a wonderful thing!
I know financial advisors. I know financial advisors well.
I know some who have been in business or working within organizations for 20+ years. I know they can get set in their ways. I know some of you think you know everything. Go ahead and admit it. You’re not fooling anyone.
I know some of you live and die by referrals. Others by networking. Some of you buy leads and sometimes they’re actually good leads. Other times…not so much.
As someone who is a born-again believer in networking and knows what it can do for a business/career, you won’t get any push-back from me on that. And quality referrals are, indeed, manna from heaven (I know…two spiritual references in the same paragraph about financial advisors. Obviously, I’m not opposed to pushing the envelope).
Still, if you are not leveraging the heck out of social media as a service provider, particularly a financial advisor, you may need to be shaken. Consider this a virtual shake.
And since I see so little content from financial advisors on social media, I tend to think much more leverage is needed. Here are four reasons you need more social media in your life. I mean…your business. I mean… your business life. Just read on.
1. While not all, some of you are trying to reach millennials. I know those nearing retirement-age and currently-in-retirement groups can be lucrative. And there are a lot of them. However, there are a lot of freaking millennials too and presumably they have a lot more time on their side. In case you didn’t know, millennials have surpassed baby boomers as the largest group in the U.S. Millennial entrepreneurs are on the rise and many have incredibly promising futures. Targeting millennials is a way to build successful long-term relationships that can pay off over and over again. Where are millennials? Glad you asked. On social media! They’re especially on Instagram and Snapchat (contrary to what some of them say, they’re also still on Facebook overwhelmingly) Trying to call them? Good luck. If you’re not texting, you may not reach them. Sending them emails? They still check them – sometimes – but emails also are not the most effective way of reaching them, especially the younger millennials. http://mediakix.com/2016/03/top-instagram-statistics-you-should-know/#gs.VeL2ahE On the other hand, Instagram has the highest engagement of any social media platform. Over 60% of its users are on DAILY, and about 65% of millennials are on Instagram. HELLO!
2. Social media is a great place to remind people of their dreams. Scroll through Facebook, Instagram, or Pinterest. What do you see? Pictures of great vacations, very cool cars, new baby pictures, graduations, kids going off to college, folks enjoying their favorite food at their favorite restaurants. All that stuff takes money (unless you know the secret to getting incredible hook-ups). Financial advisors help people invest, manage, and grow their money. Tie what you do to what people want (hint: it’s not necessarily more stocks, bonds, or insurance…it’s more vacation, time with their family, and fast cars) and work that emotional angle like it’s going out of style. One way to do that (and can work like a charm) is via social media. Oh yeah…this is social media marketing at its best!
3. For the most part, social media is free. Sure there are ads that require an investment, but even those tend to be a lot less expensive than traditional advertising. It doesn’t cost anything to create a LinkedIn profile, a LinkedIn company page, or group. It costs nothing at all to have multiple Instagram accounts. No credit card is needed to create a YouTube channel or Pinterest account. And as someone who has a personal profile, business page, and multiple groups on Facebook, I can tell you the possibilities for getting in front of more people and building your brand are huge.
4. Throwing stuff at the wall and hoping something sticks still doesn’t work well. You need a plan. Something written, something with structure, something with an objective in mind and a way of tracking success. Enter a marketing plan. We can get more specific and shoot for one just for social media. What’s that? You’re planning to create one. You’re going to get around to it. It’s not that important. Really now? I know service providers who were planning to get around to certain things a year ago. They still have not, and they’re still paying the price.
Maybe your more manual efforts are paying off in spades, but look at the work that requires. What would it be like to generate buzz, and even quality leads while you sleep, or while you’re working out, or while on that great vacation? How would it feel to know you’re top of mind with your target audience all.the.time? And that you’re able to put that on auto pilot? That’s what a solid plan can do for you.
You can always keep doing what you’re doing. Perhaps you’re pleased with the results you’re getting. If so, that’s great. Aren’t you just a little curious, though, of the results you could get with social media? And I know you guys are big on ROI. You should constantly assess your return on investment, in terms of both time and money. How much time are you devoting (or losing) to get not-so-impressive results?
If you know you could benefit from a clear, results-driven plan for social media marketing, let’s do something about it. Knowledge is only power when accompanied by action. I create marketing plans, as well as juicy, compelling content. Let’s determine what’s the best fit for your business. Schedule a complimentary session and let’s explore those social media possibilities!