If you’re like many advisors, you probably associate certain social networking sites with specific functions. Facebook is the platform you turn to for attracting new prospects and engaging with existing clients. Twitter is the platform you use to disseminate timely information and build your credibility as a “thought leader.” LinkedIn is the site you rely on to network with other advisors as well as to cultivate and engage with your network of professional advocates.
While those are certainly logical uses, the important question to ask yourself is whether or not they are the ONLY uses. Are you getting maximum benefit out of the time you invest in social media?
Take LinkedIn for example. Since inception, the platform’s principal purpose has always been to facilitate business networking and professional recruitment, but it has evolved to offer a multitude of opportunities (many of them untapped) for the social media-savvy advisor.
Of LinkedIn’s 433 million users, 128 million live in the U.S. They have a 60% higher average household income and twice the purchasing power of the average U.S. consumer.
More than 3 million hold MBAs; nearly 1.5 million are Ivy League grads; and 7 million are C-suite executives, presidents, and VPs. Sounds a bit like the profile of an ideal client, doesn’t it?
Rarely, however, do we encounter financial advisors who view LinkedIn through the prism of client acquisition. The platform has even implemented a turnkey service called LinkedIn ProFinder to facilitate these types of connections between trusted service providers and members in need of those services, yet few are even aware of its existence, let alone avail themselves of its potential.
The same can be said for Twitter. Despite a growing number of advisors gravitating to the pithy and timely nature of the platform’s digestible information format, most haven’t genuinely thought about where it fits in their marketing and client engagement strategy. And fewer still have approached Twitter creatively (e.g., using it as a communication bridge between you, your clients and their future heirs to begin cultivating NextGen relationships).
For advisors willing to think outside the box, there is a vast and relatively untapped social media opportunity available that requires very little additional effort – just a healthy dose of creativity and a genuine willingness to engage.
Be sure to download 11 Tips for Financial Advisors Exploring Social Media for inspiration while starting to build your social media presence:
Coaching Questions from this article:
Think about your current approach to and use of social media. How might you make better use of it as both a client communication and prospect outreach platform?
What, if anything, has been holding you back from using social media as a platform to strengthen relationships and grow your business?
What particular financial topics capture your attention? In what areas do you have a unique take or slant on things that others rarely address?
Who else on your team seems to have a strong, clear voice and firm opinions on a variety of matters?
Topics: Social Media