Advisers are can become frustrated at the perceived lack of ROI from social media efforts.
However, president and founder of i-Impact Group, Claudio O. Pannunzio, says that social media needs to be fully incorporated into a financial practitioner’s marketing mix and activities must follow specific rules and approaches, if advisers want to use it successfully.
Pannunzio runs social media and communication workshops, and says that there are four basic tips to help advisers maximise social media ROI.
Focus on Quality over Quantity
Although there is a plethora of social media sites available, advisers should refrain from joining as many as possible, says Pannunzio.
“Instead, pick one or two platforms where clients and prospects go to get information about their investments and focus on those.”
Advisers will be able to position themselves better and provide more valuable information that encourages prospects to seek their business.
Keep social media in-house
Pannunzio says the cons of outsourcing social media activities far outweigh the pros:
The adviser will have the ability to free up time
An outside specialist knows social media better than the adviser
A specialist can help the adviser to build his/her brand
Loss of company’s “voice”
The adviser has relinquished control of what is posted/tweeted
Potential exposure to greater risk that the delegated person may say something wrong that could lead to a social media nightmare
The adviser will have to pay the specialist
The interaction by the adviser with his/her network on social media is more important than building that network.
“A Facebook page that shows the adviser’s involvement with family, community, university or philanthropic activities, enables them to share with clients and prospects the personal side of their life. Ultimately, this will empower the adviser to establish a stronger bond with the target audience/s”.
Be Actively Engaged
An adviser’s mere presence on social media does not guarantee new business. Actively interacting with followers will show that the adviser cares about them, their issues and challenges.
“The secret to social media success is active and enduring engagement. Study the audience to attain an intimate understanding of the financial issues they face and the type of information they seek. Create content suitable for the audience’s key interests in easy-to-understand language and appeal to their emotions,” says Pannunzio.
He says advisers should be active at least once a day, possible at the same time so followers can look for the posts.