From Likes to Leads: Using Social Media to Grow Your Practice
If you’re not already using social media as a marketing tool for your advisory practice, the question is, why not? A Putnam Investments Social Advisor Study shared that 83% of advisors credit social media for shortening lead conversion times, and 87% have gained assets using social media.
Even if you’ve been successful without the help of social media, now is the time to expand your business by harnessing the power of this valuable marketing tool. Whether you’re completely new to social media marketing or have dipped your toe in the social media pool and are looking to understand its full value, here’s how it can grow your practice.
Meet Potential Clients Where They Hang Out
The number one reason to use social media professionally is, quite simply, because it’s where your clients are! According to a report by Datareportal, 93.4% of internet users use social media, so it’s a valuable way to put your business in front of prospects who are considering working with an independent advisor as well as people who haven’t even thought about it (yet!).
While traditionally, social media wasn’t necessarily an obvious place for financial services to attract and build relationships with potential clients, today, it’s crucial. And it’s not only younger people (the next generations of investors) that you’ll attract. According to Statista research, the demographic that spends the most time on social media every day is those between the ages of 40 and 44.
Encourage Digital Word-of-Mouth Referrals
Referrals are key to client acquisition, but positive word-of-mouth isn’t just limited to face-to-face recommendations. In today’s digital world, online word-of-mouth is possibly even more important – particularly as it has the potential to reach a much larger audience!
And, as we know, most consumers looking for any type of product or service will check online before they make any decisions. In recent research conducted by AdvisorEngine, 66% of prospects were found to start the search for an advisor by asking for referrals before looking up each advisor online to select which one to contact.
Today, an advisor’s social media presence will be important in making that decision. How you share your practice on the various social media platforms and interact with people there will give potential clients valuable insight into whether you’re the right advisor for them.
Make Key Connections
The key to connecting with new clients and building valuable, long-term relationships is the way you engage with people. It’s crucial you’re authentic, using your voice to match your brand and share more than just sales content. What can you offer your audience that will build their confidence in your firm? What practical tips and advice can you share?
You should be educating your clients and potential clients with content that answers their biggest questions. And sharing more “personal” content, things about your journey to where you are today, your team, and anything that shares the human face of your practice, not just the business side.
Whatever you share and however you connect with your social media audiences, it’s vital to be consistent. It’s fine if posting five times a day doesn’t work for your business. What is a problem, however, is inconsistency. Posting five times a day for a week and then tumbleweed for a month is going to harm your social media efforts, so decide on what posting style and frequency works for you, and stick to it.
Ultimately, connecting on a level that’s more than just sharing your services makes you more likely to be top of mind when your audience is in the market for financial advice and support.
Get in touch with one of the team to find out how CG Advisor Network supports independent advisors and gives them more time to perfect their social media marketing.
Five key findings from Putnam’s Social Advisor Survey. (n.d.). Putnam Investments. https://www.putnam.com/individual/content/advisorTechTips/3037-five-key-findings-from-putnams-social-advisor-survey
Global Social Media Statistics. (n.d.). Datareportal https://datareportal.com/social-media-users
Daily time spent on social networking by internet users worldwide from 2012 to 2022. (n.d.). Statista. https://www.statista.com/statistics/433871/daily-social-media-usage-worldwide/
Prospects Rely on Internet to Find an Advisor. (January 10, 2019). Think Advisor. https://www.thinkadvisor.com/2019/01/10/prospects-rely-on-internet-to-find-an-advisor/
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