Do you know how companies and wealthy private investors get to figure out the right financial advisors for their business? Here the social media marketing strategies of financial advisory firms play a very important role. With the era of digitalization, traditional marketing has come to an extinct. Financial firms like banks still make some use of traditional “offline” marketing. But, with the proliferation of internet users, most of the businesses have gone online.
Businesses use online channels such as Facebook, Instagram, LinkedIn, Twitter and many more social networking websites as a tool for digital marketing. But, have you ever thought how these platforms can make a great killing to financial advisors? Most people think, social media platforms can be great for increasing brand awareness. But there is so much more: You can generate leads for your sales activities, increase community engagement, grow your audience or increase web traffic. However, sometimes it is hard to measure success while using social media.
Source: PR Daily.
In order to use social media marketing for your needs, you need to be acquainted with the different types of social media sites available. You will need to develop a different marketing strategy in order to take the advantage from most popular social networking sites.
Target the Right Audience for Your Social Media Marketing Plan
There are numerous financial advisory firms who do not desist their marketing strategies with social media. But, how much is it evident that their plans are reaching the right audience? There should be no doubt that social media is an outrageous platform for digital marketing and could also be used for financial advisors. However, the audience that you choose to target must be selected rightly. Let’s take an example of social networking sites and the role they play in the finance industry.
As one of the more formal and professional social media marketing platforms, LinkedIn provides a great start for business-like interactions with other people in your industry and similarly allows the sharing of related and interesting content with them.
This networking site is majorly useful for companies and businesses. Here one professional can get in touch with another professional. It is a business-oriented platform which makes it easy for IFA’s to target their right audience. IFA’s major targets are businesses, business professionals and someone who is looking for investment advice. Thus LinkedIn provides a huge platform and should be considered as your main social network to focus on.
Recommendations are highly valuable in LinkedIn, so do not be shy in reminding customers and clients to provide one for you on LinkedIn. They provide credibility and trust in building up your brand image and in doing so, attract new customers. Remember to be interactive and accessible by answering questions regarding your business.
Twitter, one of the most popular social media sites allows you to write up short texts and publish them online in the form of tweets. You are able to follow the tweets of others in your industry and in return be followed by many others for your tweets.
You are free to tweet formal announcements i.e. special offers, discounts, news and information, and at other times, just funny and amusing tweets. Retweet (forward) positive tweets about your business, and be interactive and accessible with your users by responding to questions. Similarly, it is a form of social media marketing, so be sure to tap into this social media site’s interactive nature.
YouTube is a must for you when you want to utilize videos and promote them on a social media marketing platform. Its video functionality is wide and effective as a social media marketing tool, but it is incredibly difficult to create a video which has the potential to go viral.
Be realistic and choose to produce good quality and relevant videos, i.e. “How To’s” which provide step-by-step guides and instructions. These videos become ranked and tagged onto Google’s search results, so they are further marketed for you! Take full advantage of this functionality by producing good and relevant videos.
Initially, Facebook had massive appeal amongst everyone. But gradually it lost its prominence. Though people have changed their preferences there are still many companies which make use of Facebook for digital marketing. This is due to the number of users.
You may need to create a Business Fan Page on Facebook. Facebook promotes an environment which is non-intimidating and informal. Ensure that your design and layout of your Business Fan Page are visually attractive as this is important for Facebook users. Business Fan Pages interact with their target audience by engaging with them through posting relevant articles, images, videos, etc.
Facebook brings about an environment which is light and casual, so ensure that your brand comes across as accessible and friendly.
Instagram is a social media platform which is focused on images. It is widely used by youngsters and FMCG companies from the business field. The main target audiences of IFA’s are business individuals and companies. Since Instagram is widely used by youngsters as a platform for entertainment, targeting the right audience gets a little difficult.
If your target audience is young, you can utilize Instagram and create appealing images, infographics and other visual items to educate the audience and advertise your products and services.
TikTok is an application majorly used by youngsters for entertainment purpose. If a financial company wishes to use this platform it can either be in the way of advertisements or in the form of influencer’s marketing. The number of users is huge but the targeted audience is quite less compared to other social networking platforms.
If you want to use TikTok as a marketing channel, you need to create content which is appealing to the younger target audience. Don’t push too hard and focus on entertaining content.
Conclusion: Social Media for Financial Advisors
I hope you have realized that while using social media sites may help achieve your goals as a financial advisor in obtaining higher site traffic and reaching out to more customers. They also serve to help you understand who your target audiences are, and what you can learn from them in order to further improve your strategies and business.
Social media channels bring billions of individuals together on single platforms. The main reason why businesses choose social marketing is because of the abundance in number. This is majorly profitable to all kind of businesses across the globe.
However, social media platforms are majorly used by people for entertainment purpose. A youngster who wants to spend leisure time might not want to see posts of financial advisory firms talking about the tax benefits plan. Thus, curating the right audience and implementing an appealing marketing strategy is the major task for you in order to gain business on social.
Sources for all social media platform statistics: SmartInsights.com, 2020.
About the Author
Marketing expert with experience in developing digital capabilities within investment management companies. Certificated expertise in social media, web, email, online advertising and digital performance marketing campaigns, both from a strategy and operational perspective. Also experienced in driving the digital marketing technology investment roadmap including CRM and automation tools. My know-how spans both B2B and B2C in the finance industry.