5 Advisors Are Wasting Their Time on Social Media

Reasons

By: @toddgreider

1 : Inappropriate Broadcasting

By: @toddgreider

PROBLEM: Simply pushing your content without interacting with your audience will get you nowhere. If your broadcasting because you don’t have time to spend engaging your clients and prospects, then I recommend that you not use social media at all. My guess is you’ll probably achieve similar results.

SOLUTION: Engagement is the name of the game for social media. Today’s consumers and investors want relationships with both individuals and businesses online. Use the 80/20 rule.

80% = Content that should be articles/content relevant to your audience from various sources or comments and conversation (status updates, tweets, RTs, replies, etc…)20% = Information and content focusing on your business, what you do, and how you help your target audience

2 : Non-Existent Online Marketing Strategy

By: @toddgreider

PROBLEM: Many are flying blind when it comes to social media, with no formal plan or purpose. They may be trying to be all things to everyone and hoping for good results.

SOLUTION: Knowing exactly what you are trying to accomplish will be the first step toward success. If you don’t know why you are using social media, neither will your clients and prospects.

Set Goals and Objectives Determine available resources (time, money, staff, etc…) you can allocate to this ongoing project Establish which metrics you will track to define your success Then build your marketing and engagement strategy

3 : Neglecting to Create a Content Calendar

PROBLEM: Without a content calendar, you may quickly become weary trying to deliver a consistent flow of content. Over time, people tend to become inconsistent and begin to neglect certain platforms.

SOLUTION: Create a content calendar. Consistency is key to social media success. However, consistency in what you post is not enough. Building a strategy and knowing your audience (needs, wants, challenges, etc…) will help you consistently create or curate content that is relevant to your prospective audience. Consider designating certain days each week or month to post content around a specific topic or theme (e.g. budgeting tips every Monday). This will help you stay on track and maintain focus for the long haul.

By: @toddgreider

By: @toddgreider

4 : Choosing the Wrong Platform(s).

PROBLEM: Oftentimes, advisors try to tackle too many platforms because they think (or they have been told) that they must be visible everywhere. For some, that may be the case, but there is no cookie-cutter approach to social media.

SOLUTION: Do you research and determine which platforms provide the greatest exposure to your target audience. Start your social media efforts there. You can grow your online presence over time, so don’t try to tackle too much all at once.

“In the past year, more than three in five financial advisors who used LinkedIn for client prospecting successfully gained new clients as a result – with nearly a third of these generating $1 million or more in assets under management”

Study by FTI Consulting & LinkedIn

By: @toddgreider

5 : Selling instead of EducatingPROBLEM: No one wants to be sold. A heavy dose of sales materials about what you offer may turn off prospective clients. Selling products and services in an industry where those same products and services are available through many channels makes you a commodity (not to mention may violate FINRA regulations).

SOLUTION: If you’re going to sell anything, sell them your personality, experience, and your knowledge. In other words, provide education on how you as an individual are different (morals, beliefs, values, etc…). People do business with people they like and trust. Differentiation comes from educating your prospects on the concept of working with you.

“They can buy what you offer somewhere else, but there is only one YOU!”

FTI Consulting & LinkedIn Study (May 2012)http://www.fticonsulting.com/global2/media/collateral/united-states/financial-advisors-use-of-social-media-moves-from-early-adoption-to-mainstream.pdf

By: @toddgreider

Disclaimer:This presentation is based upon my article posted on LifeHealthPro.com on March 6, 2013. The information contained in this presentation is for educational purposes only. Before engaging in social media, contact your compliance department representative and review their social media policy to ensure compliance with FINRA and SEC regulations. The views and opinions expressed are my own.

Image Source:All images are from istockphoto.com