"We don't have a choice on whether we do social media, the question is how well we do it?" - Erik Qualman
In the present day digital world, social media is the next revolution. Social media is not a fad. It is the fundamental shift in the way we communicate. 50% of the time spent on mobile Internet is on Facebook. It receives 1 billion visits in a day. 300 hours of video is uploaded on YouTube in a minute. The circulation of newspapers is drastically coming down, because technology and social media offers a cheaper and effective method to spread knowledge.
Social media caters to literally everything, from entertainment to arts, to automobiles, to furniture, to education. Some businesses are completely dependent upon social media, while others are enhancing their's through it. Financial Advisory business also needs social media to take it to the next level.
We know the fact, that the share of the Mutual Funds industry in India is slim compared to the traditional investments industry. We also know the fact that there is a lot of population that can be tapped. But we are still following the traditional methods of seeking clients around the public offices and grumbling for not being able to bring in leads. There are a lot of investors, but we have to reach them through new ways. And social media is one such key way to reach clients...
How can social media be used?
Financial advisors are increasingly using social media for many reasons. The four primary reasons are as follows...
- Create & share content - as communication channel for sharing promotional, educational and other information contents
- Acquire leads - to attract leads and generate business. This can be through direct marketing activities (paid) and/or as result of sharing content and engaging users
- Build brand - to create awareness, trust and image for business
- Other reasons - learn more about markets /products, understand client needs better, engage with audience, gather suggestions & feedbacks, be active on industry forums, etc.
The above can be achieved as social media platforms enables advisors to...
- Build new connections /network
- Reach wider audience
- Influence opinions /decisions
- Engage with others
- Showcase you & your views
- Get likes / recommendations
Social Media has distinct portals which attract different kind of audience and offer distinct features to advisors. Some of the most popular social media sites are …
- Linkedin: Linkedin is a professional networking site. You may create a Linkedin profile and share articles /content /opinions on forums. Linkedin can also be used for creating your network of clients /prospects. One though has to be careful in keeping your profile professional and active to capture eye balls.
- Facebook: Facebook is the most popular social media platform for creating friends and sharing content. Facebook can be effectively used by advisors for creating your business's profile and sharing content. Facebook can also be used for targeted marketing or promotional activities on a paid basis.
- Twitter: Twitter is a popular way of sharing messages / links and updates to your followers. Advisors may create Twitter profiles and create followers for share good articles / updates, etc. to them.
- You Tube: You tube is another popular social media site which allows you to create your own profile and channel. It is the most popular way of sharing / storing media files. As an advisor if you wish to record and share videos of yours or any other promotional videos, You Tube is the way to go...
Good Practices:
Though social media can prove to be very effective in promoting advisory business, yet it should be used wisely. If it can make you, it can destroy you as well if you do not follow some unstated rules or good practices....
- Don't mix personal accounts with business accounts. It is recommended to have a separate account for your business and not put personal content / posts / followers or friends on that account
- Be active with managing your account. It can even hurt your image if you have negative comments /feedbacks from aggrieved clients of yours. Make sure you have relevant controls in place and regular monitoring /admin of the accounts
- Be careful in posting content which is original (under your name), relevant, meaningful, accurate, useful and timely for your business / clients.
- Do not bombard your clients with too many posts or messages as they may get irritated. Personal messages and request to connect /follow should be carefully done.
- Do not post personal comments, any biased views or comments on any political, social, religious or gender sensitive news. This may attract negative feedback and image for you.
