Social media offers another way to connect with clients and prospects. It creates the opportunity to position yourself as a content expert and lends credibility to your abilities as a financial professional. However, this is only possible if you know which social media outlets are frequented by your niche market.
- 40-60% surveyed used information from social media when making investment decisions (Sysomos & Marketwired)
- 48% of financial professionals use social media to interact with investors on a daily basis (Accenture)
- 9% of investors say firms that don’t use social media will lose clients (Accenture)
Facebook and LinkedIn are the social media formats currently approved by our Compliance team, so your evaluation of your market will be limited to these options – both of which are ranked as favorites and provide plenty of options for marketing. Each format offers a different take on content distribution, niche marketing, and pricing. Recognize there’s the possibility that your market doesn’t engage in social media or that their preference doesn’t meet our firm’s regulatory requirements.
How do you identify the best locations for social media engagement with your clients and prospects? Ask and research. Ask your clients about their social media activity but approach the topic somewhat casually. Research shows users downplay social media due to stigma and to avoid judgement. Let them know you want to find more people like them and want to know what they value in social media and what kind of content you should provide to improve engagement.
Research the opportunities that exist within each platform. For instance, if you are targeting a market based on geography, industry, gender and/or age, both platforms can inspire new strategies. The ability to drill down to the exact market you are attempting to attract continues to grow and increase engagement success. These services from each platform are not free and can be outsourced to firms that specialize in online strategies to meet your needs. When contracting with an outsourced firm, be sure to discuss what they can do, what they can give you, and their history of success. Similar to the questions you might answer from a new prospect, be sure to get a hypothetical idea of what you should expect as results from their efforts.
Decades ago, when niche marketing became a viable strategy for financial professionals, the access to potential markets was established through physical presence. Activities such as joining professional organizations, gaining endorsements from key players in a market, or frequenting gathering places of your targets. Well, in today’s climate, a virtual marketing presence presents your best – and, at times, only – option.
The time to embrace online strategies and use virtual tools as part of your marketing arsenal is now. Here are a few resources to assist you with learning more about accessing your niche via social media.
Compliance Social Media Guidelines