By Bhupinder Anand
Many advisors got their footing in financial services when marketing via traditional media – like print, TV and radio – was the only way to advertise. Now, the wave of digital marketing is transforming the profession to become more current and welcoming to younger generations.
One of the most popular ways to digitally market your practice is through social media. While most advisors may see social media as overpopulated, there are many ways to garner the attention of your target market through digital marketing, and better connect with them. Establishing credibility via social media and rising above the noise will allow you to receive passive referrals and easily acquire new clients.
Distinguish Yourself From The Masses
Whether you’re combing through financial hashtags on Twitter, or joining niche Facebook groups on estate planning tips, you’ll likely come across a multitude of people who need your financial advice. Providing free financial advice online is a great tool to pique prospects’ interests and simultaneously direct them to your practice.
Though there are thousands online waiting for guidance, prospects can overlook your pitch or response if it does not stand out or resonate with them. Remember, social media is overcrowded with constant updates and sales pitches, so it’s essential to set yourself apart. Do what others are failing to do, by educating not advertising.
The best way to do this is by identifying the main financial questions people are asking online that you can speak to, and then using that information to build responses to frequently asked questions. For example, if you often see people on Twitter asking how to purchase life insurance, you can develop 3 key tips on how to purchase insurance and get the most out of your coverage, and share them easily when you come across these questions.
It’s important to condense your financial advice to be easily digestible for more general audiences. If your advice is too specific, you reduce the chances of it applying to more people.
Make your advice more generalized to deepen your prospect pool. Give enough information to provide evidence of your knowledge and ability to simplify complexities, but leave room for the reader to think “I want to know more,” and “this is the person who can help me with that.”
Establish Your Credibility
There will always be paid opportunities to bolster your business and increase traction to your website – but with so many free opportunities, there isn’t always a need. It will be more beneficial to your business if you generate a following from informational posts on social media platforms, such as Facebook, as people will start to recognize you and deem you as a trusted online source. Making your online presence notable enhances your credibility and brings attention to your business.
The personal touch that social media offers makes it easier to connect with your audience on demand, so take the time to craft your profile on LinkedIn, Facebook or Twitter to exemplify exactly who you are as an advisor. Your prospects will appreciate the effort that you put towards a professional social media presence.
Remember to demonstrate your authenticity, but try to avoid being overly promotional of your business on social. Consistency in your message and style creates a following, even a fanbase, and you can quickly become the ‘go to’ expert for the target group.
The speed and potential audience on social media are far beyond the reach of newspapers or radio advertisements. The evolution of digital marketing has made it easier to make a splash with your market and connect with them. By sticking to the basic principles of building your credibility and setting yourself apart, you will find yourself receiving direct messages, emails or calls from prospects daily, often multiple per day.
Bhupinder Anand is Managing Director of Anand Financial Architecture, based in London UK. He is a 26-year MDRT member with 21 Top of the Table qualifications, and a renowned international speaker on financial services, helping advisors to be at the forefront of modern business practice.