Social Media Platforms – What You Need to Know
July 27, 2022
You’re a successful Advisor but want to promote and continue to grow your business online – smart move, count us in! However, there are just so many social media platforms, how do you know which one is right for you and your business?
There are indeed more than a few and they’re all slightly different, but all are excellent modern marketing tools and with a little research, you can decide which one (or two or three!) are a good fit for you and your brand.
Recently, LIMRA published a study asking Generation Y (also called millennials) who they engage for financial advice. They found that 90% of those surveyed said that they would NOT seek financial advice from their parents’ Advisors because they “are not relevant” (1). Ouch. But what does it mean to be “relevant”? Well, if you want to reach the next generation of wealth, you need to meet them where they are – and that place is on social media.
Likewise, when asked to rate the importance of social media sites, millennials and generation X demonstrated a clear preference for Facebook (#1), LinkedIn (#2) and YouTube (#3) (2).
Now, let’s look at a few of the more popular platforms including LinkedIn, Facebook, Instagram, Twitter and YouTube.
LinkedIn is a professional business-to-business social platform – meaning you’re more likely to find business clients, collaborators, and business partners. If you are looking to reach fellow industry professionals or centers of influence while doing a little networking, LinkedIn can be a great choice. People do not come here to find an Advisor but instead to learn more about their industry, connect with new professional contacts and seek new career opportunities.
YouTube is fantastic as well. YouTube is a unique platform in the way that it is a search engine, not a social platform. This means that you can utilize this space to make your evergreen content (content that is long lasting with information that will remain relevant) easily searchable today and into the future.
It should also be mentioned that LinkedIn and YouTube are examples of sites with different user demographics and capabilities. It is important for financial professionals to determine which social media platform(s) are most appropriate for their personal styles and their prospective consumer markets. It is also essential to understand that social media ratings are a modern form of referrals.
However, if your business is in the broad market, then social spaces like Facebook, Instagram and Twitter are platforms that your ideal clients are probably already on. Get on there and start building those relationships.
So, what’s the message here? Prospects are researching you before they will even meet with you, so you need to be online, engaged and meet them where they are! Also, the increasingly youthful demographic of consumers seeking a financial Advisor means that social media has quickly become an important marketing and communication tool for financial professionals.
We’ve reviewed five of the major platforms, but those aren’t necessarily the only modern direct marketing platforms you can utilize to promote your brand. Here is a list of a few more that may or may not be on your radar.
Podcasts are growing in popularity. People are listening, watching and streaming, more and more. Perhaps a little more time consuming to create, but if you are up for the task, they can be the right fit for the brand information that you would like to convey.
Blogs and e-Newsletter are definitely still on the list. With these tools you can control what your audience sees, review analytics and determine how many people have seen or opened your message or spent time on certain content that you have distributed. You can also more efficiently promote your business and services to an audience that already knows, likes and trusts you.
Webinars and online live training sessions remain highly popular. People enjoy the fact that they can view it from afar, without having to leave their homes. Virtual events allow you to reach people in other areas that may not attend an in-person event due to travel requirements, availability, etc.
Facebook groups provide an avenue for you to nurture your community and engage with your audience one-on-one. They also allow you to really hone-in on your target audience group – you can then tailor your message and get active engagement with more of your ideal customers.
You are probably quite familiar with COI’s such as lawyers, accountants, mortgage brokers, etc. But did you know that you can also find centers of influence and influencers on modern marketing platforms? These are the people that share a similar audience to you, or their audience is made up of your ideal clients. Don’t be afraid to look beyond the typical industry partners and be sure to build connections.
Although not an actual marketing platform, good ole word of mouth is still very much alive and probably more important now than it has been for years. In a world filled with so much noise, people are reaching out to their trusted friends, family and acquaintances online to find businesses, services and professionals that they can trust. They are relying on social proof more than anything else.
Modern marketing platforms make meetup events and networking events easier to attend and find. Face-to-face communication is still key and social media platforms make it easier to find these events and connect with prospects, current clients and influencers.
For similar articles on how you can build up your social media presence, read Building Connections Through Direct Response Marketing… More than just Social Media.
And if you have any questions or need a helping hand with your modern marketing, contact your local PPI Collaboration Centre.