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5 Tips to Help You Take Charge of Your Social Media Strategy

If your biggest challenge as a financial planner is finding and acquiring new clients, you’re not alone. Nearly two-thirds of financial planners recently surveyed by the Financial Planning Association listed “client acquisition” as their top challenge.

And yet, the money and skillset required to come up with an effective prospecting—and what it might take to execute the plan—can make attracting new clients seem impossible.

While certainly not a magic bullet on its own, social media can be a cost-effective way to build your personal and professional brand and connect with potential clients in a genuine, authentic manner.

This post offers five tips to help clear up common misconceptions about using social media in business and to help you begin building a social-driven prospecting strategy from the ground up.

1.) Recognize the Uses of Each Platform. One mistake when using social media is to immediately build a profile on every platform without thinking through how to create or curate content for each separate entity.

Placing the exact same content on multiple platforms can make your brand look lazy and out of touch. What works on Instagram may be the opposite of what drives engagement on LinkedIn. Further, creating and curating the amount of content required to run a functional blog/website and generate activity on four to five separate social platforms is simply not an option for most small businesses.

Avoid the temptation to build a profile on any social outlet until you have worked out why and how you plan to use the platform. Here are a few tips on some of the heaviest hitters:

LinkedIn is primarily a professional network, and the content that performs best on the platform follows suit. Investopedia reports in its article “LinkedIn: How Advisors Can Use It to Grow” that nearly three-quarters of U.S. advisers maintain a profile, so it may be a good place to look at focusing your initial efforts.

Facebook and Instagram are more personal, with Instagram focusing heavily on imagery. This is not to say that you can’t or shouldn’t have a profile on these platforms, as many advisers do—it all depends on the type of clients you’re trying to reach, the content you are looking to create and/or share and whether you can support many platforms at once.

Twitter is essentially a newsfeed and, while the content required for each post is smaller in volume (140-character limit), the platform requires a larger volume of posts to maintain a semblance of activity.

2.) Find Your Formula. Businesses that use the social platforms for promotion often treat the content as a one-way street to aggressively push product and sales-related information. In his blog post “Why Content is Fire and Social Media is Gasoline,” marketing guru Jay Baer said, “Social media was not intended to be the world’s shortest press release.” I believe social media was designed to replicate human conversation, and building a healthy following is dependent on how well you tell your personal and professional story.

While advisers are somewhat limited in how much they can engage in two-way discussions on social media, one area that can make a major difference is in how you curate and deliver content. If your profile summary, original posts and retweets on Twitter reflect the tone of a sales brochure, you risk driving people away.

Instead, as you’re crafting your profile, writing your first few posts and deciding what to retweet or share, think about how you prefer to get to know someone when you meet in a face-to-face conversation. What do you want people to know about you? What are the things that are most important to you? What defines you? Answering these questions will help you frame your presence in a way that best reflects who you really are.

My good friend (and social media expert) Steffen Kaplan (@SpinItSocial) shared a formula for building an online presence that I have found to be unbelievably valuable, especially when it comes to attracting followers on Twitter. He recommends parsing the content you create, what you share and what you like into three separate buckets: one-third of your posts should be designed to create awareness about your business (think of this as your “branded” content), another third should be personal (answering the questions outlined above) and the last third should be content designed to engage and inspire (quotes, photos and videos that might make others smile).

3.) Share Content That Tells Your Story. Most advisers know they need to do a better job promoting their practice and value proposition, but many don’t consider themselves to be marketers or know where to start in communicating with prospective clients. In the past, promotion didn’t matter as much, as a high percentage of new clients came via referrals from happy customers.

In today’s world, communications should be more persuasive and educational than a simple list of your services. But who has time to create all that content and send it to the right people at the right time? The beauty of the level of saturation in the blogging and social media world is that you don’t need to spend all your time creating your own materials—you can easily find educational content that you appreciate and share it with your clients.

When you share content, you are advocating for the message of the material, and that’s often the closest thing to putting your name on it. Beyond saving time and money, shared content comes with its own set of advantages as it allows you to send powerful messages from a credible third party. Relevant, useful and valuable content is an effective way to build trust with current and prospective clients. As content marketing expert Drew Davis puts it, “Content builds relationships. Relationships are built on trust. Trust drives revenue.”

4.) Don’t Overdo It. You don’t have to post content 50 times a day to be successful. Sure, social media requires creating and posting content with a high level of frequency, but that doesn’t mean you must spend your entire day brainstorming your next tweet.

Like any other marketing medium, social media success depends on the quality of the content you distribute—including the actual post, the attached image or GIF and the post’s linked content. To help focus on quality over quantity (and maintain your sanity), create a simple editorial calendar and plan out posts for each week or month. You can find countless free content calendar templates with a quick online search, but a traditional printed cat or firefighter calendar will also work just fine.

5.) Have Fun! Seriously, have some fun with it and do your best to be you. Your readers and followers will appreciate it, and it will make your content better in the long run.

Happy Tweeting!

Disclaimer: Before you go down this path, it’s important to understand FINRA’s regulations surrounding the use of social media, as well as any guidelines provided by your broker-dealer or RIA, if applicable.

Dan_Martin_Headshot
Dan Martin is the director of marketing for the Financial Planning Association®, the principal professional organization for CERTIFIED FINANCIAL PLANNER (CFP®) professionals, educators, financial services professionals and students who seek advancement in a growing, dynamic profession. He is an award-winning author with a diverse financial services industry background in marketing and communications. He earned a journalism degree from the University of Denver and his MBA in marketing from the Daniels College of Business.


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The Circle of WOW

On a recent flight home, after giving a keynote speech on driving deep client loyalty in the financial services industry, the woman sitting next to me asked about my business. It turns out that she was a public relations executive for the dental industry.

Intrigued, I asked, “What is the most effective slogan you have ever authored in your world of teeth?” She responded, “Simple. This one: you don’t have to floss every tooth, just the ones you want to keep.”

Instructive! So it is for clients in the financial services industry: you do not have to connect emotionally, or make meaning with every client, just the ones you want to keep.

Let’s be candid: nobody can control market events, but investment advisory teams can control how they connect emotionally with clients, colleagues and others. Regulatory changes and challenging investment environments should remind us that making stronger connections is more important than ever. And a key way of doing that is what we at Janus Henderson Labs affectionately refer to as The Art of WOW—focusing on actions that build impactful connections with those we care about at work and beyond.

Launching a meaningful wow journey requires planning. We like to start with “The Circle of WOW,” a four-step business development approach designed to fire up your business development efforts and start a perpetual upward spiral of results:

Step 1: Evaluate. Find your super-niche that helps you grow on purpose, not by accident. No matter what your profession—cultivating a “happiness advantage” is a natural outcome of discovering your unique business tranche (UBT) and developing your business around it.

Step 2: Activate. Identify and WOW your “Client Marketing Officers” and never ask for a referral again. Learn to consistently deliver WOW experiences to key members of your UBT, and leverage their guidance on how to grow your business with the help of other extraordinary members of the group.

Step 3: Replicate. Curate ideal clients and quit prospecting as you know it. With the help of your Client Marketing Officers, identify best new prospective clients and connect with them based on the fundamentals of WOW. Design each prospect’s experience based on a customized assertion schedule.

Step 4: Perpetuate. Create a magnetic ecosystem. Stop promoting and start attracting (and connecting). Deliberately cultivate personal rituals and design your environment to continually attract and nurture your UBT. Maintain a strong presence as an expert and dominate your space with unmistakable joy and command.

While WOWing our clients is certainly an art, we follow an actionable playbook on how unexpected, thoughtful behavior can elevate you from a professional resource to a provider of truly personalized service.

To learn more contact Janus Henderson about The Art of WOW. Our program, designed to drive extreme client loyalty, was developed in partnership with Dr. Joseph Michelli, internationally recognized client experience expert and author of The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of the Ritz-Carlton Hotel Company and The Starbucks Experience.

JohnEvans
John L. Evans Jr., E.D., is the executive director of Janus Henderson Labs of Janus Henderson Investors, formerly Janus Capital Group. He is a practice management expert who conducts extensive consulting and training with top financial intermediaries and businesss leaders worldwide.

 


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Use the ‘Mere Exposure Effect’ to Attract More Clients

We tend to like people we’re most familiar with.

According to this Social Psych Online article, the phenomenon of liking something or someone after we become more familiar with them is called the mere exposure effect.

Basically, the more you see or hear something, the you more you like it. A 1992 study published in the Journal of Experimental Social Psychology demonstrated just how far mere exposure can go. Scientific American noted also that people tend to like people they share things in common with.

Researchers had four different women with similar appearances attend a college class numerous times throughout the semester. One woman didn’t go to any classes, another attended five times, another attended 10 times and the last one attended 15 times. The women simply sat in on the lecture, not interacting with any students.

At the end of the semester, students were asked to evaluate the women on several scales, one of which was physical attractiveness. They rated the woman who’d been to the class 15 times more positively than the other three, Social Psych Online reported.

How Can Advisers use Mere Exposure to Their Advantage?

So just by being around others more often, you have a greater chance that they will view you more favorably. This underlies many of the tenets of networking; the more you put yourself out there, the more others will view you more favorably over time.

But, you don’t have to physically be present for mere exposure to work. Advertisers like McDonalds discovered this long ago, and have been using it to their advantage for decades, as noted in this Science Blogs post.

By sharing information about yourself online, being active on social media and participating in online discussions, others will come to feel as if they know you and will be more likely to feel that they like you.

Twenty over Ten notes that you can nurture this even more if you go one step further and share a bit of personal information about yourself. Write blog posts or articles that include personal anecdotes and stories, which open the door to building rapport and allowing prospective clients to find things about you that they might share in common.

10 Blog Post Ideas to Write and Share to Speed Up the Mere Exposure Process

Every blog post you write is a chance for readers to learn more about you. We know that consumers make choices based not just on services, but based on who they ultimately think they’d enjoy working with.

1.) “Meet the Team”

A “meet the team” post is essentially a blog post that revolves around a Q&A session with you or one of your colleagues. Sharing a glimpse into that team member’s life allows your readers to get a better understanding of the individual and who they are as a person. For example, some questions the team could answer are:

  • What gets you up and going every morning?
  • Where is your favorite place you’ve ever been on vacation, and why?
  • What books are on your nightstand?
  • What inspired you to become a financial adviser?

2.) “5 of My All-Time Favorite Books”

Any favorite books? Articles? TV Show Commentaries? The information we are drawn to and consume says a lot about us. Listing these out in a blog post allows readers to get a sense of who you are, and gives you a great talking point. Sharing this post on social media and asking others to share their top five favorite books also fosters discussion—and you may even reach a new audience of prospective clients.

3.) “Financial News I Read Every Day (That Is Worth Your Time Too)”

Similar to example No. 2, you can share the financial news you read to keep up with daily events. Although it is more geared toward finance, this is still a great way of connecting with your audience because it shares a glimpse into your interests and fosters a sense of care. You are staying up-to-date and educated on behalf of your clients—and this blog post would show that.

4.) “A Peek at Our Own Family Budget”

In this type of post, you can share a glimpse into how you and your family budget and save, and the trade-offs you make personally. For instance, you may want to specifically gear toward a scenario like: “Simple Do’s and Don’ts to Saving for a House” if you are building a client base of millennials. You can discuss the uphills, the downhills, the peaks and the trials to budgeting. We are all instinctively drawn to seeing how others live and these types of post naturally pique our interest.

5.) “Conversation with a Current Client”

For this type of blog post, talk to the client in advance to get permission and ensure them they will remain anonymous. Essentially, this blog post should let prospective clients know the type of situations you and your firm deal with when it comes to handling clients and their financial situation. For instance, you might have a series of “Conversations with a Client”—one client in their 30s, one in their 40s, etc.—that revolve around the biggest questions clients have in those age groups. Or your approach could be “Conversation with a Client Business Owner,” etc.

6.) “My Family Vacation”

Have you taken a recent vacation? Talk about how you handled the budget for vacationing, along with friendly travel tips. For instance, you may have some great recommendations for the resort you stayed at, or the beaches you visited. As we all look forward to our vacations and usually spend a good deal of time investigating which locations/resorts/experiences will be the best value and most interesting, your readers will appreciate your own tips.

7.) “Budgeting for Big Life Events”

With weddings, holidays and many of life’s big events, money is always an important factor. In this blog post, you might share how to effectively save and budget for such events. Because the post will be in real-time (especially with holidays) your chances of getting more reads are definitely higher. For example, a post titled “Budget Friendly Tips for Holiday Spending” around November is sure to get many reads!

8.) “The Top 5 Tools I Use to Run My Business (That are Worth Every Penny)”

In this post, you might share the tools you use to run your business. Are there any tech tools that you couldn’t live without on a daily basis? Perhaps there is a scheduler app to schedule appointments? Or you might use Google Drive to share documents? By sharing your top tools, your readers can get a glimpse into your daily practice and immediately feel more connected with tools they may even potentially use themselves.

9.) “How I Save Money Every Day in the Simplest Ways”

Do you cut back on your daily Starbucks coffee and make your own at home? Do you pack your lunch instead of ordering out? Share a glimpse into your daily spending habits, and how your small trade-offs result in large savings. This type of post provides inspiration to your reader, where he or she may even begin to pick up your own smart saving habits. And since you often ask your own clients to track and take note of their own spending, this is a great “practice what you preach” post.

10.) “How I De-stress from the Financial Markets”

Being in the financial industry is isn’t always easy. With fluctuating markets and worrisome clients, it can even be extremely stressful. What daily rituals do you practice to stay at peace? How do you de-stress? Similarly to No. 9, this type of post can also provide plenty of inspiration to your readers, who may also have high-stress jobs.

Sam_Russell_Headshot
Samantha Russell is the director of sales and marketing at Twenty Over Ten, a web development company that creates tailored, mobile-responsive websites for financial advisers. She’s spent the last five years empowering advisers to market themselves effectively online using digital tools. With a background in marketing, social media and public relations, Russell focuses on helping business owners understand the value of their online presence and connecting them with the marketing tools and digital solutions they need to effectively manage their brand and engage clients.