A common misconception is that social media is for younger audiences. But in reality, 50% of social media users are over age 35 and the fastest-growing online audience is age 65 and older (Pew Research, Social Media Update 2014).
Your target audiences are likely using social media – which means you can reach them in a whole new way. When you start using social media for business, it may seem overwhelming. However, there are five simple, but highly effective, social media action items you can incorporate into your practice right now.
Tactic #1: Actively grow your network with your most engaged audiences first
Advisors who are the most satisfied with their social media efforts have a combination of a large number of connections and a high engagement rate (measured by likes, comments and shares).
To achieve this, be strategic about growing your network. It’s easy to get caught up in driving the number of your connections just for number’s sake. But if your community isn’t engaged, it doesn’t do you much good.
When you first start out on social media, focus on connecting with people who you know will interact with you. The more comments and likes on your posts, the more likely your content will be seen. This increases your reach beyond your network and gives you more exposure.
Action item: Each week, connect with your colleagues, centers of influence, current clients and family members on LinkedIn. Encourage them to like your Facebook business page. Ask them to share your Facebook page with their networks or ask for referrals through LinkedIn.
Tactic #2: Get personal on social media and write your own content
Content that’s popular with advisors isn’t always the right fit for your target audiences. For example, it’s OK to sprinkle in financial articles – such as market updates and industry news – here and there. But when you’re trying to build relationships and showcase your own expertise, it’s best to create original content.
Share updates about your charity work, family, community events and hobbies. It’s an easy way to be relatable and to show some personality in a professional way. Behind-the-scenes content is very effective as well. People love to know about fun events going on in your office – even silly things such as a pumpkin carving contest around Halloween.
When you do post financial content, think of ways you can be helpful. Provide practical financial takeaways that your audiences can incorporate in their daily lives.
Action item: Create three to five engaging posts for the upcoming week and schedule them in advance. Repeat… repeat… repeat.
Tactic #3: Poll your audience
Take the guesswork out of selecting content you “think” your audience will like and ask them to weigh in. Discover what they want to read or the financial questions they’d like answered. Also, offer opportunities for your audience to share their own tips and financial lessons they’ve learned.
It doesn’t have to be complicated. For example, pose a simple question like, “What do you think of when you hear the word ‘budget?’” Or ask your network about the best financial decision they’ve ever made. Open-ended questions take little time to write and promote engagement. It’s a win-win.
Action item: Include at least one open-ended question in your content calendar each week.
Tactic #4: Listen!
Your connections share valuable information about their lives online every day and it’s important to pay attention. Life events, such as getting married, having children and changing jobs are drivers for financial decisions – and social media is rich with this data.
Action item: Use social media to research clients and prospects, looking specifically for key life events. Congratulate the individuals on the major event via social media. As time passes, follow up with a handwritten note or an interesting article on the same topic.
Tactic #5: Pay attention to metrics
Finally, keep tabs on what is popular with your network. Repeat what works and stop doing what doesn’t. If inspirational quotes have a high number of shares and likes, make an effort to use at least one a week. If retirement topics resonate with your audience, write and share more content on the topic.
Pay attention to when your network is most active and post accordingly. The more interaction you have, the more accurate this data will become.
Action item: Pull monthly reports on your content via each social network. Look for trends that stand out and modify your game plan for maximum success.
