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CAMS data shows that 85 lakh new millennials entered the MF industry between FY 2019 and FY 2023. These millennials are well versed with technology and use social media extensively.
It is of paramount importance for MFDs/RIAs to use social media effectively and remain on the top of millennials minds. By regularly posting valuable and engaging content, you can keep your audience engaged and informed, generating interest and excitement that leads to more business opportunities.
Here are a few things that can you help you increase social media visibility:
Keep it human
Don’t use social media as a one-way communication tool by posting only about your business. Keep it human by posting your pictures and stories. Also, engage with people through chats and comments. This can help you build a stronger relationship with clients, leading to increased loyalty and significant referral opportunities.
Keep it educational
Social media is also great for sharing educational content with clients and prospects. By sharing educational posts in an easy to consume format like videos and infographics, you can educate your audience on essential topics of their interests. This may become a reliable resource of information for your clients and prospects.
Keep it real
Share case studies and testimonials to demonstrate your value. You may look at posting an interesting creative or short video of your clients narrating their stories about how you helped him overcome a difficult financial situation or how you have helped them achieve a financial goal.
Keep it contextual and interesting
Write posts on contextual or interesting topics like budgeting tips to repay home loan in ten years or using SWPs to generate regular income. Don’t forget to send it to your target clients through chatboxes along with your name and details. When they share these write ups with their friends or colleagues, it creates a chain of awareness. Anyone who receives the content will be aware of the distributor's name and contact information, potentially leading to new business opportunities outside of your immediate network.
Social media can be an extremely effective tool for mutual fund distributors and financial advisors looking to grow their businesses. However, businesses need to approach social media with a strategic mindset. Posting content sporadically or without a plan can lead to a lack of engagement and results. Therefore, you should invest in a social media strategy aligned with your business goals and regularly monitor your metrics to track your progress.
Kashmira Kalwachwala is the Head of Investor Services at Tata Mutual Fund. The views expressed in this article are those of the author and do not reflect the views of Cafemutual.