Frustration looms over perceived lack of ROI from social-media efforts
Advisors can become frustrated at the perceived lack of ROI from social media efforts.
However, president and founder of i-Impact Group (a U.S-based investment and financial services PR consultancy firm), Claudio O. Pannunzio, says that social media needs to be fully incorporated into a financial practitioner’s marketing mix and activities must follow specific rules and approaches, if advisors want to use it successfully.
Pannunzio runs social media and communication workshops, and says that there are four basic tips to help advisors maximise social media ROI.
1. Focus on Quality over Quantity
Although there is a plethora of social media sites available, advisors should refrain from joining as many as possible, says Pannunzio.
“Instead, pick one or two platforms where clients and prospects go to get information about their investments and focus on those.”
Advisors will be able to position themselves better and provide more valuable information that encourages prospects to seek their business. (continued on Page 2.)
2. Keep social media in-house
Pannunzio says the cons of outsourcing social media activities far outweigh the pros:
• The advisor will have the ability to free up time
• An outside specialist knows social media better than the advisor
• A specialist can help the advisor to build his/her brand
• Loss of company’s “voice”
• The advisor has relinquished control of what is posted/tweeted
• Potential exposure to greater risk that the delegated person may say something wrong that could lead to a social media nightmare
• The advisor will have to pay the specialist
3. Be Social
The interaction by the advisor with his/her network on social media is more important than building that network.
“A Facebook page that shows the advisor’s involvement with family, community, university or philanthropic activities, enables them to share with clients and prospects the personal side of their life. Ultimately, this will empower the advisor to establish a stronger bond with the target audience's”. (continued on Page 3.)
4. Be Actively Engaged
An advisor’s mere presence on social media does not guarantee new business. Actively interacting with followers will show that the advisor cares about them, their issues and challenges.
“The secret to social media success is active and enduring engagement. Study the audience to attain an intimate understanding of the financial issues they face and the type of information they seek. Create content suitable for the audience’s key interests in easy-to-understand language and appeal to their emotions,” says Pannunzio.
He says advisors should be active at least once a day, at the same time if possible, so followers can look for the posts.