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Social Networks for Financial Professionals

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Jay Palter Social Advisory
Jay Palter Social Advisory

Slides from my presentation on Nov 6, 2012 in Vancouver and Nov 21, 2012 in Toronto to Solareh National Advisors Conference.

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Social Networks for Financial Professionals Presented by National Advisor Conferences 6 Nov 2012 – Vancouver 21 Nov 2012 – Toronto
Background • 2 decades of business experience • marketing/communications & tech/software • Life-licensed insurance producer • social media consultant & columnist
Overview • Social media: definition & demographics • Power of search • Strategic considerations • Tools and tactics • Overcoming barriers
Social Media is... A synthesis of new and traditional media that incorporates advertising, public relations, customer service, marketing, sales, and community relations. It’s disruptive. It’s about human sociology. It’s enabled by technology.
Once upon a time... our media choices were limited. + +
Today, our media options are virtually unlimited. And growing.
Driven by content social media comments articles feedback charts criticism pictures analysis videos sharing/curation ads/creative discussion slide decks user created doodles
Demographics
Work force is changing
Percentage of Wealthy US Investors Who Use the Following Online Investment Resources, by Age
Search
Search facts 93 % of consumers worldwide that use search engines to find and access websites. Source: Forrester Research 75 % of search engine users who never scroll past the first page of results. Source: Seventh WWW User Survey - Georgia Institute of Technology
The power of search • Eventually, everyone is “Googled” • Your website matters, but less • Social media engagement improves search engine positioning
Owned Paid Owned Earned Earned Earned Earned
Strategic Considerations for professionals
People do business with people they know, like and trust.
Some things never change. Social media changes everything else.
Social media changes everything... All events happen in real time.
Social media changes everything... Marketing, public relations, branding and client support get all mixed up together.
Social media changes everything... It’s a dialogue, not a monologue. It’s a dialogue, not a monologue.
Social media changes everything... You have no control, only influence.
Social media changes everything... You cannot outsource your voice.
Social media changes everything... Attention is the most scarce commodity of all.
Social media changes everything... The time you spend is more precious than the money.
Social media changes everything... Personal brand is at least as important as corporate brand.
5 social media strategies ➊ Build social capital ➋ Curate great content ➌ Be personal ➍ Build trust and credibility ➎ Strive for engagement
➊ Influence economy = Currency = Networked people Assets “Earned media” and content Social capital = Goodwill
➋ Curate content Find and share remarkable content to add value and express your brand’s personality.
➌ Build a personal brand Personal is professional. Relationships are grounded in personality.
Personal brand is what people say about you when you leave the room. - Jeff Bezos, Founder, Amazon.com
➍ Build trust T = (C x R x I)/S Credibility X Reliability X Intimacy Trust = ___________________________________ Self-orientation Source: Brogan and Smith -Trust Agents Maister, Galford and Green - The Trusted Advisor
➎ Power of engagement
Engaged clients provide referrals.
TOOLS & Tactics
Focus on these...
Use LinkedIn to... • Be found by clients, prospects and peers • Research, find prospects • Establish credibility by sharing content • Connect with clients and peers
Use Twitter to... • Stay informed through feeds • Identify and follow influencers • Broaden social networks • Curate/share and promote content
Use Facebook to... • Build community of clients/customers • Show personality and compassion • Share content and info updates
Why blog? • Your blog is your publishing base • Demonstrate subject matter expertise and how you think • Great for search engine optimization (SEO)
Hurdles Compliance Time Knowledge
Compliance • Listen, don’t talk • Focus on credibility, relationships and trust • Leave transactional “heavy lifting” to traditional channels (meetings, phone, corporate email) • Archive, archive, archive
Time • Re-evaluate all your time allocations • Leverage your support team to help you • Put in some “after hours” time • Outsource strategy and implementation support
Knowledge • Read books & blogs • Trial and error • Be an early adopter • Overcome your fear
jay@palter.ca 780-868-8433 JayPalter.ca twitter.com/jaypalter www.linkedin.com/in/jaypalter Copyright 2012 Jay Palter. All rights reserved. Not for reproduction or distribution without written consent.

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Social Networks for Financial Professionals

  • 1. Social Networks for Financial Professionals Presented by National Advisor Conferences 6 Nov 2012 – Vancouver 21 Nov 2012 – Toronto
  • 2. Background • 2 decades of business experience • marketing/communications & tech/software • Life-licensed insurance producer • social media consultant & columnist
  • 3. Overview • Social media: definition & demographics • Power of search • Strategic considerations • Tools and tactics • Overcoming barriers
  • 4. Social Media is... A synthesis of new and traditional media that incorporates advertising, public relations, customer service, marketing, sales, and community relations. It’s disruptive. It’s about human sociology. It’s enabled by technology.
  • 5. Once upon a time... our media choices were limited. + +
  • 6. Today, our media options are virtually unlimited. And growing.
  • 7.
  • 8. Driven by content social media comments articles feedback charts criticism pictures analysis videos sharing/curation ads/creative discussion slide decks user created doodles
  • 10. Work force is changing
  • 11.
  • 12. Percentage of Wealthy US Investors Who Use the Following Online Investment Resources, by Age
  • 14. Search facts 93 % of consumers worldwide that use search engines to find and access websites. Source: Forrester Research 75 % of search engine users who never scroll past the first page of results. Source: Seventh WWW User Survey - Georgia Institute of Technology
  • 15. The power of search • Eventually, everyone is “Googled” • Your website matters, but less • Social media engagement improves search engine positioning
  • 16. Owned Paid Owned Earned Earned Earned Earned
  • 17. Strategic Considerations for professionals
  • 18. People do business with people they know, like and trust.
  • 19. Some things never change. Social media changes everything else.
  • 20. Social media changes everything... All events happen in real time.
  • 21. Social media changes everything... Marketing, public relations, branding and client support get all mixed up together.
  • 22. Social media changes everything... It’s a dialogue, not a monologue. It’s a dialogue, not a monologue.
  • 23. Social media changes everything... You have no control, only influence.
  • 24. Social media changes everything... You cannot outsource your voice.
  • 25. Social media changes everything... Attention is the most scarce commodity of all.
  • 26. Social media changes everything... The time you spend is more precious than the money.
  • 27. Social media changes everything... Personal brand is at least as important as corporate brand.
  • 28. 5 social media strategies ➊ Build social capital ➋ Curate great content ➌ Be personal ➍ Build trust and credibility ➎ Strive for engagement
  • 29. ➊ Influence economy = Currency = Networked people Assets “Earned media” and content Social capital = Goodwill
  • 30. ➋ Curate content Find and share remarkable content to add value and express your brand’s personality.
  • 31. ➌ Build a personal brand Personal is professional. Relationships are grounded in personality.
  • 32. Personal brand is what people say about you when you leave the room. - Jeff Bezos, Founder, Amazon.com
  • 33. ➍ Build trust T = (C x R x I)/S Credibility X Reliability X Intimacy Trust = ___________________________________ Self-orientation Source: Brogan and Smith -Trust Agents Maister, Galford and Green - The Trusted Advisor
  • 34. ➎ Power of engagement
  • 36. TOOLS & Tactics
  • 38. Use LinkedIn to... • Be found by clients, prospects and peers • Research, find prospects • Establish credibility by sharing content • Connect with clients and peers
  • 39. Use Twitter to... • Stay informed through feeds • Identify and follow influencers • Broaden social networks • Curate/share and promote content
  • 40. Use Facebook to... • Build community of clients/customers • Show personality and compassion • Share content and info updates
  • 41. Why blog? • Your blog is your publishing base • Demonstrate subject matter expertise and how you think • Great for search engine optimization (SEO)
  • 42. Hurdles Compliance Time Knowledge
  • 43. Compliance • Listen, don’t talk • Focus on credibility, relationships and trust • Leave transactional “heavy lifting” to traditional channels (meetings, phone, corporate email) • Archive, archive, archive
  • 44. Time • Re-evaluate all your time allocations • Leverage your support team to help you • Put in some “after hours” time • Outsource strategy and implementation support
  • 45. Knowledge • Read books & blogs • Trial and error • Be an early adopter • Overcome your fear
  • 46. jay@palter.ca 780-868-8433 JayPalter.ca twitter.com/jaypalter www.linkedin.com/in/jaypalter Copyright 2012 Jay Palter. All rights reserved. Not for reproduction or distribution without written consent.