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Top 10 Social Media Marketing Answers


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A visual guide on the 'why, what & how' of social media marketing for professionals in financial advisory, insurance, accounting & real estate

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Top 10 Social Media Marketing Answers

  1. 1. Top 10 Social Media AnswersFor professionals in financial advisory, insurance, accounting & real estateA brief guide on the why, what & how of social media marketing InvestmentPal March 2013
  2. 2. Content 1 Why does social media matter? ----------------------------- 3 2 Is there a ROI? ------------------------------------------------------ 6 3 What are some success stories? ----------------------------- 9 4 What are my peers doing with it? --------------------------- 13 5 How do I use it? ---------------------------------------------------- 16 6 How can I attract more readers to my posts ? --------- 19 7 How can I do more with less time? ------------------------- 23 8 How does search engine optimization (SEO) fit in? --- 26 9 What about compliance? ------------------------------------- 3010 Who can help? ----------------------------------------------------- 34InvestmentPal 2 March 2013
  3. 3. Why does social 1 media matter?InvestmentPal 3 March 2013
  4. 4. Your clients & prospects use social media regularly 1BN + users of U.S. adults with an investment account 500M + 87% visit social networks regularly Forrester Research, 2012 “The Social Advisor: Using Social Media Effectively in Wealth Management”, Accenture 200M + InvestmentPal 4 March 2013
  5. 5. Social media influence finance-related decisions of affluent investors use social media 34% specifically for personal finance & investing purposes reallocated investments, nearly 70% started or changed investment provider relationships based on social media content “Social Media’s Impact on Personal Finance & Investing” Cogent Research, Feb 2013 InvestmentPal 5 March 2013
  6. 6. 2 Is there a ROI?InvestmentPal 6 March 2013
  7. 7. Social media is producing tangible business results believe social media has 57% significant future potential for their business 39% report social media has value for their business 21% of financial professionals report tangible business results from social media “Financial Professionals Social Media Adoption Study” American Century Investment, Q1 2012 InvestmentPal 7 March 2013
  8. 8. Advisors are winning new clients from social media 40% won new clients through Facebook 25% won new clients through Linkedin 21% of financial advisors won new clients through Twitter “Closing the Gap: How Tech Savvy Advisors can Regain Investor Trust” Accenture, March 2013 InvestmentPal 8 March 2013
  9. 9. What are some 3 success stories?InvestmentPal 9 March 2013
  10. 10. 10 notable client wins1 David Armstrong (wealth manager) wins $3M account from a prospect who followed his firm’s Facebook Page for 8 months “A Look Inside LPL Financial’s Social Media Strategy”, Mike Byrnes, Financial- Planning.com2 Mark Scribner (wealth advisor) wins a $2.6M 401K rollover account from an acquaintance whom he noticed had checked out his Linkedin profile “For This Financial Adviser, Tweets Are Good Business”, Jennifer Cummings, WSJ Blogs3 Paul Hees (financial advisor) wins two IRA accounts after learning about prospect’s job switch via Linkedin “Social media tricks to help advisers get new clients”, Jennifer Cummings, Reuters InvestmentPal 10 March 2013
  11. 11. 10 notable client wins4 Kerry Wilson (insurance professional) wins a new policy resulting from a “personal roadside assistance” photo posted on his Facebook page by a client’s sister “Kerry Wilson Q&A”, Jeff Bair, Foremost Insurance Group5 Jim DeWitt (insurance professional) wins 3 clients from a single story he shared on Facebook “How an insurance agency generates business using Facebook”, Michael Reynolds6 Jim Bourke’s (CPA) knowledge of prospects’ car racing passion from their Linkedin updates helps win new client “Social Media: From a CPA Firm’s Perspective” Youtube, Bob Scott, Editor, The Progressive Accountant7 Sharon Gubinsky (CPA) wins significant client resulting from referral of another CPA who follows her on Twitter “CPA stories on the Social Front” Youtube, Bill Sheridian, MACPA InvestmentPal 11 March 2013
  12. 12. 10 notable client wins8 Tim Ayres (realtor) wins 3 clients resulting from “a single tweet” “Tim Ayres Interview”, Chris Burdge, bWEST Interactive Blog9 Joy Moore (realtor) closes a transaction for her daughter’s friend after joining Facebook and connecting not only with friends & family but also with her daughter’s friends “A Facebook Real Estate Success Story”, Stephanie Pfeffer, The Real Estate Beat10 Jo Lay (realtor) closes 2 outgoing referrals after learning about the passing of a friend’s aunt from Facebook and a need to sell 2 homes “Jo Lay Interview” Youtube, Sarah Poston, Coldwell Banker King Thompson InvestmentPal 12 March 2013
  13. 13. What are my peers 4 doing with it?InvestmentPal 13 March 2013
  14. 14. Your peers use social media for business regularly of financial professionals own 89% a business or personal social media profile or account of financial advisors use 58% social media for business at least several times a week “Financial Professionals Social Media Adoption Study” American Century Investment, Q1 2012 InvestmentPal 14 March 2013
  15. 15. Top use of social media by financial professionals 1 Read expert commentary insights 2 Post commentary 3 Monitor industry / market news 4 Share relevant news /content with clients 5 Build brand / promote business 6 Research people “Financial Professionals Social Media Adoption Study” American Century Investment, Q1 2012 InvestmentPal 15 March 2013
  16. 16. 5 How do I use it?InvestmentPal 16 March 2013
  17. 17. 4 steps: Connect, listen, share & measure Connect with friends, clients &1 prospects on social networks Monitor expert commentaries2 & industry news Curate, create & share3 relevant content4 Measure activity & response InvestmentPal 17 March 2013
  18. 18. 3 levers: Network size, sharing freq., content quality Social media marketing Friends Curate, Re-share ‘Friends Prospects Clients create & Reply of Prospects share Like friends’ Size of Size of Content Prospect Sharing your friends’ X X response X = contact frequency social social rate frequency networks networks Social media equation InvestmentPal 18 March 2013
  19. 19. How can I attract more 6 readers to my posts?InvestmentPal 19 March 2013
  20. 20. Craft titles that draw both humans & search engines Titles on Google Page 1 1 Concise 2 Clear benefits 3 Focus attention - numbered lists - action verbs - why what when how - ask a question 4 Engage emotions 5 SEO keywords Google - Mar 19 2013 (1) Brock & Associates (2) Dennis Volz, State Farm InvestmentPal 20 (3) Bader Martin, CPAs & Business Advisors (4) Jay Calafiore, Mortgage Architects
  21. 21. A picture is worth a thousand words Visuals increased persuasiveness by “Use of digital visual media in presentations” University of Minesota & 3M 43%1 Rich colors2 Photographs3 Charts4 Black & white (1) Sinclair Risk & Fin Mgmt (2) David Lloyd, Newport Wealth Mgmt (3) Dagny Eason Realtor (4) XSI Insurance (5) John Nicola, Wealth Mgmt (6) Mark Fuchs Realtor (7) Sam Pollock, Quantum Fin (8) Fran & Rowena InvestmentPal Realtors (9) Michael Hsu, CPA, DeepSky (10) Carl Richards, CFP (11) Sherri Dodsworth Realtor (12) Tanya McCaffery, CPA & Brad Diller, Cartoonist
  22. 22. A video is worth a thousand pictures “If video & text covering the same topic are on 59% the same web page, I will watch the video first” “Executives embrace the non-text web”, Forbes Insights, 20101 Animation - Explainer - Intro - Whiteboard2 People - Tips - Q&A - Interview3 Entertainment - Song - Dance - Parody (1) Madison Wealth Managers (2) Lawton Insurance (3) Plante Partners (4) Jeff Rose, CFP (5) Mark Feldstein, Accountant (6) InvestmentPal Mike Stewart, Realtor (7) PetFirst Healthcare Insurance (8) WithumSmith + Brown CPAs (9) Silicon Valley Bank
  23. 23. How can I do more 7 with less time?InvestmentPal 23 March 2013
  24. 24. Combine created content with curated content of U.S. news consumers say they rely to some50% degree on people around them to tell them the news they need to know Pew Internet Report, 2010 1 Select relevant & quality articles 2 Craft unique commentaries - Offer your point of view - Highlight key point - Ask a question - Summarize - Explain 3 Share comments & content links InvestmentPal 24 March 2013
  25. 25. Real Estate Accounting Insurance Financial Advisory & Mortgage & TaxInvestmentPal ~100 relevant news, industry & blog sites March 2013
  26. 26. How does search engine8 optimization (SEO) fit in?InvestmentPal 26 March 2013
  27. 27. SEO boosts social media marketing & vice versa InvestmentPal 27 March 2013
  28. 28. 5 publishing SEO tips from Google’s Matt Cutts 1 Put relevant keywords in url; do not stuff keywordsAug 25 2010 2 Craft compelling titles to increase click throughsMar 6 2009 3 Weave keywords into post; penalty for overdoingAug 18 2011 4 Describe images in text using ‘alt’ tags & file namesDec 5 2007 Surface key pages with 5 internal links; do not overAug 18 2011 engineer - Jeff Rose, CFP InvestmentPal 28 June 7 2012
  29. 29. Keyword choices that put posts on Google Page 1 advantages of roth ira build wealth 401k tax deductionFinancialAdvisory selecting a financial planner average retirement savings life insurance planning what is personal liability insuranceAccounting Insurance 2012 hsa contribution limits how much is home insurance a year how much life insurance do i need debit or credit capitalize or expense how to minimize taxes & Tax federal tax deductions 2012 quickbooks chart of accounts& MortgageReal Estate where to live in Austin buy a house in seattle sell a home chicago real estate prices how a mortgage works Google - July 14 2012 (1) Brock & Associates, Financial Planning (2) Ken Faulkenberry, Arbor Inv. (3) Fern LaRocca, CFP (4) David & John Compton, First Sec. Fin. (5) Jeff Rose, Alliance Wealth Mgmt (6) Richard O’Boyle, Schaefer Ent. (7) Neal Frankle, Wealth Resources Grp. (8) Glenn Cooke, Life Insurance Canada (9) Dennis Volz, State Farm (10) Jay & Louise Norris, Insurance Shoppers (11) Sandy Tunwell, InvestmentPal Accountrain (12) Blue Willow Bookkeeping (13) William Brighenti, CPA CT (14) Bader Martin, CPAs & Biz Advisors (15) Jim Yih, Think Box (16) Realty Austin (17) Craig Blackmon, WaLaw Realty (18) Joe Manausa, Century 21 (19) Lucid Realty (20) Jay Calafiore, Mortgage Architects
  30. 30. 9 What about compliance?InvestmentPal 30 March 2013
  31. 31. Email vs social media – Early years Email Social Media1996 Hotmail launched 2006 Twitter launched NYSE/NASD: Broker-dealers must Pre-FINRA 10-06 assumption: review & approve all outgoing & All status updates, tweets, posts incoming correspondence (1) to discussion boards require pre- approval (4) I worked at a broker-dealer during the advent of email. The initial industry-wide 2007 There is no social networking for response was – I kid you not – business. It’s not going to apply “No”. Meaning nobody Manager at brokerage that later started could have email using social media (5) Financial professional (2) FINRA: Firms may consider1997 SEC: Broker-dealers must retain blocking access to online all business emails (3) message boards (6) 8M Hotmail users 2008 6M active Twitter users (7) (1) Jeffrey Plotkin, NY Law Journal Dec 2002 (2) Financial Advisor WSJ Blog, 2011 (3) Rule 17-a-4 interpretation, Carol Curtis, Securities Tech InvestmentPal Monitor, Nov 2009 (4) Socialware Guide to FINRA/SEC, 2010 (5), 2007 (6) FINRA 07-59, Dec 2007 (7) eMarketer, Sep 2009
  32. 32. Email vs social media – Later years Email Social Media1998 NYSE/NASD amendment: 2009 35% of financial advisors used Broker-dealer has option to social media for business (4) eliminate pre-use review of FINRA 10-06: Pre-approval for all incoming or outgoing 2010 interactive content not required emails (1) FINRA: Messages on online “Reasonable sampling” in 2011 interactive forums need not be email review allowed (1) filed post-use (5)2002 25% of financial firms used 2012 140M Twitter users (6) email marketing (2) FINRA: Six communication 110M Hotmail users (3) categories halved to three (7) 58% of financial advisors use social media for business at least several times a week (8)2006 61% of financial firms used email marketing (2) (1) Jeffrey Plotkin, NY Law Journal Dec 4 2002 (2) Silverpop findings, “Leveraging the Inbox”, Jim Bruene, Jun 2006 (3), Sep 2002 (4) Aite Group Survey, Q4 2009 (5) InvestmentNews Dec 2011 InvestmentPal (6) Twitter blog, Mar 2012 (7) FINRA 12-29, June 2012 (8) American Century Investment Study, Q1 2012
  33. 33. Financial social media guidance FINRA 10-06 & 11-39 highlights (1)1 Interactive content (eg Twitter posts, interactive blogs) do not need pre-approval. Post-use review methods including sampling or word- based search may be used (2)2 Pre-approve static content (3)3 Do not link to sites you know contains false or misleading content (3) rd4 3 -party posts are not treated as firm’s communications with public unless firm endorses or approves post (3)5 You may respond to business-related questions on a personal site, subject to your firm’s policy (4)6 Retain business content records (5) (1) Jan 2010 & Aug 2011 respectively (2) NASD 3010 InvestmentPal 33 & 2210, FINRA 07-59 (3) NASD 2210 (4) FINRA 11-39 (5) SEC 17a-3, 17a-4, NASD 3110
  34. 34. 10 Who can help?InvestmentPal 34 March 2013
  35. 35. Marketing consultantsFinancial Advisory Insurance Accounting Real EstateAmy McIlwain April Rudin Catherine Sherwood Gerri Leder Glen Gilmore Jay Campbell Jay Palter Kristen Luke Michelle Golden Michael Byrnes Monika McGillicuddy Naomi Trower Pat Allen Philip Calvert Robyn Sharp Sarah Johnson Scott Peterson Stephanie Sammons InvestmentPal 35 March 2013
  36. 36. Writing consultants & editorsFinancial Advisory Insurance Accounting Real EstateAmy Buttell Amy Lynn Smith Anne Brennan Carol Tice Dave Pelland Deborah Plouffe Jaime Lackey James F Carberry Lisa MacColl Lori Widmer Lynn Sherman Patrick WatsonRichard Koreto Stephanie AuWerter Susan Weiner, CFA Todd Larson Tracey Franks Vanessa Richardson InvestmentPal 36 March 2013
  37. 37. Thank | Media Marketing for Financial Services Ecosystem GroupInvestmentPal March 2013