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Social media strategies for financial professionals


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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 media strategies for financial professionals

  1. 1. Social Networks forFinancial Professionals Presented by National Advisor Conferences 6 Nov 2012 – Vancouver 21 Nov 2012 – Toronto
  2. 2. Background• 2 decades of business experience• marketing/communications & tech/software• Life-licensed insurance producer• social media consultant & columnist
  3. 3. Overview• Social media: definition & demographics• Power of search• Strategic considerations• Tools and tactics• Overcoming barriers
  4. 4. Social Media is... A synthesis of new and traditional mediathat 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. 5. Once upon a time...our media choices were limited. + +
  6. 6. Today, our media options are virtually unlimited. And growing.
  7. 7. Driven by content social media comments articles feedback charts criticism pictures analysis videossharing/curation ads/creative discussion slide decks user created doodles
  8. 8. Demographics
  9. 9. Work force is changing
  10. 10. Percentage of Wealthy US Investors Who Use the Following Online Investment Resources, by Age
  11. 11. Search
  12. 12. Search facts93 % of consumers worldwide that use search engines to find and access websites. Source: Forrester Research75 % of search engine users who never scroll past the first page of results. Source: Seventh WWW User Survey - Georgia Institute of Technology
  13. 13. The power of search• Eventually, everyone is “Googled”• Your website matters, but less• Social media engagement improves search engine positioning
  14. 14. Owned PaidOwnedEarnedEarnedEarnedEarned
  15. 15. Strategic Considerations for professionals
  16. 16. People do business with people they know,like and trust.
  17. 17. Some things never change. Social mediachanges everything else.
  18. 18. Social media changes everything... All events happen in real time.
  19. 19. Social media changes everything... Marketing, public relations, branding and client support get all mixed up together.
  20. 20. Social media changes everything... It’s a dialogue, not a monologue.It’s a dialogue, not a monologue.
  21. 21. Social media changes everything... You have no control, only influence.
  22. 22. Social media changes everything... You cannot outsource your voice.
  23. 23. Social media changes everything... Attention is the most scarce commodity of all.
  24. 24. Social media changes everything... The time you spend is more precious than the money.
  25. 25. Social media changes everything... Personal brand is at least as important as corporate brand.
  26. 26. 5 social media strategies➊ Build social capital➋ Curate great content➌ Be personal➍ Build trust and credibility➎ Strive for engagement
  27. 27. ➊ Influence economy = Currency =Networked people Assets “Earned media” and content Social capital = Goodwill
  28. 28. ➋ Curate content Find and shareremarkable content to add value and express your brand’s personality.
  29. 29. ➌ Build a personal brandPersonal is professional. Relationships are grounded in personality.
  30. 30. Personal brand is whatpeople say about youwhen you leave the room. - Jeff Bezos, Founder,
  31. 31. ➍ Build trust T = (C x R x I)/S Credibility X Reliability X Intimacy Trust = ___________________________________ Self-orientationSource:Brogan and Smith -Trust AgentsMaister, Galford and Green - The Trusted Advisor
  32. 32. ➎ Power of engagement
  33. 33. Engagedclientsprovidereferrals.
  34. 34. TOOLS & Tactics
  35. 35. Focus on these...
  36. 36. Use LinkedIn to...• Be found by clients, prospects and peers• Research, find prospects• Establish credibility by sharing content• Connect with clients and peers
  37. 37. Use Twitter to...• Stay informed through feeds• Identify and follow influencers• Broaden social networks• Curate/share and promote content
  38. 38. Use Facebook to...• Build community of clients/customers• Show personality and compassion• Share content and info updates
  39. 39. Why blog?• Your blog is your publishing base• Demonstrate subject matter expertise and how you think• Great for search engine optimization (SEO)
  40. 40. HurdlesCompliance Time Knowledge
  41. 41. 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
  42. 42. 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
  43. 43. Knowledge• Read books & blogs• Trial and error• Be an early adopter• Overcome your fear
  44. 44. 780-868-8433 Copyright 2012 Jay Palter. All rights reserved.Not for reproduction or distribution without written consent.