10 Practice Management Solutions | May/June 2012	 www.FPAnet.org/PracticeManagement
f you don’t follow social ...
www.FPAnet.org/PracticeManagement 	 May/June 2012 | Practice Management Solutions 11
For example, Whole Foods cr...
Fpa 05.04.12
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Fpa 05.04.12


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Fpa 05.04.12

  1. 1. 10 Practice Management Solutions | May/June 2012 www.FPAnet.org/PracticeManagement Marketing I f you don’t follow social media closely, you may not have heard of Pinterest … yet. As the fastest- growing social media site today, it is becoming an important marketing tool, especially for companies target- ing women. As of Jan. 31 there were more than 11.7 million users on Pinterest; 87 percent of whom are women, and 64 percent of whom are over the age of 34, according to reports on Mashable.com. So if Pinterest is so popular, what is it? It’s a virtual pin board where you can post and share images you find on the Internet or upload from your computer. Seems simple, right? That’s because it is. But to further explain the concept, let’s imagine you and your fiancé are planning your wedding next summer. You can create a board called “Our Wedding” where you post images of your favorite wedding dresses you found on www.Nordstrom.com. Then you add images of wedding cakes you found on www.Brides.com. You do the same for flowers, decorations, hairstyles, jew- elry, accessories, bridesmaids’ dresses, tuxedos, venues, invitations, wedding favors and flowers. In other words, you virtually plan your entire wedding through images using Pinterest. You can share your board with friends, family members and even strangers to get their opinions on your different pins (the term for the images on your board). You can even search other boards on Pinterest by people who have pinned their favorite wedding images to get new ideas and “repin” them on your own board. When it comes time to buy these items, the image you posted is linked to the original website source, making it easy to find again and purchase. This is the basic premise of Pinterest—a simple yet very powerful concept. A Marketer’s Dream Pinterest’s huge success has attracted marketers to the site in droves, especially those in the retail space that have images of products to showcase. 6 Ideas for Using Pinterest How to promote your practice on the fastest- growing social media site today by Kristen Luke
  2. 2. www.FPAnet.org/PracticeManagement May/June 2012 | Practice Management Solutions 11 Marketing For example, Whole Foods creates boards to showcase images of recipes from their website featuring products found at their stores. Although product-based businesses seem like an obvious fit for Pinterest, service-based businesses can also benefit from the social media site. It just requires a little more creativity. Although it may not be immedi- ately obvious how financial services firms can take advantage of Pinter- est, advisers on the cutting edge of social media marketing are already experimenting with the site. Cathy Curtis, CFP®, an Oakland, Calif.-based financial planner who specializes in working with women, sees tremen- dous potential for her business. “Pinterest as a marketing tool makes so much sense for me,” says Curtis. “The demographic fits my target client, and I think we are just seeing the tip of the iceberg.” At the recent FPA Business Solutions conference in San Francisco, marketing and technology experts were abuzz with their excitement surrounding the sudden growth and potential of Pinterest. The question is, how can firms that don’t sell something tangible use virtual pin boards to highlight their businesses? As a financial adviser, you may not have the luxury of showcasing products, but you do have resources available to share concepts and ideas. Here are six ideas for Pinterest boards to help get you started. Create a Book List Create boards around book themes such as “Best Retirement Planning Books for Baby Boomers,” or “Top 10 Personal Finance Books for Women” and pin images of the book covers you select. Highlight Community Involvement Create a board that features you and your firm’s community involvement, titling the board “In the Community,” or more specifically “Habitat for Humanity.” Pins can include photos of your volunteerism, athletic events, award ceremonies and sponsorships. Link to Videos If you create videos as part of your marketing strategy, create boards based on video themes and “pin” videos from YouTube. For example, if you do a video series on “Top 10 Retirement Planning Tips,” you can create a board just around this theme and pin all 10 videos to the board. Create a board for each video series instead of creating just one board called “videos.” Charts, Diagrams and Stats Find interesting and entertaining charts, diagrams and statistics that support a philosophy you subscribe to or tips you recommend. For example, last July The Wall Street Journal had an illustration of a filing cabinet titled “The Top 25 Documents You Need Before You Die,” which was a fun way of explaining the importance of orga- nizing important financial documents for heirs. This would be a great image to share on Pinterest. Quotes We are all familiar with the posters with inspirational quotes commonly found in corporate offices and board rooms. You can create boards with similarly fashioned financial quotes to showcase your personal financial planning or investment philosophies. Lists Consumer magazines regularly put out lists of “Best Places to Retire,” or “Most Affordable Cities to Live.” You can create your own boards based on themes such as these. Use credible studies to put together your own lists with a twist like, “Most Affordable Beach Towns to Retire to in the World.” Pin idealized images to entice people to share your images. With a little bit of creativity you can find ways to use the image-heavy site to promote your own business. Of course, Pinterest is still in its infancy, so it is unclear how advisers will ultimately use the site. Even more uncertain is whether advisers will see any business success as a result of the virtual pin board. However, the growing popularity of the site, especially among women, will be sure to attract advisers looking to target that market. Kristen Luke is president and CEO of Wealth Manage- ment Marketing Inc. (www.wealthmanagement marketing.net), a firm dedicated to providing market- ing strategy and support for independent advisers. Word of Caution Before you start your own Pinterest board, consult your attorney as well as your compliance officer. Although there are always compliance con- cerns surrounding any social media site, there are also specific copyright questions around Pinterest. Using images owned by individuals or companies on Pinterest for commer- cial purposes is a grey area and may constitute a violation of copyright laws, so check with compliance and your attorney before using Pinterest; it’s better to be safe than sorry. —Kristen Luke podcast More Ideas for Using Pinterest Arkovi’s Blane Warrene explains how he uses Pinterest in this one- minute podcast. www.arkovi.com/2012/02/ social-media-minute-podcast-pinterest