As marketing in consumer focused industries such as retail as gone from the traditional print-on-paper to apps on phone, marketing in the financial service space is also moving into the digital form, particularly with social media. Let’s touch the tip of the iceberg with some tips and trends in financial services and have a look at a couple of leaders in this space.
1) Build a strong presence online
Having a strong online presence can help you build the much-needed credibility in the industry. Tools such as Linkedin can be beneficial in the sense that it can help validate you to clients. Professional articles can help with establishing your level of technical knowledge.
Additionally, advisers can use social media to understand what other advisers are talking about. For example, following others on Twitter or Linkedin will help with keeping abreast of what others in the industry are discussing or writing and whether it could be a topic of interest you can contribute to. You could position yourself as an expert influencer on topics you may specialise in and create these discussions. Following influencers (those with large “reach” or many followers) on social media will also facilitate keeping up with industry stories or developments in general. For a start, you could take a look at the linkedin and twitter profiles for Liam Shorte (Platinum Adviser with 18 reviews)
2) Real-time client communication
Social media can be used as a place to connect with clients in a personal and more casual way, to better understand the needs and concerns of your clients. For example clients and advisers might engage in a twitter conversation through comments, in real time, on a mutual topic of interest.
Increasingly clients are expecting the advisers to be easily reached - availability is one of the main categories affecting clients’ satisfaction of the service. With social media tools ranging from Facebook to twitter, it could be easier for advisers to respond to the clients in real time and foster a more seamless communication.
Of course the use of social media is a personal choice and may depend on your client base, but social media engagement could have surprising benefits.
3) Acquiring Customers
More advisers are expanding their client base through social media.
According to a study last year, advisers of all ages are using social media in their practice and in America, the share of advisers using social media to acquire clients jumped to almost 80%.
There is no reason to think this is not happening in Australia with our high uptake of smart phones and their increasing ubiquitous functionality. In Australia, the use of social media usage is particularly high. A recent report shows that 49% of people aged between 40 and 49, and 37% of people aged between 50 and 64 are using social media.
Social media is a way for advisers to establish integrity and to promote their expertise. It helps create a positive image of access and transparency through the willingness to engage on a more personal level or with larger segments of society. Being open on social media platforms can help make the advisers seem honest and trustworthy. Of course if you are a novice, particularly with twitter, it would help to do some research on effective use for your company.
The list regarding technology and digital trends is ever expanding and it would be a good idea to keep an eye out for new developments and ways of engaging your clients. However, as you may be aware - social media usage can be tricky and you should bone up on privacy and data information issues. If you are interested in utilising technology for marketing or communication purposes (and you should be!), don’t fear – just look into it. Charles Badenach (Platinum Adviser with 20 reviews) is another great example of an adviser making the most of new technology and related services. Follow the rules of your firm and your common sense and explore the beauty of technology, and how it can be used to benefit your business!