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Social Media Marketing for Financial Advisors

An introduction by Brian French, CEO – FloridaWebsiteMarketing.com

Facts:

  • Social media marketing is the fastest growing yet least understood form of marketing today.
  • Linkedin is the largest and most robust business social media platform in the World.
  • Linkedin has over 100 million members and grows by a million members per week. (vs.  40 million 2009)

What is social media?

Social media is the use of web-based technologies to turn communication into an interactive dialogue to create and develop relationships.

How is social media marketing different from other forms of marketing?

  • Conventional “old school” marketing is a one-way PUSH advertising and is rapidly declining in effectiveness.  U.S. consumers now hear over 30,000 push ads a day and have learned to “tune out” from nearly all of them.
  • Social media marketing is a permission based two-way conversation.
  • Social media is based on the principle of “informational democracy” and it removes the dominant authority figure.
  • This new paradigm of empowering and uniting individuals is likely the primary catalyst in the fall of dictatorial regimes and governments around the World.  Yeah, in business too.
  • The financial service industries (compliance departments) have a hard time with social media because they can’t fully control the message and conversation.

SOCIAL MEDIA FOR FINANCIAL ADVISORS

Rule #1 for financial advisors: Understand and comply with all compliance rules. (Varies from firm to firm)

Rule #2 for financial advisors: Use all of the approved: tools, resources and strategies to maximize the effectiveness of your long term social media marketing campaign.

3 STEPS TO SOCIAL MEDIA SUCCESS

Step #1: Make a friend (find best possible friends)

Step #2: Be a friend (dig deep to add value)

Step #3: Do business with friends (accept the responsibility)

 

Step 1: Make a friend on Linkedin

Linkedin is the greatest tool in human history to create new friendships and future business relationships.  Because members have agreed to join Linkedin (i.e., opted-in) EVERYONE is fair game.

Linkedin: Information is POWER

  • Linkedin gives you a tremendous amount of information to target “niche friendships”.
  • Complete bio on 70 million members.
  • Ability to screen members by; industry, business or (group) interests. You can also read their comments and learn their opinions and beliefs.
  • Making a friend on Linkedin is consummated by “connecting” to another Linkedin member. (i.e., exchanging and saving contact info).
  • Goal: Pick great potential friends

Step #2: Be a friend –This is the real WORK of the process. (and is the opposite of most marketing)

ü  Being a friend means… listening more than talking.

ü  Being a friend means… having a heart to serve others before thinking of your agenda.

ü  Being a friend means… you have learned how to help others and can deliver something of great value and is in scarce supply in the marketplace. (Just being “nice” doesn’t cut it.)

ü  Being a friend means… you don’t have more power than they do.

ü  Being a friend means… you are in it for the long haul. Timing is irrelevant (assuming it’s a healthy relationship).

Being a friend on social media means… that many people will take advantage of you.  Healthy friendships are mutually beneficial.  You can end unhealthy relationships. But making friends and being a friend should be your real job and passion.

Step #3: Doing business with friends

  • People do business with folks they; like, respect and trust. (sounds like a friend to me)
  • You are in business (and placed on the earth) to help people. Your friends need a resource to implement potential solutions not just talk about them.
  • Great friendships are based on brutal honesty and integrity: “I would rather lose the friendship than build the relationship on “false illusions and expectations”. For the investment business this is the “easier than a camel going thru the eye of a needle” moment. Basically, it a FULL confession that you don’t know what any investment will produce in return.
  • If they accept your brutal honesty and integrity, your relationship is built on solid ground. You may have a great friend and client for life.
  • But if you have the brutally honest chat… and they later blame you for their investment results… you have to learn how to heal worn or broken relationships. That takes genuine emotional courage… but that is what great friends and professionals do.

 

Brian French 813 944-3190

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