How to turn strangers into
friends Clients using Social Media for Financial Advisors
For those of you financial professionals who are members of Advisor Internet Marketing and have full access to all of our digital marketing secrets in the Ultimate Digital Marketing Recipe, you know that we live, breath, and preach ROI (Return of Investment) using Internet Marketing tactics. Meaning, if we can’t personally show and prove an ROI doing it ourselves, we won’t ask you to do it either.
Because here at Advisor Internet Marketing, we test and track everything. In fact, here are the first two rules that Luke and I live by, and even have written out big and bold on our walls.
- If we can’t Automate it, we don’t do it
- If we can’t Track it, we don’t do it
One thing we have struggled to prove an ROI on has been on the concept of Social Media for Financial Advisors.
Personally, we love LinkedIn, Facebook, and Google+. We kind of like Twitter (I still don’t get much value from it compared to the other 3 that I listed personally), but we have always struggled with accurately tracking when a lead is converted that originated from one of our social media sites. But we know that social media marketing works because we hear from both consumer and financial advisors that say they found us on Facebook or LinkedIn, which is why they started following us at either Advisor Internet Marketing or one of our consumer sites like Annuity Think Tank, Annuity123, or Retirement Think Tank.
So the problem is that we know it works, but our main issue is tracking its actual effectiveness.
It is also tough to ignore social media marketing we have seen countless powerful stats on social media marketing from our friend Neil Patel at QuickSprout such as:
- Consumers are 51% more likely to buy a product or service if they hear good things about it on Facebook
- Consumers are 68% more likely to buy a product or service if they hear good things about it on Twitter
Knowing this, it can only make sense for you to be using Social Media for financial advisors like yourself. But how much time should you put into it, and where should you focus your efforts if it is tough to track with pinpoint accuracy?
Fortunately, for all of us Neil Patel has created an awesome Social Media Marketing Funnel Infographic to give us some more insight into this (and he was nice enough to share it with us).
So if you didn’t come away with how important online customer reviews and social media word of mouth are to your business, then you might want to glance through this infographic again…
These days, word of mouth advertising is trusted above almost everything else. It is why so many people now go to Amazon to read reviews before buying something (even if they don’t buy it on Amazon). Word of mouth advertising probably accounts for more than 50% of the reason that Twitter even exists today. And if you don’t think that your clients are online or on social media platforms, then you are mistaken.
My final advice on this is to pick one social media platform and own it. Meaning, don’t spread yourself too thin by trying to be everywhere at once. Of course, there are great services like HootSuite that can consolidate your accounts and post on your behalf to save you time. But you still, need to focus on one social media platform and try to squeeze every ounce of goodness out of it.
As a final P.S., a few of you have asked us about doing Facebook and LinkedIn marketing in terms of pay per click and pay per impressions to create leads. Although we have never done it as we have focused 100% on FREE, organic traffic (because why pay when you can do content marketing for free), we are always up for a challenge. And quite frankly, we like to test out new things and don’t mind dropping $1,000 to try anything. Otherwise, how will you ever learn anything new?
So just yesterday, we cranked out our first Facebook marketing ad, and we have already received 10 new leads from it in 28 hours. And the total cost so far…$30.64.
Not bad if I do say so myself. The next thing will be to track them through our sales funnel to see what kind of ROI we receive. Of course, we will keep you posted.
And starting tomorrow, we will be doing a similar ad on LinkedIn and will track and document all of that as well.
Stay tuned for more social media for financial advisors tips, tricks, and different ways to make dinero…
In the meantime, please LIKE, SHARE, and leave any COMMENTS below as the love and comments make all of this worth it for us.