What is social selling?
The sales landscape isn’t what it used to be. With so many resources at their fingertips, clients can complete extensive research and compare different companies, products, and services on their own. When they finally interact with an advisor, their first line of communication typically occurs in digital channels. To further meet the preferences of today’s clients, advisors need to find a way to engage with them early and often.
This is why social selling is becoming increasingly important for every firm. Social selling leverages social media channels to improve engagement throughout the sales process. It embraces two-way communication in a more authentic and natural way instead of prioritizing transactional conversations. This gives advisors an opportunity to build trust at scale and nurture relationships that may eventually turn into business opportunities.
Some financial firms are growing their businesses faster than ever. Others are having a much more difficult time. One reason for this success comes down to how well they’re navigating the digital transformation and embracing new strategies that help them keep pace with the rapid changes taking place. One critical part of this digital world is social media.
Social media has evolved beyond its origins as platforms for connecting with friends and family. Now, social media is where trust is built, conversations begin, and business happens. And while more financial advisors are using social media, they aren’t using it in a way that brings them noticeable results. For example, many financial services firms encourage their advisors to share corporate content in order to extend their marketing efforts. There isn’t anything wrong with this strategy, but it doesn’t exactly help financial services firms stand out from their competitors. Instead, the firms and advisors who successfully use social media take a more human-centric approach that drives engagement, nurtures relationships, and sparks conversations that lead to business success.
Now that you have a better understanding of what social selling looks like in the financial services industry, let’s look at how advisors can leverage social media channels for their business.
Build top-of-mind awareness
When potential clients search for financial advice, it’s important to be top-of-mind. People do business with those who they know and trust.
The best financial advisors can miss new opportunities simply because their competition has better name recognition. So the question is, how can you build your personal brand to stand out from the crowd?
Provide consistent value to your target audience
In order to provide value, you first need to understand your audience and its needs, and then match your content accordingly. For example, an advisor who sells to parents and mid-career professionals might publish content that aligns with their financial goals, such as:
- saving for retirement
- building a college fund for their kids
- budgeting their family’s expenses
To get a better idea of what this looks like in practice, follow Nina O’Neal who is a partner at Archer Investment Management. She provides financial advice to working moms and was recently named a Top 100 Financial Advisor. That’s because she continually contributes to critical conversations in the industry and helps educate investors by posting both personal and professional stories.
Remember to research your audience to learn more about their challenges and pain points. Sometimes, the easiest way to learn is to ask or even survey your social media followers. You can also look up your competitors or an account with a similar follower profile to identify which of their content most resonates with your target audience.
Share resonant, non-business content
Like Nina, your social presence shouldn’t be all business. Becoming top-of-mind is about capturing your audience’s attention and building an authentic connection with them. Educational content is the cornerstone of your social presence, but personal content helps your audience relate to your human side.
Not sure where to start? As you consider your own audience, take some time to make a list of your personal interests and experiment with sharing related content to build a personal connection with them. Maybe you have a unique skill, hobby, or a passion that drives you outside of your 9-to-5. Feel empowered to show your audience that you’re not just a work machine—show them that you’re a person just like them.
Foster deeper relationships
Clients are more likely than ever to go digital when it comes to seeking financial advice. And while social media has always been a conversation platform, the pandemic accelerated its adoption as a platform for businesses.
Capturing your target audience’s attention and engaging with them where they already are is a great way to build new relationships and foster existing ones. Here’s how you can deepen your relationships on social media:
Participate in groups and forums
Getting your name out there is as simple as engaging online, and online groups and forums are the best place to get started. Explore communities that align with your expertise and find opportunities to add value to conversations through relevant content.
