What role can social media play in your business?
January 18, 2023
Social media is an integral part of the lives of many people across the country — to the tune of roughly seven-in-ten Americans using it.1 Aside from sharing memes and cute puppy videos, many professionals can leverage different social media networks to grow their audience — and maybe their business as well.
So, what role can social media play in helping you grow? Let’s review how you can boost their messages to a greater audience by being part of their daily scroll.
LinkedIn is the ideal platform for establishing professional connections and expanding your network. Such expansions can take place through other professionals in your industry or related industry, or even entire companies that share an interest in what you have to offer.
Financial advisors can use LinkedIn to connect with current clients, increase referrals, nurture new client leads through messages and comments and so much more. Given the sheer number of professionals using LinkedIn, it may serve as a potential gold mine for forging new connections and building a book of business.
Plan sponsors, on the other hand, can use posts on LinkedIn to highlight retirement plan offerings as a recruiting tool. Savvy job hunters are on the lookout for differentiating factors, such as a 401(k) match, financial education benefits, and other opportunities — such as working with a plan advisor to learn about investing. No one wants to remain in the dark about retirement planning, and LinkedIn provides an excellent education opportunity.
Employers can choose to build their brand identity and cultivate relationships with prospective customers or plan participants using Facebook’s popular and familiar interface. The same idea also applies to financial professionals. As one of the biggest social media networks in the world, you have an opportunity to reach a lot of eyes as they scroll through their feeds on lunch breaks or at the breakfast table.
Facebook allows for a lot of direct interaction. You can create your own original content or use curated content like interesting articles or web pages, and post links for followers to engage with the content. If connections comment, that’s a great opportunity to engage right back with them. Facebook allows for a back-and-forth that can build awareness and invite deeper conversations.
Twitter seems to be quite a wildcard, but financial professionals can still use the popular, limited-character platform to get a message across. This is the perfect spot for quick bites and announcements, and retweets of topics like government policies, cost-of-living adjustments, tax rate changes, and similar subjects.
For example, you can get the word out about an upcoming webinar, and even post short clips of it afterward to demonstrate what participants might expect from future presentations. Twitter is all about immediacy, so it’s a great place to offer fresh updates and media to your following.
Advisors in particular have an advantage here, since they can offer individual commentary on economic developments and other financial news, lending credibility to their practice.
Hashtags are a major component of Twitter that you can use to your advantage. Include a hashtag in your post that makes sense for your service, such as #retirement or #financialplanning. This makes it easier for people interested in the subject to filter, find and read your post.
As part of the mammoth Google family, YouTube is an exceptional outlet for presenting information in a creative way. Consider creating engaging videos that have the potential to reach a large audience.
Are you frequently asked about certain aspects of your business or 401(k) plans? Do you have some sound financial advice that people could benefit from learning? Consider making a video — even a simple stand-up presentation — to post for your followers and the rest of the general public. You can even create a dedicated channel and cultivate your own list of subscribers.
While Instagram may primarily be used for posting images of summer vacations, fancy cocktails and your pal’s lavish wedding, there are still avenues for financial professionals to explore within the service.
Advisors, snap a photo of yourself and your peers at the latest conference or other event. Plan sponsors can post a digestible infographic highlighting key aspects of their 401(k) plan. These are just a couple of starter ideas; the idea is to use appealingly visual content.
Instagram is another arena where hashtags often play a significant role. Including an event hashtag, for example, can gain additional visibility and credibility as a thought leader while you attract interested users to your posts.
Quick social media tips
When using any of these social media platforms, be mindful of some best practices.
- Keep it neat and professional
- Engage with your followers
- Only post credible and truthful third-party links
- Expand your audience and networks by ethical means
- Update or post regularly
- Be available to engage with users
- Ensure your participation is in line with compliance requirements for your organization
We encourage you to think of all the different ways you can leverage social media to your advantage. You never know what kinds of success it could bring!
1Pew Research Center, Social Media Use in 2021, April 7, 2021