Now, more than ever, financial services firms are required to use social media to compete for work. The rise of service accessibility and affordability, and a lack of competitive differentiation has ultimately led to the collapse of the “build it and they will come” approach. As a result, comprehensive social media plans are now used by forward thinking financial professionals who want to grow their networks, win new business, and improve communication with clients and colleagues.
However, there is still a considerable number of heads in the sand when it comes to the social media channels.
Just 51 per cent of financial services firms are present on Facebook, which means half are missing out on the way this platform helps build relationships–something all financial professionals can agree is essential for growth (Source: The State Of Digital Marketing In Professional Services).
Unbeknownst to these firms, the real purpose of being present on the full spectrum of social networking sites goes beyond directly connecting accountants and financial professionals with new clients.
Nowadays, regular and consistent social activity is the most effective way to boost your firm’s visibility among a slew of competition so that you actually show up when a prospective client searches for a financial services firm in your location. And putting your practice in the spotlight is where Facebook excels.
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If you’re a smaller firm competing locally, Facebook’s ‘Boost Post’ function allows you to reach prospective clients in your target area for a nominal fee. Since the platform is already optimised for sharing content (for instance, blog posts and news articles), it can be a two pronged approach to building authority and demonstrating thought leadership with the right audience. Combine this with highly targeted campaigns that leverage Facebook’s more sophisticated advertising features, and you’ve got yourself a winning strategy–one the places your firm in front of the right people, at the right time.
Additionally, the ‘Groups’ function within Facebook makes it easy for financial professionals to create, search for, and join groups that are specific to their practise area. You’re able to share information, build relationships, and ultimately put yourself forward with confidence when prospective clients ask for recommendations on the services your firm offers.
And, since almost every prospective client will now consult Google before committing, it’s important that what they find is representative of your firm and reputation. Setting up your Facebook company page and engaging with your followers regularly is a secondary yet effective way to appear favourably among competitors and clinch new business.
The bottom line is, the key to avoiding the social media rabbit hole of time and money is to think of each platform as a cog in a bigger machine.
Once you understand and begin leveraging the nuances of each platform together, and combine this with an extensive social media communications and advertising plan (which should already be a non-negotiable in every modern day financial services firm’s toolkit), you will find it easier and less costly to attract more work, appear ahead of the competition, and engage with the waiting community of people searching for your services.
Here at Propero, we create comprehensive social plans for our clients, and give them the tools necessary to implement them themselves. If you’d like to hear more about what this looks like in practise, speak to Kelly on 020 3369 6844 or firstname.lastname@example.org.