Social Media: Utopia or minefield for financial advisers

There is much to be said around the use of marketing in business but when it comes to digital marketing there is a two speed economy. One where advice practices happily provide a flow of impersonal communications and little else. The second where they dive into what some would consider the utopia of social engagement, whilst others would challenge that it is indeed a minefield.

Without doubt, Australian consumers make many of their decisions to purchase via the research conduct and influence they receive through their digital devices. It’s a harsh reality, consumers trust their digital devices; it is estimated that 67% of Australians access the internet via their mobile device more than 5 times per day. My view is, that this is possibly a conservative estimate!

The leading reason why businesses in Australia use social media as part of their overall marketing strategy is to assist the marketing and sales function of their business. Whilst the data supports this with 47% to 49% of small to medium sized businesses maintaining a social media presence and 60% of large businesses; I would suggest the primary reason for this activity is to maintain a connection and a line of contact as an influencer.

Those that are finding success in using social media as part of an overall digital strategy do so to amplify their core purpose and do so with unashamed vigour, showcasing the reason why they do what they do. Of course, the key to all of this is to have a plan! Too many start with the medium and not the outcome the want to create, who they want to communicate with and the message they want to convey.

If your aim is to build broad connection then a specific strategy should be developed to lift brand awareness and amplify your key message. However, if you are looking to focus on a speciality area in your business then developing a niche approach to your marketing, including your social media activity, is key. Just be clear on what it is you want to achieve.

Take a step by step approach and you will have far more success. Research where your clients are and understand what their overall activity is then be part of that community. It is important to be yourself in this type of environment. Great examples of this from the AFA community are:

These are advice businesses that have focussed on the outcomes, audience, and message and then developed the medium to engage on.

We live in a multi-media world and if you understand what your business will look like in the next 5 years; then you will know, that taking a step into the digital world is a must for you and your business. A word of caution, marketing is all about gaining attention and awareness but without being consistent and providing quality content it can be a hollow experience. Your return on investment will be impacted by your activity and what you engage your audience with.

Social media can be a minefield but with a conscious approach, strategy and authenticity you can work towards achieving a social media utopia!