I continue to be amazed by the abundance of free advice on social media that exists on the web today for financial advisors, and it’s growing exponentially. Financial advisors, beware. It seems that anyone and everyone who has dipped a toe into the social media waters has all of a sudden become an expert regardless of their background or qualifications. The overload of information on free social media advice is not that different from the overload of free investing advice. We all know that typically this type of investment advice is not free at all and if implemented, can be very costly! In most cases it is oversimplified, and most importantly, does not take into account a person’s specific financial situation. As the old saying goes, there is no such thing as a free lunch.
Social media, without the existence of a well-crafted online marketing portfolio, online marketing strategy, and online marketing management system is a recipe for disaster. You can certainly jump on the social media bandwagon and experiment, but how much time do you have to waste? If you truly want results from your online marketing activities, you must have a refined content strategy designed to attract, engage, and “pull” in qualified leads.
Given the current regulatory environment, you must also ensure that you are taking the right steps to stay in compliance with your online marketing activities. In addition to compliance considerations, there are the unwritten rules of the road that are vital to attracting the right prospective clients and centers of influence, and protecting your reputation. Everything you do online is permanent, and indexed for eternity! Shouldn’t you ensure that you are doing this right?
Social media is only one component of an online marketing plan. Within social media, there are numerous marketing and engagement strategies to be considered with each of the networks as they are distinct marketing channels! You need a COMPLETE online marketing strategy in order to successfully move your brand online and capture qualified leads into your business.
THE 3 COMPONENTS OF A NEW MEDIA ONLINE MARKETING PLAN
1)Online Marketing Portfolio
Just as you structure a portfolio of investments for clients that is unique to their goals and designed to maximize return and minimize risk, you must also structure your own online portfolio of assets to position yourself for the best opportunity for success with the least amount of risk. Your online portfolio of assets consists of your website, blog site, social media profiles, directory listings, Google search results, and more!
2)Online Marketing Strategy
Would you want your clients to actually implement the advice they receive from popular media outlets and online investment gurus? Teaching clients to block out the noise and stay the course by following your recommended investment plan is crucial to their success. The same goes for online marketing. There is plenty of noise and plenty of bad advice. Working from a plan that can help you ignore the bad advice and implement a sound strategy is what will help you achieve your desired outcome.
3)Online Marketing Management
Clients have come to expect performance in light of their goals when working with an experienced financial advisor. You probably spend much of your time reviewing, monitoring, and adjusting your client portfolios as their goals evolve over time. The same holds true for managing your online marketing efforts. You need an effective and efficient system for managing and tracking your efforts, reviewing your results, and making necessary adjustments to your strategy.
Online “New Media” Marketing is an ongoing commitment. The path to online marketing success is dependent upon a well-designed personal brand strategy that can showcase you as a financial advisor thought leader in your niche markets. The only thing that differentiates you from other financial advisors is your personal brand. Before implementing any of the ideas and recommendations that you hear about or read about, do your homework and check your sources. Make sure that the source understands financial advisors, the regulatory landscape, and has experience in financial sales and marketing. After all, online marketing is not a one size fits all solution!
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