Fact: Social media audiences and engagement levels continue to increase at an incredible rate. ComScore’s December, 2011 report found that the “social” category accounted for 16.6% of internet minutes during the month. At its current rate of growth, social activity could overtake portals as the “most engaging” online activity in 2012.
At this stage it is virtually impossible for Financial Advisors to ignore this important communications channel when crafting their marketing plans. To do so severely limits message reach and potentially the effectiveness of a firm’s practice development efforts. Of note, integrating video, blogs, social networks and RSS feeds into an advisors website enhances the firm’s ability to communicate with clients at a time and place of the clients choosing. Beyond expanding client touch points and increasing communications frequency, the ability to leverage social media to share investor content and advisor videos to move prospects along the awareness/ consideration/ conversion continuum is unrivalled from a cost-efficiency perspective.
While trailing other business sectors, the financial services industry has rapidly begun to adapt social networking as part the marketing mix. Many progressive institutions have formalized social media policies, identified monitoring and archiving solutions and implemented training programs for their advisor base to address the FINRA and SEC regulatory guidelines in this area. By way of example, Investment News recently interviewed advisors attending TD Ameritrade Institutional’ s 2012 National conference to highlight how they were utilizing social media to interact with clients and attract prospects.
The onus is now on advisors to invest the time and energy to expand their understanding of the social media landscape and how they can harness the power of social networking to build their businesses. If you’re interested in a complimentary consultation to discuss how your firm can tap the benefits of social networking contact Cliff Campeau, Partner at Evolutionize, LLC at cliffc@evolutionizeMYpractice.com. To learn more about the expanding social media universe check out the ComScore study here.