6 Common Social Media Mistakes Made by Financial Advisors

Written By : Clifford Blodgett

Have you been thinking about starting a social media campaign? Or perhaps you’ve already gotten started, but you’re discouraged by the results? Maybe you heard from a friend that their experience was disappointing.

Social media marketing holds a lot of promise, and it really is working for a lot of advisors! But many of you have made one or more of these six common mistakes. If you aren’t achieving the results you wanted from your foray into social media, read on to discover whether one of these mistakes has tripped you up. Or, if you’ve yet to begin your social media campaign, having this information can prevent some of the most common problems in marketing.

You didn’t lay a strong foundation. Remember that social media, as powerful as it can be, should not be used alone. The backbone of a successful online strategy includes a quality website, informative blogs, and an email campaign. Use social media in combination with these other elements to expand your marketing strategy into a new frontier. Used alone, social media is usually less effective.

You didn’t analyze your target audience. Social media is all about making connections with your target audience. But you can’t connect with them until you know who they are! Ask yourself who your ideal client is, how old they are, where they get their information, which social media platforms they prefer, and what type of information they want to read or watch. Then use this information to create content that appeals to your target demographic. Some advisors have found that their friend requests are ignored or their posts aren’t being read; in most cases this is because they produce the type of content that appeals to their audience.

You failed to keep their attention. Remember that your prospects are likely to encounter a lot of information on social media. If you don’t consistently produce high-quality content on a regular basis, your contacts won’t remember you. We generally recommend that advisors post a link to a new blog once per week, and interact with contacts via comments or private messages on a regular basis. Stay in touch, but don’t barrage your audience with too much information.

You tried too hard to sell. If you think of social media as a party, it’s easy to see what type of guest you want to be. You want to engage people in conversations that interest them, or offer them information that benefits them in some way. You don’t want to be that obnoxious guy who brags about his own success. That type of behavior is annoying at a party, but people might be too polite to walk away. Online, they have the power to click the “unlike” button on your page, and you will be quickly forgotten.

So remember: Offer information that engages, entertains or informs. But don’t try to sell yourself or your products.

You expected immediate results, and gave up too quickly. The point of social media is to nurture relationships with existing and prospective clients. You won’t be picking up new clients your first day on social media, or even the first week. That’s why many advisors give up on their social media strategy before they even get started.

But if you view social media as a networking event, it’s easy to see the benefit of sticking with it for the long haul. You wouldn’t expect to walk in the door of an event and gain five new clients within the first half hour! Don’t get discouraged and leave the party early. Take your time to work the crowd and begin new relationships, and your efforts will pay off in the form of new clients and increased revenues.

You never even got started. What’s worse than leaving a networking event early? Never even attending it! The worst mistake you can make with social media is neglecting to give it a shot. More and more people are making personal business decisions by networking with professionals online. If they don’t encounter you on Facebook or LinkedIn, they will most certainly meet up with your competition! Get started with a social media campaign today, arrive at the online party early, and make a great first impression on prospective clients.

Filed under: Social Media for Financial Advisors