Social media can be a very powerful marketing tool and I often speak with financial advisors about how social media can help grow and support their business objectives. Here are some common mistakes I often talk about as the ones to avoid when using and engaging on social media:
1. Failing to have a plan or strategy
Social Media should be treated with the same level of thought as every other part of your business strategy. Many businesses on Twitter fail to have a clear strategy around why they are using social media and what they want to accomplish with it. Without a strategy, it can be difficult to deliver an effective message to your target audience. You need a well-planned social media strategy in order to succeed. Some key questions to answer for your social media strategy include:
- What are the goals of the your selected social media platforms? Are you educating your audience on LinkedIN? Perhaps you are interacting in a group to provide thought leadership?
- What are the themes of the content you will stick with when sharing content through social posts?
- How often will you post to social media? Once a day? Once a week?
2. Inconsistency in content themes
If you are an Advisor, it’s unlikely your audience is going to be interested on a restaurant review. While a bit of variety is great, your social networks should have a clear theme that is related to your business. If you specialize in families, produce or share content that would be useful to that audience. Topics on talking to your children about money or how to plan ahead to transfer wealth to your children would be relevant to that specialty. Your prospects and clients should be able to look at your content and have a notion of what your business is all about.
3. Using too many social media platforms
One key theme I’ve consistently heard from business owners is that being on more social media platforms implies you have increased reach. If someone visits your Twitter page and only sees a couple posts from last year, it can send the wrong message to your visitor and impact your credibility.Ask yourself whether your audience exists on the social media platforms that you are considering. Commit to the platform or platforms you choose and execute against a plan. Being good at one thing is much better than being average at many.
Additionally, it’s also important to ask yourself whether social media is right for your business based on your current time availability and the stage of your business. Social media is a great way to connect to other people but the networking aspect of social media is as important as the sharing of content.
4. Expecting instant results
The promise that social media delivers ROI is not false. Much like how going to the gym and eating right promises weight loss and other health benefits. The results, however, in both of these examples are not instantaneous. Approaching social media as a habitual part of your day, understanding that followers and social media engagement take time, and putting trust in the fact that it can deliver a return on investment are the keys to getting results. It is important to remember that social media is all about relationship building, and relationships don’t build over night. It takes time to build up a following on your social networks. Embrace social media as part of your business every day.
5. Pushing Product or Services
There is room for self-promotion on social media but doing it without permission can often send your prospects away. Your audience needs you to deliver content that provides real value to them and helps to solve their problems. Sharing useful and insightful information will help build a level of trust with your audience. Building trust will lead to higher levels of engagement and a captive audience. Having a captive audience is marketing gold.
Social Media has the ability to be a very effective method of connecting to the right prospects, engaging with current clients and helping to grow your business. But just like any other business strategy, social media activity should be continuously monitored and adjusted to optimize for impact.
In Part 2 of this series, I will discuss 5 more common social media mistakes made by Advisors.
Do you have stories to share about your social media experiences or mistakes? We’d love to hear about them.