The more relevant your content, the more often your target audience will stop and look at it.
“Social media doesn’t work.” I’ve heard this many times from financial advisors who’ve been on Facebook, LinkedIn, or Twitter for years without measurable results. I’ve also seen enough success stories to say without a doubt, it DOES work, but only if you understand and embrace one fundamental truth:
You must know your audience and speak directly to them.
Who are you talking to? What are their unique financial needs? What do they find interesting or entertaining? Until you can answer these questions, your content will not engage them. You will not stand out from the crowd, and it’s highly unlikely you’ll get new business from your posts and activity.
So…how do you get to know your audience?
Take a look at your current or favorite clients. What do they have in common? Target markets can be based on many factors, for example:
- Psychographics, or mindset
- Hobbies and interests
Your unique audience could have several factors in common. Maybe you serve a rural community nearing retirement and looking to create a succession plan for their farm. Or you serve an urban community of women in business who are still building their careers and families. Whatever the case, the more narrowly you define your audience, the more relevant your content will be for them, and the more they’ll pay attention to it.
LPL advisors can leverage the Niche Marketing Worksheet on the ClientWorks Resource Center to help define you target audience. Search “niche marketing” on the Resource Center to find it.
Identify your audience’s common characteristics, needs and interests, and share relevant information to engage them.
In the rural example, you might perform a Google search for information on local resources for farmers looking to sell their properties and equipment, and share that in a Facebook post. For women in business, perhaps create a video with tips on how to negotiate a pay increase to close the wage gap. This type of content takes a bit more thought and effort to produce, but the impact is significant and well worth the time.
How does this benefit my business?
The more relevant your content, the more often your target audience will stop and look at it. The more they stop and look at it, the more top-of-mind you and your brand will be. For clients, this helps with retention, wallet share, and inspires referrals. For both clients and prospects, your content builds credibility over time, showcasing your unique ability and desire to serve your target group. In a business driven by referrals, your content also plays a valuable role in the sales funnel after someone has heard about you and before they decide to contact your office.
Are you sure it’s working?
Advisors who’ve seen success with social media report measurable results. such as having prospects reach out to them directly to schedule meetings, a definitive increase in referrals, and growth in wallet share from existing clients who are now hearing from their advisor more often and feel an increased sense of trust.
For your practice, it helps to define success on your own terms. Are you looking to engage current clients more? Reach new audiences? A combination? And how will you measure results? Seek feedback from your clients, and make sure to ask prospects not only how they heard about you (“from Sally”), but also if they looked at your online content before reaching out.
No matter what your objective, we can help you strategize. LPL advisors can contact Marketing Consulting to learn about the tools and resources available to help you stay active and relevant and craft a strategy that’s both effective and manageable for your practice.
Get more insights and financial advisor marketing strategies from LPL Marketing Solutions.
If you're already an LPL Financial advisor, access more marketing tools and trainings on the Resource Center.
You should consult your compliance department for information about the rules and use of social media and the review of any and all advisor marketing materials.
All company names and products noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
Sarah provides custom marketing and social media consultations for LPL Finanical advisors and investment programs. In this role, she consults with and supports clients in effectively marketing their business in today's increasingly competitive environment. View full bio.