Social media may be relatively easy to use from a technical perspective, but that does not mean you can have an effective social media presence with minimal effort.
Unfortunately, many financial advisors believe a social media presence alone — without a strategy — is enough, says Geoff Evans, founder of the Social Media Coach in London, Ont.
Here are three common mistakes advisors make in their social media efforts — and how to avoid them:
1. Trying to be “efficient” rather than “effective”
Many advisors try to save time by connecting their multiple social media accounts, and auto-feeding single posts to those networks, Evans says.
These tools can be efficient, but they don’t allow you to tailor each message to an individual social network. And what works on one platform may be inappropriate for another. For example, a 50-word paragraph posted on Facebook would be cut off on Twitter, with its 140-character limit.
If you like to connect with some clients on Facebook — commenting on others’ posts and having a little more space to express yourself — post comments specifically on that platform. If you wish to reach others through Twitter and LinkedIn, compose separate messages for those networks.
It is better to be effective on one platform than ineffective on three, Evans says. “Scale your strategy back to one that you can sustain and actually achieve results in, rather than just watering everything down.”
2. Neglecting your website
Your website is a tool that will help support and expand your social media presence.
However, many advisors question whether they still need a website, thinking their social media presence may be enough.
The answer, Evans says, is that social media does not replace a website. Your website is a space that you own and operate.
When you rely on social media, you’re putting your marketing and communication efforts in the hands of distant corporations, who control how your content is displayed. Your website, however, is something you can define and alter as you wish.
Your website is the place where clients and prospects can find more detailed information on your practice as well as your more extensive communications strategy. It is also an area in which you can protect yourself.
“On your website,” Evans says, “You will have all of the compliance declarations that keep you protected, which you don’t have on social media.”
3. Impatience
A successful social media presence comes from consistency and working to engage your audience, Evans says. But that takes time, and not every advisor is willing to go into a lengthy relationship-building exercise on social media.
“If it’s not in your personality to build relationships,” Evans says, “then [social media is] just not for you.”
This is the second instalment in a two-part series on fine-tuning your social media strategy.
For part one, see: Fine-tune your social media strategy