Blog from Maribeth Kuzmeski of Red Zone Marketing
Should you be afraid of social media and the changes and consequences
it may bring to your business? It opens your business to the scrutiny
of the masses, making you instantly accessible and requires a consistent
watch. It depends who you are and what business you are in, but in some
cases social media can be a little unsettling. Does that mean we
should avoid it? Cross our fingers that it blows over as a passing
trend? Well, here are some of the more memorable comments I have heard
from financial advisors over just the past several weeks about this
topic:
1. “It’s just another new technology and I really don’t
want to learn anything new right now or have my staff wasting time on
this.” Translation: Prove to me social media is valuable and then I will consider venturing into this space.
2. “My compliance department said I would be terminated if I used any social media, including LinkedIn.” Really?? Most compliance departments have rules set into place, but I had not heard of termination. Don’t risk it!
3. “I don’t want to share so much with the whole world. My business and its clients should remain private.” Translation: The benefits don’t outweigh the potential for negative consequences.
Ultimately
you have to do what is right for your business. There is certainly
enough value in social media to make it a part of your business – even a
small part.* But first, determine if you are hesitant because you feel
out of your personal comfort zone, or if you actually believe there is
no benefit to your business.
Social media is not a replacement
for the face-to-face communication or your regular marketing. But
devoting just one hour per week can be significant in enhancing the
contacts you have already made as well as becoming a source for finding
new ones. Set up a LinkedIn profile, create a Facebook fan page for your
business and begin a blog.* And, if you have compliance concerns,
begin by focusing on your social media as a push not pull method for
communication. You can push information out to be seen, but set up your
social media sites so visitors will not be able to make any comments on
your sites.
Statistics have proven outside of financial services
that social media can make a difference in the acquisition of new
clients. Within financial services, the same results are happening.
Pershing Advisor Solutions LLC conducted a study Creating Growth: The Increased Use of Social Media by Independent Advisors
(for the key findings, click on the article link), designed to measure
advisors’ use of social media to attract business. The study found that
social media does pay off in generating increased revenue or fees and
helps in efforts to reach new prospects.
And
finally, social media is free. Wouldn’t you use a free tool – for 1 hour
per week – if it had the potential of attracting new clients and
building your brand? And why oh why would you pass that up unless you
have all of the business you already need.
*Consult with your compliance department first if you are a financial advisor.
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