The term Social Media Marketing (SMM) brings plenty of questions. Does social media marketing really matter? How can the use of social media increase business? How much will social media marketing cost? The answers are found within this article, which will serve financial professionals and agencies by offering insight into the benefits of social media.
Does social media marketing really matter? Do you yourself ask that question once in a while? Well, the answer should be yes. Yes, it does matter! In the past, social media was a complicated subject in the financial services industry due to regulatory requirements on communication with the public. Over the years, however, it has become a more common and an extremely useful communication tool within financial services. Though social media is seen by some business professionals as an instrument difficult to incorporate into the workforce, the truth is using social media to market one’s business is actually just another networking tool to add to your other repertoire of communication tools. As a financial professional, you already talk to other financial professionals, prospects and clients over the phone, via text messaging, and through email. Social media is just another very powerful communication tool whose true power derives from how it can help you build relationships with people. People who can do business with you, and who can tell others why they should do business with you or your agency!
In this article, I am going to cover some of the benefits of social media marketing and statistics that may help clarify ways you can use social media marketing for your agency. Just know that if you are not marketing via social media, most likely your competitors are.
So how do you use social media for your business? How much will social media marketing cost you? Let’s skip the chitchat and get down to the nitty-gritty. Here are some of the most important reasons I believe social media marketing is beneficial for you, the financial professional, and your agency:
Social media marketing allows you to easily learn about and engage your audience—from creating and maintaining relationships to increasing agent and/or client loyalty.
The following statistics identify some network key audience demographics and usage characteristics. The statistics below were taken from an infographic put together by Marketingprofs. There are an immense number of people using social media—2.8 billion active users worldwide to be exact as of January 2017.2
Facebook is the most popular social media network with 1.9 billion monthly users—75 percent of users spend 20 minutes or more on Facebook every day. Generation X spends almost seven hours per week on social media.2
LinkedIn has over 106 million unique monthly users, with 45 percent of people making $75K/year or more.2
Twitter is the most oversaturated social media platform with 317 million monthly users, and those users spend an average of 2.7 minutes per day on the Twitter mobile app.2
I want to emphasize that social media marketing offers so many benefits to you and/or your agency. Through strategic planning and organization, social media can be made into a great asset to serve your organization depending on your customer needs. I truly believe that everyone’s business plan should include a social media marketing strategy. I don’t believe you have to join all social media platforms to have a successful strategy, but you should definitely be participating in a platform or two.
Remember that social media is to be used as a tool. This tool is to help you conduct business, not to help you make the sales for your business. In order to achieve social media success you need to interact with those people through comments, likes and shares. We are in a relationship-building business and interactions need to be made, so use social media to your advantage.
By now, I hope you have a better understanding of how social media marketing has actually opened the communication lines to financial professionals and agencies with other agents, clients or prospective clients. Remember that the true power of social media comes in how it can help you build relationships with people! I challenge each of you to log in to one of your social media platforms and comment on a picture, article or say, “Have a great day,” to one of your agents, clients or prospective clients. Their response will surprise you.
For financial professional use only. Not for use with consumers. This material is intended to provide general information only. The testimonial may not be representative of the experience of other financial professionals and is no guarantee of future success.
Marketing and Communications coordinator, Partners Advantage Insurance Services, LLC, began her career with Partners Advantage in August, 2011. She drives the Partners Advantage brand through various marketing efforts, in addition to coordinating the development, compliance approval process, and execution of all marketing initiatives and campaign analytics. A focus in her role is to educate Partners Advantage financial professionals and sales and marketing team on how to properly create and maintain relationships via social media platforms. Nunez can be reached via phone at 888-251-5525, Ext. 138. Email: firstname.lastname@example.org.