Putting your best foot forward on social media

Marketing experts will tell you that your online prospecting efforts can do more harm than good if they violate the unwritten — and constantly changing — rules of engagement on social media.

Aggressive sales strategies that were commonplace 20 years ago went out of fashion as consumers became savvy to commercial manipulation. These days those strategies could get you blocked, banned or labelled a spammer — all the more so when selling financial advice.

“The lowest conversion when it comes to online ads is financial services,” said Piranavan (Pira) Sivakumar, co-founder of Finnect, a Mississauga, Ont.–based social media management firm aimed at financial advisors. “That’s because you’re not selling a product. You’re selling a relationship. You’re selling trust.”

To build your client base through online marketing, here are four suggestions to help put the odds of success in your favour.

Be thoughtful

Sivakumar said adding a sales slant to social media posts or replies is a delicate business.

“Chances are it will come off as disingenuous,” he said. “The last thing you want to do when you’re trying to build credibility is make it apparent that you have an agenda.”

While comments are a great way to engage with people, they should not hijack the conversation.

“We always tell advisors to try to contribute something that adds value,” he said. “Take the time to watch or read and digest what the post is about, and then leave a thoughtful response.”

Corey Marques, a digital strategist with Ignite Digital in Mississauga, Ont., said a successful online presence starts with defining your ultimate goal.

“If brand awareness is the goal, focus on creating fun, thought-provoking, engaging, helpful content without being too front-foot sales-y,” he said.

He doesn’t see an issue with dropping a service offer into social media posts if the content is relevant. But, again, it needs to be tactful.

“If it’s too random or too ‘in your face,’ I believe it has a lower probability of engagement,” he said. “If a touch point is made based on the content of the post, and then [there is a reference to] business, that’s acceptable. But an outright or random promotion is self-serving and not well accepted.”

Teach, don’t pitch

Sivakumar said educating people online is a great way to build a good reputation. When people see that you know what you are talking about, they’ll approach you.

“The perception needs to be that you’re adding value,” he said, “and that you’re genuinely want to help, with no expectation in return.”

He sees many examples of advisors who talk about themselves, how much money they manage, and how well they understand markets. Better, he suggested, would be to learn about an industry and offer insights that pertain to that audience.

“You need to build brand authority,” he said. “Focus less on what makes you great, and more on how you can help your potential prospects.”

Marques agreed, pointing out that education can include everything from providing free no-obligation resources, tips, insights and perspective — all of which can generate leads.

“[These] can provide opportunity for engagement from people who have more questions,” he said. “It’s an effective way to make your followers and engagers know you are up to date and quick to adapt to industry changes.”

Target your message

“When planning a social media or content campaign, always start with your target audience,” Sivakumar said. “Are they doctors, lawyers or business owners? Regardless of your niche, create content tailored to them.”

Advisors can identify such clients’ pain points in managing money and develop content that addresses these issues. “Pick a niche and make sure you’re becoming the thought leader in that niche,” Sivakumar said.

He favours LinkedIn for its ability to easily identify and deliver users in a particular industry. But on any social media platform, you have to be able to demonstrate your skills in a target sector — whether it’s an industry, pastime, social group or demographic.

“If they see that you live and breathe them as a clientele, chances are they’ll be willing to take the next step — accepting your ad or taking a meeting with you or giving you a call,” he said.

Be real

Both consultants say a key attribute in successful online marketing is authenticity.

“Be true to yourself,” Sivakumar said. “Don’t try to be similar to everyone else. Just be yourself.”

He said that, despite their ubiquity online, humour, wry observations, slang and memes will all fail if they don’t come naturally to you.

“If that’s your personality, that’s a different story. If you’re a jokester by default, go with it,” he said. “But if you’re usually a serious kind of person and that’s how you’ve always been, people will see right through you if you start doing trendy TikTok-y stuff.”

He said people will measure your online persona against your in-person persona, and could be taken aback if they realize you weren’t being genuine.

Similarly, they’ll question your integrity if you repost dealer-branded content as your own.

“While it may be high quality and useful, every advisor at your dealer has access to the same material,” he said.

And this applies to the use of artificial intelligence (AI) as well, he said.

“It’s easy to spot AI-generated posts. While it may be a convenient way to create content, it can come off as disingenuous and lazy,” Sivakumar said. “If you’re one of the few advisors posting unique and engaging content, you will stand out in a sea of reposts.”