Can I Get New Ideal Clients From Social? Financial Advisors Need To Stop Skipping Strategy First.

I want to address the biggest problem I see on @linkedin for financial advisors and planners: Skipping strategy. This is why so many of you are working hard (if you aren't using automation to bore and drive away clients) for so little.

Strategy is the hardest part of being successful in #financialservices on social media platforms because it takes the longest amount of time to get it right. This doesn't play really well in today's 'Amazon' mentality for everything...give it to me now.

Long term success in just about any particular business I can think of (including Amazon btw) is strategic. Strategic doesn't mean, in this case, years of effort. We are talking, when using outside professionals, a month or so at a maximum for most financial advisors/planners (and quite frankly most SME's).

If you don't get strategic you are going to waste your two most precious resources as a business: time and energy.

Social, like any credible sales/marketing activity, takes time and if you aren't confident and clear about what time to spend and where to spend it you are going to waste it. Additionally, if you have your team making efforts to do something new/better and it doesn't pay off that energy is forever wasted because there is no return to motivate continued effort on your team's behalf.

Ready to listen? Here are the first questions you need to address to be strategically successful on #sociamedia

1. Who are your ideal clients right now within your own client base? It never ceases to amaze me how 'LinkedIn experts' have you focus on everything but your current clients when it comes to strategy. We all know that as advisors/planners that your best business comes from your clients via referrals...period.
2. What are they buying vs. what are you selling? (Hint: what is the result for them after buying?). Hint: your 'brochure' posts about IRA contributions are hurting you...nobody cares.
3. How do you communicate with them right now? (Phone, email, text, social, etc.). You need to be able to evaluate what is working with your current client communication strategy to be able to integrate social into that effortlessly and for better results.
4. What is working for you in your current sales and marketing plan? You need to directly tie your marketing spend to sales results...EBITDA/operating budget. What are the actual results beyond buzzwords like 'visibility', 'views', 'click throughs'...for every dollar spent on your marketing what is are the sales results directly tied to it?

If you can't figure this out...you really need strategic help asap.

1. What percentage of your client base is referring you at least 1/year right now? We need to know who is promoting/sharing your story offline if we want to integrate online strategically wouldn't you agree?
2. How big is your presence on social as an organization vs. the total of your employees network online? You might find, like @Nike, that your employees have a bigger and more effective online presence than your company right now and that is very important to know when making strategic decisions. (Hint: they are more valuable than your 'brand')
3. How much do you need to directly tie to social to make it worth being consistent and innovative on? (this step is the most important...this can't be an aspirational mindset thing...you need to know what number makes it worth it to have any hope of success over time). If you aren't sure about what is a realistic number, this is where someone like myself can be of help.

That is probably enough for right now. 7 steps to get strategic right now. You may already be on social and that is just fine. The second best time to get strategic is right now. This is where a workshop and/or a seminar won't help you...they are all about execution without real strategy that is informed by a deep understanding of what is working and not working currently in your business...and that is why they never work.

Why should I care about being strategic on social media?!?

The?Bank of America’s Merrill Lynch?have?banned cold calling?and have moved all their people to social selling. They have done so because of data analysis (they are a bank first and banks are notoriously risk adverse) and KNOW that this is the best way to grow across all metrics.

"They will also be encouraged to contact prospects over LinkedIn, which has a higher hit rate than cold calling"

One of the largest firms in the world is already strategic on social and you are most likely behind them. You have time to, bluntly, kick their ass online just like you do in the 'real world', but, you have to have a strategic plan or they will crush you with numbers.

Comment below and/or direct message me with any questions or challenges you have with this article. I thank you for your time and applaud your presence here on the next level of business. The question about whether or not to be 'on social' has been definitively answered and now the question is this: will you make $$ or not from it?

Be Social, Be Human & Be Strategic

All the best,

Mike