Opportunity knocks – time to get social

Technology is everywhere and we are now living in a time where value of a mobile device in managing day to day activity has increased considerably. In Australia, 46% of small business use social media as part of their marketing strategy, that figure escalates significantly in China with 96% of small business utilising social media.

As a profession, we love and adopt technology to assist in the way we do business, although financial services is somewhat lagging in participating in the social media space. The good news is we are seeing more and more advisers and their businesses take the leap of faith by connecting and engaging on social media. Here I showcase the journey of YOLO Financial Services, interviewing co-founder James Millard.

Q1: Tell us briefly about YOLO Financial Services?

Andrew, Mas and myself started our business from scratch about two years ago. After working together previously, YOLO was created as a means of combining our 50 years of financial services experience to build something special. As the name suggests, we have a strong focus on lifestyle and aim to provide flexible advice that enables our clients to adapt to change and truly embrace life.

Q2: Why did you decide to embrace social media as part of your digital marketing strategy?

It was a no-brainer for us. The world operates online and as a business you have to play where your audience is playing. It’s not only young people, everyone is online and social media is a huge part of that. At the rate at which the current marketplace is evolving, if you decide not to operate on social media, you are taking a risk that in 5 years’ time your business may not exist.

Q3: How has social media helped your clients understand the benefits of financial advice?

The way to help more people understand the benefits is to spread the positive stories that come as a result of it, and make it relevant for them. Video has been great for this. Interacting with video, both via messages to a client (YouTube) and holding meetings (Skype / SuiteBox / Zoom) allows you to deepen the relationship and add more value.

Social media, as part of our digital strategy, provides a means to leverage this far more effectively than any other marketing activity we are aware of. It also allows a platform for current and potential clients to see that they’re not alone, they see we help other people who are just like them.

Q4: Do you have a preferred social media platform?

We use different platforms for various purposes, but we find each of these very useful:

LinkedIn – sharing value as well as connecting with professionals, both as potential clients and potential referral partners.

Twitter – Increasing our reach; interacting with thought leaders internationally; short, sharp conversations and it's great for sharing content.

Facebook – we keep this for deepening the connection to our YOLO clients and community and it has proven very popular. We want our clients to see we are just like them.

It’s important to remember that this is an evolving marketplace – our answers are likely to be different in 12 or 24 months and we are currently looking at trends to ensure we remain ahead of the curve. 

Q5: Is there an advantage in having a digital marketing strategy?

This is a resounding yes. We couldn’t do 50% of what we do without it, in 2 years’ time that will be 100%. This is partly through choice but mainly necessity. As a business operating in 2017, being digitally minded is fundamental to our growth prospects. We have come a long way in the last two years and are constantly learning. A thirst for knowledge and successful implementation in this area is imperative to remain an industry leader.

Q6: With so much downward pressure on time today in a modern advice practice, how do you manage your social media activity?

We started out doing it all ourselves so we can understand and grow with our business. This is especially important in the early stages. We focused on connecting authentically with clients and prospects and learning about the various platforms and their differences. We are now looking for efficiency here, managing this effectively will be a key to future growth. We’re currently evaluating a number of platforms in order to set up a more streamlined approach to sharing content on a more regular basis. This is a high priority for us over the next month.

 Q7: Where do you think the biggest opportunity is for Advisers who are considering using social media?

We believe that it’s not so much an opportunity but a necessity. The opportunity however, is that it allows you to show more of who you are, build trust faster and grow your reach further than you ever could using more traditional marketing methods. Even if you prefer the more traditional methods, social media can play a huge part in amplifying your scope e.g. use LinkedIn to find potential referral partners, connect with them, allow them to get to know you and then if there are synergies worth exploring further, revert to the coffee meeting and take it from there. This saves time and energy on both sides, improving the chance of the relationship working.

As YOLO Financial Services emerges from start-up to a growing young business, James, Andrew and Mas have invested their energy in creating a digital presence that reflects who they are and why they do what that do. Their enthusiasm is contagious in their approach to social media and provides encouragement to others to join the conversation. Thank you James for sharing the YOLO perspective with us.

If we are to be true innovators as business owners, it is imperative that we seize the opportunity to amplify who we are and how our we can benefit the people we work with.

If you require assistance with building a social media strategy reach out to me here or connect with me via Twitter or Facebook.