March
2, 2021 By Ron Bernas
Using social media for
business may still feel new to financial professionals but social media certainly
is not a new tool. Social media platforms have existed for more than 20 years.
And while many platforms have struggled to build an audience, disappeared or
been absorbed through acquisition, there are always new ones emerging to fill
the gaps.
Most of us – or our
family members - are on at least a couple of social media platforms: Facebook,
Instagram or Twitter, to mention a few of the more mainstream ones. Having a
smartphone almost requires being on some form of social media. We enjoy being
connected with old friends, reading the latest news and gossip in real time, or
sharing family pictures with those who are “Friends” and “Followers.” The
pandemic has added fuel to this fire given our limited ability for in-person
interactions. The key is finding the right social platform that speaks to you
and provides the outlet for you to interact with others.
But what about connecting
and interacting for business? There are millions of users who leverage social
media to promote themselves, their businesses or the companies they work for,
and it seems someone is always trying sell us something.
This is no different for
financial professionals. How can you make new connections, find new
opportunities, and grow your business in the social space? Think of the insurance
industry and the legacy ways of reaching new clients – print ads, flyers, cold
calls, chamber of commerce events, Little League games, email, etc. These
methods were definitely effective and, to some extent, many still are. However,
in our evolving digital world, there is a growing demand from consumers to meet
them where they want – and increasingly they want to meet in the social space.
Check out these
statistics from the 2020 LIMRA Insurance Barometer Study:
·
The proportion of consumers looking for an advisor is growing.
Currently, one in four is looking for an advisor, a rise of 64% in three years.
·
Data suggests 64 million consumers are currently in the market
for financial guidance. Generational segmentation reveals Generation X and
millennials are the largest segments of this market.
·
49% of those in the market for an advisor said they would
research prospective advisors on social platforms.
It’s easy to see the need
is there. Finding and connecting with these consumers provides both
opportunities to meet needs and also to establish lon- term relationships. It’s
a win-win!
One platform that can
definitely help financial professionals is LinkedIn. LinkedIn has been somewhat
dubbed the “business social platform.” Although many people think of LinkedIn
as a job seeking site, it is so much more than that! There are advantages that
can be leveraged to help gain competitive edges for financial professionals.
Here are some ways to use LinkedIn to your advantage:
Build brand and
credibility. LinkedIn provides the ability to build a well-rounded
online profile that positions you as a subject matter expert and leading
professional. Use the site’s tools to highlight your experience and expertise.
Become the go-to financial professional who can help consumers with their
financial and insurance needs.
Stay ahead. Tap
into the latest industry news and trends. LinkedIn continuously feeds a wealth
of news from connections, companies and industry groups. Staying on top of
company updates, new and changing product offerings, consumer behaviors, and
other relevant content can be the vehicle to get ahead of the competition.
Connect. This
seems obvious. However, don’t simply connect with old colleagues and friends.
Find and connect with others in the industry, including competitors. Build a
network that allows knowledge-sharing. Follow companies, organizations or
topics of interest. Join interest groups of like-minded professionals. Instead
of reaching for the phone to find a contact from 20 years ago who you once
worked with to bounce an idea off of, find someone with similar experience and
connect in LinkedIn. Growing a broad connection base in LinkedIn provides
access to other similar professionals, new learnings and can ignite new sales
ideas. (Tip: Don’t send random connection invites or accept random
invites just to “build a book” of names. Connect with intention, by leveraging
commonalities – interests, contacts, groups, etc.)
Marketing. Marketing
ties in naturally with building brand. Once established on LinkedIn, it’s time
to get out there and start growing and reaching audiences. How?
·
One way is to start sharing content. Share updates from others.
Share the industry news and trends that show in your own feed.
·
Get active and post from your profile. Provide updates on
products and services, company news, industry changes, and more.
·
LinkedIn also offers marketing tools that help target specific
audiences to market to. Wouldn’t it be great to connect with some of those 64
million consumers looking for financial guidance?
There are many additional
ways to use LinkedIn to engage, reach new audiences, and ultimately make
connections that could convert into sales opportunities.
Additionally, there is no
right or wrong social platform for financial professional success. It’s
important to do the research and find the one that best fits to meet your
business objectives.
Ron Bernas is digital
content manager, marketing at Crump Life Insurance Services. He may be
contacted at ron.bernas@innfeedback.com.
© Entire contents
copyright 2021 by InsuranceNewsNet.com Inc. All rights reserved. No part of
this article may be reprinted without the expressed written consent from
InsuranceNewsNet.com.
No comments:
Post a Comment