Have Financial Advisers Missed Out On The Social Media Opportunity?
Sales & Marketing for Professional Services & Sales Tips

Have Financial Advisers Missed Out On The Social Media Opportunity?

August 10, 2020

by Tony Vidler  CFP logo   CLU logo  ChFC logo

After a decade of NOT adopting what is clearly the biggest evolution in consumer communication methods in half a century (at least!), there is a mood amongst many financial advisers that they have “missed the wave” on the social media marketing opportunities.

 

One might as well say you’ve “missed the wave” on email marketing, or search, or anything else just because it has become mainstream.

 

Social media isn’t a “wave” at all.  It isn’t something sweeping in that will disappear in moments to be replaced by another similar wave soon….it is an evolution in communication.  It is here to stay until it evolves into, or is replaced by, even more advanced forms of communication amongst human beings.

 

It is not a wave, and it is not a fad.  It is definitely mainstream and part of the fabric of society now….but that dfoes not mean that all the upside of participating has vanished.

 

Need proof?

Just in little ‘ol New Zealand….

  • Population: 5,140,000
  • 93% of the population own a smartphone
  • Total mobile connections: 6,490,000
  • Mobile Internet Users: 4,000,000 (that is 88% of total internet users)
  • and check this out, the NZ Daily Media Consumption (January 2020):

 

 

In fact, there is still ENORMOUS upside. More mobile connections than people…..virtually the entire population online and mobile….and if the average social It is not too late for professionals to begin using social media in their marketing and client communications.

  • Linkedin users in NZ (March 2020): 2,150,000
  • 84% of internet users in NZ use Facebook – that is 3,360,000 Kiwis

…and that is just the 2 of the 3 “biggies”….I don’t have current data on Youtube, but am guessing the use will be massive and still climbing.

 

As a primary form of communication there is no doubt, it is in play. It is not a fad.  People are already using it in massive proportions.  As a primary source of education and information it is the hands down winner.  Encyclopedia Brittanica lost the war.

 

Yet, there is clearly some pretty big upside and growth in users and accounts left to play out, but most importantly there is no doubt now that with just over 90% of consumers using the internet via mobile to search for business solutions and products, having a great online presence matters (but only if you still need customers, and want them to find you I guess).

 

And when they want to find a business, who do they use?  Google dominates search, with 92% of NZ search traffic.

 

So here’s a free tip:  If it matters to Google, then it should matter to you.

 

The interesting thing for me is that while consumers have swarmed to social media use, and while it might appear that business is onboard with it (2 million + LinkedIn accounts, right?) the reality is that for most professional services businesses this is green fields stuff…there is little competition of consequence, there is an enormous audience waiting already, and serious potential for that audience to grow even more.

 

The reality is that most professional services firms do not use social media well, and have not really figured out how to engage with the masses of consumers searching for products and services and information.

 

Missed the wave?

 

I don’t think so….but you still could if you don’t get cracking with it.

You may also find this useful:
The Continuous Cycle Of Social Media Marketing
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