Social media can be a double-edged sword. Spend too much time interacting with your network and you don’t get any other work done! Conversely, dabble occasionally and completely defeat the purpose of the tool.
Is there a happy medium? Yes, but with caveats. Clearly only you can best determine how much time to spend on social media, but beyond the clock aspect you must make sure your endeavors are purposeful and well considered.
In marketing we like to throw around ROI numbers to justify our efforts, and while facts are indeed available and helpful, you can also follow some simple steps to make social media work for you and your business.
- First, take a moment to define the purpose of your social media use and how it plays into your networking, sales, and marketing strategies. Even if you have been using social media platforms for years, step back and review your goals.
- Consider which platforms best suit your needs. Facebook, Twitter, LinkedIn, Instagram, Google+, and Pinterest are popular, but which ones best help you connect with your clients and prospects?
- Make your content platform appropriate. See Social Media Posts are not One-Size-Fits-All for a breakdown on the key differences and what type of content works best on each platform.
- Vary your frequency by platform. Just as the content and tone differs, so too does the frequency with which you need to post on the various social media sites. For instance, one or two posts per week is fine on LinkedIn, while you may tweet on Twitter four to six times a day and add content to Facebook once a day.
- Create a weekly content schedule to take some of the guess-work out of what to post and make the process more manageable. Perhaps on Facebook you post or share content about the economy on Monday, financial planning on Tuesday, and so forth throughout the week. Keep in mind, that an important news event might interrupt this schedule, but most weeks you should be able to stay on track.
- Use online management tools and schedulers to help Avoid the Social Media Vortex!
- Use analytics to discover the best times and days to post for your network. Scheduling app Buffer also provides tools for tracking your engagement on the leading social media sites. Other apps are also available for site-specific or general analytics.
Don’t overdo or avoid social media! Just find an appropriate balance and use the sites with purpose and planning.
I was perusing my Twitter feed the other day when my eye caught a particularly off-the-cuff status. One entity I follow harshly criticized a rival. I couldn’t help but be put off. Friendly banter between competitors is normal and expected, but malicious conduct is not. A code of etiquette exists on all social media platforms—it mirrors what we would expect to observe in a face to face setting. The behavior I witnessed can result in a loss of followers, but more importantly, it can cost the trust of clients and partners.
As financial advisors, FINRA regulations add another layer of complexity to social media conduct. Here is a list of Top 10 Twitter Taboos for financial advisors:
1. Tweet Advice Twitter is great for establishing initial connections and maintaining those connections. It’s not the venue to transmit sensitive information such as stock tips.
2. Tweet Blindly Twitter is interactive and published content doesn’t require FINRA pre-approval, but every financial company should have its own social media policy in place. Always consult with your company’s policy before participating in any social media activity.
3. Ignore the dissenters. Twitter used for business is about respectful engagement. Don’t shy away from people who offer different opinions or insights. Use this platform to acknowledge them; you can always request offline time to address an issue.
4. Post when tired or otherwise not yourself Chances are, there’s a more opportune time to post on Twitter than before going to bed. If you’re tired, in an emotional state, or relaxing with a glass of wine after dinner, you may not be in prime Twitter form. There’s no harm in waiting to tweet.
5. Tweet someone’s product Posting about someone’s product or service may be viewed as an endorsement, which can cross the line with FINRA regulations.
6. Use auto-responses. Canned replies feel impersonal and sometimes they don’t accurately apply to the situation. Twitter is an interactive platform, intended for social connection. Bottom line: There’s no replacement for a human being.
7. Tweet whatever comes to mind. Akin to tweeting when tired or in an emotional state, tweeting from the hip can backfire. Carve out time in your schedule for social media so you can really consider your tweets prior to posting. Even though it’s a social forum, you’re still using Twitter to represent yourself as a business professional.
8. Talk to yourself. Twitter encourages dialogue, often with individuals or brands you may not have access to otherwise. Don’t make the conversation one-sided; take time to learn about the people you connect with.
9. Retweet if you like it. Know what and whose information you are retweeting. Retweeting is often seen as an endorsement of content. As the head of a company, if you retweet an article you and your company are essentially blessing everything in that article, even its speculative commentary. Investigate prior to passing it along.
10. Stir the pot. This may seem pretty straightforward but you’d be surprised at how often this gets people into trouble. Retweeting content can proliferate speculative or false information if you don’t have a full understanding of the information you’re sharing. Also, remember that sarcastic undertones are often missed via the written word. A joke can be easily misunderstood.
Here is one thing you can do, whether on Twitter or any other social media network to provide value to your followers and define yourself as an expert in your field: provide unbiased education about various financial concepts.
- What is a 529 or gift tax?
- What is the cap you can put into your 401k plan this year?
- Tips on financial budgeting
- What is the general economic outlook for 2014?
Finally, don’t forget to sprinkle in a bit of appropriate humor and personality so people can easily relate to you. Never lose sight of the reality that people buy from people. Your clients want to know there is a real person behind the tweet or status update.
Remember, if you’re interested in using social media, you’ll need a solid archiving & compliance solution in place. www.smarsh.com/socialmedia
Even on my best writing days, I may find myself staring at a blank computer screen; developing truly engaging content can be so challenging. I’ve learned that, although an editorial calendar can keep me on track, it’s pretty useless if it doesn’t have any content in it. Creating fresh ideas and content is important.
If I can grab ahold of even a general concept or topic, mind mapping is an ideal tool to develop that kernel into a complete body of work—because it mirrors the architecture of how our brains naturally function. (Though the human brain is still a mystery, research has identified that our brains search for information and process data in branch-like patterns.) The mind map method encourages and captures our organic thought processes in efficient and visual ways, flexing our right and left side of the brain. You can work out a map on good ol’ scratch paper or save some trees and use software instead. Working on a computer provides added benefits such as an endless work area and easy editing capabilities.
I’ve developed a quick how-to guide to get you started brainstorming on your mind map journey:
- Start in the middle of a blank page, writing or drawing the main idea you’ll explore. I suggest you work with your paper or screen in landscape orientation.
- Develop subdivisions, subtopics, and facts related around this central concept, connecting them to the center with broad lines.
- Repeat the same process for the subtopics, branching individual facts off subtopics when appropriate. Connect each of those to the corresponding subtopic, using thin lines.
- Let your right brain go crazy. Use lots of colors, drawings, and symbols. Be as visual as you can; the more effort you make, the more brain reward you’ll receive. Mind mapping awakens memory power and information processing, as well as cortical skills of logic, rhythm, lines, color, lists, daydreaming, numbers, imagination, word, and gestalt (meaning: seeing the whole picture).
- Keep idea labels short. Use a single word if possible—or better yet, just a picture. When you start mind mapping, it’s tempting to write blocks of text, but it will be much more effective if you represent your ideas with a single word or figure.
- Vary text size, color, and alignment. Draw connective lines in different lengths and widths. Provide as many visual cues as you can to emphasize important points.
Mind Maps: Colorful and Cool, But Useful, Too!
Once you have a mind map in place, it’s important to know how to transform all the sensational ideas you’ve developed into a cohesive piece of writing. The large center hub of your mind map represents the main idea of your article or blog post. Create a double-spaced bulleted list of each sub topic. Under your subtopics, incorporate indented bullets for any additional details and facts you may have included on your original mind map. In just minutes, you’ll have an ordered list of every point you’ll want to cover in your written piece.
The mind map is a replacement of the outlines we’re familiar with when we need to organize thoughts and ideas. Truthfully, we aren’t linear, left-to-right thinkers (though traditionally, we cultivate our ideas in these directions) and mind maps really push us to think in radial ways.
This process probably won’t feel intuitive initially, but push beyond the awkward in search of the reward of previously unconsidered perspectives. There’s no time like the present to try a new methodology. Now that you’re motivated with all this fractal brain talk, get mapping!
Throughout this year, there have been discussions about the blurring of financial advisors’ personal and professional lives on social networks. But to us they’ve seemed to be more about harnessing technology (social media archiving) and Compliance review than about establishing boundaries on what advisors could say.
Unlike in most professions, some advisors use their personal political views and affiliations to establish a common ground and attract clients. And, of course, elected leaders influence the economy and markets, and many advisors do their best to predict cause and effect.
With the mid-term elections upon us, we were eager to see how the AdvisorTweets stream this week would reflect advisors’ political thinking. We knew there would be no consensus to report, although if there’s a tilt among the advisors we follow, it’s to the Republican sensibility. But how far would advisors go on this channel?
We think of the content posting on a spectrum—there’s the random comment in the tweet, there’s a link to an article that the advisor is referring his/her followers to and then there’s the tweet promoting an advisor-authored blog post and some follow-up tweeting responding to others about the post.
We’ve seen all of the above this week but not to the extent that we expected. Most advisors followed by AdvisorTweets didn’t comment on the elections or the results they desired.
I have always known that my home state of Massachusetts was different. Read my latest blog: Feeling Blue http://lnkd.in/9QRzNi
— PennyTree Advisers (@pennytree) November 3, 2010
A social networking site launched today with the promise of serving as a melting pot for financial services professionals to come together on social media issues unique to the industry.
SocialTurns has been created by Socialware, the Austin, Texas-based social middleware platform technology provider. In the first few preview weeks, Socialware and others have recruited financial advisors, insurance, marketing, Compliance and technology professionals as members. As a result, the site is almost 400 members strong on its launch date.
“In a recent Socialware survey on social media usage among financial advisors, it was clear that although there is massive business value in social media for financial professionals, there is also a lack of awareness on how to do it compliantly and effectively–something that leaves the industry as a whole wondering where to turn next,” said Socialware CEO Chad Bockius.
Bockius hopes that creating a centralized location for social media-related discussion and questions will help move the industry forward. I do too, and I’ve committed to take part in the SocialTurns Council, which Bockius established to keep the conversations going on the community site.
The Council includes many names AdvisorTweets followers will recognize:
- Pat Allen, Principal, Rock The Boat Marketing (and AdvisorTweets)
- Debbi Corej, VP of Compliance, Prudential
- Julie Gebert, AVP of Compliance, Cambridge
- Kip Gregory, Principal, The Gregory Group
- Bruce Johnston, President & CEO, Advisolicity
- Kristen Luke, Principal, Wealth Management Marketing
- Christina L. Nelson, Senior Editor, Financial Planning Association
- Stephanie Sammons, CEO, WiredAdvisor
- Stephen Selby, Director of Regulatory Services, LIMRA
- Jennifer Sussman, Director of Online Marketing and Experience, American Century Investments
- Pete Chiccino, EVP and CIO, The Bancorp Bank
We think this could be a big deal for employees of financial services firms, slightly less so for financial advisors who are already proficient online networkers and may prefer their ad hoc, more tightly focused communities. Still, one can never have enough places to turn for help on a subject as dynamic and ambiguous as social media policies and practices.
Join today and become acquainted with what may be a significant industry resource.
Even on a normal day when advisors’ tweets are links to personal finance articles and Peter Ustinov quotes, we pay close attention to them as a window to what’s shaping advisors’ thinking. So naturally we were fascinated by advisors’ reactions to the market’s tumble Thursday.
But the particular circumstances of Thursday lead us to a question and an apology.
From 2:15-3:30 p.m. EST, the very time the market was diving, I was sitting in a “Distribution Changes and Challenges” session at the Investment Company Institute General Membership Meeting. Executives from the top distributors Bank of America Merrill Lynch, LPL Financial, Fidelity Investments Institutional, Morgan Stanley Smith Barney and Edward Jones were describing what they need from their asset manager partners.
“The key to wholesaling is being in touch with us, being a partner. Go deep into the relationship,” said Andy Saperstein, managing director and head of wealth management for Morgan Stanley Smith Barney. LPL’s Mark Casady told the audience they need to help advisors, including by making their content more portable as advisors increasingly participate in social networks. (See our Rock The Boat Marketing post for more.)
Was Thursday an occasion when, in fact, an asset manager helped you?
Half of the advisors polled by Investment News Friday said they heard from clients and 60% said they reached out to clients. A few advisors, we know from the AdvisorTweets stream, were contacted by the media for their analyses. Most Twitter-using advisors are avid information-gatherers and were no doubt working the Web and the television Thursday to make sense of what was going on.
Was an asset manager among your go-to resources Thursday? If not, how could the investment managers whose investment products/solutions you use have helped you? What kind of information would you have welcomed, in what format and on what timetable? Participating in evolving conversations, the core of social media, is how people and entities remain relevant. What relevant help could an asset manager have provided? What do you need that you’re not getting?
Please comment below. If you have something to say but don’t want to publish it, please send an email with your thoughts. I assure your confidentiality.
Next, the apology: We made a classic social media gaffe with the @AdvisorTweets account Thursday afternoon–all talking and no listening. During the session we were in broadcast mode, sending several tweets about the distributors’ comments on social media and other topics. It was only until after that we realized what advisors were dealing with and that our tweets were probably just in the way. We apologize for being so out of touch.
Here’s a chronological round-up of some of the market-related tweets from Thursday afternoon.
Thursday, May 6, 2010 starting at 1:52 p.m.CDT
It was the first Saturday in May and the horses were running in the Kentucky Derby, but on AdvisorTweets.com we were amazed to see the number of financial advisors providing updates and commentary on the Berkshire Hathaway annual shareholders meeting in progress.
Whether in the aftermath of disasters or reactions to celebrity deaths, Twitter has proven its ability to bring parties together as a conversation develops. But we’re struck by this instance as advisors were tweeting right along with a wide cross-section of meeting observers including the Wall Street Journal, Fox Business Reporter Liz Claman, the Hilton Omaha and countless other professional and retail investors on Twitter.
The image below is from Google’s new Twitter replay capability showing the spiking of #BRK2010 tweets on Saturday. It’s not wholly satisfying, given that it’s missing a y scale.
We know that at least one advisor was there because he tweeted that he would be. But those who couldn’t attend seemed to be getting a lot out of listening to the reports, reacting and reacting to others’ reactions. While other media will report the content of what was said, many of the tweets included some color, as well.
In short, it was a bit of a fun online event that Twitter-using advisors jumped in and participated in. Did you? What did you think?