Greg Johnson from TAL discusses how advisers can easily use social media to promote customer engagement.
When computers were first being built around 1950, Thomas Watson – then chairman of IBM – was famously quoted as saying “I think there is a world market for maybe five computers”.’
We can all sit and judge Watson for his terrific lack of foresight.
However, the reality remains that sometimes it is hard to see how a new technology can and will be applied.
Social media is much like the early computers – very interesting perhaps, but many people are left wondering what all the fuss is about.
Over time we are starting to see the maturing of social media as a means by which business can be conducted, and its usefulness is starting to emerge.
Perhaps the single biggest trend modifying consumer behaviour is access via social media to opinions and reviews of products and services that are independent of marketing.
This is most prevalent for consumer goods, but is increasingly being seen in service industries such as mortgage broking and financial planning.
Fear of the unknown often makes us think that something is much more dangerous than it really is. Most often people fear social media because of the ability for an issue to “go viral”.
In many circumstances, social media is simply the movement of the spoken word of mouth into the written word of mouth. The conversation (ie, what is said) hasn’t changed, but the medium (ie, how it is said) has changed.
You still control what is said and in this respect you should feel in control of your social media experience.
I have frequently been asked, “How do I get started?”. There are two key steps to getting going which I’ll outline below.
Step One – observe and learn!
If you are new to social media – or have not used it in the professional context – then the first step in social media is to observe and learn. To be able to observe you need to:
1. Set up the basics: As a professional I would recommend, at a minimum, setting up a Facebook account (separate to a personal Facebook profile – if there is a golden rule of social media it is to NOT mix business with pleasure!) and a LinkedIn profile.
Depending on the demographics of your customer base you will tend to use either of these to connect to your customer base.
2. Gather connections: Starting with your client lists make as many connections as you can with existing clients, associates, people you do business with.
You will find that many people have either a Facebook account or a LinkedIn account that you can connect to. Include your Facebook and LinkedIn profile links in your email signatures.
3. Join some groups: If you look on LinkedIn you will see that there are many groups that exist to connect professionals together. Australian Risk Advisors is one popular group.
4. Make social media a habit: It is said that it takes 21 days to form a habit. Challenge yourself to log onto social media for 10 minutes every morning and observe what has changed. As you gather more connections there will be more content to observe.
Step Two – get involved, start a conversation
If you’re an existing social media user or you have made it through 21 days of habit-forming observation, it is time to start dipping your toe in the water.
Making social media work for you is much like networking – you are typically not looking for a specific response, but to increase your level of interaction with people in your social network.
Share relevant content
Once you have an established network of friends, followers and connections you can start engaging them in a conversation through social media.
As a finance professional you will come across many items in your day-to-day work that are worth sharing. An excellent example of this was at the end of last financial year, with the Government changing the rules for the 30 per cent health insurance rebate. Simply post some information on your Facebook page or make a comment on LinkedIn.
There are two key objectives to sharing content.
- Being present to your clients and your network: By engaging them in content that is interesting and relevant to them, you are top of mind when they have an issue with which they need advice or help.
- Stimulating a response: For example, if you have a large number of SMSF clients, then sharing information about changes or opportunities in the SMSF space with a gentle call to action for interested clients to get in touch is a very effective way of generating demand.
The value of these opportunities is not simply the communication with your existing network, but you will find that some of your clients and networks will share this content with their own networks – effectively multiplying the effectiveness of your message.
The above really is just the tip of the iceberg and simply lays out some basics. For those new to social media, this should help you get going.
For those more established, hopefully this will prompt you to deepen your involvement.
Greg Johnson is the head of product and marketing, retail life, TAL.
