How to execute a social media strategy: Take a college kid to lunch

Brooke’s Note: I’ve been there. You collar an expert on social media and ask for a few pointers about how best to harness the power of the web. The dream is to receive a world of new customers at your door in neat little bits and bytes. But after getting the advice — and nodding vigorously that it all makes perfect sense — you go home and do little about it. With that in mind, I asked Gerri Leder if she could get us social media Luddites pointed in the right direction. Here is her excellent column on the subject.

Many advisors are in the same boat when it comes to social media: They understand they ought to be networking, but they lack the technical skills and the confidence to execute a strategy.

We’re sure you and other advisors get why social media is important. Social media, from Facebook to LinkedIn, is about building a community of people with similar interests. Advisors can use it to learn what others have to say, share ideas and even establish thought leadership.

Along the way, many pioneering companies are identifying business opportunities and engaging contacts they thought they had lost or couldn’t have cultivated without online networking.

The question is, where do you start and more importantly, who do you turn to for help? Maybe you find it simple to establish your business profile, but don’t know what to do next. Don’t let your technical skills hold you back.

Galling but true

The galling but true fact is that the easiest place to find help with social media is to look one or two generations down. Here are some places where you can locate either free or fairly inexpensive help.

• Local colleges, which might have an intern program.

• Craigslist or job referral sites for hourly expert help. You often set the price, but remember, you get what you pay for, and since most social media consulting doesn’t take long, $25-$35/hour is usually acceptable.

• Check with your own children.

• Network with your colleagues who are already using social media

That’s not to say that doing it on your own is impossible. In fact, it will be easier than you think. Start by visiting the web site of the social network of your interest. We suggest LinkedIn.

Of all the social networking web sites, LinkedIn is the one financial advisors use most, and with good reason. Linkedin is a network of experienced professionals that can be leveraged to increase your exposure among your peers and potential clients.

The number of C-level executives on LinkedIn numbered 2.2 million worldwide last summer, while there were 1.9 million executive vice presidents and senior vice presidents on the network, according to a study released by Anderson Analytics, SPSS and LinkedIn.

Better, cheaper, faster than Ogilvy and
McKinsey rolled into one for your
social media strategy

2 million new users a month

Some 4.5 million users said they were senior management, while 5.2 million said they were middle management. About half of the users worldwide are in the United States, and the base was growing last year at a rate of 2 million a month.

Click around to find out how to use it. LinkedIn offers webinars on the basics (for more information go to https://learn.linkedin.com/), where you will find resources to learn how to access training, applications, settings and personalization for your page.

LinkedIn members can participate in conversations that demonstrate their knowledge in the industry. Start a conversation and post notes with insights, news, events, and other information that may be interesting for your contacts and potential clients.

Build and nurture relationships with key contacts, use their connections to expand your network, search for old contacts, and use the applications to enhance your profile with webinars, videos, presentations and/or blog link.

Be visible

The goal is to be visible and give valuable information to your target market. Groups are available to join based on geography, hobbies, corporate and school affiliations, and other common characteristics or interests. Shorten the degrees of separation between you and others by networking and joining relevant groups.

Of course, one real challenge for advisors is compliance for RIAs using social media. Be aware of the policies in place at your firm or custodian regarding social media and what constitutes advertising and sales literature. FINRA has just issued guidance on this question.

As a general rule, it is best to get your feet wet with networking and a simple profile, and plan to build on your full profile later.

Soical media expert in its natural
habitat

Social media costs nothing and, even without leaving your chair, you can get access to your industry’s online network where you can create visibility for yourself and your business. So don’t make excuses; sign on to this century’s greatest networking innovation. It’s time to be where everyone else is or will be… And isn’t that a great place to be when you want to increase your business?

Favorite student

Aside from those about to retire, every RIA should establish a generic profile on LinkedIn and start networking. With summer just a few months away, consider hiring your favorite student to prepare or update your profile and suggest next steps.

Gerri Leder is founder and president of Baltimore-based LederMark Communications. Gerri is a monthly columnist for the 91,000-circulation On Wall Street magazine.