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Why advisers should be using Twitter

Twitter gives you access to your target market in a way that the other sites simply do not, says Tanith Harding, head of Social Media, Mitchell Moneypenny

Financial services firms are finally incorporating social media strategies within their marketing and PR campaigns to ensure business success in an online world.

However, understanding the right platforms to support your business is important to ensure that you are reaching the correct target audience.

Studies show that the three best social media platforms for financial services are Facebook, Twitter and LinkedIn, and those that have fully integrated these channels are reaping the benefits of social media success and watching followers and likers become prospects and clients.

Confusing
Despite the huge uptake many financial service firms are still unsure of the benefits of using social media and many find Twitter in particular confusing. Recent statistics show that despite this, financial firms are now finding their feet with 67% now using twitter compared to 59% on Facebook1.

Twittergives you access to your target market in a way that the other sites simply do not. As a business on LinkedIn and Facebook you can attract and engage with people but as a page you cannot befriend or follow a person. Twitter gives direct access to more than half a billion users, with 115 million of those active on a monthly basis2.

Research tool
Unless an account is restricted you do not have to request to follow and you can refine searches for your target market using keywords found in short bios on user profiles. This access to users is very handy indeed when looking for new business leads and finding influencers to engage with. Twitter also allows you to sort your following in to lists so that you can separate news feeds in to categories such as ‘clients’ or ‘financial news’ etc. This enables you to view each list as separate news feed making searching for desired content a much more manageable task. These lists can be made public so that others can follow or kept private for your own information.

Although the 140-character limit makes financial promotions difficult there are ways to get around this using links to websites, blogs and by posting memes, but it is important to ensure that you are remaining compliant when doing so. Reading the recent FCA Guidance on Social Media consultation paper before tweeting will give you some idea of what the regulator expects regarding use of Twitter by a financial services company.

Listening and sharing

However, in truth, most financial advisers are not using social media for financial promotions but rather they are listening to what is being said, engaging with clients and prospects and demonstrating thought leadership. Sharing informative and interesting content will help your firm be recognised as a leader in your field and encourage others to share it with their followers.

Those that choose to ignore the growth of this amazing business tool are falling behind. Perhaps it’s time to open an account and keep an eye on the portion of the average 58 million tweets sent out per day3 that are relevant to your business, even to sit and ‘listen’ to the conversation for a while whilst you get the hang of it.

1 Source – Corporate Insight

2 Source – statisticbrain.com

3 Source – statisticbrain.com

Twitter Statistics July 2014:  source -http://www.statisticbrain.com/twitter-statistics/

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