Social media is an essential part of your marketing mix
Social media is an essential part of your marketing mix. Unlike any other form of marketing social media allows you to engage directly with your prospects and clients in a two-way/multi-way dialogue.
It allows other people to look over your shoulder and see what you have to say and what others have to say about you. Social media allows you to connect with your audience (ie, clients and prospects) in a way that:
• Demonstrates your authority and relevance
• Shows your personality
• Gives insights into the types of people you communicate with and sorts of conversations you have
• See what others think of you
• Connects on a personal level
All of which help prospects see what sort of business you offer, and an insight into the personality of the leader and team involved in delivering the service, the authority and leadership and thinking of your business. It builds trust and a sense of comfort in knowing any prospect is dealing with a firm that a) knows what they’re doing and b) are people they’re happy to do business with. Integral qualities when your prospects are considering trusting you and doing business with you.
Social media is the ideal platform to adopt the universal laws of influence, namely:
2. Commitment & Consistency
3. Social Proof
There is a difference between Direct Marketing and Social Media. While both are ultimately looking to achieve the same end game, namely attracting new clients, the method in which they do so is very different. Direct Marketing relies on contacting prospects at the time they are ready to take action. Emailing your list is a form of Direct Marketing.
However even if prospects want your service and are ready to buy at the point of receiving your email, the reality is a thousand and one things can distract them from taking action at the point of receiving your email.
Case in point, think about how many times this one event happens with you: You’re on the go (reading your email on mobile device) and just checking in, you think “ooh that’s interesting” but what you’re doing at the time distracts you. The next thing you know, weeks have gone by and that important (but not urgent thing) gets forgotten as you continue to deal with the day-to-day business of running your company.
• 49% of businesses never follow up with a prospect
• 25% of businesses only make a second contact and then stop.
It’s a staggering discovery, but so few businesses make more than two contacts.
Here’s why follow-ups are so important.
• 2% of sales are made on the first contact.
• 3% of sales are made on the second contact.
• 5% of sales are made on the third contact.
• 10% of sales are made on the fourth contact.
• 80% of sales are made between the fifth to twelfth contact.
When you contact your email list, invite your prospects to connect with you across social profiles. This gives them multiple opportunities to stay in contact with you when they have the time to do so, not only allowing your prospects to remember you, but also to get to continuously know you and how you can help them. It also means that you avoid annoying them!
So if you’ve not yet decided that social is a useful tool, perhaps these fundamental trust, awareness and communication advantages might help sway you.
First published on Financial Social Media UK
More Articles Like This
Are you part of your clients’ online decision-making process?
What the FCA social media guidance means for adviser businesses
Kick starting a social media strategy within an adviser firm
Adviser firms should not fear using social media – Filmed interview with Bridget Greenwood, FSM UK
Adviser firms should engage with social media not fear it