The real power of social media is that it allows you to remain top of mind with existing clients while developing and building new relationships. For financial services professionals, social media plays a different role than it does in many industries, as most of us offer services first and product second.
Unlike many consumer product companies, for example, which utilize social media primarily to attract new customers and sell more products, in many cases you already have the clients; social media can help you strengthen and expand these relationships. Seen in this light, social media is an extension of the unique service offerings that you already provide.
For industry product providers, such as mutual fund companies, while there are some similarities with consumer product companies on the sales side, they too are focused on providing value-added content to solidify and grow advisor and client relationships.
A by-product of strengthening existing relationships is that you're also helping clients become better referral sources. By extending the delivery of your services and demonstrating your professionalism and knowledge, you're making it more enticing for clients to promote you. Done right, your social media efforts can help you get your story out to more people.
Simultaneously, by expanding your reach into the viral world of social media, you should be able to add to your prospect pipeline. More potential clients will become aware of you and the services that you provide. Social media provides you a way to engage more people in conversation, provide them information and get them to like you before you even meet!
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