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If a website is the center of your marketing universe (as described in my previous article), social media is the gravitational force pulling your audience into the world you’ve created for them. But social media is easily a full-time endeavor of its own. LinkedIn, Twitter, Facebook, Pinterest, Google+ … Where do you begin? Equally important, where should you leave off?
Essential social media
Why bother with social media at all? With 45,000 Twitter followers, an ever-buzzing blog and his own InvestmentNews “Takeaway” column, the “Reformed Broker” Josh Brown has taken his social media efforts to infinity and beyond. In a June 2012 InvestmentNewsinterview, Brown emphasized that the real point of social media is to bring visitors to your blog (and, I would add, to your website).
“You can’t really get across what you want to get across on Facebook, on LinkedIn or Twitter,” says Brown. “These services are great for engaging with people, but you can’t make points that matter.”
Think of your social media postings as a free chip-dip tasting in the grocery store. It’s meant to whet the appetite for your real communications, not serve as a main course. Brown says, “When people talk about social media – ‘I sent 500 tweets, why didn’t I get any clients?’ – it’s because you’re not establishing anything. If you’re not doing something more permanent in your own space, social media is not going to do you any good.”
Social media can do a lot of good once you do have your own space: a website, blog or both. Allowing your communications to be seen and heard, it’s the personal handshake of the virtual world.
Deliberate social media
At the same time, your firm’s mission is to help individuals and families manage their personal wealth, not run for president of the Internet. Out of the tens of thousands of steps you could take, it’s important to focus on the handful that make the most sense for you.
Even Josh Brown pointed out that not every advisor needs to sustain the frenzy of activity he has. And you don’t have to be up by 5 am, as he is, to get it done. “It doesn’t mean you have to be tweeting all day and spending all your time on Facebook,” Brown said. ”That’s not necessary. But you should have a beachhead somewhere, and you should have some social clout. You should have people following you and conversing with you.”
How much clout? That’s determined by the most important consideration of all: What are you trying to achieve? Your services aren’t for everyone – by intention – which means you don’t have to knock yourself out trying to reach everyone.
As a fee-only, Registered Investment Advisor firm, your scope is narrowed considerably. You have other qualities that further reduce the size of your outreach activities – such as geographic locations, particular services or specialized client niches. For more information about establishing your identity, check out my recent comments in What’s Your Brand, by David Port.
You can limit your social media efforts by streamlining your focus. Devote your energy to building followers among your clients and prospective clients. Engage them in their subjects of interest, and do so at a pace that is sufficient but sustainable. (Here, I must pause and add the usual, strong nod to compliance, both in your “advertising” language and archiving. I’ve heard that Arkovi and Smarsh are two possibilities for social media archiving – but it’s best to consult with a compliance professional to determine your own proper steps.)
What is the right pace for you and your social media activities? That will vary widely depending on your available resources and distinct goals. But lest you feel too disheartened to even begin, don’t forget that slow and steady has long been a winning strategy in any number of pursuits. Social media is no exception.
Wendy J. Cook is owner of Wendy J. Cook Communications, LLC, offering writing, editing, presentation and related services expressly for the fee-only, passive/DFA, Registered Investment Advisor community. Wendy helps such firms communicate their distinct messaging to clients, prospects, media and the general public using traditional and leading edge communication resources ranging from print to social media/Web and e-newsletter forums. Visit www.wendyjcook.com or www.linkedin.com/in/wendyjcook.
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