hnw social media solutions
 linkedin-variation  

5 Social Selling Tips for the Socially Savvy Wealth Manager

Have you heard of social selling? Many wealth managers I speak to have not, yet they may be doing it without realising it. The basic idea is that an increasing number of businesses are using the major social media platforms (primarily LinkedIn and Twitter in the case of financial services firms) to 'sell' without actually 'selling', which is a dirty word to most wealth managers!

In terms of the business case for the proactive use of social media to build your business, according to LinkedIn:

  •           Just over 63% of social sellers report an increase in their sales revenue, versus 41% of non-social sellers
  •           84% of social sellers use LinkedIn; 48% use Twitter
  •           74% of consumers do research online before making a buying decision
  •           65% of buyers feel that a vendor's content had an impact on their decision to buy
  •           Your next generation of clients are 5x more likely than previous generations to think that social networks will be the hub of their financial information in the future

Pretty compelling stuff. So here are my top 5 tips for wealth managers to get to grips with social selling (actually they are more like questions you should be asking yourself, but hopefully they will stimulate the grey matter):

1) Just because you have a LinkedIn profile doesn't mean it is resonating with your prospects and clients! Is it       written in the first person? Have you written an interesting and engaging summary that is not just a list of your career achievements? Have you added a company brochure or other material to your profile? Is it keyword-optimised?

2) Have you run advanced searches for your target clients or introducers, saved them and set up alerts? How much can you find out about your target contacts before you connect with them? Please don't just send a generic invite when you connect - tailor it to the reader.

3) Does your employer have a LinkedIn Company Page and are you following it so you can like, comment and share regular updates with your contacts? Are you following your competitors, introducers and target firms on LinkedIn and Twitter?

4) Do you have a content strategy, either at a firm or individual level? How often do you post? Are your posts informing and educating your clients (good) or is it a sales pitch (bad)? If someone engages with your posts, what is your process for responding?

5) Sync up your phone's address book with the Twitter app and follow all of your contact on Twitter. This is great way to stay informed and may provide 'social signals' as a reason to get in touch.

As you can see, there is a lot more to social selling than merely having a LinkedIn profile. Many of my clients are thinking about how to 'future-proof their business and social selling is a great way to begin this process. Finally, check out your personalised Social Selling Index to see how effective your LinkedIn activities are.

Your LinkedIn Connections - Quality or Quantity?

During my LinkedIn workshops, I always encourage the attendees to debate whether it is better to have a small, but quality, network of contacts on LinkedIn or whether the 'scattergun' approach is better. I have my own views on this but ultimately your strategy will be very much down to personal choice and there isn't a right or wrong answer. However, here are my thoughts on each approach:

Quantity

This is probably the way most LinkedIn users go - connect with as many people as possible, whether they be colleagues, friends, business contacts or even people they don't know. This is essentially the 'Facebook' approach to collecting names and there a number of advantages to having a large network - you stand a far better chance of being connected to people via a mutual contact in any searches you run; any content you write or post is likely to be seen by a larger number of people, and ultimately you are going to have much greater visibility across LinkedIn. The downside is that personally I don't really see a lot of point in being connected to people I have never met, or at least spoken to, in order to see whether we can help each other. Which leads nicely on to...

Quality

This is the approach I use in my business and one I strongly advocate to my clients, particularly if they are looking to use LinkedIn as a sales and/or referral tool. I would much rather have a network of 400-500 people I have had some contact with or know reasonably well, rather than an accumulation of random people - I like to keep my network focused towards my target market of financial services firms so that when I run searches, share updates or post content, they are seen by the right people and I therefore stand a much better chance of increasing my visibility and credibility within my chosen audience.

Ultimately, the approach you should take will be a balance between quality and quantity - you want a good-sized network for visibility, but not too large that it isn't manageable and you don't know many of the people you are connected to. So what is a 'good-sized' network? Most people seem to aim for the magic 500+ number!

My top 3 tips if you are using LinkedIn a sales/BD tool:

Give some careful thought to what you want your LinkedIn network to look like - don't just connect with anyone

Engage in some way with new connections - offer help, suggest a call/meeting, send them something of interest but do not sell!

Remove any contacts that you don't know or are no longer relevant to your LinkedIn objectives - go to My Network > Connections, tick any contacts you want to remove, then More > Remove

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here Hide