Social Media Trend: Financial Industry Can’t Risk Missing Out!
Malaysia has been on a steady growth in terms of technology and connectivity and almost 70 percent of the country’s population are on social media. This proves that there is a whole lot of opportunities for businesses to thrive here. However, how can the financial industry use social media to generate business without getting into trouble?
Compliance Issues Brews Hesitance
One of the core reasons many financial service companies have been reluctant to jump on board the social media train is due to the concerns around compliance issues. Even so, now is the perfect time to take that leap of faith as social media is at the forefront of the way we communicate.
What Happens If You Don’t?
If businesses still remain hesitant in adopting these new technologies, rivals will not think twice about taking their market share. This is where your consumers are and if you truly want to stay relevant in our digitalized world, this is exactly where you need to be.
Social Media Doesn’t Discriminate By Age
Financial advisors may have held the belief that their customers, mainly baby boomers and seniors, aren’t on social media so there’s no real need to be on this platform. But, this is pretty far from the truth today as older folks are already on Facebook and Instagram and many are likely to use social media to help them out with financial decision-making.
Listen More, Talk Less
Taking some cues from the top ranging organizations and individuals in the financial services industry, it appears that the key to success on the social media platform is to listen more than you talk. Unlike real life, social media focuses on conversation – e.g. advisors are automatically notified on LinkedIn when a contact changes positions or jobs. This gives you the perfect time to reach out during these motion events.
LinkedIn: Your Best Bet
This social media platform is a land of opportunities. Advisors can connect with clients and discover who the client knows and maybe even ask for an introduction; this is a great way to possibly double your referrals with social media.
Static Content vs. Interactive Content
According to FINRA and SEC guidelines, social media content can be categorized into two: Static content and Interactive content. The former is basically the same as an advertisement where pre-approval by the agency is needed whereas the latter is the same as a presentation in front of a group of investors. Interactive content don’t need to be pre-approved but it does need to be post-reviewed; a large chunk of social media posts and discussions are in this category.
Moulding Brand Ambassadors
Financial service organizations need to be aware that being on social media isn’t merely giving the company a voice – it is a way of empowering its employees and moulding them into brand ambassadors by encouraging them to build a strong online presence. These are your assets to turn strangers into consumers of your brand.
Be Patient and Educate Yourself
Nothing comes easy in the world and so, remember to be patient with your social media growth. It’s impossible to simply launch a software tool and immediately expect immense adoption. Educate yourself on the ropes of the industry on the social media platform and with better understanding, you’ll be reaping benefits in the long run.
Social Media Will Save You Time – If You Allow It
This platform is truly a shortcut rather than a tedious, additional item. Having the right mind-set is vital for engaging on social media and with time, it’ll bound to increase your revenue. Try setting smaller, achievable goals and soon, you’ll be leveraging social media to elevate your traditional marketing and sales efforts.