I don’t necessarily disagree with JD Carlson, the hipster, surfer, YouTube sensation. But I can’t entirely agree with him either. In his recent column, Carlson counseled advisors to focus on their practice, not social media. I agree, and I disagree with his advice. Hence …
Dear JD,
Congratulations on the article in 401(k) Specialist. Interestingly, it sounds like the Retireholics conversation we had at the Broadridge Fi360 conference in Austin.
As you might recall, I mostly agreed when you tossed this controversial idea. Me? Sheri Fitts? Giving advisors a pass on social media? It is true; I mostly agreed with you then. And I mostly agree with you now.
However, I think clarity is in order.
Should advisors spend time in the social space? Not necessarily. Is every advisor able to tap into the Law of Preeminence (a very fancy term for thought leadership?) Perhaps not.
Before we get too far, can I define a few terms?
OMNI Channel Marketing: It used to be that businesses needed a phone, fax, and possibly a brochure. Omni channel points to the very complex ways we reach out and touch someone with our marketing messages. These channels can be divided into four different categories.
Owned: These are the channels that you OWN. Your website? Owned! Your email lists? Owned. Your brand? Your personal brand? A Retireholics recorded episodes via Zoom? Owned! Owned media can also include the information in your CRM or any client list a firm may have.
Rented: Every social platform uses a series of algorithms to drive how the content shows up. And the price a firm must pay to boost the content. They own those systems – and can change them on a whim (kind of like Instagram did recently).
Here’s a quick example. Perhaps you decide to be all-in with your efforts on Facebook. And you’re hot stuff. Your messaging and media reach—10,000 friends, they buy and connect, and life is good! And, then Meta changes their “algo”? Suddenly, 10,000 is 10. Poof. There goes your business—rented property.
Or, say you work with a firm that helps you with search engine optimization (SEO). Google has algorithms as well. Rented property.
Earned: This is the realm of public relations (PR). This is where another media source (such as a magazine, podcast, conference, or vlog) features you/your firm on their platform. Or invite you to contribute content to their platform? That is earned media. (Hey, JD! You snagged some earned media.)
Paid: This is the old-school world of advertising, extended into the world wide web. Magazine ad? Facebook ad? Google ad words? Paid media.
Why I agree
Before spending any time or money in the social sphere, a firm must have a solid OWNED media strategy. They must have a compelling brand, a current website, and an email system that can support capturing these conversations and communicating regularly. When I speak about mastering new media, I begin by giving the audience permission to ignore social media (for a while).
Why I don’t agree
I don’t care for golf. I don’t care for tennis. But, as you know, I love to SUP (stand-up paddleboard.) Love, love, love.
Perhaps advisors are watching your channels and thinking, “I could never do that.” Of course, they can’t! That isn’t their vibe. They simply need to find the avenue that fits their innate talents.
Marketing matters. Social media matters. You know that better than anyone, my friend.
How many potential clients have landed on an advisor’s website and immediately clicked away because it simply took too long to load (or wasn’t mobile enabled)?
How many senior leaders and influential centers of influence have waltzed on over to LinkedIn to do a bit of homework, only to find their advisor’s profile still lists their previous firm as their current employer? Ouch.
Let me be clear: Marketing must sweep the path for sales.
Perhaps these tiny drips of inconsistency don’t hurt an advisor’s chances of winning business. However, they don’t help. And when the competition is fierce? Every little bit helps.
My advice to advisors? Find the channel that works! Use those muscles. Start slow. Try again. Focus on what works best for you—market like the firm you want to be.
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