Why You Should be Using LinkedIn for Client Acquisition
“This is not an information age. It’s an age of networked intelligence.”
This is the first post in a four-part series about LinkedIn
Disclaimer: Most financial services companies have restrictions about what you can and cannot do on LinkedIn, so keep that in mind as you apply this advice to your own situation.
We often hear one of two answers when we ask financial advisors about how they are using LinkedIn in their businesses: either they are not using LinkedIn at all, or it does not work for them. Either of these are painful responses for us to hear. We firmly believe that if LinkedIn is not working for you, you simply are not using it correctly. The proof is in facts about consumer behavior and social media usage.
Did you know….
- Affluent consumers engage with social media for almost an hour and a half a day 1
- 70% of financial advisors are using social media for marketing 2
- Out of those advisors, 90% use LinkedIn as their main social media platform 2
- One third of these advisors generated $1 million or more in AUM through LinkedIn2
The fact is, your target market is on LinkedIn. Baby Boomers, business owners, high net worth individuals, and ultra-high net worth individuals are all rapidly-growing segments on LinkedIn. You have a free opportunity to get your message in front of your market and continually expand your network when you use it properly. The larger your network, the greater the chance that more people will discover you and connect with you.
Social media is also one of the best ways you can spend your time crafting great strategic and organic advertisements for your market. You can easily link back to your website, and this provides you great insight into what types of information are resonating with your market.
Most importantly though, LinkedIn can help generate new streams of revenue. When you share information that your target market finds valuable, you stay top of mind and relevant. This helps to increase current lines of business with existing clients and generate more referrals from your sphere of influence.
Many times, advisors feel overwhelmed and as if they do not have enough time to use social media for marketing. This is an understandable feeling with the numerous options there are today. That, combined with stress about what compliance will allow, can make you want to forget about it altogether, but doing something is always better than doing nothing.
Your LinkedIn presence can be greatly impacted by using it for just ten minutes a day. Reach out to those that LinkedIn suggests for you to connect with, send good wishes to connections on new achievements or milestones, and send a message to those you have done business with, thanking them and letting them know you would appreciate them referring other like-minded individuals who could benefit from your services. It won’t happen overnight, but continually staying in front of potential clients will make a big difference.
Take the time to set your profile up correctly, too. This may take an hour or so initially, but you will be glad you did it. Your online presence is so important, as it is how people currently will vet you. For tips on profile optimization, check out our other post Easy Ways to Improve Your Presence on LinkedIn.
1 – Global Web Index
2 – FTI Consulting