Posts Tagged ‘Media Platforms’
Wednesday, July 25th, 2012
by Anthony Lam, The Covenant Group
Financial services professionals and organizations have been reticent to reach out to and engage their clients through social media platforms. This may be partly due to compliance fears, although a lack of familiarity with the channel could also be to blame.The Covenant Group blog is working to squash any fears that exist.
A driving aspect of high-quality client service is doing whatever it takes to satisfy your clients. Trends indicate that people of every age are starting to expect the companies they do business with to be available not only over the phone, via email and (when appropriate) face-to-face, but also on social networks such as Twitter, Facebook and LinkedIn. Social media has already been tapped by many sectors as a means of marketing, but it also presents significant opportunities for connecting with clients.
Have you considered how social media can advance your business goals? Do you already use social media to connect with clients? Have you used the information you’ve found on these networks to inform client interviews and interactions?
At The Covenant Group, we encourage clients to learn more about these platforms and integrate them into the existing client relationship management strategy given the increasing relevance of these communication channels. Since most of these sites’ basic services cost little more than your time, it is wise to start thinking about how you can work them into the daily schedules of your team.
For example, Twitter can be a great way to “listen in” on conversations about a variety of topics, and may give you insight into what your clients want but have not yet articulated. Additionally, it can enable you to stay up to date with the latest news and product offerings, helping you determine the ways in which your business needs to evolve and grow. You man not find your clients are Twitter users, however, all news sources and most financial and business columnists are. They can provide you with relevant content that you can communicate to clients via other social networks or in a newsletter or email.
As Lorie Konish writes for OnWallStreet, the networks can also serve to build and deepen client relationships. Facebook can reveal what prospects and clients are passionate about — their family, a social issue, a business — and may be a means of showing the human side of your business through the backstories of your advisors and supporting staff.
On a more professional level, Konish emphasizes the networking and reputation-establishing potential of LinkedIn. This can help you connect with others in your sector, research clients before sales interviews and expand awareness of your own areas of expertise.
Anthony Lam has spent more than 20 years honing his customer relationship management skills. He has demonstrated his commitment to high-quality customer service in the retail, banking and airline industries. Anthony is the Manager of Program Delivery and Client Relationships at The Covenant Group and coaches financial advisors on client services through The Covenant Group’s financial services training.
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Tags: Anthony Lam, Business Columnists, Business Goals, Client Interviews, Client Relationship Management, Communication Channels, Conversations, Covenant Group, Daily Schedules, Familiarity, Financial Services Professionals, Group Blog, Management Strategy, Media Platforms, News Sources, Product Offerings, Quality Client Service, Social Networks, Squash, Twitter
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Wednesday, June 13th, 2012
by Shauna Trainor, The Covenant Group
It’s no surprise that many independent financial advisors have been hesitant to join social media networks — even many of the 50 most important private banks and wealth management institutions worldwide have lagged behind, according to a studyby Assetinum.com.
Measuring the FIs’ use of Twitter, LinkedIn, Facebook and YouTube, as well as their website-social media integration, the researchers determined that the banks averaged 43 out of a possible 100 points. Assentinum.com also observed that clients across the globe want greater transparency and educational content from their banks. The demand is there, yet financial professionals and institutions have continued to ignore it.
Financial services firms that fail to engage with existing and prospective clients on social networks may be missing out on vital opportunities to build client capital and establish deeper relationships. These websites can also prove useful in the sales stage of the buying cycle, when you are researching prospects’ businesses, values and goals in order to devise a solution that will help them. Social media can make your sales, marketing and client relationship management responsibilities more efficient and bring your firm into the 21st century.
“Especially for renowned banks with a demanding clientele, it is increasingly important to be present in the virtual social network,” the company notes. A survey from Cogent Research found that more than 5 million investors with more than $100,000 investable assets use social media platforms when researching and making financial decisions.. Financial Planning reports that the study also determined that 75 percent of the 5-million investors mentioned in the research study turn to LinkedIn most frequently when conducting investment research.
There is no reason to shy away from social media. Although it may seem complex in theory, the regulatory issues associated with the channel can be avoided if you carefully plan your social marketing strategy. Before setting up blogs and profiles, take time to identify the goals you have for marketing and promoting your practice and yourself.
Are you joining these networks simply to spread awareness of your brand, or do you genuinely want to create more meaningful connections with the public, prospects and clients? How do you currently use social media for business purposes? What do you hope to gain by expanding your online presence?
Sidestepping social media and keeping it out of your marketing mix is no longer an option. Increasingly, high net worth individuals, as well as the general population, are joining the networks and using digital communication tools to stay in touch with their business associates.
Shauna Trainor is The Covenant Group’s Marketing Manager. She focuses on The Covenant Group’s own marketing strategy and also helps entrepreneurs through financial advisor training to leverage social media and other technology to spread the word about their services and practices and build relationships.
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Tags: Client Relationship Management, Covenant Group, Educational Content, Facebook, Financial Decisions, Financial Professionals, Independent Financial Advisors, Investable Assets, Investment Research, Management Institutions, Management Responsibilities, Marketing Strategy, Media Integration, Media Networks, Media Platforms, Private Banks, Prospective Clients, Regulatory Issues, Social Marketing, Social Networks, Vital Opportunities, Wealth Management
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