Too much time and effort is dedicated to building fans and creating engagement, but this is not the goal. The goal is to build awareness, consideration, purchase intent and advocacy. As such, fans and engagement are a means to an end, but too many social media strategies today focus only on luring fans--any fan--and creating comments and likes--any comment or like. Facebook's EdgeRank provides us a guide, but it's important to remember that it is Facebook's equation, not marketers. The social media marketing equation must be more expansive and include luring the RIGHT FANS and building BRAND VECTOR into our engagement. And the problem of meaningless fans and empty engagement is not merely one on Facebook but all social networks. The problem is that brands seem to think they can collect a disinterested fan, create engagement and build trust, but this is not the way social networks (or the human mind) works. Instead, you have to build trust FIRST, then collect fans and finally build engagement that matters. How do you do that? Five methods are briefly presented using examples from Wealth Management, including programs and strategies from Zurich, Fidelity, Ameriprise and Vanguard.
5. The (Slightly Less)
Simple Facebook Equation
FansA * â Ue We De * b = Success
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6. Look! Lots of Engagement!
Total Insurance Conversation Percentage of Social Media
Volume by Brand Conversations by Topic
Company #1
Use/Choose/
Company #2 Recommend
Switch
Company #3
Not use/Drop/
Not Want
Company #4
0% 20% 40% 60% 80% 100%
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7. Itâs Not Just a Facebook Issue
Youâre followed, but are you on Twitter lists?
Youâre followed on LinkedIn, but who cares?
Itâs easy to forget that the goal isnât to be liked or
followed or to get engagementâŚ
The goal is to earn
attention, consideration, awareness and
advocacy. @augieray #bdi1
9. The trust gap
55% say âItâs hard for me to know who to trust for
financial advice.â (2012 Household Financial Planning
Survey, Certified Financial Planner Board of Standards &
Consumer Federation of America)
Millennials are four times more likely than baby boomers
(28 percent vs. seven percent, respectively) to say they
are unwilling to act on the advice of a financial advisor
without first consulting other sources. (Accenture)
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10. The trust gap
Choosing a new advisor: HHs w/ $100k to $1mm
Offers products from a variety of companies
Depth of products & services
Fees or commissions charged
Investment track record
Individual provides transparency & keeps meâŚ
Individual is honest and trustworthy
0% 20% 40% 60% 80% 100%
Source: National Association of Personal Financial Advisors
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12. Borrow peer-to-peer trust
Fidelityâs Stock Plan Services communities
allow sponsors to discuss with peers:
⢠New regulations and industry trends
⢠Opinions of Fidelityâs products and services
⢠Administrative best practices
45% of Fidelity's SPS client base registered to
use the site
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14. Build trust with content
Goal: Increase followers of Christopher Taylor, head of Financial Institutions.
⢠Posted content
⢠Banner Ads
⢠Targeted InMail to VPs, Owners, Partners
& C-level in FinServ
⢠700,000 ad impressions
⢠850+ ad clicks
⢠1,000 new connections in six weeks
⢠Email had open rate of 14% & CTR of 15%
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15. Build one-to-one relationships
Source: July 2012 âCollaborative Advice,â Forrester Research by Bill Doyle
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16. â
Out of an abundance of
caution, many mutual funds and
other investment companies may file
materials on their social media
sites with FINRA unnecessarily.
â
â
Will not recommend enforcement
action to the U.S. Securities and
Exchange Commission under Section 15
(a)(l) of the Securities Exchange Act of
1934 (the "Exchange Act") against
FundersClub.
â
â
âŚuse social media to engage in
lending, deposit services, or
payment activities⌠originate new
accounts⌠facilitate a consumerâs use of
payment systems⌠match products
and services to usersâ needs
@augieray
â
#bdi1