Using social media is not just about attracting new clients, it’s about attracting the right type of clients, Adele Martin, founder of My Money Buddy and the Savings Squad podcast, said on a recent ifa podcast.
But besides its growth potential, social media is a retention tool and can help advisers deepen the bond they enjoy with existing clients.
“It’s good for your current client, it helps you get in contact with them between those review meetings,” Ms Martin said.
The reason why it works, Ms Martin explained, is due to a psychological phenomenon known as the mere exposure effect which says that people show an increased liking for stimuli as they are exposed to it more.
“The more people see you, the more they know, like and trust you,” Ms Martin said.
“And so social lets us do that, it lets us have more contact points and more exposures to our potential clients and lets us then build up that trust. When it’s done well, it can be a really great tool to see more clients, plan and also retain your current clients as well.”
For those unable to set aside time to explore their creativity on social media, Ms Martin suggested utilising one piece of content multiple times.
“Are we already running workshops for our clients as an example? Could we record one of those and then cut it up and have a whole bit of social content? So, there’s ways that we can use one piece of information, use it multiple ways. We could have a podcast and then also record it and use the video as well,” she explained.
“I’m a big fan of using something once and using for multiple times”.
Lastly, Ms Martin suggested advisers should measure the effort versus the return .
“Last year, I signed only 100 financial planning clients in My Money Buddy programme all through social, not $1 of ad spent and just through chats, no sales calls. So because it’s a very scaled medium, it works. So I think that’s the thing is, if you say you don’t have time, think about the returns. So for me, that’s a very good use of my time,” Ms Martin said.
To hear more from Ms Martin, tune into our podcast here.
