It amazes me to speak with financial advisors and other professionals who still won’t sign up for a LinkedIn account. Many of these people still don’t understand the basic benefits of using LinkedIn. It is not merely the professional Facebook. It has morphed into a training platform (Lynda.com), news channel (Pulse) and online networking group. The benefits of using LinkedIn impact education, net worth and age. LinkedIn user demographics show that:
- 45% make more than $75,000 / year
- 50% have higher than a college education
- 25% are over 50 years of age
I facilitated a LinkedIn training program for financial advisors in Chicago, and a man approached me afterward to say he is a true believer in the benefits of using LinkedIn. I said, “Great! Why is that?” He told me, “Last year I brought in $1.4 million in NEW BUSINESS by using LinkedIn.” OMG!
He’s not spending 5 hours per day in front of his computer looking for leads. He is making connections, improving relationships and generating business through this platform. He realized the benefits of using LinkedIn, and he shared them with me. Do you want to make $1.4 million MORE every year? Try these tips:
- Don’t Sell – Some sales people see LinkedIn as a giant database of prospects. This million dollar man just wants to sign people up for his company’s newsletter. His goal is to put information in people’s hands…for free! As Jeffrey Gitomer says: People love to buy, but they hate being sold to.
- Watch and Listen – The advisor spends 20 minutes in the morning and 20 minutes in the evening looking at the new events in people’s lives. He wants to know about job loss, graduations and weddings. Social media is an encyclopedia of relevant and current information about people’s lives.
Should Financial Advisors Use Social Media?
- Have a Strategy – This advisor knows who he is going to reach out to and with whom he is going to connect. He has a strategy, and he has identified his ideal client. This strategy focuses his content and marketing efforts on non-profits, manufacturing or healthcare. His efforts are intentional and focused.
- Network – LinkedIn is great for his business, but he still goes to events, speaks to people and has coffee meetings. Don’t give up on other proven networking tools. One of the benefits of using LinkedIn is you don’t have to quit other tools.
- Don’t Quit – He knows it will take at least seven touch points to make a sale. The LinkedIn sale will take phone calls, email and newsletters. However, after 6 – 9 months prospects remember him and the information he shared and they will call him.
In 2016 73% of financial advisors used LinkedIn to gain new clients. The average asset gian was $5.3 million. The data clearly show that professionals who do not realize the benefits of using LinkedIn are missing out on substantial financial gains. Social media is about improving relationships, increasing communications and building revenue.
Scientifically Speaking, of course…