Thankfully finding the right social media solution isn’t art, it’s science. Your firm wants to solve a problem, but there are many solutions in the market which make it difficult to decide what’s best. But like most business tools, you will know the best fit for your company when you see it. To help you find the perfect media solution for your company, here are some decision-making criteria to consider. Since financial advisor social media marketing is so critical, it’s worth the time investment upfront to ensure the right solution is selected.
Identify Problems and Solutions
The first question you should ask yourself is whether or not your proposed solution solves the three C’s: content, compliance, and collaboration (click here for more information on the Three C’s). Most of the problems financial advisors have when building or buying a social media solution boil down to the three C’s. There is no guarantee these problems can be solved in a time-efficient and cost-effective manner using a custom or pre-purchased solution. However, with a subscription-based social media solution, these issues are taken care of for you as part of your monthly fee. So your problem and solution are both identified and taken care of in one fell swoop.
Conduct A Risk Assessment Upfront
Financial advisors need to determine their risks before investing in any program. The best social media solution for financial advisors is the one that not only has the lowest risk, but also helps move your business forward. When conducting your risk assessment, consider all the financial investments required, the time it takes to maintain and operate a program, compliance considerations, vendor support, and overall performance. When you do this risk assessment, it will be clear to any financial advisor it is best to implement a subscription-based solution.
Consider Your ROI
When it comes to financial advisors and social media, there has to be a significant return on investment for a particular program to be worth it. The best thing to do is set a goal for your ROI and then compare social media solutions. You’ll likely find that your goal has to change based on the solution you choose. Look at each potential ROI for buying, building, and subscribing to a social media solution. Comparing these numbers will likely result in a much clearer picture for you and guide you on the path to investing in a subscription-based social media program.
Think About Features and Functionality
Social media for financial advisors is useless if it doesn’t meet the specific needs of the business. Write down all of your needs, including the impact of the three C’s. Then look at each type of social media marketing program and see what has to happen in order to meet those needs. You may find that buying a solution doesn’t necessarily give you everything you need, and building one will take way too much time and money.
SocialFinServ is your solution for choosing the best financial advisor social media marketing program. A subscription-based solution makes sense for the vast majority of financial advisors for various reasons. If you’re struggling with the decision of which social media solution to invest in, feel free to contact us for more information.