Published on July 14, 2009
Notes for: Using Social Media Effectively for Finance Professionals 1
Why use social media? 2
*Lucky people+ “spot & seize upon openings that other people simply miss. They also tend to be more social and maintain what [Psychologist Richard Wiseman] calls a "network of luck." Most of us know around 300 people on a first- name basis. According to Wiseman, that means you're only two handshakes away from 90,000 people who could bring chance opportunities into your life.” “What it takes to survive” by Ben Sherwood for Newsweek http://www.newsweek.com/id/181290/output/print 3
Quotes: Chris Lemay, Mortgage Broker (@chrislemay on Twitter) “Twitter helps me reach an wider audience – forge stronger relationships & keep me top of mind with people I meet face to face” 4
David Cesarini, Financial Marketing Specialist (@dcesarini on Twitter) “To keep in touch with people with common interests and increase the size of your natural market" 5
“The first word in "social media" is social, after all. It’s not social to stand on a street corner preaching to anyone who will listen, while not listening to or interacting with anyone who does.” “Social Media Mistakes Businesses Should Avoid” by Mark Riffey on Flathead Beacon http://www.flatheadbeacon.com/articles/article/social_media_mistakes_busines ses_should_avoid/10556/ 6
You are Your Brand 7
•as a Mortgage Broker or Financial advisor etc. you are your brand •Whether it be it in your blog, Twitter, Linkedin etc. you likely want to showcase yourself as: oan expert in your field - i.e. an authority oresponsive to your clients (and potential clients needs) - i.e. helpful & somewhat approachable oyourself... (but a professional you) 8
Personality Sells 9
“I’m not sure I want to be followed by my bank.” This was the reaction of one of First Direct’s customers when the online bank established a Twitter account. But after the bank’s head of PR Amanda Brown joined the conversation – as the Twitterati like to say – the customer changed his mind and tweeted that it was “kind of cool” for the bank to be embracing social media.” “Twittering with the customers” by Mark Frarry on the Times Online http://business.timesonline.co.uk/tol/business/related_reports/business_solutio ns/article6522822.ece 10
Promote yourself organically & infrequently 11
•Use 90/10 rule •Talk casually – don’t advertise •Put forth things people may not know (e.g. First Direct UK bank brings light to “extra curricular activities” such as their charity support 12
Promote others frequently 13
•Builds a/your community •People will want to help those who have helped them •Allows you to start Building relationships before you need them 15
Get Help 16
•ask Questions - Twitter, Linkedin •Build your contacts •search for contacts - reconnect •Find social networks specifically for your field 17
Understanding Audience 18
•Monitoring what is being said – not only about your company but about your field/industry (help you: •respond to Customer Service issues (confusion, complaints etc.) •re: company - hone actions & tailor next steps etc 19
Play fair 20
•attribute & acknowledge •respond with respect •if you’re not interested don’t follow (no trying to “jack up your follower numbers”) •if you are interested, don’t unfollow (just because they’re not following you) •Be transparent 21
Schedule time 22
•Not a waste or fad •Understand your goals – go in with clear idea •Make social media a part of your life rather than trying to fit it in (e.g. make twittering and posting a natural extension of how you communicate) •You can’t do it all (perhaps pick 1 or 2 social networks, schedule your soc med time or hire someone - carefully) 23
Ask yourself who you want the face of your company to be - on social media. "The intern trap" addresses interns being put in charge of social media, but the concept is something to consider in general. Some don't quite understand: a person who writes on your Twitter account or blog or other becomes the voice of your company or organization. As such, one must be mindful of how passionate and loyal they are about the company or cause. 25
Internal Also for communication 26
•internal options (e.g.: • private Blogs, • private Wikis •Google calendar (scheduling meetings) •Google doc (for contact lists) •“private Twitter” = yammer.com) 27
Be Personal But not too Personal 28
Think of social media as: a networking at an event or party. •You let your hair down a bit, and meet people and chat. •Parties don’t always lead to a business deal that evening, but nurturing the connections might eventually bear fruit. 29
A few Examples 30
Find related Articles, Notes & Resources http://delicious.com/mhamburg/vanfin 39
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