On January 11, Mark Zuckerberg announced that Facebook is currently implementing a huge change in the way their Facebook algorithms work. Zuckerberg stated that he is “focusing on helping you find relevant content to helping you have more meaningful social interactions”. He wants to encourage Facebook users to foster personal relationships with people that they know, as opposed to simply consuming videos and articles from different businesses and brands. Because of this change, businesses will no longer have the same organic reach power that they once did. They will need to focus on creating meaningful connections and establishing personal relationships.
In the ever-changing world of digital marketing, this is one of the most difficult things to deal with. It can sometimes get very overwhelming trying to keep up with the latest tools and trends, the newest best practices, and the updated algorithms. That’s why I’ve compiled a list of some of the key challenges that financial advisors should look for in 2018, and how to best work through them.
Rise in Video Content
Using video content in your digital strategy is becoming increasingly important as time goes on. Some social media algorithms are now set up to give high preference to video content, which makes posting just text or even images not as effective.
The challenge here is to create high-quality, attention-grabbing videos to share on your social media channels. However, this doesn’t mean that your financial firm now needs to go out and spend thousands of dollars on a videographer. There are several simple-to-use, online video creation software such as Typito or Promo, that will allow you to create your own professional looking videos. Many companies are also utilizing the Facebook or Instagram live feature to showcase their business’ culture or the behind-the-scenes of their day to day operations. Statistics have shown that live video has generated even more engagement than a regular video.
When creating video content, it is good to keep in mind that sometimes simple and short is most effective. You want to grab your prospect’s attention right from the start, address their needs or issues, and let them know how you can solve them.
Drop in Organic Reach
What used to work several years ago when organic reach was booming is now no longer the case. Organic reach has been declining for years, and now social media algorithms, such as Facebook, are prioritizing things in a way that makes simply having a great social media post not enough anymore.
There are two things that can be done to combat this challenge. The first thing to do is to really get to know your prospects and try to establish a personal connection. Studying the analytics and insights will help you see when your prospects are online, their age, geographical region, which content they find most engaging, etc. You can then tweak and tailor all of your posts so that you are ensuring that your prospects will accept and interact with your content. The second thing to do is to make use of paid advertising. You are spending all of this time creating quality content, so it is worth it to spend some money on making sure that this content will reach hundreds or even thousands of new prospects.
Quality over Quantity
Some companies believe that posting high amounts of new content every day will create better engagement and interaction for their social media channels. While this may be true for some, not all financial firms have the time or budget to create 10-20 social media posts per day. This is when it is important to focus on creating high-quality content. Treating every single tweet, every Facebook or Instagram post, every video with thought and care is a way to ensure that you are producing quality content. People will naturally follow your firm’s brand when you consistently post great content that helps them solve their needs.
Encouraging Sharing and Engagement
When implementing any digital marketing strategy, it is hard to not get stuck in a creative rut. Sometimes social media managers keep doing the same thing over and over again, even if it’s not working because they don’t know what else to do.
When creating any content for your social media channels, something to consider is whether or not your content is likely to be shared by your prospects. Some highly engaging content strategies are things such as using the emotional appeal, telling a great story, keeping up to date with current news and trends in your field, evoking curiosity through well-written headlines, etc. Again, really try to establish a personal connection with your prospects.
Keeping up with the latest social media trends can be very overwhelming, and sometimes it’s difficult to know which ones your financial firm should choose to implement, change, or adopt. If you would like someone to help you navigate through this, sign up for our free, 15-minute consultation and we will walk you through everything you need to know.