Financial Advisors have found many ways to use Facebook while continuing to comply with regulations promulgated by the SEC and FINRA. One way for Financial Advisors to grow their prospect list and generate new clients is by running online promotions. The idea of running a Facebook promotion may not sit well at first, but it is achievable after receiving permission from your Compliance Officer. With just a quick understanding of how it works and some creativity, even the most novice social media user can create an engaging promotion.
Why Financial Advisors Use Facebook Promotions?
Promotions are a tremendous way to grow your business. Running a promotion on Facebook can provide you with exposure to a large audience of potential clients.
If set up properly and diligently monitored, when users enter your promotion, you will receive a direct line of contact with them as you build your network of clients, prospects and referral sources. Given Facebook’s popularity, having a large network on this social network can be a valuable asset to your business’ marketing plan.
How Facebook Promotions Work
There are numerous ways to run Facebook promotions and we’ll discuss a few of them here. To start, you need an idea – typically a giveaway – that will entice people to enter your promotion and tie back to your financial advisory business. With regard to logistics, Facebook provides a variety of options:
- Collect entries by having users post on the Page or comment/Like a post.
- Collect entries by having users message the Page.
- Utilize Likes as a voting mechanism.
- Use a third-party app and create a gated promotion with an automated way to collect contact information.
Whichever option you choose, you will have a group of entrants who are now tuned into your content as they await the announcement of your winner and, hopefully long after. And don’t forget about your promotion also appearing in their News Feed for others to see.
To make your promotion a success, you will need someone actively involved in the launch, marketing, and management. The launch involves developing the promotion – think concept, giveaway, timeline, and taking it live on the Facebook platform. And, don’t forget you’re a Financial Advisor. Your promotion should be professional and represent your brand. This may be the first time someone has any contact with you or your brand. Remember, you only have one chance to make a first impression.
Once your promotion is running, you will need to promote it on Facebook. You can do this organically through your Facebook page, by commenting on relevant posts, asking friends and colleagues to announce and promote the contest on their page, etc. You may also wish to advertise on Facebook. With Facebook advertising, you can target the audience seeing your ad based on demographic data, such as age, profession, location, and more. This is a paid option, but by targeting recipients, you may be able to focus your budget on warm prospects.
Even if you use a third-party application, you will need someone to manage your promotion, monitor who is entering your promotion and respond as necessary. If people are commenting on your posts or page as a means of entering, you need to be prepared to answer questions and remove any spam. You will also need to prepare for and announce the winners and then, ultimately, deliver the prize.
Here's an example of a Facebook promotion!
Tips For Running A Successful Social Media Promotion
The best way to run a successful social media campaign is to make your promotion original. Entice people to enter by offering a free giveaway of something of value. For example, you might offer a free initial consultation. Consider a vacation giveaway themed to the idea of “look what you could do with your extra cash if you properly manage your funds.” Get creative and have fun with it.
Ultimately, you must deliver the results and the prize to the winner. But don’t miss out on valuable leads – follow up with the other entrants, engage, and regularly post relevant, unique content to your Facebook page.
For Financial Advisors, running successful Facebook promotions takes some time, creativity, and social media savviness. But, you’re likely to be pleased with the ROI. So, are you going to build this into your 2014 marketing plans?
This post was originally published by me on SocialMediaToday.com.
