As a financial advisor, if you have time to commit to only one social network, it should be LinkedIn.
The largest professional social network, with 277 million users worldwide, LinkedIn is four times more effective at business-to-business lead generation than Facebook or Twitter, according to a 2012 survey of more than 5,000 U.S. businesses by HubSpot.com.
“LinkedIn takes networking to a new level,” says Sara Gilbert, founder and business consultant with Montreal-based Strategist Business Development. “All of your clients, prospects and centres of influence (COIs) will be there. And, in as little as 15 minutes a day, you can connect with them by commenting, ‘liking’ other people’s posts, participating in discussions or sharing articles.”
While some firms may prohibit advisors from using Facebook and Twitter, Gilbert says, virtually all of them allow LinkedIn. And on LinkedIn, she adds, you can control business development better than with Twitter or Facebook.
“A person’s LinkedIn profile tells you who they are and whether they fit your target market, Gilbert says. “Geographical location is also important: if you live in Montreal and a connection is from Wisconsin, you know that person isn’t a potential client, even if they fit perfectly otherwise.”
Here are some ways you can use LinkedIn to build rapport with your clients and prospects:
> Create a strong professional profile
To be effective, your LinkedIn profile must contain several key elements, starting with a professional picture.
“Profiles that include a photo are seven times more likely to be viewed than those that don’t,” Gilbert says.
The profile’s summary section should contain 150-200 words that clearly explain who you are, what you do and how you help your clients. You can also include visuals such as your brochure or a video.
> Stay active
Many people create a LinkedIn profile, with their name, job title, and a picture — and then forget about it, Gilbert says.
“They accept invitations to join other people’s networks but never post or join conversations,” she says. “The objective with LinkedIn is to increase your visibility to clients, prospects and COIs.”
So, take a few minutes to share articles and respond to posts made by others.
> Personalize your requests
When making a friend or connection request, always personalize the invitation.
“It’s your first point of contact with them,” Gilbert says. “So, include a personal greeting telling them where you met, read or heard about them,” Gilbert says.
By personalizing the invitation, you start building a relationship. You also increase your chances of acceptance significantly because many people now filter who they let into their networks.
> Track your activities
The “relationship” tab in your connections’ contact information lets you set reminders (one day, one week, one month or recurring) for callbacks and follow-ups.
“People get lost because they don’t remind themselves to follow up with their prospects,” Gilbert says, “This feature acts like a lead CRM: you can tag prospects and do follow-ups, which is how you convert them to business relationships.”
> Reconnect
Two to three months after issuing a LinkedIn invitation, invite the prospect to meet for coffee or a chat.
“This is where the [payoff] is,” Gilbert says. “You will have shared articles with them once or twice a week, so they will recognize your name. At this point, you convert a virtual relationship to a business lead.”
Next: New strategies for Facebook, Twitter and other platforms.