Many Financial Advisors find client retention a pressing issue, which is crucial as retaining exisiting clients costs much less than acquiring new ones. Infact, generating business from new client acquisition can cost anything between 5 to 25 times more than it does from an existing client. But how can social media help? In this post, I look at why social media is the new ‘word of mouth’ for Financial Advisors
Be present
Social media allows you to be present with your customers at all times. It allows you to engage with your client on a regular basis. If used correctly, social media can keep your business in front of your clients at all times.
Deepen your connection with your existing clients
Deepening your connection with your existing clients will encourage them to carry on doing business with you and recommend you to their contacts.
How to build your social presence
If you want to build your brands presence on social media, you need to focus on the following:
- Respond to messages quickly to encourage engagement
- Add value by providing insightful content
- Use videos where possible
- Ask for feedback from your clients
I hope you’ve found this article on Why social media is the new ‘word of mouth’ for Financial Advisors. If you’re a financial advisor looking for help , please feel free to get in touch here. Myself and my team are more than happy to help.
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