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5 ways financial services advisors can use social media selling to grow business

Niraj Sharma

June 6, 20224 min read

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The last few years have brought unprecedented digital disruption to the way traditional sales and marketing operates in all companies, large and small. This transformation has particularly impacted financial institutions due to a highly distributed network of financial advisors, stringent compliance and security requirements, and fragmented technology stacks that can create more roadblocks than opportunities in the digital world.

Despite these challenges, it’s more important than ever to invest in a social selling strategy to help your financial advisors engage clients across modern channels. The benefits are clear: new business growth, increased competitive advantage, and an improved customer experience across all touchpoints. Long relegated to the sidelines, social selling — also known as social media selling — is now gaining widespread favor as brands realize its enormous potential.

Cracking the social selling code

Key stat: 92% of financial advisors who use social media for business say social media has helped them gain new clients. (LinkedIn)

Traditional methods are becoming less and less effective — and financial services companies that have embraced social selling are seeing phenomenal improvement in their business results. Despite an increasingly complex business environment, when social selling is implemented and managed properly, it can become an integral driver of success. Here are five ways financial services advisors can crack the social selling code to win in a competitive marketplace:

1. Use the power of technology and smart AI to make social selling more effective.

“It all starts with listening. If you do not find those opportunities, being able to execute on those opportunities is irrelevant.” – Jay Baer, best-selling author and marketing expert

The power of technology extends well beyond baseline tactics like URL shortening and suggestions about optimal post timing. When done well, social selling incorporates social listening to understand the pain points of your audience, trending topics, influencers, and conversations that you can leverage to showcase your expertise and provide value. Financial advisors can leverage this type of information to start a conversation and build meaningful, long-lasting relationships.

2. Leverage continuous training and development for your financial advisors.

Many social selling tools have failed to generate adoption and engagement simply because the flow of knowledge and best practices did not continue well beyond onboarding. There are no shortcuts to success. Equip your sales teams to leverage technology and work smarter by sharing the latest updates, changes in features, and new trends from the digital world. Technology has made our lives easier, and it can save a lot of precious time and resources if the right process for information sharing is established as part of a formal social selling program. 

3. Ensure financial services compliance and brand consistency with tools that enable increased visibility.

In banking and financial services, compliance with industry regulations is critical. According to FINRA, the fine for misinformation in the financial services industry can be up to $3.8M in addition to suspensions. Fear of making a mistake and being reprimanded or fined can hold back financial advisors from taking full advantage of a social selling program. Empower your advisors by implementing a platform that facilitates communication within your own organization. With a top-tier social selling solution, advisors can easily share pre-approved posts curated for them or opt to customize messages that are handed off to a central team for approval before going out into the world. Both advisors and corporate teams can feel confident that posts are on-brand and industry-compliant.

4. Use insights and data to continuously optimize your social program.

Social selling should concentrate less on sales pitches and more on sharing authentic, quality thought leadership content. A solution that combines data from multiple sources will give advisors a 360-degree view of the prospects and customers they’re interacting with, enabling them to have more meaningful interactions. With in-depth reporting and analytics, your team of advisors can quickly identify gaps and use clear, actionable insights to make improvements to their content. Insights like sentiment analysis, effectiveness of content, and sales activity will help advisors keep a pulse on their success and give them an opportunity to make adjustments where needed.

5. Choose a social selling solution that maximizes reach and ensures compliance. 

Social selling represents incredible opportunities for teams — but only when you have the right solution. When you’re searching for a tool that fits your needs, make sure you opt for a solution that has:

  • A unified customer experience management (Unified-CXM) platform to facilitate communication, ensure compliance, and increase operational efficiency

  • Highly scalable governance and granular user permissions

  • Built-in AI capabilities that help your advisors be more effective and remain compliant

  • A robust onboarding program with a learning management system to facilitate continuous learning and development in an ever-changing digital environment

  • In-depth reporting and analytics to track success and pivot when needed

  • Access to 30+ digital channels to meet your customers where they are

Some of the top global financial institutions trust Sprinklr Distributed. The only social selling platform rated 5/5 for user experience by Forrester, Distributed has better adoption rates, helps customers generate more revenue, and has more compliance protection versus competitors.

How does Sprinklr Distributed stack up against the competition?

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