In a series looking at how asset managers can best use social media to help promote their brand – we focus on LinkedIn and the most effective strategies to use this rather more ‘professional’ site.
Consumer focused marketers, such as the ASL Association – known for their infamous Ice Bucket Challenge campaign, were quick to embrace and reap the benefits of Twitter and Facebook.
But business-to-business (b2b) marketers, and in particular those in the financial services – haven’t always been so quick to recognise social media’s potential.
Increasingly, however, the industry is catching on – encouraged by the guidelines set out by the Financial Conduct Authority (FCA) in The FCA’s supervisory approach to financial promotions in social media in March this year. This has set the parameters for what is acceptable and in line with regulator’s rules for firms on social media.
But while guidelines have been given – it is still a challenge for financial firms to navigate the social media world. Proving return on investment remains one of the biggest challenges for businesses, as the efficiency of social media marketing is not always immediately obvious.
The desire to be seen in a professional light has always deterred those considering social media platforms – due to the internet’s somewhat Wild West nature, but there are solutions at hand.
One social media site with a very measurable business impact, and a more formal tone, is LinkedIn.
Launched in 2003, LinkedIn is unlike other popular sites due to its professionalism. LinkedIn’s 347 million members largely use the site in a professional capacity - making it perfect for growing and maintaining your client relationships and effective online branding.
It has been described by Hubspot, the inbound marketing platform, as “Facebook with a more professional feel”.
Primarily focussed around careers, it enables users to connect and share content with other professionals in their network. A LinkedIn profile is much like a digital CV - and can be a fantastic marketing tool for businesses.
So how can asset management marketers best use the site?
Branding and the AM industry
A study from Gulland and Padfield released in July this year highlighted the poor state of branding in the AM industry – especially among institutional firms. The study highlights that many firms have a weakly defined brand or boast brand values that are not particularly client centric.
It goes as far as to say that AM firms have an over-reliance on performance and numbers in their branding, and that this distances them from their clients.
The researchers conclude that by creating a stronger attachment to their institutional brand, AM firms can actually protect their assets during periods of underperformance. But to do this they need to level with their clients’ values.
So how can LinkedIn help?
- Thought leadership
Being positioned as thought leaders in your industry improves the credibility and visibility of your brand. Thought leaders have a higher level of brand loyalty from their followers/customers.
With LinkedIn you can post your research pieces, market commentary and link back to a corporate Blog if you have one – the latter helping you to have a multi-pronged approach to using different social media channels to prop up your online presence.
As your LinkedIn contacts will also have similar industry interests you are more likely to enjoy higher read and view rates for posts you put up on the platform.
Who’s doing it right?
Firms who are successfully building their brand on LinkedIn have one thing in common: they do not relentlessly plug their products. The best way to keep people engaged and become the go–to source for knowledge is by providing insightful and accurate content. This will also promote transparency.
Baring Asset Management’s LinkedIn content strategy has them constantly post links to research and press releases on their website. This educates their network and gives them expert status - as well as driving traffic to their landing pages. They currently have 4,245 followers.
Pioneer Investments have 23,692 followers and, similarly to Baring, are consistent in posting industry news to emphasise themselves as authorities.
Another positive branding technique is regularly sharing company charity initiatives. Pioneer Investments have been known to post updates on efforts to raise money for aid in Syria. This sort of sharing resonates with clients. According to brandchannel, the brand news and analysis website, consumers are attracted to brands who have a positive social impact or purpose.
- Client Insight
One suggested reason for the misalignment of brand/client values is a lack of client data and insight to inform AMs’ marketing strategies. Social listening is a new breed of business intelligence whereby you can use social media sites, such as LinkedIn, to track popular conversations in your network.
How?
When a connection likes or shares an update it appears on your homepage. This means that you get access to the most popular content in your network.
If you join a professional group on LinkedIn you will be able to see what conversions people in your industry are having. One example is the Investment and Financial Professional Networking group, with close to 4,000 members.
You will also be able to see who is particularly influential in these groups, because they will have a lot of engagement with their updates. It is a good idea to connect with influential people in your industry so they will have access to your content.
3. Engagement
You can also tell which of your updates are popular on LinkedIn.
On your company page you will be able to scroll down and see all of your past posts. Below each update you will be able to see:
- How many people have read that post
- How many times it has been clicked through
- The percentage of people who have seen the post that engaged with the post (read or clicked on it)
This means you can track which posts were well received by your network and use this to inform your content plans.
Top tips to remember for optimum LinkedIn use:
- Post relevant content regularly
- Optimise your company’s profile
- Link updates back to your website
- Engage with others in your network
- Send personalised invitations to generate leads
- Join LinkedIn groups to increase exposure
- Track your content’s success
- Post on LinkedIn pulse
- Do not continuously plug your products – this is boring!
Read