LinkedIn can be a very useful tool for financial advisors’ outbound marketing — but it’s essential that the platform isn’t merely used to sell something, practice management consultant Beverly Flaxington writes in Advisor Perspectives.
Can the Pitfalls of LinkedIn Be Avoided to Ensure Useful Connections?
LinkedIn can be used by financial advisors to research, stay up to date, and network, but it can occasionally be overused just to pitch to possible prospects, according to Flaxington.
Targeting people through keywords and then connecting with them just to sell should be avoided, she writes. While mass marketing is fine, advisors should tailor their message to their audience, according to Flaxington. This prevents people from feeling used, she writes.
When approaching people on LinkedIn, it’s essential that advisors are clear in their aims, according to Flaxington. It should be apparent whether the communication is aimed at pitching a product, asking for advice, or seeking introductions, she writes. Advisors who want advice should check that the person has time, and if they’re seeking a contact, advisors need to be specific. People want to help, but if they can’t do so easily, they will ignore the requests, according to Flaxington.
Advisors also need to at least “seem interested,” even if they’re not, in order to create connections with the people they reach out to, she writes. Flaxington suggests using something they have learned about the people they want help from, such as shared company contacts, changes in their career, or similar interests.
People do check each other’s profiles, and it is a one-way form of communication, according to Flaxington. Therefore, when pitching a product or looking for a job, an advisor’s LinkedIn profile should show clearly who they are and what they can offer, she writes. Advisors need to put in the effort to ensure their profiles communicate this well, according to Flaxington.
To ensure fruitful LinkedIn exchanges, advisors should make sure the person they’re contacting knows what they are asking, and how they can respond, she writes. Essentially, it’s about thinking about the target audience, and making it clear what is in it for them, according to Flaxington.
