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How brokers can use social media to open the door to new markets

18 May 2018FMI

For the past few years, social media has been changing the way we all communicate and do business. The insurance industry is no exception.

FMI recently hosted a nationwide social media workshop for brokers, to assist them in using social media tools specifically in the insurance market.

The importance of social media and why brokers need to ensure that they are present on these platforms for their businesses was discussed:

Tips for growing your broker business using social media

As a financial services broker, building and protecting your personal brand equity is vital to the success of your business. Social media is a way to enhance your personal brand, and shouldn’t simply be seen as a disruption.

The trend of using social media as part of a digital marketing strategy for business has increased significantly. With nearly half of the world’s population spending time on a social media platform every day, it makes sense to capitalise on the trend to grow your business.

Where to post and what to share

The success of B2B marketing is primarily based on knowledge sharing and client relationships. The following channels are best suited to achieving this:

LinkedIn

Seen as a business-focused networking platform, LinkedIn attracts forward-thinking professional users. Other than showcasing their businesses and achievements, users also share insights about industry trends. With beneficial features such as “recommendations” you receive from satisfied customers and clients, your business earns credibility, which can generate more leads and sales.

Facebook

Facebook for Business gives you access to a wide audience to which you are able to showcase your value proposition in a creative way using text, visuals and videos. Facebook advertising is a valuable sales tool for brand awareness and reaching targeted clients to generate sales leads. Services and products sold by brokers are emotive in nature, and so authenticity and honesty are vital to a successful social media strategy. Once you have established an online presence, consistent engagement and prompt response times will separate you from the competition.

Website/Blogs

According to research conducted by CGI, more than 55% of consumers look for financial experts and wealth-building tips online. As a broker, providing your community with relevant financial and product related information is key. Use a blog to share industry and personal insights which can then be shared on other social platforms. Positioning yourself as a thought leader in your industry enhances your credibility.

Twitter

While it may not be everyone’s cup of tea, Twitter is one of the most popular resources for sharing up-to-date information. In addition, it’s a powerful engagement tool not only for brand awareness but also for disseminating information to users.

It is critical to keep up with evolving content trends. A healthy mix of content will engage your users and encourage sharing within your current community to grow your reach.

In recent years, video content has surpassed both text-based and image/visual content. According to the American Marketing Association, video content will be the driving factor behind 85% of search traffic in 2019. Not to be ignored is the growing community of podcast listeners. A 2017 Podcast Consumer report by Edison Research showed that 24% of people aged between 18 and 54 listen to podcasts monthly, and that these listeners tend to be affluent, educated consumers.

FMI knows that online/digital marketing opens up a world of benefits and unlike traditional marketing is very cost effective. Not only do you get access to a wide and varied network you can mine for clients, you receive valuable insight into a potential market through the analytic tools and filtered search results provided by each platform. Employing strategic advertising tactics will provide unique opportunities to display your products and services to the right audience to make sure you get the best return on your advertising spend.

Quick Polls

QUESTION

The FSCA has said that the intrusive nature of regulation actually benefits insurers and intermediaries. Is this the reality on the ground?

ANSWER

Yes, intrusive regulation has helped us see how we can work towards better customer service
No, intrusive regulation comes at a cost and a major headache