The Cambridge Analytica scandal has put Facebook on a roller-coaster ride of epic proportions. Concerns over how the social media giant handles the personal data of its users are reaching a fever pitch, with some high-profile users (Elon Musk, Steve Wosniak) joining the 1 – 10 Americans who have jumped on the #deleteFacebook bandwagon. Social media and tech experts have offered mixed reactions to how the company will emerge from the fray, but let’s be real – Facebook is not going anywhere. However, an overhaul of its business model could be on the horizon.
It’s safe to say that no one knows exactly how the unfolding Facebook situation will affect social marketing and advertising campaigns (if it does at all), so we won’t get any deeper into those woods. Instead, let’s look at an often-overlook social networking platform – Twitter.
Generally speaking, Twitter is not known as the “go-to” platform for lead generation or advertising. But it can be a valuable addition to an advisor’s toolkit, especially when used strategically.
When it comes to your social networking strategy, Twitter should not take priority over Facebook. New survey data from the Pew Research Center shows that 68% of adults in America use Facebook versus the 24% who use Twitter. And roughly 90% of those Twitter users are also on Facebook. Additionally, Twitter’s character limit and rapid-fire, real-time news feed presents its own set of challenges. So why bother?
The better question is “Why not?”
Honestly, there’s no reason you shouldn’t be active on Twitter. The Twitterverse is full of professionals (including your competitors), journalists, experts and influencers of all types. The platform can not only provide a direct connection to the latest trends and trendsetters, but also allows to take part in the conversation. Just make sure you’re careful about who you follow.
If you’re using Twitter as a business tool, you probably want to stick with following accounts that are relevant to you and your brand. Twitter’s algorithm makes suggestions based on your activity. This means that following and engaging with relevant accounts will lead to more of the same, thereby expanding your reach. Plus, it keeps your feed flowing with content that matters, rather than an endless stream of drivel. It’s also a good idea to reciprocate when someone follows you (as long as the account is legit and relevant).
Tweet to engage:
A tweet has a much shorter lifespan than a Facebook post, so strive to be as engaging and informative as possible. While you can’t expect each and every Tweet to go viral, you should post content that other users want to share. Ideally, you’ll use Twitter to drive traffic to your website. Tweeting links to landing pages, seminar registrations, etc. is good, but your primary focus should be on spreading those original and informative blog posts you’ve written (You are writing original and informative blog posts, aren’t you? If not, get to work!).
A prospect doesn’t need to follow you, or even have a Twitter account, to see your tweets, so this is a good opportunity to prove yourself a knowledgeable and trustworthy advisor (and generate new leads in the process). Including an image (photo, infographic, etc.) is another good way to make your tweet standout and increase engagement.
#Hashtags, when used properly, can organically increase engagement and improve click-through rates. They are used to categorize content and track topics that people are tweeting about or searching for. Hashtagging is not overly-complicated but can be tricky. Avoid using too many hashtags in one tweet and, to maximize effectiveness, make sure you’re dropping the “#” in front of a keyword(s) relevant to your post. Test the waters a bit and see how recently and frequently a hashtag has been used before including it in your tweet.
Be personable, yet professional:
Just as you would with LinkedIn or Facebook, your Twitter profile should be reflective of you as a professional. Use a clean, quality headshot for your picture and chose a handle that incorporates your name and that of your firm. Your bio should be short, to the point, incorporate keywords that pertain to your business and areas of expertise. Make sure to include an email address and link to your homepage as well. Like your tweets, a well-crafted profile will show a little personality and a lot of professionalism.
Twitter’s advertising platform is very similar to Facebook. Multiple types of campaigns are available, and each allows you to set the budget and length to fit your needs. Slightly different than an advertising campaign, Twitter’s Promote Mode automates the promotion of your tweets for a monthly rate.
Of the estimated 330 million tweeters out there, Twitter ads can be customized in a number of ways to help you hit the mark. Targeting options include gender, language, interests, behaviors, location, keywords and device.
While Twitter analytics don’t quite measure up to Google or Facebook, they still give a detailed look at engagements, impressions and clicks. This allows you to get an idea of what’s working versus what isn’t before deciding whether you should go back and tweak your targeting settings.
Is a Twitter ad campaign worth opening your wallet for? Maybe, maybe not. According to Statista, Twitter has far fewer users than most other social network sites but the number of adults who use the service has grown dramatically in recent years.
There are pros and cons when it comes to using Twitter, and those will vary depending on your specific target market. The majority of Twitter users are between 25 – 44 years old, earn $70K or more a year and typically access the site via smart phones. Keep this in mind when considering how much time and effort you want to invest into your Twitter account. You won’t reach nearly the number of potential clients as you would on Facebook or through an email campaign, but a solid Twitter presence can be a good way to supplement your business.
5 Simple Things to Enhance Your Workshop Presentation
Agents and advisors still rely on workshops or seminars for their marketing efforts for one reason: they can work. However, if you find yourself getting a lackluster response during and after your workshops, consider these tips.
Pepper In Jokes (Judiciously)
Humor can be tricky when dealing with a wide audience. What’s funny to you may not be funny to others; in fact, it could be off-putting. However, a handful of safe— even corny—jokes, can liven up a dry presentation.
While a seminar is your chance to present information—in your style and voice—
an hour of one person talking will fatigue most people, even if the information is relevant. Keep your attendees active and engaged by lobbing out questions throughout your presentation. This can be in anticipation of the next slide’s information, as a pause between sections, or a check for knowledge.
Use A Co-Presenter
Not only can a co-presenter shoulder some of the work, it gives the audience another personality to latch on to. Definitely be clear on hierarchy—if you’re the principal presenter, do the work of a principal presenter. This co-presenter can also serve as a floater; eyes and ears throughout your presentation space. This can help corral attention forward.
When organizing a workshop, many advisors will offer a raffle at the end of the session. This can be good to keep butts in a seat for an hour, but it doesn’t necessarily keep them engaged. Instead, offer two or three raffles throughout the presentation. This helps to build momentum for your session and serves as a way to break up your information.
Use A Variety of Media
Ah, the old trusty PowerPoint—a reliable way to present information to a large group of people. Most PowerPoints stick to a steady rhythm of bullet points, blocks of text, and maybe a few charts or images. You can enhance your seminar by using different media, whether it’s more illustrative charts and graphs, relevant videos clips, or easel pad/whiteboard drawing. The more you can mix things together, the more live you can make things, the more your audience will feel engaged.
Marketing Corner – Thursday, January 11th, 2018
It is finally 2018. The previous year was full of activity, significant changes to the tax code, and a lot of news. What will happen this year? Here are three things that could impact the financial landscape of your clients and prospects in 2018.
The GOP-led effort to change the federal tax code passed, and as of December 22, 2017, became law. Obviously, with something as large and cumbersome as our tax code, there are many different ways the changes could impact consumers, depending on their specific situations.
- While President Trump’s tax plan originally proposed four income brackets, the new law keeps seven, with adjusted income ranges. Most have been lowered.
- Current brackets: 10%, 15%, 25%, 28%, 33%, 35%, 39.6%
New brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37%
- The law also gets rid of the personal exemption for years 2018 through 2025, but increases the standard deduction to $12,000 single/$24,000 joint.
- Alternative Minimum Tax (AMT) exemptions have increased to $70,300 single/$109,400 joint. The AMT has been eliminated completely for companies.
- The new law doubles the lifetime estate tax exemptions—to $11.2 million, single/$22.4 million, joint—meaning even fewer households will face estate taxes.
- The corporate tax rate was reduced to 21% from 37%. Pass through entities may enjoy specific deductions of up to 20%.
What does this all mean? Well for one, corporations may have more money for planning and profit distribution. With the reduction of the AMT, higher middle-class earners may have more income to address pressing concerns (like say fortifying their retirement plans). While estate tax exemptions may make it more difficult to target high net worth individuals for planning opportunities, there are likely other areas that can be leveraged, such as charitable donations and more efficient wealth transfer options.
A Bull Market
For many market forecasters, the issue is not a question of if, but when. When will the market face a correction? Over the last year, we’ve seen numerous market records broken. In 2017, the Dow Jones Industrial Average achieved four 1,000 point milestones. Around this time last year, the market finally cracked 20,000. Then March 1st it ticked above 21,000. Then in August, 22,000. On October 18th, the Dow jumped another 1,000. November, another 1,000. Just a few days into 2018, the Dow broke another record, cracking 25,000, closing at 24, 922.68 on January 4th. It can only go up right?
We are nearly a full decade into a very bullish market. Some market analysts are suggesting that a 2018 correction might not be too severe, but point to a flat year, when compared to the last few. Whatever the ultimate result, the risk is building in the market and at some point, it will break. This might be a good time for clients to allocate more of their assets into safe-money products.
The Federal Reserve
After nearly a decade of zero, or near zero rates, the Fed, under chair Janet Yellin began raising rates in late 2015 and then again in late 2016. Last year saw three rate hikes—one in March, one in June, and finally one on December 13th. Rates will likely continue to rise, even as Janet Yellin’s term expires. President Trump’s pick for the Fed Chair, Jerome Powell, seeks to maintain continuity with the current fed reserve approach of gradual rate increases. Outgoing chair Yellin, in her last press conference, indicated a projected three rate hikes for 2018.
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Marketing Corner – Thursday December 14th, 2017
In last week’s Marketing Corner, we discussed how advisors can use the downturn around the end of the year to evaluate their year in the business. This week’s post discusses how to create an insurance marketing plan to hit the next year running.
A marketing plan is a lot like a business plan. It organizes many aspects of your business and projects forward to specific, achievable goals. You can think of a marketing plan as part of your overall business plan or as something that dovetails with your business plan. However you think of it, having a written catalog of marketing goals is particularly helpful in charting the growth of your practice.
It may seem like unnecessary homework, especially when you have many operational, day-to-day duties. But use the end-of-the-year downturn to consider at length your marketing plan. Draw on input and feedback from all your employees and draft a document that can be shared among relevant parties.
Here is a simple five-step process for creating an insurance marketing plan.
Step 1: Assess Current State of Business
Using metrics and feedback, assess how your company is growing. Consider what’s working and what isn’t. Compare metrics to previous months and years. Get an overall sense of how the company is situated. Is there a particular market that you are seeing more business from? Less?
Step 2: List/Brainstorm Goals
Consider your main goals for the next coming months and years. Identify them by timeframe, i.e. “in two months, I’d like to see this much growth,” “by next year I want small businesses as clients as well as individuals,” “in eighteen months, we need to see a 200 percent increase in revenue.” Obviously, your goals will be unique to you and your practice, but don’t be afraid to list out everything you want and what you think is reasonably achievable. Once you have your list of goals, prioritize them and plot them on their respective timeframes.
Step 3: Identify Specific and Non-Specific Goals
From the list, separate your goals into specific and non-specific categories. When we ask agents what they want for their business, many initially offer non-specific goals like “I’d like to see growth,” or “I want to get more appointments,” or “I’d like to convert more leads.” Non-specific goals can be good for the broad trajectory of your business, but being more
specific will help you figure out how to achieve short-term goals.
For instance, let’s say you did $500,000 in production last year. You might say, “I’d like to see if I can do a million even.” Depending on your area and specialty, this may or may not be a reasonable goal, but at least it is specific, with quantifiable and measurable metrics.
Here are some non-specific goals with their specific equivalents:
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|“I’d like to see more business by the end of the year.”||“In the last half of 2017 we did $250,000 in production from twelve clients. For the last half of this year, let’s see if we can do $400,000 in production from 15-20 clients.”|
|“I want to do more digital branding and marketing.”||“We should have an interactive consumer-facing website in the next two months and implement an email drip campaign.”|
|“I want more big fish clients.”||“Let’s target pre-retiree doctors and try to convert ten to clients by the end of the year.”|
Non-specific goals are not always bad. They can provide you a sense of your company’s big picture and provide direction for your various specific goals.
Step 4: Identify Your Target Market(s)
Every business should have an idea of who is buying from them and who they want buying from them. A large retailer or restaurant wants anybody and everybody to shop from them, but they also know based on experience and purchase habits, who is coming to their stores. They are fine with a large number of small-to-medium sized purchases, but they obviously want as many big purchases as they can get.
Likewise, you as an insurance agent or financial advisor might want anybody (usually meeting an income threshold) who can benefit from your services. So if you think that your target market is anybody, you will get anybody—which could be a hodge-podge of leads and prospects that burn before you can convert them or might be a steady stream of small fish clients that keep your business afloat without significant growth. This type of business is good and well—it’s where the majority of business likely comes from and it’s important to not ignore it.
But if you can target specific market types while you conduct everyday business you will be positioned for growth. Going back to step 1, where you assessed the state of your business, think again about the client types you already work with. Where does the majority of your business come from? What are things you can do to enhance production from this segment of your business? What are potential client types to pursue harder? Profile your target clients. For example:
Client Type: Pre-Retiree Doctors
Income Threshold: 80,000 per year
How Many Current Clients: 5
How Many Brought On Last Year: 2
Goal For This Year: 4
Client Type: Mid-Level Professional
Income Threshold: 60,000 per year
How Many Current Clients: 18
How Many Brought on Last Year: 7
Goal For This Year: 12
Step 5: The How (Matching Marketing Solutions To Target Markets and Goals)
This step is where you begin to think about marketing solutions to go after your target markets and specific goals. With any new business initiative, cost will always be a deciding factor. The one thing we’ve found working with our agents is that not one single strategy will work; rather, it is a mix of targeted strategies that grow brand awareness and bring in more prospects.
When thinking about marketing solutions consider:
Appropriateness for target market
The senior market may be less receptive to digital marketing and a younger market may not be receptive to direct mail
Cost and ease of implementation
Digital solutions like social media, email, and web campaigns, may be relatively cost-effective for a broader audience. But more expensive solutions like workshops may be what pull in higher-end clients
Metrics and Logs
What kind of measurements will you use to track your marketing campaign? Digital marketing is great because platforms like social media and e-blasts provide easy ways to track response rates.
Once you have followed through on your marketing plan examine what worked and what didn’t. Then you go back to Step 1. While your overall, non-specific goals for the business may not change, your specific ones can and should. A good marketing plan is not only a document to chart the future of your company and keep you accountable, it is a living document that changes and grows as you do.
As we near the end of the calendar year, advisors often find a slowdown in business. Usually this affords some family time, some time to tie up loose ends, and some time to think about how business went in the previous year and what needs to be done in the next.
However, advisors and agents often evaluate their year from one single metric: production. While production can be an indicator of success, it is not the only metric that matters. It tells part of the story, but not the whole thing.
Focusing only on production can leave you vulnerable to blindspots and missed opportunities for more sustained growth. Digging deeper can not only help you more accurately evaluate the year, it can help you build a better marketing strategy for the next year.
Here are four ways to dig deep and evaluate the year.
Examine Your ROI of Marketing Activities
You may have done excellent production over the year, but how much did it cost you to hit those numbers? Look at the past year’s marketing activities and see if you can directly tie them to specific cases.
Obviously, marketing is a little more complex and may not always offer a direct correlation to a case. You may conduct certain marketing actions purely for the sake of brand awareness and these are less likely to receive a direct return on investment. However, think about the quantifiable aspects of the past year’s marketing to get a sense of what’s paying off.
There’s a huge difference between clearing a million in production from a $20,000 marketing budget than there is clearing a million from a $500,000 budget.
Examine Your Target Market
If examining your marketing activities gives you an idea how your production came to you, looking at your target market will tell you who it came from. This is important because it can help redirect your marketing activities or even open you to new markets. Did the majority of your production come from your ideal target market or was it a range of demographics?
Most advisors will have a certain client profile they target. Some may specialize with pre-retiree boomers. So, if you target pre-retirees, but saw more business from younger clients, you’ll want to rethink how you are marketing, maybe to readjust to your preferred target market, or to focus more on the new client base.
Related to this, you should also examine how much of your business came from existing clients and how much came from new clients. And from your new clients, how much of them were referrals and how many were from your marketing efforts.
Examine Your Consistency Quotient
Landing big cases with high production is certainly a goal for most financial advisors—who wouldn’t want to spend their career shaping high-value cases that pay off big every time? Unfortunately, not every case will be as big as you like. Smaller, more run-of-the-mill cases may pay off down road, especially if the client becomes a lifetime customer.
Just as you wouldn’t want to judge your performance based on the very small cases that yielded slim comp, you shouldn’t judge how well you did based on your big cases. To get a better appreciation for how well you did, isolate the outliers and look at the bulk of the past year’s cases. The areas where you are consistent and see consistent growth are going to be better signals of your success than a few big cases as you move into the next year.
Examine How Well You Achieved Your Business Plans
What were your goals at the beginning of the year? How many did you achieve or how close were you to achieving them? What prevented you from doing so?
In talking with financial advisors and agents, we find that many don’t have a set new-year business plan, and if they do, it’s often simply doing more production. Having a specific set of goals, versus a vague direction, is going to be better for the mid-term and long-term sustainability of your practice. This is because a set of specific, reasonably achievable goals, gives you basic metrics to measure. This helps you to understand why you achieve these goals, and why you perhaps fell short on some of them.
If your goal is only to do more production, then what constitutes more? If you have a specific number, say, hitting your first million-dollar year, what will you sacrifice or overlook to achieve this? How much did it cost you to hit a million? What other opportunities did you overlook? The point is the story of your year in business is not just your production or revenue; it comes down to who your clients were, how they found you, how effective your marketing was, the consistency of your cases, and how you measured up to your business plans.
Stay tuned for next week where we will discuss tips on creating an insurance marketing plan.
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In a recent post, InsuranceNewsNet discussed the challenges presented by companies that are “born digital.” These “Born digital” companies (think Amazon, Airbnb, Uber, and the like) have set customer service expectations that filter to all kinds of organizations, including insurance companies, argues Lincoln Financial president and CEO Dennis R. Glass.
This is especially true for younger consumers. Born digital companies connect directly with their consumers, offer efficient and immediate brand response, provide clear and user-friendly interfaces. “Born legacy” organizations, say insurance companies, have to match the consumer experience offered by born digital firms.
Here are five ways you can compete with “born digital” companies:
Whether you engage with your consumers through email, social media messaging, or phone, it is always going to be a good idea to respond quickly to inquiries and follow-up questions. Leads decay a little bit over time—this is true if you’re dealing with a Boomer prospect who responded to a direct mail piece or a Millennial who asked a question on your company’s Facebook page.
Publish Engaging Content
A good content strategy will employ a mix of formats and topics. For example, short status updates, brief blog-style posts, longer in-depth articles, leveraged content from other sources. While you may have a specialty or focus, create posts that address a variety of topics. Financial planning has many different areas that can be covered—consider who your audience is. Boomers may be more concerned about Social Security and positioning assets for retirement, whereas younger consumers will likely be concerned with wealth accumulation and dealing with student debt.
Modernize Your Website
An outdated website can make it difficult for your client base to quickly access relevant information about you and your company. Your site should have clear, easy to follow information presented logically, adhere to good design basics. Large buttons, uncomplicated fonts, and high-resolution visuals enhance the user experience for all consumers types—Boomers, Gen Xers, Millennials. Modernizing your site also means that it is mobile friendly with numerous ways for your consumers to contact you directly from their phone.
Provide Useful Digital Tools
Selling financial services and insurance online is very different than selling tangible products (ala Amazon) or providing a convenience service (ala Uber). Online shopping outlets can capture large spans of consumer attention with an endless array of products to peruse, ratings to compare, and digital widgets. In the financial services sphere, however, there are things you can do to encourage consumers to spend time on your website and connect with your brand. For example, quote tools, calculators, and other similar interactive elements. Some advisors do draw on these resources when constructing their website. But they fail to pick relevant calculator tools, or choose ones that have too many variables, or they put them on a little-seen Resources tab.
Offer Kits, Guides, and Whitepapers
Build up a library of guides and marketing material that can be easily accessed by consumers. This library can contain product information, concept pages, worksheets, and yes, even a brochure on why the consumer should work with you. These things should be available on your website and promoted on your social media platforms. You can (and should) also do e-blasts on them. Whether you offer them as a direct download or issue them through a follow-up email, you should still use a form capture screen—the simpler the better.
Consider Video – Video will generally see higher levels of engagement compared to other forms of content.
Balance Digital and Traditional Marketing – Just because you are attempting to attract more digital natives, does not mean that other, more traditional forms of marketing won’t work for you. Embrace both and strike a balance.
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Legacy Financial Partners would like to extend a hearty thanks to you. We hope that your Thanksgiving holiday is full of food, family, and fun.
In observance of the Thanksgiving holiday, our Topeka office will be closed Thursday, November 23rd, and Friday, November 24th.
Please check out our latest Marketing Corner, our weekly blog which helps advisors with tips on marketing and growing your business in an ever-evolving age.
Wednesday, November 15th, 2017
Understanding Your Value Proposition
As important as prospecting and marketing are to your practice, these activities can be all for naught without a good understanding of your value proposition. Surely you’ve heard this phrase before and have some idea of what it means. But clearly understanding the term and how it specifically applies to your business, can enhance your operation.
There are many ways people think of a value proposition. First, as a broad, general idea of what distinguishes you from your competitors. What does your firm excel at or specialize in, that others in your area don’t? Why should consumers seek you out over XYZ Financial Group down the street? What service levels are inherently promised to new clients?
Often when discussing marketing plans with new agents, they will emphasize they want to highlight their “value proposition,” but really mean to simply market whatever they do. This is the more casual use of the term value proposition.
But there is a more specific and detailed use of value proposition that many firms ignore. In its more proper usage, a value proposition is a written statement, along the same lines as a mission/vision statement.
This statement can be focused internally, as a way for you and your team to align your business. The statement can also be focused externally, as a way for consumers to understand why they should come to you.
What’s In A Good Value Proposition?
At the most basic level, a value proposition explains the benefits your firm provides to your target market and how well you specifically do this. A value proposition condenses the whole arc of your business into a few sentences. It is the recipe for your operation.
There are four basic elements to a value proposition statement:
- Your consumers
- The specific problem(s) you solve
- The service you provide
- How you are distinguished from competitors
Writing A Value Proposition
Understand Your Target Market
Advisors and agents often have a very vague idea about who their target market is, especially if they can service many consumer segments. You can have value propositions for each consumer segment you target, or one overarching value proposition the encompasses your whole practice. The point is to have a definite idea of the individuals you want as clients—what do they need, why do they need this, when do they need it, and why is what you do relevant to them.
Understand The Problem
What problems/needs are facing your consumers?
Understand Your Service
How do your services solve the problem? Why does a consumer need your services?
Understand Your Uniqueness
Sometimes what distinguishes you from your competitors can be experience. Sometimes it can be a specialty or area of focus. Sometimes it can be an approach. But you should really consider what makes you unique with as much specificity as possible.
With 20 years’ experience, XYZ Financial Group helps Federal Employees optimize their pension choice for a better retirement.
Target – Federal Employees
Problem – implicit, but Fed retirement can be difficult.
Service – Pension Optimization
Uniqueness – 20 years, experience, fed employee specialty
Our Retirement Planning process involves a custom 5-step approach to uncover what really matters to you.
Target – Individuals planning for retirement.
Problem – Individuals may not know how to define what matters to them in retirement.
Service – Retirement planning
Uniqueness – A custom approach, a process
Finding a Medigap policy shouldn’t be a hassle. XYZ incorporates healthcare plan consultations into our retirement planning so Boomers like you are ready for retirement.
Target – Boomers, specifically pre-Medicare age
Problem – Finding a Medigap policy can be difficult
Service – healthcare plan consultations, specifically Medigap
Uniqueness – (implicit) Healthcare planning may not always be included with retirement planning, but this company does.
Certainly, there are many, many different ways to construct and use a value proposition. By considering your target market, the problems you solve, and the uniqueness of your business, you can better calibrate your services and market yourself to consumers. You may discover through the process of crafting a value proposition statement that what you offer isn’t all that unique or that you are overlooking a more distinguishing element of your firm.
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5 Tips For Using A Facebook Business Page For Your Practice
Earlier this year, we discussed five reasons why advisors should use Facebook. To summarize, although you might not feel that Facebook is all that relevant to your practice, it can be an affordable platform to build an audience, leverage content, and promote yourself. (And in 2017, not having a Facebook business page can work against your credibility and SEO rankings.)
So now you know that you should have a Facebook page for your business, but how do you use Facebook for your business? Here are five tips.
Create A Complete Business Page
Since some of our readers may be unfamiliar with Facebook, it might be helpful to distinguish what we mean by a business page. Spun from a personal page, a business page is created to build a profile for your firm. You can set multiple admins (so that others in your firm can contribute) and contributor roles.
When you log in to your personal page, look to the upper right at the navigation drop-down menu.
Here you should find many different options, including the tab to “Create A Page.”
On the next page, you’ll find options for many different versions of a Facebook page. The two that will be most applicable to you will be “Local Business or Place” and “Company, Organization, or Institution.”
From this point, the process is fairly easy and self-driven. But make sure to complete all relevant fields, including website, phone number, address, hours of operation, and so forth.
In the About section, you will be able to include a number of things. The About subsection on the About page allows you to write a 225-character summary of your page. The Impressum provides a spot for you to include disclaimers. Even if you do not have to run things pass compliance, it still may be a good idea to include a basic disclaimer, something to the effect of:
This Facebook business page may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. You may wish to consult a competent attorney, tax advisor, or accountant.
In the Story section, you will be able to include a longer bit of text. This is a good spot to include your company’s bio, mission statement, core values, as well as more about you specifically.
Once your page is created, make sure to create a unique and memorable username. Otherwise, your page URL will be a random string of numbers.
Use Quality Images for Profile and Cover Photo
Too often when advisors use Facebook, they grab whatever picture or copy of their logo they have. Unfortunately, these images may not resolve well on the business page, weakening the page’s impact to visitors. You don’t want to leave a bad first impression to a potential client, especially if the fix is as simple as having a properly sized logo or photo.
For the square profile picture, use a photo that is at least 170×170 pixels. Cover photos must be at least 400 pixels wide and 150 pixels tall, but will display at 820×312.
Facebook suggests photos or logos incorporating text may display better when uploaded as a PNG file (versus a JPG image file).
One of the hardest things for business owners—especially financial advisors—to balance is the personal and professional. Social media provides a venue for fluid and casual engagement, and the best content demonstrates personality while maintaining a professional tone.
A good way to get started is to leverage relevant content. Share an article from a reputable source with a few sentences of commentary. For example, “this article gives consumers good insights on the challenges facing the next generation of retirees.”
As you build a digital trail and begin to gain an audience, consider what topics you can write about, in a competent and accessible manner. Once you have good back-trail of posts—leveraged and your own—consider boosting the page for likes and boosting the post to reach a wider audience.
We’ve mentioned many times before when discussing content marketing that regular activity is key to a successful digital presence. It’s worth repeating here. There are a few reasons why consistent, regular activity is important:
• It puts your content and profile in the feed of your followers with regularity. A consumer may not be ready to do business with you upon seeing one of your pieces, but may down the line, as you keep pushing out relevant content.
• When a new consumer first checks out your digital profile, recent content will help with credibility.
• Recent content, from your main website and social media platforms, can help with SEO
Use The Pin Post Feature
You have the option to pin a post to the top of your business page’s feed. This can be a good spot to highlight content that you want new and old visitors to view since it won’t be lost in the feed. Even better, you can use this spot to park an intro video. Consumers get a mix of media on your page and a way to see and hear you directly.
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Marketing Corner – Thursday, October 12th, 2017
New Genworth Study – Need to Knows
One of the most important things for retirees and pre-retirees to consider is the impact long-term care can have on their retirement. The trade-off of our longer life expectancies is the increasing likelihood of a long-term care condition or other medical situation. Obviously, a persistent medical condition can reduce the quality of life, but with high costs, a long-term care condition can result in significant financial damage.
To illustrate this, each year Genworth conducts a comprehensive survey of long-term care costs from sources all over the country. Here are some key highlights from the 2017 Genworth Cost of Care Study.
Cost Increases Since Last Year
Across numerous long-term care categories, such as home health aide services, homemaker services, adult day health care, nursing home care and more, the 2017 Genworth study found significant increases over 2016 figures. For example, the national median hourly rate for home health aide services is $22 per hour, an increase of 6.17% over what the survey found last year. The National median for semi-private nursing home care is $235 per day, a percentage increase of 5.50% since 2016.
Cost Increases Over A Five Year Period
The study also looked at increases over the last five years for the categories mentioned in the previous paragraph. While not as sharp of an increase, they do trend upward. Homemaker services experienced a five-year annual growth rate of 3.08%, while nursing home care (private room) experienced an increase of 3.76%.
Projected Cost Increases Over The Next Ten Years Are Alarming
The national medians for long-term care costs are projected to increase significantly over the next 10 years. For instance, the annual median cost of care in an assisted living facility is projected to climb to $60,476 from $45,000. The 2027 national median for private room nursing home care is expected to rise to $130,971 from $97,455 in 2017.
Highs and Lows By State
The US state with the highest median for home health aide? Got to be New York or California right? Actually, it is North Dakota, at $63,972 per year, with Alaska, at a close second of $63,492. This actually makes sense, given the low population and lower service providers of these states. With people leaving large cities for the suburbs and rural areas, this may become a problem down the line. Curiously, Kentucky has the lowest median for home health aide at $34,892 and a 0% 5-year growth rate for this category.
This is only a snapshot of one category the study looked at. You can see the state by state breakdown here.
To take an interactive look, and to drill down to select cities, use this tool available on Genworth’s website.
What does this all mean? While the numbers are specific to one study (a comprehensive one, for sure) they do show clients the high cost of long-term care. Without sufficient protection, retirement can be derailed, exhausting resources and burdening families.
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