Throughout the year, our CEO and founder, Clara Shih, has been sharing Hearsay’s approach to optimizing the advisor sales funnel on social media. I’d like to highlight the investments we’ve made to execute on this strategy from a product perspective, as well as what we’ve learned from our customers as they bring it to life.
This strategy is designed to bring your social selling program to a larger scale. It’s one that impacts not only client acquisition, but also retention; corporate marketing reach, and also advisor production. Using our ROI measurement framework, let’s look at how each of these product investments independently provide value to your advisors and your firm.
We’ve learned 80 percent of advisors believe social marketing is a valuable growth engine for their business, but according to Hearsay’s research, they want to spend just 10 minutes each week investing in it¹. And rightfully so, as an advisor’s time is best spent one-to-one with clients and prospects. This is how they close new business, retain clients and generate referrals.
Because of this, we’re focused on: 1) Helping your advisors use social more efficiently, and 2) Helping your advisors effectively engage with more clients and prospects, one-to-one.
What’s New for Advisors
Our data shows an interesting trend among early active users – 70+ percent of advisors who are active on Hearsay Social after four months published their first post within the first 30 days, and have 300 Facebook fans and/or 700 LinkedIn connections. So, we’ve overhauled our onboarding process to help advisors reach these milestones. Onboarding is now done in just three steps and, upon completion, advisors are greeted by a simple tutorial that guides them through connecting their first social profile and publishing their first post.
Coming soon are enhancements to help build an advisor’s profile successfully and encourage network growth in those first 30 days.
The Action List is our biggest step forward in terms of efficiency and ease of use. As Hearsay Social’s new homepage, it guides advisors through their most important tasks — like a Social Signal to follow up on, a Campaign to subscribe to, or a profile edit from compliance.
Moving forward, we will release new actions that scale best practices across your advisors, while saving them time.
Automated Content Suggestions
To help advisors quickly schedule their social posts for the week, Hearsay Social now suggests three fresh posts from the Content Library. Even better, advisors schedule these posts by clicking a single button right from the Action List.
To help advisors find answers faster, and access training material easier, we have completely redesigned the Hearsay Help Center. In addition to a simplified user experience, we have created a Training Center (located within the Help Center) that lets advisors quickly find educational content.
To increase publish rates, you can now email your advisors encouraging them to subscribe to new Campaigns. By promoting Campaigns with the new Campaign Email, our pilot customers experienced a 1.5-2x increase in publish rates.
Hearsay’s new navigation bar makes it even easier to use Hearsay Social by highlighting the most important menu options. For our multi-product customers, the new navigation bar also makes it easy for your advisors to leverage multiple digital sales channels. You simply select Social, Sites or Messages through a straightforward product drop-down.
To make it even easier for your advisors to use the Hearsay Social mobile app, it now has a brand new UI. This complete visual overhaul covers your advisors on both Android and iOS.
Enhancements to Campaigns
In addition to doubling publish rates with the Campaign Email, you will soon be able to add content to active Campaigns — indefinitely. This means your advisors can subscribe to a Campaign once, and relevant content will automatically publish to their social profiles as long as you’d like. This will help you further increase publish rates (while reducing work for each advisor), activate more of your advisors on social, and deliver a timely, targeted content strategy for each of the market segments your advisors serve.
To improve client acquisition and retention, we’re building a number of tools to help your advisors scale their one-to-one interactions with clients and prospects. Inside Hearsay Social, this will include Facebook Messenger, LinkedIn Messages and email. Advisors will see recommended one-to-one interactions on the Action List, often as a result of a Social Signal, and be prompted to send a pre-written message or piece of content. The result? Your advisors quickly reach out to the right person, at the right time, with the right message.
Get Hearsay’s new, free report, “Optimize the Advisor Sales Funnel on Social Media”
We’re primarily focused on three areas of value to your firm: compliance mitigation, brand evangelization and advisor retention/recruiting.
In compliance, across the industry, we’ve learned that 62 percent of teams have less than five people, and 66 percent of supervisors cover the firm’s social selling program part-time². So while we’re always improving compliance coverage, we’re placing emphasis on making your supervisors as efficient as possible.
One wealth management client recently reported that “in one year, Hearsay has enabled our compliance supervisors to support 50 percent more advisors than the previous year.” This exemplifies the outcome we’re aiming for. Let’s make social a channel that benefits more of your advisors (and your corporate brand) — without making it more expensive to supervise.
What’s New for the Enterprise
Admin Suggested Profile Edits
Our data shows the median time to get a profile approved is 34 days, and it requires approximately four interactions with compliance. This can be frustrating for advisors, and cause many to give up on social altogether. By allowing admins to suggest edits directly inside profile fields and advisors to accept them with a single click, the profile approval process in Hearsay Social is much more efficient for everyone involved.
“Speed is crucial,” said Jordan Martell, Vice President and Managing Counsel at Thrivent Financial. “Compliance admins using Hearsay’s two-click reviews can make quick suggested edits to Facebook, LinkedIn and advisor website profiles, so new representatives can get up and running on these channels much faster.”
Compliance teams review 100 percent of social posts that are set up for review based on their lexicon, compliance requirements and company policies. Sampling helps ensure your team is reviewing appropriate content; it gives supervisors the ability to review a percentage of content based on type (links, photos, text, etc.) so you can be more confident that your team is meeting compliance requirements. This decreases the cost and effort of traditional email-based supervision and helps supervisors stay productive by identifying what content types need various levels of supervision over time.
LinkedIn Compliance Coverage for Private Message Attachments, “Ways to Keep in Touch”
Hearsay Social now archives LinkedIn private message attachments (images and other files). These attachments are now archived and easily accessible directly in our supervision platform. In addition, when a third-party user interacts with a connected account through LinkedIn’s “Ways to Keep in Touch” (like, comment or message), that interaction is captured and archived.
Up-to-date profiles are beneficial for both advisor branding and compliance. With Profile Expiration, you have a scalable system to keep profiles up to date. This feature allows you to automatically require profiles to be re-approved after a set number of days.
Increased publish rates don’t just generate business results for your advisors; they also improve the distribution of corporate marketing content. One of our insurance customers leveraging the Campaign Email feature — along with our Advisor Attribution feature — hit their annual goal of 85,000 corporate website visits (from their social selling program) in three months.
Pinned Content has also increased publish rates for organizations with single lines of business (LOBs). It can be used to improve the distribution of specific pieces of corporate marketing content quickly and efficiently.
- Hearsay’s Quarterly Advisor Survey
- Hearsay’s Annual Compliance Survey