New Hearsay Study: Are Financial Advisors Sharing the Right Social Media Content?
May 8, 2018
Hearsay’s exclusive focus on the financial services industry provides us with an unprecedented amount of data on the digital activities by financial services firms and their advisors. One of the things that excites our team the most is uncovering new insights from our proprietary data, and using that to develop highly industry-specific features, tools and best practices recommendations for our customers that map to the business outcomes they care about the most.
I’m proud to share our new benchmark Social Media Content Study, which aims to go beyond how advisors use social for business and looks at what social media content is actually resonating with their followers, clients and prospects.
In all, our customer success and data teams analyzed approximately 3.4 million posts from 77,000 advisors using our Advisor Social platform to determine:
- What types of content are most popular with advisors?
- What content actually drives engagement (prospect and client touch points) from their followers?
- How can corporate or field marketing teams, as well as advisors, better optimize their content mix?
- What differentiated content trends are we seeing for the wealth management, life insurance, and property and casualty insurance verticals?
What did we find out? Here are some top-level key results:
- Corporate content is suggested the most by corporate (45 percent), but receives relatively low publishing rates in the field (26 percent). Takeaway: Corporate and field marketing teams invest a lot of resources to share and promote branded content, but advisors aren’t posting it.
- Lifestyle content is suggested the least by corporate (23 percent), but has the highest engagement rates from advisors’ followers (48 percent). Takeaway: A small pool of lifestyle content for advisors to choose from/share limits their ability to present their personal authentic self, which their followers like to see.
- Advisors seek out and publish industry-related content the most (42 percent). Takeaway: Advisors look to social media to show off their financial expertise.
What can corporate and field marketing teams do to improve their programs and optimize their content mix?
We outline four best practices in the report, but on a more strategic level, corporate teams need better alignment with the field and consumer preferences, as well as a strengthened connection between social media and core business outcomes.
This can be accomplished by:
- Leveraging data to improve content mix. (We recently launched a new offering called Hearsay Content, which helps marketing teams enhance their advisor content libraries with lifestyle and industry content from well-respected sources.)
- Automating general social publishing for advisors. This allows marketing teams to do what they do best (informed by data), and frees up advisors to focus on higher-value, 1-to-1 client interactions that are more likely to lead to sales-oriented conversations.
- Guiding advisors on what to do next once a touch point is made on social – e.g., automated suggestions to follow up with a contact on a more personal channel like email or text, with additional content or a call-to-action that is personalized to that contact.
I highly encourage you to download the full Social Media Content Study for additional data points, including specific trends for the wealth management, life insurance, and property and casualty lines of business.
If you’re a current Hearsay customer, your customer success team can provide detailed, prescriptive recommendations on how to improve your advisor content libraries and help increase your publish and engagement rates. We’re ready and eager to help!
- Hearsay 2018 Social Media Content Study [Report]
- Hearsay’s April Product Release is Here
- New Survey: Top Advisors Gain Nearly $8M in AUM Through Strategic Social Media Use