how to make money from social media · adviser knowhow episode 50 20 november 2013 how to make...

ADVISER KNOWHOW EPISODE 50 20 NOVEMBER 2013 HOW TO MAKE MONEY FROM SOCIAL MEDIA

HOW TO MAKE MONEY FROMSOCIAL MEDIA

ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS

Social media is not just a box ticking exercise, but can legitimately bring in clients as well as strengthen and even make your brand. Tracking success however, is another kettle of fish. What is the best way to quantify income generated through social media, and, if you outsource, what issues might you want to consider?

1 Look at tools for measuring success

2 Know it yourself first

3 If you have a natural affinity with content, use it

KEY POINTS


KEY POINTS

KEY POINTS FOR THIS WEEK’S EPISODE, FEATURING AN INTERVIEW WITH PETE MATTHEW OF JACKSON’S WEALTH MANAGEMENT.

1 3

2

LOOK AT TOOLS FOR MEASURING SUCCESS

¬ Look at bringing in a consultant that will help you test your strategy

¬ Check out if your client referrals have gone up, and log how people find you

¬ But remember social media is just an extension of the relationships you’ve always built

¬ …And you can’t put a price on brand power

IF YOU HAVE A NATURAL AFFINITY WITH CONTENT, USE IT

¬ Find the medium that suits you, be it blogs, video, podcasts, Twitter etc

¬ It helps to add a personal voice and ‘face’ to your business

¬ Like any new venture, give it time to grow. If you’re a beginner with social media, it may take you time to find your groove

KNOW IT YOURSELF FIRST

¬ These days everyone’s an ‘expert’, so you should know what you want to achieve and how it all works if you go down the outsourcing route

¬ Weigh costs of your time against costs of outsourcing social media

¬ Keep in mind, personal stories cannot be told through third parties


PROGRAMME TRANSCRIPT

“We’ve only seen a slight increase, we are testing lots of little things and we’re only just getting good at measuring what it is that we’re doing.”

Dennis Hall, Yellowtail Financial Planning

Amy Rowe, New Model AdviserIn a series of online videos Pete Matthew of Jacksons Wealth Management decided to explain the basics of finance to help his clients, little did he know how successful ‘Meaningful Money’ would become. Since then, he’s made hundreds of ‘how to’ video and even attracted sponsorship from a leading asset manager. Before we talk to Peter, let’s listen to what some others advisers had to say on the importance of social media.

What sort of impact has social media had? Have referrals increased noticeably?

Dennis Hall, Yellowtail Financial PlanningWe’ve only seen a slight increase, we are testing lots of little things and we’re only just getting good at measuring what it is that we’re doing. It’s alright putting this stuff out there, but how you’re going to measure what the response is and how far do you go down that chain of, so this begat that, begat that, begat that, became a client. We haven’t necessarily got all of that in place and we’re going to actually be bringing on a consultant to help us do better measuring of what it is that we’re doing.

Chris Daems, Principal Financial SolutionsPrivate client referrals absolutely have gone up, however, I think if you it just for private client referrals you’re

missing the big picture. Social media’s like any form of social interaction, it’s about relationships.

Should advisers try the ‘do it yourself’ method or bring in consultants?

Dennis Hall, Yellowtail Financial PlanningPlay with it yourselves first, just to have some understanding because if you don’t have an understanding of what it is your trying to achieve, what the medium can do, what it looks like, trying to brief somebody externally is going to be difficult and if you’re not careful, if you’re going to wait for somebody who says they’re an expert coming because everyone’s an expert these days. You’re going to pick the wrong expert; you could go down some horrendous strange journeys that could cost you a lot of money.

Chris Daems, Principal Financial SolutionsThere’s nothing better than doing it yourself, it can be cheaper to outsource in terms of time because it is a time consuming exercise, but I’ve found the real value is telling personal stories, and you’re not going to be able to tell personal stories if you’re outsourcing it to a third party.

If the results aren’t immediate or easy to quantify through income, why should advisers do this?

Dennis Hall, Yellowtail Financial Planning

If you want to expand, you want to get into a younger market perhaps, you want to get into different markets, you want to change something, it’s an incredibly cheap way if your efficient with your time, it’s an incredibly cheap way of getting your voice heard somewhere else and that’s what it is really, getting some different reach. If you keep on doing what you’ve always done, you keep on getting what you’ve always got. Social media gives us an opportunity to do something different.

Chris Daems, Principal Financial SolutionsYou can quantify it commercially with the leads you get in and the money it generates. That’s the easy way to quantify it. I’ve found the true value isn’t quantifiable because you’re in a position where relationships take time to develop, you develop your own personal brand which actually has power and you can’t put a price on that.

Pete, you had already been told that you had a natural ability to explain things very simply, do you think that for other advisers, if they’re looking to branch out, offer another kind of service, string to their bow, that they need to have a natural ability to do that first?

Pete Matthew, Jacksons Wealth ManagementI think you should go with the method of producing content which suits you best. There are three broad methods online, one is written, blogs. The


second is audio, podcasts which is kind of online radio really, and then there’s video. So, people may have a natural affinity to one or the other, they may be able to write very well, but the thought of getting in front of a camera makes them go cold. In which case, don’t force yourself to do something you’re not comfortable doing, but try them. I’d never stood in front of a camera before I did the first one and I just thought I’d try. In fact I didn’t tell anybody what I was doing until I had twenty of them in the can. I’ve put them all up and I look back at them now and I wince at some of the early ones, but it just doesn’t matter, it’s the content fundamentally.

So, talking about mistakes, can you name a couple of the biggest ones that you made or things that people can look out for?

Sure, with video, sound quality is the most important. The first forty videos, I didn’t use any kind of external microphone. So, I’m just using the microphone on the video camera. Quality’s pretty ropey really, those are the ones that make me go most cold when I watch them back. So, I bought a microphone eventually and a decent separate recorder and it sounds much better now. I suppose the second thing that I would suggest is know where you’re going with it, have some kind of strategy for what you want to achieve.

So Pete, any plans for the future? Any expansion on those videos?

Yes, for the last four or five months I’ve been taking seriously something called podcasting, which is just audio. So, whereas with a video you get maybe three or four minutes to keep somebody’s attention, with a podcast because it’s a weekly, usually, online radio show, people subscribe to you and they expect, and they look forward to hearing from you every week, but because it’s radio, I get between 30 minutes and an hour to talk into people’s ears. So, I am 32 session into the podcast now, I’m getting 1,500 listeners a week and it’s growing every single week. I’ve already picked up four new clients from it. So, I’m very excited about podcasting.

Thank you Pete, that’s incredibly helpful.

No worries, thank you for having me, it’s been great to be here.

You can download the cribsheet for this week’s edition at citywire.co.uk/adviserknowhow or bnymellonam.co.uk/adviserknowhow or you can find the link and add your own views @adviserknowhow on Twitter.

“I look back at them now and I wince at some of the early ones, but it just doesn’t matter, it’s the content fundamentally”

Pete Matthew, Jacksons Wealth Management


Produced in association with BNY Mellon, Adviser KnowHow is a new groundbreaking programme, created specifically to help you and your business. Every week we speak directly to your peers in the industry to understand how they have addressed some of the key issues that advisers face every day of their working lives.

Get involved and add your views on twitter: @Adviserknowhow

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TRANSCRIPT Past performance is not a guide to future performanceThe value of investments and the income from can fall as well as rise so you may get back less than you originally investedFor Professional Clients only. This is not intended as investment advice. Any views and opinions contained in this document are those of the individual as at the date of issue, are subject to change, do not represent the views of BNY Mellon Asset Management International Limited and should not be taken as investment advice. BNY Mellon Asset Management International Limited (BNYMAMI) and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. Unless otherwise noted, all references to total assets under management (AUM) (which are approximate), provided by The Bank of New York Mellon Corporation, are as of 30 June 2013*. AUM for The Boston Company Asset Management, EACM Advisors, Mellon Capital Management Corporation and Standish Mellon Asset Management Company LLC includes assets managed by those individual firms’ officers as associated persons, dual officers or employees of The Dreyfus Corporation. In addition, AUM / OUM for the following firms may include assets managed by them as non-discretionary investment manager for, or by the individual firms’ officers as dual officers or employees of, The Bank of New York Mellon: The Boston Company Asset Management, LLC, The Dreyfus Corporation and its BNY Mellon Cash Investment Strategies division, Mellon Capital Management Corporation, Newton Capital Management Limited (part of The Newton Group), Standish Mellon Asset Management Company LLC, and CentreSquare. AUM includes BNY Mellon Wealth Management, Ankura Capital and external data. This document should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorised by BNY Mellon Asset Management International Limited to do so. To help us continually improve our service and in the interest of security, we may monitor and/or record your telephone calls with us. This document is issued in the UK and in mainland Europe (excluding Germany) by BNY Mellon Asset Management International Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. BNYMAMI and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation.

VIDEO Past performance is not a guide to future performanceThe value of investments and the income from can fall as well as rise so you may get back less than you originally investedFor Professional Clients only. This is not intended as investment advice. Any views and opinions contained therein are those of the individual as at the date of issue, are subject to change, do not represent the views of BNY Mellon Asset Management International Limited and should not be taken as investment advice. BNY Mellon Asset Management International Limited (BNYMAMI) and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This video may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. This video is issued in the UK and in mainland Europe (excluding Germany) by BNYMAMI, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. CP10750-07-02-2014(6M).

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how to make money from social media · adviser knowhow episode 50 20 november 2013 how to make...

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