Social Media is more than Facebook and Twitter. It’s not even a new phenomenon, actually. Web 2.0 began much earlier than most people think and it keeps changing continuously. Every product review, for example on amazon.de, every forum post, every article on Wikipedia, every blog posting and every comment on a message is part of Social Media. Naturally most wealthy private customers move around the Social Web. Many of them are to be found in career networks like XING or LinkedIn, some visit specific forums, e.g. old-timers or golf and yet others possibly are enthusiastic art collectors and move around just these platforms. And that’s where you reach and get to the clients.
Define your target clientele and determine their typical interests.
Generate keywords that are connected to those interests.
Use Social Media Monitoring, through which you promptly find out about new talks on websites.
Take part in the discussions or cooperate with the website operators and place your message.
Establish a process so that points 1 to 4 are continuously put into practice.
Asset managers don’t need to pursue own channels with this approach, because anyway there often is high demand on time and intensive use of resources required. With that it becomes very challenging for smaller units.
However, if you like to establish Social Media as a new approach in customer communication, you better place it on Twitter first. This can be implemented most quickly and requires only little time. Before considering a Facebook account, you should first update your company website. It doesn’t make sense to open up Social Media channels, when the own website does not offer any approaches for Social Media Marketing, that is share buttons, comment function, links to profiles in the Social Web, embedded Twitter timeline or YouTube videos etc.
Initially you should also think about a content strategy. What is it you want to communicate, what are the interests of your target clientele? In which cycle can you publish? What do your competitors do? How can you stand out from others?
When you have a clear vision, you can begin and you definitely should exploit synergies:
You sent a client a long e-mail explaining, e.g. the consequences of a possible U.S. interest rate reversal: Make it a blog entry! Other clients or interested persons are certainly interested in it as well.
You have a meeting with the investment team: Set the protocol as blog-entry or record the discussion on video and post it on YouTube.
You conduct transactions in funds or portfolio? Inform promptly on Twitter.
You are planning a customer event? Seek for permission to use pictures for Social Media and encourage your clients to publish your impressions.
There are numerous options and the realisation is often less time-consuming than expected.
The crucial fact is: Social media only means communication on other channels. Even there you can only build trust, if you act regularly and offer convincing content that brings benefit to your target clientele. It is NOT about posting anything. Spare yourself. It would be just as it was always with newsletters or brochures, without any relevant content.
The alternation of generations up to the generation of heirs or “generation Y” makes it more and more important for asset managers to have knowledge about new digital media, be able to apply it suitably and use it for client acquisition and service. The suitable know-how and the support of the implement are offered by professional service provider. It is well invested money. And in terms of a sustainable corporate development a necessary step. Trust is the beginning of everything. And in order to establish trust Social Media offers diverse possibilities. Use the chances before others do. (MF)
