Financial service providers are often required to pursue big lucrative contracts. Everything revolves around the internet today.
That’s why using social media platforms is the best way to keep your clients satisfied. It’s also an excellent way to beat your competitors.
Over 80% of financial advisors are already using all the potential of social media for their business. So, it’s safe to say that you need a social media approach.
If you’re a financial service provider looking for good companies, you can find out about them by embracing LinkedIn. There are also many other great benefits of social selling on LinkedIn for financial service providers.
LinkedIn is the most prominent business social platform out there
LinkedIn continues to be the biggest business social platform, entirely focused on business. It’s evolving into a content platform.
This shift allows financial professionals to avail themselves of many venues and tools on LinkedIn. They can now promote their brands, both indirectly and directly.
Social selling on LinkedIn offers several benefits to financial service providers, such as:
- An abundant source of secure new clients – LinkedIn enhances profiles with clients
- More effective and faster client engagement – get your message to clients in a much quicker and more effective way
- Landing new opportunities by leveraging connections – LinkedIn provides important updates from potential prospects
- Identify high-net-worth professionals – the majority of these professionals use LinkedIn
- Build relationships with prospects – LinkedIn allows you to provide timely, useful updates in your niche
- Stay on top of trends in your industry – get the latest news from your industry
Sure, LinkedIn isn’t a direct source of revenue. But it can help you make significant adjustments to your business strategy.
Understanding LinkedIn etiquette
LinkedIn has one simple goal – to help you develop a strategy that allows your business to maximize the effect of financial social media. It helps you:
- Develop your brand to promote your financial services
- Build brand awareness to attract the target audience
- Make the most of your marketing campaigns
- Build a sense of authority in your business niche
- Build your reputation as a leading professional in your industry
LinkedIn allows businesses to target campaigns. It provides all the necessary tools these institutions need to reach their target audience.
The key factor of success for financial service providers is building thought leadership. LinkedIn can help by allowing you to show your expertise, thus elevating your brand.
Finding the right target audience
There’s no denying that businesses that manage to harness the potential of social media get a chance to drive more revenue. LinkedIn also helps you establish a meaningful, long-lasting relationship with your audience.
That’s why LinkedIn is the best social media platform for social selling for financial service providers. It allows these professionals to focus on the right prospects. It gives them useful insights to build trusted relationships.
So how does LinkedIn help financial professionals find the right audience?
The platform allows you to put in place a professional context to target a quality audience. This helps narrow their market efforts down. You can discern between executives, decision-makers, and influencers, and act on new opportunities.
LinkedIn allows these professionals to customize targeting with their audience data. They can then nurture interested contacts, leads, and prospects. Finally, LinkedIn allows people to build ideal financial personas by combining targeting criteria.
Individual profile vs. Business page
The individual profile on LinkedIn allows people to connect on a personal level online. A business page is something entirely else – it provides followers rather than plain connections. A business page on LinkedIn allows prospects to find businesses because of the services/products they offer.
According to LinkedIn research, there’s a 50% higher chance that prospects will buy from a brand with a business page. And 80% of LinkedIn members are looking to connect with companies.
Here are some of the benefits a business page can provide to financial service providers:
- Increase your brand visibility by including logos and images
- Share videos to improve client engagement
- Highlight individual financial services and brands
- Keep your audience engaged by providing updates and relevant content
- Interlink with other professionals and loyal clients
- Spread your authority across all available social media channels
- Drive more traffic to your page by building a following
Tools to help with LinkedIn selling
LinkedIn went quite a length to make it easier for businesses to achieve their business goals. The network provides many, extremely practical tools for businesses.
Many features are constantly adapting to the evolving and increasing needs of users. That way, financial professionals can save time and money while still getting good results.
Every online action a business takes on social media matters. These actions can have a positive impact on your brand across all social media channels. Doing it by hand would take a tremendous amount of time, effort, and resources. That’s why you can use IFTTT to allow automation to work for you.
This tool automatically causes things to happen simultaneously on all connected platforms. Whether it’s posting, sharing, or hash-tagging, IFTTT makes cross-platform selling a breeze.
LinkedIn sales navigators
LSN works in a straightforward way – it allows you to find and target the right audience. You can understand their needs, keep track of changes, and engage your prospects. It’s a tool that allows you to:
- Target the right audience
- Understand key insights
- Engage with clients to achieve personalized outreach
- Create efficient sales processes
LinkedIn sales navigator includes several features, such as:
- Lead recommendations
- Real-time updates on your clients and prospects
- Advanced search filter for finding the right companies and leads for you
Detective is a training platform for software adoption. It helps reduce the time it takes to train your employees. It does so by increasing the adoption of the latest industry-related software.
A detective can help with CRM, knowledgebase, sales enablement, or salesforce software training.
Nimble is perhaps the most useful tool for customer relationship management. It helps manage your pipeline and contacts, but it also offers one advantage. You can gather data on your potential prospects and clients from various sources. These include emails, cross-platform social interactions, and contact lists.
Nimble helps you reach out to each prospect in a personalized way. You can provide an exceptional user experience. It helps make the most out of every lead you generate.
Adapting the social selling approach to LinkedIn
LinkedIn provides connections to a vast pool of potential prospects around the globe. You can use it to establish strategic partnerships, build brand awareness, or generate leads. However, there are a lot more uses.
If you use LinkedIn for social selling, you can engage your audience and grow your business like never before. The process of adaptation includes some crucial steps:
- Create a complete, professional LinkedIn profile with a professional headshot
- Make your profile client-centric
- Request recommendations to provide social proof of your services
- Use high-value content to build trust, credibility, and authority
- Regularly update your popular content to keep it relevant
- Republish articles
- Connect with other professionals, clients, and colleagues
- Join LinkedIn groups related to your line of work
- Find more prospects using the advanced search feature
- Ask for warm introductions and referrals
- Engage with influencers
- Engage your new contacts
LinkedIn is all about consistency, patience, and professionalism. It’s a social media platform dedicated to helping businesses thrive in their industries. It does so by providing everything necessary for these organizations to achieve success.
Things move fast in this modern world. Technology has the last say in pretty much everything we do. Mastering LinkedIn social selling techniques can seem a bit overwhelming. However, it isn’t that hard if you focus on one thing at a time.
This article helps you master each of these social selling steps. That way, you can generate a highly predictable and easily controllable stream of new clients. Harness the power of LinkedIn to beat your competition!