In mid-April, Erik Qualman, author of Socialnomics, published the latest video in The Social Media Revolution series entitled #Socialnomics 2014. In this eye-opening three minute video, Qualman, nicknamed the Digital Dale Carnegie, proves exactly how social media is changing everything – from how we communicate and build relationships, to the factors that influence our buying decisions. Some impressive statistics from this newest video include:
- Over 50% of the world’s population is under 30 years old.
- 53% of millennials would rather lose their sense of smell than their technology.
- Every second 2 new members join LinkedIn – that’s like the entire enrollment of the Ivy League joining LinkedIn every day.
- Grandparents are the fastest growing demographic on Twitter.
- 53% of people on Twitter recommend products in their tweets.
- 93% of shoppers’ buying decisions are influenced by social media.
After reading these astounding statistics, it has become clearer than ever that the opportunity for financial advisors on social media is real. The clients that will determine your business’ success are on social now. To millenials, social media is everything; it’s where identities are established, creativity is showcased, and opinions are shared. 53% of millenials would rather lose their sense of smell than their technology – as a financial advisor, is it a wise decision to avoid social media any longer? Or, will you take the opportunity to build an online brand and be there when the customers of tomorrow come knocking?
Even the older generations are using social media to influence their buying decisions. Grandparents are rapidly flocking to social media platforms such as Facebook and Twitter. Even better for advisors, this particular social audience has retirement and estate planning on the brain. Why not use social media to answer questions, share thought leadership and build relationships with this prime customer base? Customers want to experience engagement with those they choose to do business with. If you aren’t executing the 4 C’s of Digital Marketing – creating, curating, connecting and culture – you’re shutting the door to business opportunities the competition will gladly welcome.
The push towards social media is tangible for financial advisors. As Qualman stated so well, “We don’t have a choice on whether we do social media. The choice is how well we do it.” The Social Media Revolution is now. Are you ready?