Financial Advice and Social Media

One of the services we offer is Social Media Marketing Consulting. We’ve been speaking with a variety of financial advisors and insurance brokers. Most of them want to utilize social media marketing but they can’t.

Like one (who probably has to remain anonymous or I’ll have to have a three paragraph disclaimer) told me just today, if a volcano erupted today, he could tweet about it next week (after two or three exchanges with compliance).

Just today the Financial Advisor Magazine web site had an article on how financial advisors are complying, or not, with regulations.  The story basically says they aren’t. And who can blame them? When web designers and CPA’s and restaurants and plumbers and just about everyone else can do it, why wouldn’t they be struggling to level the playing field?

How would you handle this? It is a sticky situation but closing your eyes and pretending social media doesn’t exist isn’t going to make it go away. 

Here are some solutions I can think of:

  1. Remove all restrictions and let advisors know their license is on the line – they get caught abusing the rules and they lose their license.
  2. Provide a strict set of guidelines that let’s advisors know what they can and cannot discuss, share, or tweet about.
  3. Create yet another government web site that lays out general guidelines, shares case studies of what is and isn’t appropriate and allow, perhaps via login, advisors to discuss or ask questions about what is OK and what isn’t.

Any of these three solutions would empower and enable financial advisors to engage in social media and provide guidelines about how to do so legally and ethically.

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Office 2010 Released

It’s out. It’s nice. If you’re using Office 2003 or earlier, it’s time to upgrade.

Office 2010 uses the same kind of ribbons that Office 2007 users have grown accustomed to. The new “ribbon” that you’ll find in Word 2010 is the one that 2007 should have had. It’s called file. The file ribbon gives you all the options and information about the particular file that you’re working on that you could possibly want to know.

For example, as I type this blog entry in Word 2010, when I click the file tab, I have lots of nifty choices like Open, Save, Save as, and Print but the option that is highlighted is Info. Under Info I can Set Permissions (protect the document so that only those who should see it can), Prepare for Sharing (basically let’s me easily strip hidden information that other’s shouldn’t see but that is useful to have for an in house document) and work with different Versions of the document.

I can also see useful information such as how long I’ve been editing this document, add or view the Title and any Tags, see who the creator is, and lots of other information. It is also from the file tab that I can open recent or other documents and do many of the tasks from the old File menu.

As is usually the case, the biggest change comes with Outlook. As the way people communicate continues to change, Microsoft tries to make Outlook the tool to help you do this. Outlook now has its own ribbons (for some reason Outlook 2007 didn’t get the ribbon makeover).

The newest feature here is the Quick Steps box. Basically what this box does is let you create macros or rules on what do with certain messages. Once that rule is created, you can run it by clicking the appropriate button in the Quick Steps box. I’m still experimenting with this but this feature holds potential in helping to tame the email beast.

Access has some nice new features, one that we’re taking a very close look at right now is the Project template. What is nice is that Access is now really designed from the get go to be interactive. I opened the Project template and the first thing I had to do was create a user (myself) and then log in. Then I was off to the races creating and entering information on the project.

The downside is I wanted to watch the video which required SilverLight which I had already installed which Access didn’t recognize as being installed. Still a few issues, it would appear but all in all I like this latest version and could see moving some of our folks to it even before the first service pack.

Other tools that come with the complete version of Office 2010 include OneNote (great for taking quick notes or for having a notebook on a particular task or subject) and InfoPath – the tool for forms – now comes with a Designer part and a Filler part. For business users (those with lots of computers and users), there’s also a new program called SharePoint Workspace. I’m still investigating these but they look to be pretty nifty tools for improved work flow.

The full version “Professional” retails for around $500 but as a productivity tool is well worth it.

 

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Easy Listening

Recently I was reminded of the wonderful effects listening to classical music can have on your brain – helping you to think better.

So instead of focusing on the business of web site design, I thought I’d share this tip with you. One of the ways I have found to listen to classical is through Pandora. Simply visit www.pandora.com on your computer or even your smartphone.

You can create a channel or multiple channels. The channel I’ve been tuning in to today is Symphonic, Classical.

Creating a channel. Sounds difficult doesn’t it? Actually its incredibly simple. After the 60 second process to create an account (create a password tied to your email address), you simply type in a genre, artist or song.

That’s it.

I’ve got four channels tied to my account. One is classical and the others are more classic rock oriented. I’ve created a channel based around Bob Seger and another based on the Kiss song “Beth”. But Pandora is pretty cool because just like science has mapped out the human genome, Pandora is mapping out the music genome. They have real people listening to songs and collecting close to 400 different attributes about the music.

So when I listen to my own personal Bob Seger station, I don’t just hear Bob Seger, I hear songs related to the kind of music he plays. For example, I just heard Tom Petty playing Breakdown followed by Eric Clapton and Wonderful Tonight. Whether on my phone or on the computer I can rate the songs (either up or down) and get more information about the particular artist and song.

It’s easy to get started and then you can control how “in to it” you get. It’s free for something like 40 hours a month and after that it’s only $36 / year for unlimited listening and no ads.
 

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Web Site Design Fundamentals

Would you build the foundation for your house and then begin to ponder what rooms you should put in the house and where the walls should go?

Of course not.

Yet when it comes to building a web site this is precisely the model that most businesses follow. First they build the site and they begin to think about Internet marketing. “What should we try to accomplish?” “Should we do a search campaign?” “What should the call to action be on this page?” All of these questions are best answered BEFORE you design your site.

You don’t want to have brick walls if you’re planning on stucco. Before you start you need to determine what your goals are for your site. These can be marketing goals – “We want to generate 25 new leads a month through the site” or they can be customer-relationship goals “We want customers to be able to download their portfolio without needing to call us” or a myriad of others. The important thing is to understand the goals as you begin to design the site.
Recently I met with a business owner who thought she had nearly completed her complex membership site. She wanted my help with “the last little piece” of managing the logins. What she had, in fact, was very much like the old western movie sets. Walk down main street and you think you’re really in the old west. Then you open a door to look inside and instead you just see the desert stretching off into the distance.

Empty Desert
Facade – What’s behind your web site?

She had cobbled together a few pieces that really looked enticing but there was no backend to manage the processes that she wanted. While that is an extreme case of not having a firm foundation, we see again and again how the design and development of a site do not support the goals of the site owner.

Once you have your goals established, you can then envision how they will be attained through the site and this will lead to a site that actually helps your business grow.

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Eliminate Orphans

Some of you will think this is some sort of Dickensian entreaty to eliminate “the surplus population”. But it isn’t.

I’m talking about orphaned web pages.  A web page gets orphaned in much the same way a human does. It’s parent dies or goes away.

Let me give an anecdote to explain both how it happens and why its bad. I recently met a very well known financial advisor in the Denver area. We arranged to meet at one of my favorite restaurants for some adult beverages.  I got the time wrong and showed up a half an hour early.

So I googled his name so I could give him a call. The first page that came up was from his web site. So, having a few minutes, I started clicking around and thought to myself “This guy needs our service – his web site is WAAAY out of date.”

Once he arrived, I showed him the page and he said “That’s from our old site.” When I clicked on the Home link I could see the new site but all of the old site was still out there and still active. All of these pages were orphaned. They weren’t really supposed to be there.

The obvious solution to this problem is to delete the pages. Right?

Ahh, you were paying attention, good for you. The number 1 Google Ranking for his name was the orphaned page. Delete that and you lose visibility.

There are two steps that should be taken to make sure you get rid of orphaned pages but don’t lose the Search Engine Optimization power that page or those pages have attained.

  1. Create a 301 redirect so that links to the old page will be forwarded to the new page or the appropriate replacement for the old page. There are different ways to implement a 301 redirect. The best way is to edit the .htaccess file but many web control panels will let you accomplish this through a control panel.
  2. Then it is safe to delete the old page.

In case it’s still not clear, let me give you one more example. We recently redesigned the West Chamber Serving Jefferson County web site. Before the redesign there was a Google link to the Youth Leadership Jefferson County that was http://www.westchamber.org/lead-yljc.asp. After the redesign, that page no longer exists but if you try to visit that page, you end up at http://www.westchamber.org/lead-yljc-asp/ which is the correct link.

I just discovered an orphan on our own web site today. That now has a proper 301 redirect so folks don’t get lost or confused. Need help with this? Give us a call at 303 268-2245.

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Should You Quit?

What do you need to quit?

Since I finished reading Seth Godin’s “The Dip” this week, I’ve been thinking a lot about quitting. No, I’m not quitting my business – I love what I do, but I am thinking about what tactics I’m using in business that aren’t working and determining how and what to quit.

Sounds easy right?

Think again.

It was easy for me to tell a customer not to spend time and money redesigning his site but instead to spend that same amount of time writing blogs for his site. He wants to increase visitors and getting good content out there via his blog is the best way.

But the hard part is determining what is working. I’m considering joining a new networking group. One person I spoke with said in nine years that he never got a customer from the group. But in this, his 10th year, he got two and for his line of business, that is an excellent ROI.

I’ve had a similar experience, participating for years in a group before my investment pays off. So how do you know what to quit and when? How do you know when to stay, to gut it out through the dip because the reward is so great?

Seriously. How do you know?

Share your thoughts.

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Recovering From Poor Internet Marketing

I have a friend who lies paralyzed in a hospital bed. A short while back he was involved in an accident and he will never walk again. I stopped by to visit him today. He was sedated but the good news is he has a tracheotomy. That never before sounded like a good thing but for him it is allowing him to breathe without having a tube shoved down his throat. It keeps other bacteria from following that tube right down into his lungs, and it is, the doctors believe, a step towards getting him to breathe on his own again. In short, for my friend, having a hole in his throat is a step towards recovery.

What does that have to do with Internet marketing? Last week I spoke with a client who is running his own AdWords campaign and is quite frustrated because “every time I turn it on it costs me $530 every two weeks” but he’s not getting a return on his investment.

Here’s what I told him he should do:

  1. Have us do an audit of his AdWords campaign. Since he’s not an expert and since he has a business to run, he doesn’t know all the ins and outs of a paid search campaign such as how to set it up for long tail search or whether it actually makes sense to have a different campaign for each city he’d like to get business from.
  2. Have us do a local search campaign for his business. With the tools provided through Google Local Business Center and Bing Local Search, as well as sites like Yelp, CitySearch, BrightKite,  and Gowalla, there are many things a geographically based company can capitalize on. But it has to be done well and consistently.

While he’s still thinking it over, I’d like to tell you why he should choose one or the both of these.  Until now he’s been paralyzed with the urge to stop throwing money away. By choosing either or both of these solutions he’ll be taking a step towards recovery.

And yes we would appreciate your thoughts and prayers for my friend has he faces a long road to recovery ahead but he is making steps, small though they may seem, towards getting better.

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Plan for Internet Marketing

Internet Marketing, like any kind of marketing, needs to fit into the bigger picture of what you are trying to accomplish. There are three questions you need to ask yourself with any kind of Internet Marketing Campaign:

  1. How does this campaign fit into our overall marketing goals?
  2. How will we measure success?
  3. What step(s) do we want people to take?

ONE: Fitting your campaign into your overall marketing plan assumes you have an overall plan. If you don’t have one, get one. You’ll never get where you want to be if you don’t have a plan to get there. Stop and consider what your business goals are, determine what marketing you need to do to help you get there, and then determine what piece of the marketing pie will be Internet marketing.

TWO: A key component of your success will be determining at the outset what you are going to measure. Long ago I had a customer leave because his web site wasn’t getting him any business. So I asked where he was getting his business from. As it turned out, he wasn’t really tracking any of that stuff so he didn’t really know where his business came from – and therefore didn’t know whether he was getting any business from his site or not. What’s the moral of the story? He didn’t measure anything in his business and he’s no longer in business.

THREE: There are all kinds of measurable steps you can have on your web site. Of course, if you have an ecommerce site, the best step is to make a sale. But if the customer isn’t ready to buy, you can get them to sign up for your newsletter (another measurable step) or click to the next page for more information (this too is measurable). I’m sorry but “The purpose of this page is to educate” is not a step nor is it measurable. If you want to educate them enough that they want to call you or fill out a form, then it is measurable but “educate” is not a step.

Think through these questions with answers backed up with data and you’ll be on your way to success on the Internet.

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Finding the Right Web Design Firm

There are lots of places on the Internet you can go to get a web site designed for less than $100. You get what you pay for however. There are also web sites that will help you with Search Engine Optimization for only $25 or some such nonsense. Again you get what you pay for which in this case can actually be counterproductive to your site. Finally there are some excellent graphic designers out there that learn how to convert their work into html and declare themselves to be web designers. For a modest sum, they will build you a web site. Be very careful in this case also.

There are three main elements to web design that you need to make sure you’ve got covered:

1)      Good design
Building a good web site means that it needs to be designed to fit YOUR needs. The problem with most do-it-yourself template sites is that you have to customize your needs to  the template rather than having the design customized to your needs. Your site should be visually engaging and should be customized to help you get your message across to your customers.

2)      Search Engine Friendliness
We won’t lie to you. SEO is very competitive and can get quite expensive. But a key part of web design is an architecture that is friendly to search engines. Some key elements to include in the design: using key words in file names and in image tags; naming sub-directories well; and the obvious – using keywords in the written content – but then also placing that written content in the best place on the page. None of these are included in your super-cheap online SEO services but more importantly, many web designers don’t use or understand these principles.

3)      Functionality
I’ve seen some really beautiful web sites but have had no clue what the next step is. Often graphic designers that hang up their web design shingle are the culprits. They design visually engaging graphics that don’t point the user to the next step. A term often used with web sites is “intuitive”. An intuitive web site is one where the user can easily figure out (without having to do any “figuring”) what to do. Navigation, for example, isn’t hidden or difficult to figure out – instead the menu items are clearly menu items and you can click on them to move to the next page.

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Evaluating your Social Media Campaign

Question 10 of 10 Essential Questions for Your Social Media Marketing Campaign is “How do I evaluate the results?”

If you planned properly this is an easy question. At the outset you should have set a measurable goal and set a time period. So now all you have to do is, when you hit the milestone set, look to see if you reached your goal.

In our first question we talked about setting goals and what those goals might look like. The funny thing about goals though is they often change. And that’s ok. The important thing is to continually set, measure and reset your goals.  If you had said you wanted to get 200 new subscribers to your newsletter over a two month period and you hit 250 after one month, it would be a good idea to evaluate after one month and change the goal to, for example, 700.

If you only had 20 new subscribers after a month but three of them converted to customers, you might reset the goal to 50 and add a new goal of converting 10 of them to customers. But if you haven’t set a goal, how do you know if you reached it or not?

Other things you can measure as a part of your evaluation of a social media campaign include:

  • Number of Facebook fans
  • Number of re-tweets onTwitter
  • Number of profile views on LinkedIn
  • Number of views on YouTube
  • Number of click throughs from any social site to your actual web site
  • Number of new newsletter subscribers
  • Number of new customers

Note that new customers is only one measurement. And it is probably not the most important at first. Of more importance is how you engage and interact with the “friends”, “followers”, “connections” or other social media friends in order to build your network over the long term.

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