BT survey reveals social media habits of advisors – Life insurance – Insurance News

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Consulting firms have a significant presence on social media, but converting their online activities into business recommendations remains a challenge, according to a BT survey.

Around 78% of the approximately 400 participants in BT’s three-part social media webinar series are on Facebook and 75% on LinkedIn.

However, only 37% got up to five referrals via social media in the last 12 months and 51% did not.

Most consulting firms spend less than 10% of their marketing budget on social media, and 61% perceive that the most effective social media activity comes from their own employees’ posts.

Only 11% find that advertising via paid publications is effective.

BT says it conducted the survey to understand advisors’ use of social media and their perception of online interaction platforms.

About 14% of advisors say building referrals is their primary goal when asked why they use social media in their marketing activities. About 40% say increasing brand awareness is their main goal and 39% say they do it to share information with customers.

“These findings suggest that advisors may be trying to strike the right balance between engagement and selling activities on social media,” said Christopher Mather, BT’s head of platform distribution.

“And, as with any use of digital media, there is usually a cohort of early adopters and, if so, can use social media to get referrals more proactively. Meanwhile, others are still progressing on the learning curve.

Mather says BT is hearing from a growing number of advisors that building referral relationships is an area they are looking to improve, as part of their growth plans.

BT says there is room for improvement with updated information on LinkedIn. While LinkedIn is the preferred platform at the individual level – 69% versus 60% for Facebook – a third don’t remember the last time they updated their LinkedIn profile.

Only one in two advisors have updated their LinkedIn profile in the last six months.

While the majority of consulting firms surveyed are on LinkedIn, only 41% actively post on their Company Page and 31% of Company Pages are inactive.

“More than 10 million Australians are on LinkedIn, the world’s largest professional networking platform,” Mather said. “It’s amazing that advisors aren’t more active on LinkedIn; they may miss opportunities to expand their customer base and referral networks.


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