Social Selling on Twitter, what kind of results can you get?
As we gain more and more insight from our time spent helping Advisors to efficiently prospect affluent/ HNW people on social media, I would like to share some real (but anonymous) results, as well as challenges, that Financial Advisors face and tactics to overcome these challenges.
Here are the results.
We equipped three users with the following service/data:
- a list of 150 ideal prospects, matching one of their key market segments
- one email a day with curated and enriched Tweets like the one below.
Note that the Tweet is enriched with: Job, Company, LinkedIn profile, Recency of the last interaction and an indication on whether there has been prior discussions/interaction with the prospect (in the example above
- and a web app to monitor their progress
These three users were already using Twitter and have a diverse background using it. One user is a millennial, one is what a millennial would consider a senior, one is in between. Two men and one woman.
Here are their results (from our Social Selling Dashboard):
User 1: 15 weeks, 12 leads
User 2: 12 weeks, 9 leads
User 3: 17 weeks , 16 leads (some leads were renewed)
We also looked at the actions the users took, to open these connections. Here is the data:
Here what we see is that these three users got respectively 27%, 27% and 47% “response rate” on their engagement. In other words ~30% of their Twitter activity, directed towards ideal prospects, resulted in an interaction back (follow, like or reply).
What we can learn from this, is that with focus and consistency, Advisors quickly reach a performance level where they’re able to open one, in some cases two connections per week; all with prospects who have been mapped and matched with the attributes of the advisor’s top clients.
Keep in mind that these are prospects who are extremely hard to engage with using other techniques – They don’t respond to cold calling, they block advertising, they are spread thin and don’t have the time or desire to go to traditional seminars. They can access financial trends and news on their own, they trust the word of friends and family over brands, and by the time they’re actively seeking advice, you’re one Advisor in a sea of search results.
As we progress in our understanding & measurement in Social Selling, we have expanded our focus to what we call “the last mile” i.e how to increase your chances of closing. More to come on this.