For some, “social media” is a synonym for “Facebook,” but at ASPPA’s 401(k) Summit in New Orleans on Monday, it was all about LinkedIn.
“Social media is like having thousands of conversations at once,” said Sheri Fitts, vice president of advisor marketing for LPL, in a session.
Fitts moderated the session with Dr. Bruce Johnston, president and CEO of Advisolocity, and James Holland, director of business development and assistant compliance officer at MIRA.
As of March 2011, LinkedIn had 44 million users in the United States, she said. The largest sectors using LinkedIn are the service sector (20%), finance (9%) and technology (9%).
Johnston reminded attendees that LinkedIn specifically, and social media overall, is a way to attract and retain clients at a low cost.
LinkedIn’s popularity represents a decline in outbound marketing in favor of inbound marketing. Johnston compared the two to a sledgehammer and a magnet. With the outbound or “sledgehammer” approach, prospects are deluged with multiple marketing messages. Inbound marketing, or the “magnet,” seeks to attract customers and provides two-way communication.
Furthermore, inbound marketing provides clear value and entertains and educates prospects, whereas outbound marketing doesn’t.
“It’s not about you. It’s about how they want to get their information,” Johnston said.