Is Pinterest the next big social network for advisers?

Apr 10, 2012 @ 5:04 pm

By Amy McIIwain

Because Pinterest is so new in the social media world, a very small number of financial advisors are using the platform. That means there is an untouched audience of 73 million just waiting to be influenced by you.

Have you heard the hype about Pinterest? If not, its 73 million users make it worth checking out.

Pinterest is on the cutting-edge of creative social media platforms. Comprised of virtual pinboards, it allows users to keep track of their favorite things — such as recipes, home décor, motivational blog posts, songs and fashion. And just in case you were wondering, Martha Stewart wasn't the founder of the site.

And while it seems the platform is solely for crafty soccer moms in mini-vans, it could potentially be a powerful platform to, not only promote your brand in a creative way, but to also pioneer the female demographic.

But first we have to capture the spirit of the site. Here's a good way to look at it: YouTube is in the business of videos, Facebook is in the business of friends and fans, Pinterest is in the business of lifestyles.

Let's say you are interested in golf. On Pinterest, you can create pinboards with all of your favorite golf articles, clubs and courses to refer back to for yourself and/or share with followers.

Pinterest is also used as a shopping guide. So, if you were shopping for a golf club, you could create a pinboard of potential golf clubs to help guide your decision.

With Pinterest, the sky is the limit. You can create pinboards with virtually any type of content. So, the question is: How can you use this platform for your business?

Very simple: Develop a deep understanding of the lifestyles of your target audience.

As financial professionals, your audience may enjoy golfing, tennis, fine wine, vacation getaways, organization tips, sports or high-end restaurants. Thus, on Pinterest you could create pinboards with all of those topics to attract your target clients. Simple as pie.

Utilize your unique area of expertise: Let's say your firm specializes primarily in 401(k)s, college investment planning and health insurance. On Pinterest, you might create pinboards with your company's blog posts, tips for college planning, saving tips, and content regarding health and/or health insurance.

The goal of these pinboards is to not necessarily sell your services (we talk about that next), but to simply establish yourself as a quality and trustworthy resource for potential clients.

Drive sales

Here's where you can reel in clients. People use Pinterest to research and shop for golf clubs, right? Why can't they use it to shop for the perfect financial advisor? Create a pinboard that captures all of the amazing services you offer at your firm and link them back to your website.

Because Pinterest is so new in the social media world, a very small number of financial advisors are using the platform. That means there is an untouched audience of 73 million just waiting to be influenced by you.

Jump in and be among the first financial professionals to yield results.

Target women

As I mentioned before, Pinterest is extremely popular among the female audience. If fact, Google Ad Planner says 82 percent of users are female. That said, if you are a female advisor and/or are looking to tap into the middle-class female demographic, Pinterest is a gold mine. Wives, daughters, mothers, grandmothers, and professionals are on Pinterest.

And as you probably already know, women have an exceptional degree of influence in the household and workplace.

As far as I'm concerned, Pinterest has a ton of potential for financial advisors. It's simplicity, addictive nature, and utility is unlike any other social media platform. Not only can you build a relationship with existing and potential clients, you can establish your brand as a valuable information resource and promote your business in a very straightforward way.

Amy McIIwain is the president of Financial Social Media, a Denver, CO-based firm that teaches financial services firms the best way to combine social media and traditional amrketing techniques. Follow the firm on Twitter @InsuranceMktg.

0
Comments

What do you think?

View comments

Recommended for you

RIA Data Center

Use InvestmentNews' RIA Data Center to filter and find key information on over 1,400 fee-only registered investment advisory firms.

Rank RIAs by

Upcoming Event

May 30

Conference

Adviser Compensation & Staffing Workshop

The InvestmentNews Research team will present exclusive data and highlights from its bellwether benchmarking study that will identify best practices for setting and structuring compensation and benefits packages throughout your... Learn more

Latest news & opinion

Supreme Court decision likely to prevent brokers from filing class-action lawsuits

However, it likely won't bar employees from filing 401(k) lawsuits against their employers.

5th Circuit denies states' second attempt to defend DOL fiduciary rule

The three-judge panel split again, 2-1, in deciding not to take another look at the motion to intervene by California, New York and Oregon.

Pass-through tax strategies for business-owner clients

Shifting business structure, changing filing status and spinning off equipment are examples of ways business owners can take advantage of the deduction.

Finra anticipates oversight role for SEC advice rule

CEO Robert Cook says one area for examination could be the proposed requirement that brokers act in the best interests of their clients.

IBDs with the most CFPs

Here are the 10 independent broker-dealers that employ the most certified financial planner professionals.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print