Started to improve customer satisfaction, Dell’s social media efforts soon led to sales of $6.5m through its Twitter account in 2009. Many have since stepped up efforts to generate sales using social media. Apart from brand building and client retention, can financial service professionals use social media to win new clients and grow revenue? Here’re 8 statistics linking social media activity to client acquisition and revenue growth in financial services.
Source: HubSpot
Source: RIABiz.com
Social Media Impact in Financial Services
Financial services use of social media for business
- 61% using Linkedin acquired a client through it (Hubspot 2011)
- 40% using Twitter acquired a client through it (Hubspot 2011)
- 35% using Facebook acquired a client through it (Hubspot 2011)
- 47% using a blog acquired a client through it (Hubspot 2011)
- 36% using social networks acquired new clients through it (Socialware 2010)
- Client base of social media users grew at a higher rate of 21% vs 7% (Pershing-Aite 2009)
- Managed assets of social media users grew at a higher rate of 19% vs 6% (Aite 2009)
- Revenues of social media users grew at a higher rate of 19% vs 6% (Aite 2009)
Data sources:
- Hubspot survey of 644 professionals across multiple industries, Feb 2011
- Socialware survey of 196 financial advisors, June 2010
Are your social media marketing efforts starting to help you win clients and grow revenue?
Very valuable data points!
Thanks Edwin.
very helpful and insightful article. Thank you for putting this together. I enjoyed it so much I shared in on my multiple social platforms.
Hi Richard, Glad you found the post helpful. Thanks for your generous feedback!
These statistics provide validation to the following question many people in the financial services industry ask:
1. Can my efforts using social media translate into actual sales and new clients in my business?
Based on these stats, the answer is obvious. Thank you for sharing!
Skyler, You’re welcome. Thanks for highlighting the social media sales translation question in the financial services industry – an important question to be expected of a ROI-focused business.
VERY Interesting statistics. The bottom line is as it has been – relationship building and follow up. Drip, drip, drip. Over time new venues (social networking) have been added to the mix that help us reach even more people than a website can. People get the opportunity to read our posts, profiles and how we answer questions, too.
In person, on the web, or a mixture of both — we are building new relationships a little at a time with all we do.
Maria, thanks. And thanks to Hubspot, Socialware, Pershing-Aite for the surveys conducted to get these data.
Excellent points on relationship building!
Thanks for pulling these stats together. Your post inspired me to blog on this topic, and I included links back to your blog.
I’ve seen a number of surveys on the effectiveness of social media, but they generally ignore the issue of the content and its relevance to the target audience. Social media strategies that don’t deliver quality content are not going to be effective over the long run.
Here is a link to the post. Thanks for getting me started!
http://www.propelgrowth.com/2011/07/22/using-social-media-to-find-new-clients/
I’ll be writing more about the content needed for marketing institutional trading and technology next week.
Candyce, great point on quality and relevance of content to target audience! Looking forward to your upcoming post on content needed for marketing institutional trading and technology.
A bit delayed, but here is the blog article I wrote about content marketing for the capital markets. http://www.propelgrowth.com/2011/08/30/reality-check-content-marketing-for-the-capital-markets-redux/
Candyce, Thanks for sharing link to content marketing article. Great points made on need to focus on content usefulness, quality, relevance, length and variety!
Let’s see… should I keep doing what I’ve always done, and expect annual increases around 6=7% Or, should I come into the current client world and add social media, and morfe than double that?
Not a tough choice from my view. How about yours?