In digital marketing, you are better off being one step ahead than one step behind. For advisors, Instagram is that one step ahead right now. We’ve gotten increasingly more questions from financial advisors about it recently and thought it would help to address them in this article.
- Isn’t Instagram mostly for the younger generations?
The trend is that every year Instagram is becoming more and more relevant to financial advisors. Every year, the network is gaining more users that fit an advisors’ ideal client profile. In Sprout Social’s latest study, 47% of 30- to 49-year-olds use Instagram, along with 23% of 50- to 64-year-olds, and 8% of those over 65.
So even if your best clients of today aren’t using it, your best clients of tomorrow certainly are.
- What should a financial advisor post on Instagram?
Whether it’s static images, carousel images or videos, it’s all about the visuals, not the text. Some of the best content right now is educational videos straight from your home or office. They’re personal and let people get to know you and your ideas.
You’ll also want plenty of image-based posts as well. These range from pictures of your office pet to branded images with financial advice to highly polished carousels offering mini-lessons on a certain topic. The best place to get some inspiration is by following other advisors and by checking out the Oechsli Instagram page.
- What should I post in my feed versus my Stories?
While there are no set rules for this, think of Stories and posts as two separate styles.
Posts are more permanent as they live in your profile after being posted. They should be well-designed, thoughtful and represent your brand. Looking at your profile (and these posts) is often how people decide whether or not to follow your page. Plan for two or three quality posts per week.
Stories, on the other hand, last only 24 hours and are better for off-the-cuff videos, behind-the-scenes shots or even things happening in your personal life. They’re built for engaging your existing audience, not necessarily for finding new followers. Show up in Stories as often as possible (even daily). It’s a great place to spark conversation.
- Does everything happen through my personal account?
Ideally, your business would have an Instagram account. Per Hootsuite, “If you already have a personal Instagram account with brand-appropriate content and an established following, you might want to simply convert it to an Instagram business account. This gives you access to all the business features but makes the transition seamless for your existing followers. You could also choose to create a brand-new Instagram business account if you don’t have an existing personal account or if your personal account does not accurately represent your business.”
- How does advertising work on Instagram?
Advertising on Instagram all runs through Facebook. All you’ll need to do is connect your accounts, run your ads through Facebook and enable them to be delivered on Instagram as well. Thankfully, there are companies that can do this for you and Facebook has a great knowledge library if you choose to do it yourself.
The power is in the targeting. You could choose a warm audience of those who’ve visited your website recently, those who are on your email list or those who’ve watched some of your recent video content. Or you could choose a cold audience of “lookalikes” (those who resemble your clients), those who fit the demographics you seek (age, occupation, etc.) or one of hundreds of other narrowing criteria that Facebook/Instagram provides.
As I mentioned previously, get to the Instagram party early. You may be surprised how many of your clients (and their friends) you’ll find there. We have some deep dives to come on Instagram, from advertising to carousels to Stories ideas. Stay tuned!
Stephen Boswell is a partner with The Oechsli Institute, a firm that specializes in research and training for the financial services industry. @StephenBoswell www.oechsli.com
