Putting together an online strategy to attract the growing number of self-managed super funds is a critical part of any SMSF business plan. Industry research shows a continued trend with self-directed individuals moving towards SMSFs – these individuals have fairly clear direction themselves about investing and saving for retirement. Much of their initial research is undertaken online, through media, forums and progressively with trusted individuals providing regular sources of information (e.g. blogs). Whilst self-directed, these individuals do actively seek out specialist advice, in particular to validate that they are heading in the right direction.
Presenting at the Chartered Accountants SMSF conference, I’m undertaking a specialist workshop going through many of these critical issues for SMSF professionals in building an online strategy.
Key questions in planning your SMSF social media strategy
So what does your online strategy need to consider to attract this new wave of SMSF trustees? I believe there are three key areas in building your online SMSF strategy – these include:
- Laying the foundations
- Development & implementation of the strategy, and
- Performance measurement
In this first of three posts, I will cover some of the important questions to ask yourself in laying the foundations for your SMSF strategy.
Laying the foundations
- Are you actually being ‘social’ before doing social? How well do you understand the power shift to the consumer and your need to listen and engage, not broadcast?
- Have you evaluated your social media landscape? Do you have a sense of the impact of social media on the industry? Do you know how your clients may be using social media? Do you understand where conversations may be taking place about you, your business, your industry? and how should you respond?
- Have you conducted an internal audit of your social media involvement and assessed your ‘readiness to engage’ – what channels are you already using? what are the current levels of engagement? what are the main areas for improvement? and how are you going to benchmark your existing and future progress? A SWOT analysis is recommended to help determine where you may truly be ready!
- How are you going to ‘listen’? being ready is one thing, but how to monitor and respond is equally as important. Think about what conversation you need to monitor, where the conversations are taking place, tools to monitor and what you response policy might look like.
In the next blog post on this topic, I will delve into some of the key development issues, including key objectives and targets, segmentation of your SMSF clients (and prospects), plus action plans for getting there…
As always, I’d be interested to hear any questions or comments around the foundations to building a strategy to attract SMSFs to your business.