Professionals / SMSF / SMSF Strategy / Social Media

Building your SMSF social media strategy (Part 2 – Strategy & Implementation)


In Part 1 of building your SMSF social media strategy, we discussed the importance of laying the foundations.  Having identified where your clients are having conversations online, where and how your business or industry is discussed online, it is now time to develop and implement your social media strategy to build engagement with SMSF trustees.

Key questions in planning your SMSF social media strategy

To recap, I believe there are three key areas in building your online SMSF strategy to attract and further engage with SMSF trustees – these include:

  1. Laying the foundations
  2. Development & implementation of the strategy, and
  3. Performance measurement

Development & Implementation

It is important when developing your social media strategy that you focus on creating an “outside-in” approach, led by the client or potential trustee.   In putting together your online strategy to attract SMSFs, you could consider the use of a simplified balanced scorecard approach.  This approach will ensure that your actions and initiatives are aligned and supporting your agreed business goals; that key performance indicators have been agreed to for monitoring and evaluating ongoing social media performance, business impact and return on investment; and that key success factors are considered, in particular with respect to resourcing (time and people) to allow for successful implementation.

In taking on this approach, you should ask yourself:

  1. How does social media fit into the overall vision of your business?
  2. What channels should we be involved in? how many channels? and what depth of engagement in each channel?
  3. What are the objectives and targets to be achieved from social media?  Are these full aligned and supportive of the overall goals and objectives of the business?
  4. Who are your clients and target clients? Where are they ‘hanging-out’ on social media? how can you best engage with them?
  5. What are the main actions and initiatives to be taken? what goals need to be set for the short, medium and long-term?
  6. For each priority social media channel, what are the core objectives for that channel? what KPIs will be used to measure ongoing performance? and what key tasks need to be done to achieve these targets?

Ensuring that you have the right culture and mindset for social media in your business is paramount – it is important to be social before doing social!  Determine responsibility for the social media activities, allocation of resources and have a social media ‘champion’.  Finally, make sure you have appropriate policies and guidelines covering proper use – a critical area within the financial services industry around the provision of ‘advice’.  The policy should also think about response times and content management.

The work undertaken in laying the foundations will help significantly in developing and implementing your social media strategy to attract SMSFs.  In part 3, we will explore the performance measurement issues in helping you to monitor, review, and refine your ongoing SMSF online strategy.

I’d be interested in your thoughts and comments about the development and implementation of your social media strategy to manage and attract SMSFs.

Part 1 – Laying the Foundations




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