Copyright 2013 by Financial Social Media.
All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without the written permission of the publisher, except in the form of brief excerpts or quotations for the purposes of review.
This publication includes discussions, examples, and graphical representations used to provide accurate and authoritative information in regard to the subject matter covered. Information included in this book that is quoted or derived from the external sources is believed to be accurate, but is not guaranteed by the author or Financial Social Media. The advice and strategies contained in this book may not be suitable for your situation. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The author or Financial Social Media shall not be liable for any loss of profit or any other damages.
Cover and interior design by Katie Malone.
ISBN-13: 978-1479196517
ISBN-10: 1479196517
DEDICATION
For Financial Social Media,
An amazing team without whom this would never have been possible. Thank you for continually pushing the envelope and inspiring me to be the best that I can be.
TABLE OF CONTENTS
PREFACE
All lasting business is built on friendship Alfred A. Montapert
Back in college, there was a coffee shop that I religiously visited called Common Grounds. It wasnt a large or particularly flashy establishment. In fact, the poor ventilation, local elementary school paintings, and cracked brick walls gave it an archaic feel. While it was what some would consider a hole in the wall, I developed an unforgettable relationship with the small venue.
In fact, Ill never forget the first time I set foot into Common Grounds. As a new resident of a large city, I thought what the heck, Ill give it a try. On a crisp Sunday morning, I visited the shop for the first time. Upon opening the creaky door, I was greeted with a genuine smile from the barista. Before proceeding to ask what I wanted, she asked me how my day was goinga simple, yet powerful gesture that sparked a nice conversation about my studies and future plans. Her sincere customer service made a strong first impressioncausing me to come back a second time, and continuously for the subsequent years. Every time I visited the coffee shop, I was addressed by my first name and rarely had to order my beverageas they already knew what I wanted. On many occasions, they even gave me drinks for free. Their humility, care, and ability to listen made me feel like I was more than a customerit made me feel like I was a friend.
That small hole-in-the-wall shop etched its way into my college experience, and I will probably always think of it while recounting old memories. At that time, social media didnt exist, but if it did, Common Grounds could have built an online empire with their old-school, above-and-beyond, relationship-building approach to business.
In todays increasingly robotic, cutthroat business climate, its rare to experience the quality, relationship-oriented customer service that places like Common Grounds perfected. Nowadays when I visit a coffee shop, I receive a quality product, but I feel like somewhat of a means to an end, rather than a valued member of a community. This experience isnt unique to my locationall across the board, quality customer service is frequently lost in the shadow of generating profits.
In the book Enchantment: The Art of Changing Hearts, Minds, and Actions, Guy Kawasaki brilliantly states, When you enchant people, your goal is not to make money or get them to do what you want, but to fill them with great delight. Although social media is new and somewhat intimidating, it offers the quintessential vehicle to re-kindle the old school, tried-and-true business methods that dont simply satisfy your clients, but enchant them. With the right mindset, knowledge, and tools, you, as financial professionals, have the power to etch your way into peoples cherished life memories, like Common Grounds did with me.
In a chronically leaking boat, energy devoted to changing vessels is more productive than energy devoted to patching leaks. Warren Buffett
Communication is weaved into the very fabric of the human code. Whether it is hieroglyphics, instant messaging, sign language, non-verbal gestures, or liking something on Facebookwe all communicate and have a keen desire to be heard. Years ago, I read a book by psychologist Marshall Rosenberg that provided a comprehensive list of human needs, built on the findings of extensive psychological research. According to Rosenberg, the seven umbrella human needs are connection, physical well-being, honesty, play, peace, autonomy, and meaning. Among the seven, connection and meaning were the two largest categories. Furthermore, in Maslows Hierarchy of Needs Study, it is suggested that after the essential needs of survival and security, the greatest human need is to be accepted.
Those two studies single-handedly explain the explosive popularity of social mediaas it satiates our deepest, most primal desire for connection, meaning, and acceptance. When you wipe away the technical jibber jabber, social jargon, and fancy designsall that remains is a new medium for fulfilling the timeless human needs. If you approach it with this perspective, youre already on the path to success.
What is Social Media?
So we know that social media is a big deal, but what exactly is it? For the sake of formality, I will provide a concise, yet encompassing definition of social media. The best, most simple version Ive read is as follows: social media are technologies used to turn communication into interactive dialogue between organizations, communities, and individuals. But Id be selling you short if I left it at that.
Social Media isa level playing field. Nowadays, regardless of your marketing budget or business size, your message has the power to reach more people than you can imagine. With social media, the playing field is levelyour voice is no more powerful or weak than anybody elses.
Social Media iscommunication without borders. At any given moment, millions of people around the world are on social media connecting, doing business, exchanging experiences, making recommendations, and communicating without borders. Fifty years ago, it was challenging to share your message with a handful of people; now you can send it to millions with the simple click of a button.
Social Media isword of mouth on steroids. Instead of rummaging through advertisements, consumer reports and product reviews, prospects and leads log onto Facebook, Twitter, and YouTube to gain perspective on products and services and are seeking the opinions of their peers. Research suggests that as a financial advisor, 100 people will visit your website before they ever set foot in your office. If you are a business with clients, you can bet your marbles that people are talking about you online.
Social Media isthe power of the people. With nearly a billion minds, eyes, and ears on social networks, it is now possible for Joe Smith to bring big corporate conglomerates to their proverbial knees. Last year, a situation occurred when an employee of United Airlines damaged the Taylor guitar of one of their customers. After the incident, the customer confronted the airline service asking to be compensated for the damaged guitar. United failed to address the situation, so the angry customer proceeded to make a YouTube video about how the airline breaks peoples guitars. The video was and still is a viral sensation with over 11,000,000 views. After the video went viral, United of course attempted to compensate the customer in exchange to remove the videobut it was too late. Taylor guitars beat United to the punchproviding the man with several free guitars if he kept the video up (because it promoted their brand).
