Why Private Bankers are Missing a Trick on LinkedIn

If you are looking for smart ways to build your #privatebanking business, the platform you should focus on is LinkedIn.

From Fortune 500 companies to professionals, decision-makers, and senior influencers, the platform has huge amounts to offer private bankers. Yet, according to a recent banking study, 83 percent of private bankers are not using LinkedIn as a marketing tool regularly. With more than 610 million members and 303 million monthly active users, it comes as no surprise that 46 percent of business website traffic comes from LinkedIn. Moreover, the average annual take-home of 44 percent of LinkedIn users is $75,000, which is way above the U.S. national median. So, enough facts. Here are some ways we assist our private banking clients and you yourself can leverage LinkedIn for promoting your business:

Four smart ways to use LinkedIn to boost your private banking business

Write a powerful profile:

Users are looking for products and services that stand out. A powerful summary of what you offer doubles as your 24×7 personal brand. Leverage the 2,000-character or 500 words limit to tell a compelling story of what makes your bank unique. Interviewing your top clients and asking them about the value-adds your bank provides and why they chose you as their banker are ways to strengthen your summary. (We actually offer a done-for-you profile optimisation service or teach yourself on one of our webinars at The Link Tank)

Join professional groups:

Most bankers mistakenly think LinkedIn is only a recruiting tool. However, there are more than two million professional groups on LinkedIn and joining strategic groups can help you generate leads and win opportunities. Joining a LinkedIn banking group also is a smart way to stay updated on current trends in banking.

Share meaningful content:

LinkedIn study found that information that affluent consumers were looking for related to new product information, company updates, account changes, and relevant content. By sharing relevant content regularly, private bankers can position themselves as a trusted source of financial information. With this, you would be the first person influencers and users contact when they are ready to engage.

Turn active LinkedIn user employees into brand ambassors for your bank:

Ideally, every employee of a bank should be a booster out there in the market for the brand. In days gone by this role relied on word of mouth — representing the institution at local events, for example, or serving on committees and boards, and simply being a walking, breathing billboard.

Some institutions help employees to become brand ambassadors through institution-developed efforts. In the past few years LinkedIn has introduced LinkedIn Elevate. This is a platform within LinkedIn that enables an employer like a bank to provide a “library” of approved content that employee brand ambassadors can share with their followers with the confidence that the material is approved by their institution. This can save embarrassment and also encourage employees to be active with LinkedIn shares.

Make sense? While many marketing experts want to know how banks can use LinkedIn, the secret is usually getting individual bankers involved. It is important to create and maintain an active company page and post articles or share from your blog, but individual banker participation is where you will make connections, create leads, and drive sales.

Need help getting your digital financial marketing started? For bespoke social media marketing advice to take full advantage of the opportunities available to you via #LinkedIn, schedule an initial phone consultation here.

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