What is NPS? 

NPS stands for Net Promoter Score. Simply put, it is a measurement of your company’s customer service and your clients’ loyalty. Your score is an index ranging from -100 to 100 based on survey responses. 

Why does NPS matter? 

For local financial services companies, your unique differentiator is your high-quality customer service. An NPS allows you to easily gauge how you’re performing in this area. With this knowledge, you’re able to know where to make necessary internal improvements. This improves client relationships and it can also help with employee retention.

We’ve seen our clients use their score to help them scale and grow faster, because NPS is also an excellent resource for referrals. It allows you to identify the clients already most likely to refer you. Now, you’re able to trigger a referral request to the right people.  

How often do I distribute my NPS survey?

This will vary by company based on the size of your client base. 

When deciding this, it ultimately comes down to the type of relationships your firm has with clients. For example, a quarterly NPS survey makes sense for companies with stable customer relationships such as advisory firms. This allows you to get a more frequent pulse on your clients’ feelings toward you and your company, and it gives you time to make any necessary changes or address problems in the relationship.

For institutions that engage with customers on a more transactional basis, such as banks and insurance companies, annual surveys work well since customers might go a quarter or two without interacting with you.  

How do I distribute my NPS survey? 

There are several options for this. Hubspot has a specific NPS add-on that is great if you’re already familiar with that platform. There are also programs such as Survey Monkey or even Google Forms that are easy to navigate. 

When you distribute the survey, you want to make sure to include a call-to-action at the end. This is a great opportunity to ask clients, especially if they gave you a score of 9 or 10, to promote your company, share kind words on your social media, or provide a referral.  

What should my NPS survey look like?

Typically, NPS surveys are broken down into two parts: a rating question and an open-ended question. The rating gives you quantitative data to track over time, but the open-ended question provides you with tangible customer feedback. How you word and structure each part depends on your company, but we strongly recommend keeping all questions simple and straightforward.

For the rating portion of your survey, the standard practice follows this format: “On a scale of 0 to 10, how likely are you to recommend our business to a friend or colleague?” For those in financial services, you can make the question more specific to you by replacing “business” with “firm” or “wealth management services.”

You also have the option to ask for a rating regarding individual customer service representatives. Start by asking them to select from a pre-created list of employees or fill in the name of the person they worked with. Then, you can pose a similar question regarding how likely they are to recommend this person to others. 

The open-ended portion simply asks your clients for specific feedback regarding their answer to the rating question. This can be as simple as, “Please explain your rating from above.” This is also a chance to personalize the question to your company or the type of feedback you’re looking for. For example, “How can we improve your experience with our firm?”   

How do I figure my NPS score? 

Your NPS score comes solely from the responses from your rating question. You can determine your score using a simple calculation:

1. Determine the number of detractors (those who gave a rating of 6 or below), the number of passives (those who gave a 7 or 8 rating), and the number of promoters (those who gave a 9 or 10 rating).
2. Determine the percentage of detractors and promoters. 
3. Subtract the percentage of detractors from the percentage of promoters to give you your NPS score.

For example, if you have 10 respondents and 20% of them are detractors and 60% of them are promoters, you would follow this formula: 60%-20%=40%. Take off the percentage, and your company’s NPS is 40. Remember, it’s possible for your NPS to be a negative number, as scores range from -100 to 100.

What do I do with my NPS results?

Once you get the data back and figure your score, you will have a better grasp on what’s going on at the ground level of your company. The results show you how your firm is performing with clients, and you are able to look at the open-ended responses for real feedback. If multiple responses praise your onboarding process, you know to keep that system in place. However, if multiple clients responded that they had difficulty navigating your website, you know it might be time to reevaluate your site’s usability.   

If you format your survey to gather this specific data, you also have the option to look at each customer service representative’s individual NPS. This can be a valuable tool for employee feedback.

How do I know if my NPS is good or bad?

What’s most valuable about your score is that it’s specific to your business and client base. In the financial services world, most of the information out there is comparing big banks or national wealth management firms, which is not necessarily useful information for midsize, local companies.

General NPS guidelines suggest that any score above 0 is “good,” since that means people are more likely to recommend your company than not. Anything above 80 is then considered “world-class.”

You’ll want to look at organizations similar to yours in size and client base to best determine a good benchmark score. Companies such as NICE Satmetrix generate yearly reports that provide insight on a range of markets and industries.

Can I promote my NPS? 

A primary purpose of NPS is to give valuable insight into how your clients feel about your company. However, if your industry allows the sharing of your score, then yes! Share away. Your NPS can be a great addition to marketing collateral. You will want to make sure to provide a brief explanation on what NPS is, since not everyone is familiar with it.

Whether or not it’s included in your promotional material, we suggest sharing your NPS internally, especially if you have a positive score. This boosts employee pride, but it also gives you the opportunity to reach for a higher score. Using existing data, you’re able to set benchmark goals for your company to achieve. 

At Out & About, we help clients navigate how to use NPS and would love to help you do the same!

What kind of methods do you use in your marketing efforts? SEO? Social media? Blogging? There are many different tactics you can use to spread your campaign, but one tool with a clear benefit is email. According to the Harvard Business Review, the average person checks their email 15 times a day! Keep reading to find ways to better use email to reach your prospective and retain your current clients.

Answer Financial Questions Before They’re Asked

Mass email marketing is a perfect platform for sharing answers to trending queries straight to those with the same concerns. Sending a bimonthly newsletter with the latest tips and related blog posts is great outreach that is relevant to your audience. By sharing these contributions, you will be seen as a reliable source of quality information, which can help develop leads and clients. 

Automate Your Emails to Confirm and Remind

One of the secret powers of email marketing is automation. Using workflows, certain actions can automatically trigger prewritten emails to be sent out. One easy example is an email confirming a subscription to a newsletter or service. According to WordStream, 74% of consumers expect a welcome email as soon as they subscribe to anything. Workflow triggers can range from signing up for a mailing list to clicking on a downloadable form, scheduling a meeting with a staff member, and more.

Cue Internal Actions Using Workflows

Prewritten emails are not the only thing that can be achieved through email workflows. Workflows can also trigger internal action, such as sending a notification for a financial advisor to call a potential client who is interested in more information or reminding them to check in on a client on retainer. 

Use Segmentation to Focus on Specific Audiences

It’s important to remember that the person on the other side of the screen is still a human, and craves curated, relevant content. One way of accomplishing this is by segmenting your audience into subgroups. Examples of subgroups can include geographic location, professional industry, age, annual income, and interests—all information that can be gathered with a simple form during signup. If a new tax law is introduced in California, use your segmenting abilities to target California residents and direct them to a tax advisor in their area. This appeals to Californians without being irrelevant to those living in other states. 

Foster Relationships with Valued Connections

Automation doesn’t mean your outreach becomes more impersonal. In fact, automation creates opportunities for customization and personality. Consider sending out birthday emails to clients. This is a great way to make a person feel seen and connected to your company. While this is a simple way to incorporate data, the sky's the limit! Remove people from your lists (or add them to new ones) as their interests evolve and they change age brackets. For example, parents aren’t saving for college after their children graduate, but they might be interested in saving for retirement instead. 

Do You Need More Convincing? 

Clearly, email marketing is a valuable tool for current and prospective clients. Here are even more reasons why you should revamp your marketing strategy to capitalize on email marketing:

• Email marketing meets your audience where they are.
• Email is the most accepted way to communicate with your target audience.
• Email is a great vessel for inbound marketing tactics.
• Email marketing is a great way to collect usable data.

Ready to Take the Plunge?

Email marketing is a valuable tool to reach your target audience, and luckily, there are resources available to get started. Three tools to begin crafting your emails and workflows are HubSpot, MailChimp, and Constant Contact. Offered at various price points with different available features, one of these is bound to fit your company’s needs. Don’t forget to check out our other blog posts on building your email lists and creating newsletter templates.

How do your prospective clients learn how new tax policies affect them? What about the different ways you can help them save and invest? Likely, they get this information from online content created by industry experts, which is where you come in.

As a financial services business, here are four reasons you might be interested in creating custom content for your brand:

• Custom content helps foster organic growth.
• Creating resources increases SEO and leads.
• Quality content improves brand perception.
• Content demonstrates available services to those needing guidance.

Custom content helps foster organic growth

The end goal of creating content should always reflect back on your business goals. When recruiting reliable clients, content creation will help you build trust and respect. According to Demand Metric, content marketing generates over three times as many leads as outbound marketing. While it’s always good to have a diverse amount of marketing methods, custom content creation should always be one of them. 

Creating resources increases SEO and leads

Everyone wants to be at the top of the search engine algorithms. When your company provides free, valuable resources such as a blog post on updated tax benefits, it boosts your rankings. This means potential clients looking for information can find you. After benefiting from your free help, they will be more likely to invest in your services.

Quality content improves brand perception

When online content creation serves your potential clients, they are more likely to view you as a guiding resource, not an aloof corporation. Furthermore, demonstrating your skills and ability in the financial services field is a great way to set yourself apart as an industry leader and expert in your specialization. 

Content demonstrates available services to those needing guidance

After a life-changing financial event, potential clients may be confused as to which options are available to them. By writing social media and blog posts, you demonstrate what you are capable of in an approachable manner. Custom content creation can serve as your menu of advice and reassurance. 

Excited to get started?

Here are some great resources to learn more about creating your own custom content. If you’re worried about legalities surrounding the financial services industry, this will help you stay creative while following strict compliance regulations.

Learning the ins and outs of intellectual property (such as copyright and trademark) is an empowering step in business. While it initially might seem overwhelming, this knowledge will allow you to grow and scale your business with confidence and peace of mind.

What Exactly is Intellectual Property?

As defined by the World Intellectual Property Organization, intellectual property (IP) is creations of the mind protected by law. This ranges from literary and artistic works to designs, names, and symbols used in commerce. IP laws refer to national and international laws in place to protect and enforce the rights of creators and their IP.

What are the Benefits of Knowing About Intellectual Property?

Preserve brand recognition

Trademarking prevents confusion for current and potential customers. You want to make sure your logos, layouts, color schemes, and everything else that makes your brand unique are protected. With this protection, you’re able to stand out from possible replicators and make sure your message remains original to you and your firm.

Prevent SEO damage

Unfortunately, in our digital world, people commit what’s called “cybersquatting.” This is where they buy a domain name with your trademark in order to ransom it back or divert your customers. This can damage your SEO ranking and lose prospects. Knowing how to protect and defend your IP is the best way to ward off cybersquatters.

Know the difference between infraction and fair use

Understanding IP rules allows you to push your creative limits. You can let yourself be influenced by others, while being aware of what is an infraction and what is fair use. For example, facts are not able to be trademarked, but many design elements are.

What are You Doing to Protect Your Intellectual Property? 

Understanding how to protect your IP is not something small and mid-sized firms can afford to ignore. You want to be sure you are protecting your original innovations while not infringing on someone else’s. Consider doing trademark searches to ensure you are not violating an established trademark. You also need to register and enforce the protection of your intellectual property to benefit yourself, your business, and your customers.

Where to Get Started?

Luckily, there are several resources available to break down and explain IP, such as a free certification from HubSpot Academy for those with a HubSpot membership. Through the 25-minute training, Intellectual Property Training for the Solutions Partner Program, users can learn IP foundations, strategies for compliance, and additional resources for use in their own marketing and sales strategy. As a HubSpot Certified Partner, we are more than happy to support clients in setting up their Hubspot membership to get started. 

Learning intellectual property is just one component of digital marketing. Just as you want to keep up-to-date about changes to IP laws, you also need to keep an eye on emerging digital marketing trends. Find out more here.

Big names in the insurance industry come with big budgets. In 2019, Geico and State Farm spent $1.62 billion and $1.02 billion, respectively, on advertisements alone.

How can local insurance companies compete?

The secret: social media campaigns.

By leveraging the power of social media, mid-sized insurance companies can increase brand awareness and generate quality leads. Here are three campaigns to consider implementing:

Testimonials. These are more than just kind words from a satisfied client. Testimonials are social proof of your company’s success and credibility. This is a great way to reach prospects without a sales pitch. Let the unbiased voice of your existing clients tell your audience they need life insurance and do the “selling” for you. 

You might include your most recent Net Promoter Score or pulling existing testimonials from your social media, website, or Google My Business page.  

When running a testimonial campaign, here are best practices to follow:

• Prioritize the visual element of social media. Spend time and/or resources creating a quality graphic for your post that aligns with your brand. Here are some templates to consider for inspiration.
• Don’t feel as if you need to include the entire testimonial, especially if it’s lengthy. Choose the most impactful sentence(s) highlighting what’s unique about the services you offer—like your stellar customer service or wide variety of coverage.

Testimonials do more than provide high-quality content for social media; they can also be used in marketing collateral such as brochures, blog posts, and white pages.

Promote company culture. What differentiates mid-sized agencies from the big guys is the personalized care your team provides. Highlighting your company’s culture demonstrates an authenticity the big guys with hundreds of employees don't have. 

By company culture, we mean a composition of your mission, goals, and values combined with the overall tone of your office. What is it like working with you? Strictly professional? Warm and inviting? You get to decide and communicate that to your audience.  

Here are a few content ideas to consider:

• Share photos of your whole team or highlighting individual team members. 
• Leverage employee-generated content by having them post to their own social media, such as LinkedIn.
• Give a “behind-the-scenes” look to followers, such as office celebrations or team-building activities—fun posts that provide prospects with a humanizing view of your company.

Use paid ads for your target market. Large insurance companies like Geico and State Farm pay for expensive TV spots and keyword ranking, but your advertising budget is better spent on targeted social media ads. This should be done in addition to organic (or non-paid) posting. Unfortunately, several third-party studies found the algorithms on platforms like Facebook and Instagram no longer prioritize organic content like they used to. This makes paid ads necessary to stay top-of-mind.

To create quality lead funnels, you want your advertisement to be seen not necessarily by a ton of people, but by the right people. Social media platforms allow you to set specific parameters for your ad, such demographics and interests. When creating your paid ad, here a few key details to remember: 

• Make sure your ad is visually enticing to your target market. You want to “stop the scroll.” For example, an engaging infographic comparing your company’s insurance rate to a competitor gets your audience’s attention while providing valuable information.
• Be clear about what you are offering (services, a consultation, webinar, free download, etc.).
• Include a strong call-to-action (“Learn more” or “Contact us”). 

Once you determine the best campaign for your company, it’s time to start leveraging social media to extend your marketing reach (without spending a billion dollars). 

For more tips on balancing social media marketing with compliance concerns, check out this helpful post.   

We are looking for a digital maven to join the Out & About team as the Digital Marketing Assistant. This part-time position will include day-to-day administrative duties, PR research and outreach, scheduling content, updating design files and projects as assigned. To apply, please submit your resume, cover letter and portfolio to hello@outandaboutcomm.com.

Primary Responsibilities:

• The idea of working with a creative team — virtually — sounds like an amazing experience to partner and learn from others who love their craft.
• No task is too big or too small. You take initiative to learn new tools and solve problems.
• If handed content and assets, you could go to town creating web pages, blog posts, and email layouts in HubSpot, WordPress, MailChimp or similar tools. 
• You know enough about Illustrator, InDesign, and Photoshop to be dangerous. You can navigate your way around design files to edit and update them. If you have a question, you know Google knows the answer.
• You are passionate about social media. You utilize scheduling tools like CoSchedule, HubSpot and more. When you schedule social posts, you have a keen eye for detail to ensure that there aren’t errors, typos and that the post is timely. You love seeing each post go out and for it to be as optimized as possible.
• If given a task to research the nitty gritty for PR contacts, to uncover award opportunities, or dig into the details -- you dive in. You understand the importance of reliable research, and how it helps to inform decision making.
• You love reaching out to the media and following up to PR opportunities. You keep a clean inbox. Your response time is wicked fast.
• You are inspired by workflow challenges to better enhance the end product. You geek out about automation and integrations. The unknown is welcomed. You are always up to take the initiative and learn something new. 
• You can work well under pressure. You get a task that needs an edit to polish it off, and you say “I got it!”
• Bottom line, you’re up for jumping in to learn and get your hands dirty on projects big and small. 

Educational Level:

• Bachelor’s degree or equivalent experience, preferably in graphic design, marketing or journalism.

Related Experience:

• 1+ years of hands-on experience with tactical marketing projects from development to execution.

General/Special Knowledge and Skills

• Ability to work quickly and efficiently under pressure with strong communication skills.
• High attention to detail when making edits and reviewing documents.
• A self-starter who has a genuine passion for marketing, excellent judgment, and an efficient work ethic.
• Basic understanding of Adobe Creative Suite, social media, scheduling tools, WordPress blog, HubSpot marketing tools, and email marketing tools.
• Fluency in Google Docs and Dropbox.

We talk a lot about women in business, and the slow but steady increase of women in business. But what about women specifically in the financial services industry?

According to data from the CFP® Board, only 23% of the nearly 90,000 CERTIFIED FINANCIAL PLANNER™ professionals are women. In other areas of the industry, we see a higher representation of female employees. For example, according to a report by McKinsey & Company, women hold over half of the entry-level insurance jobs in the U.S.

Unfortunately, regardless of the area within financial services, there is a common place women are missing: at the top. A study by Deloitte Center for Financial Services looked at the financial services industry as a whole (banks, insurance, payroll, wealth management, etc.) and found while women make up more than 50% of the overall workforce, they hold only 21% of leadership roles.

The reasons for this discrepancy vary. A 2014 report on behalf of the CFP® Board’s Women’s Initiative (WIN) examined why women might be lacking in the industry. The author of the report, Eleanor Blayney, CFP®, found women have a general lack of awareness of financial planning. Her research also showed that when it specifically comes to becoming a CFP®, many women have misperceptions about the profession and certification process. This coincides with her findings that there is still gender discrimination and bias within the financial services industry, which likely results in women feeling unwelcomed or unsupported.

These barriers present a real opportunity to continue to increase the representation of women in financial services. In the industry, women not only have the chance to create success for themselves, but they are then able to guide other women along the way. This can be in the form of mentorship or a professional relationship, such as advisor/client.

Not surprisingly, the female market is filled with untapped potential. A study done by Boston Consulting Group found 73% of women are unsatisfied with their financial services providers and 71% are unsatisfied with services they receive from investment, insurance, and credit card providers. That means females in the industry have the opportunity to provide quality care and services. As a result, the more positive experiences women have in financial services will likely lead to an increase in the number of women who seek careers in the field.

At Out & About, one way we contribute to the diversifying of the industry is through the stories we share on our On Purpose spotlight series:

• Danielle Chuckran shares her innovative approach to the disconnect between sales and marketing in wealth management. Learn more about Danielle and her approach here.
• Marianela Collado, CEO and senior wealth advisor at Tobias Financial Advisors, started keeping her personal books and buying stocks at 15 after watching her parents struggle financially. Learn more about her story here.
• Sheena Gray works to train industry leaders to equip them with the tools to create an inclusive work environment. Learn more about how she does this here.
• Meredith Benton, founder and principal of Whistle Stop Capital, believes firm transparency is key to diversifying the financial services industry. Learn more about how her own company does this here.

If you’re interested in reading about more amazing women in the financial services industry, check out our On Purpose series here.

Cameo Roberson, founder of Atlas Park Consulting, helps financial advisors and independent advisory firms build a way of doing business before “fly-by-the-seat-of-your-pants” becomes the norm! After two decades in the client service trenches of advisory firms, she launched Atlas Park in 2018. Since then, she’s assisted in the development of over 1,000 workflows/processes across 30+ US-based fee-only and fee-based advisory firms. Cameo helps her clients create simplicity + process to grow revenue using a five-step roadmap that shows how to get everything done by having systems in place. Cameo is an editorial contributor for US News & World Report, Financial Advisor section, member of the FPA Silicon Valley, and Northern CA regional delegate for Females & Finance (F&F).

To learn more about our On Purpose guest, please visit Cameo's LinkedIn page.

What is one practical thing a company can do to market to a broader audience?

Find a niche group you want to work with. I know it sounds counterintuitive, but when you try to reach everyone, you appeal to no one. By targeting your ideal clients, your voice becomes louder, and you can cut through the noise. We're all bombarded with messaging. Too much of it and we shut down. If you can pinpoint your solutions to an ideal group, others will hear your message, too. This can position you for more business!

How is your company positioning itself for success long term?

Strategic, intentional networking. No one is successful in isolation. I am building relationships with service providers who also serve my ideal clients. I know what I'm good at and want to be a solid resource for my clients. By building relationships with professionals who my clients will need, I position Atlas Park as a strategic collaborator.

How does your company envision the future of the market you serve?

Consumers will continue to seek out qualified financial advisors for direction and the demand for these professionals will increase. It's a great time to build a business that can meet the demand, given professionals’ growth goals. Aspiring financial planners will have good job prospects in the coming years. One key area I see as an opportunity for growth is advisory firms taking the time to well-define, execute, and improve their business operations. No longer are firms tied to geographic location to work with clients. The sky’s the limit for firms that acknowledge and then build the right infrastructure to expand their reach.

If you enjoyed this spotlight, please share this post and follow the links below.

Website: atlasparkco.com/

LinkedIn: linkedin.com/in/cameoroberson

Twitter: @atlasparkco

Facebook Page: @atlasparkco

Instagram: @atlasparkco

On Purpose: Growth Trajectory Strategies from FinServ Leadership

The goal of the On Purpose series is to elevate leadership insight from the financial service industry's best and brightest. We do this by showcasing changing trends in mentorship, business strategies, marketing, and company culture. Stay up on these trends in finserv by signing up here: 

MARKETING DIRECTOR

Out & About Communications is an integrative marketing and communications firm based in San Diego, CA. We are seeking a strategy-focused and team- aligned individual to join as our marketing director. This part-time position will consist of client communications, digital marketing oversight, working across creative departments, and other responsibilities as assigned. 

Does This Sound Like You?

• You know the finserv space and can see opportunities as clients share their story and business goals. It’s an exciting challenge to put together their big picture game plan and recommendations to strategically set them up for success.
• You know enough about the traditional creative world of design, content, and inbound marketing, plus demand generation and funnels, to level up against the competition and make integrative recommendations. 
• Partnering with the team to develop research, target market profiles, make recommendations, and help shape outcomes based on your finserv knowledge is energizing for you. 
• You love complex projects that have never been done before. You can put together outlines and templates to help ensure the team is set up for success.
• It’s a rewarding challenge to present strategic recommendations and the why behind those recommendations. You are comfortable pulling from your finserv industry knowledge to push and pull on the why behind the suggestions. 
• You trust the team. You lean in on these experts to help arm you with knowledge. You lean back with your own industry knowledge and ability to poke holes to tighten processes. 
• You love working with a team that is truly passionate about its work. You trust your team. You know team members hold themselves accountable to the highest standard, just as you do.
• You look and think 10 steps ahead. You think of and see challenges before others do. 
• You are jazzed about working for a small company where your input matters. You will have a direct impact on the success of the company and the clients you serve. 
• You truly love digital marketing. You see the power of the work and understand the ins and outs of the tactics, but also love plugging into the 10,000-foot view. 
• You aren’t persuaded by strong personalities. You can combat a challenge with confidence and pick your battles to really ensure the best outcome for all. Taking risks is part of your DNA.
  
  

Educational Level

• Bachelor’s degree or equivalent experience, preferably in marketing, business administration, or communications.

Related Experience

• 5+ years of financial services expertise and experience
• 3+ years of experience developing strategic recommendations for inbound marketing campaigns
• Self-starter who has excellent judgment and efficient work ethic
• Strong organizational and communication skills
• High attention to detail when making edits and reviewing documents
• Experience working with diverse clients

General/Special Knowledge and Skills

• Experience holding brands compliant across digital, content, and visual platforms
• Knowledge about UX/UI and data tools: Google Analytics, Google Keywords, Google Data Studio, A/B testing, heatmaps and more—to make informed decisions
• Experience working with the C-Suite and senior leadership
• Knowledge of Adobe Creative Suite, WordPress, and HTML, and email marketing tools. Fluency in Google Docs and project management tools required. Asana experience is a plus.

Please submit your cover letter and resume to hello@outandaboutcomm.com.

Many have referred to Clubhouse—the strictly audio-based social media platform—as a “voice in the void.” Launched in April 2020 during the beginning of the pandemic, the “invite-only” app provided a sense of connection and conversation when many were isolated.  

In a post by co-founders Paul Davison and Rohand Seth, they explained, “Our goal was to build a social experience that felt more human—where instead of posting, you could gather with other people and talk.”

What exactly is Clubhouse?

The platform consists of various chat rooms (public or private) where users can talk and listen to each other in real time. Users are able to leave and join rooms whenever they want, but they also have the option to schedule and host their own rooms to start conversations.

There’s also an option for users to “raise their hand” and add to the conversation when invited to do so by the host. This app is made for “in the moment” networking and collaboration because the conversations are not recorded. Once it’s over, it’s over.

For more private discussions, there is the option to create “clubs.” These are private rooms created around a specific interest or need that allow users to become members or followers. Only those in the club can listen or participate in conversations.

Why should I use Clubhouse?

This is the million dollar question. In a world filled with different social media platforms, what makes this one worth the time and effort of working it into your marketing strategy? There are some notable benefits.

• Networking. The platform was developed to focus on thought leadership and networking. Successful business leaders—Tesla CEO Elon Musk, Shark Tank star Daymond John, and entrepreneur Rebecca Minkoff, to name a few—are constantly hosting rooms and sharing their experiences. In fact, many rooms exist solely for networking, depending on your industry. Joining in these conversations provides you with the opportunity to build and share knowledge while expanding your professional network. 
• Connecting through education. Clubhouse has created a space for financial service businesses to connect with potential clients in a way that didn’t exist before, even prior to COVID-19. Unlike a typical webinar, the platform creates an environment where potential clients can be included in the conversation. Opening up this dialogue allows firms to establish their credibility as experts in their fields. 
• Raising brand awareness and engagement. This is a unique way to establish and humanize yourself or your firm. Since you’re connecting through voice instead of text, it makes your business more personable.

How should I use Clubhouse?

Once you’ve secured an invite and joined the platform, it’s time to start seeing how you can use Clubhouse for your finserv company. Here are a few ways to get started: 

• Create a profile that attracts your target market. Right now, Clubhouse requires users to register with real names, not company names. Your username, however, can be a reflection of your company’s name. You’ll want to create a profile around a brand leader, which might be yourself as an advisor or even the founder of your firm. In your profile, be sure to include keywords your target audience might type into the search engine on the app, and make it very clear who you are and what you provide. 

• Join conversations. Follow industry leaders and join in when they host rooms. This is a great way to expand your knowledge base and start networking.  

• Host rooms. The only way to build a following on the platform is by hosting chats. Choose specific topics that reflect your firm’s area of expertise. You might host a room focused on cryptoassests and their pros and cons. Or you could host a chat about insurance options for small businesses. Whatever you decide, feel free to promote your chats on your social media ahead of time.  
• Start clubs. Currently, the rules are that you must host at least three chats before starting a club. There are a couple of ways to use clubs once you are able to create them. It may be beneficial to start a club geared toward your target market. For example, the club “Faith and Finance” has over 1,000 followers. It is a club specifically for Christians “looking to grow and be good financial stewards over God’s resources.”

How do I join Clubhouse?

Originally, the app was only marketed to public figures such as influencers, Silicon Valley investors, and thought leaders in various industries, but it has since been opened up to a more general audience. In December 2020, there were only 600,000 active users, but now there are over 10 million. 

To join, you still need to be invited by a current Clubhouse member and be an iPhone user. Without an invitation, you can download the app and reserve a username, but you can’t join rooms until an existing user invites you. Once you’re on the platform, you will have two invites to send out for others to join.

Interested in more tips on using social media for your finserv business? Click here.