Unleashing the power of LinkedIn

LinkedIn is not just a business social network. It’s a great way to create your own brand. When it comes to building credibility and increasing visibility of your value proposition, few tools are as effective as LinkedIn Recommendations, a reputation engine that financial advisors can use to boost their profile, attract clients and differentiate themselves from peers.

Still, it is not being leveraged by the advisor community to its fullest potential. Its usage entails a degree of awkwardness, uncertainty, and the pressure of reciprocity; barriers many admittedly find hard to overcome. The perception that most clients have too many competing priorities to find time for something like this doesn’t help.

Social media gurus say following some basic rules and simple steps can help users breeze through this brand building exercise.

Ask at the right time in the right way, says Mike DeSousa, a Toronto-based Career Mobile Media® specialist, whose expertise lies in combining social media and mobile media to create a personal brand.

“Give before you receive; pre-qualify the person for their readiness to give you a recommendation,” says DeSousa. “This increases your likelihood of getting a positive response. Frame the nature of your recommendation in the manner that your services met their financial goals/objectives and the plan that you created for them.”

Receiving client testimonials is nothing new to financial advisors, but the mode of delivery needs an upgrade. Simon Reilly of Leading Advisor Inc, a BC-based firm that specialises in coaching financial and investment advisors, says clients have far too much on their mind. Advisors must make it easier for the client to create a LinkedIn recommendation or it will likely not happen.

One way to do that, says Reilly, is writing a procedure to give clients who have given testimonials with the instructions to imbed their specific testimonials into a LinkedIn recommendation.

The protocol

It all starts with helping people out without expecting anything in return, says DeSousa. “Wherever possible, offer someone a genuine and sincere LinkedIn Recommendation before you ask them for one,” he says. “Make them feel great about themselves, seek out and focus on the best in them. Make as many emotional deposits as you possibly can.”

Who to ask

How long should you have known someone before you can ask them for a recommendation? DeSousa says it’s not just the length of time but the depth of connection that makes a relationship strong. “[Who I ask] depends on the strength and nature of relationship.”

Reilly agrees. “Given the strength of our client relationships and the testimonials, the recommendations on LinkedIn should be seamless.”

How many are too many

Most advisors use recommendations to either build credibility with their profile or credibility with the business or service they are offering. In such a scenario it’s important to consider how many recommendations are too many. The answer depends on who you ask.

Anyway you slice it, the “correct” number is going to be subjective although most agree it’s the quality of the recommendation that counts the most.

In fact, an excessive number of endorsements can arouse suspicion. Reilly says the recommendations must be sincere and from the heart – not canned.”I don’t believe one can have too many sincere and from-the-heart recommendations,” he says. “One could make it a goal to get a recommendation every two weeks or every month, that way their LinkedIn profile is being updated.”

Anatomy of quality recommendation

It is said that the most valuable recommendation is the one you do not ask for, but that is debatable. DeSousa says the right recommendation is targeted around the recipient’s value proposition.

“Especially in relation to target demographic, specialty value-added services, and personal style,” he says. “It may serve you to put recommendations from senior citizens to target a client base who may be five years away from retirement. Similarly, you may wish for recommendations for your tax expertise, to differentiate you from peers who do not offer this specialization, thus attracting clients seeking this.”

A recommendation request that is personalized and specific to the endorser gets the best results.

“Ask clients to mention specifics such as their access to you during a bear market, or how well you listen to them/their needs, and your ability to create a program based on these,” says DeSousa.

When it comes to length, he takes what he calls an “S3” approach – short (3-5 lines), sweet, and specific (example/proof). What’s implied is that people don’t want to read War and Peace, be brief and pack it full of value.

In most cases, people have no idea what to say and can use some guidance. DeSousa says it’s the requester’s job to help steer the recommender in the right direction.

“Remind them of specific examples that they can provide – some background work that supports your brand – so all they have to do is to put it together.”

Key aspects of a powerful recommendation should cover “your competency, including your dollarized impact, likeability and personality.”

“Like a good article, a good recommendation needs to have a claim; explain it, and prove it with a specific example.” Every word counts, since the average LinkedIn Recommendation is only 3 to 5 lines, he adds.

The don’ts

By its very nature, requesting a LinkedIn recommendation creates the pressure of reciprocity. Experts warn against succumbing to that pressure. They insist people can damage their own reputation if they recommend those whose work they can’t vouch for.

“I have received en masse request (spam) for a recommendation and I barely know who the person is – very tacky!” says Reilly.