Forbes conducted a social media usage survey within the financial planning industry in 2017 and found that 85 percent of advisers use social media to grow their business and connect with prospects. Of this percentage, the majority said that using digital media shortened the buying cycle.
Like its counterparts in the digital realm, social media stands as a strong arm of the inbound marketing umbrella. However, much of it is still misunderstood, largely due to the variety of platforms and their general target markets. Depending on your particular niche, you may do much better on Facebook than Twitter, or perhaps even Pinterest or Reddit.
Here is a quick check-up guide to help you determine where you should be on social media, what times you should post based on that platform, and, as a bonus, some tools to help you manage your social media presence.
Before You Pick a Platform
We’re really big on niche marketing at the CWA Network, so much so that our founder John Enright did a full personality test to best determine what profession he should seek clients within—so that’s exactly what I suggest you do for your business over all—know your demographic inside and out. Unless you have a foundation set in your business plan (your ideal client profile, mission statement, etc.) then it doesn’t matter where you post your content if it isn’t geared towards the right people. This seems like a no-brainer, but you’d be surprised how many advisers don’t “niche themselves” and cast an incredibly broad net.
Is Facebook for Me?
If your business plan is heavier on the 401k/retirement side of things, Facebook is your goldmine. Aging boomers spend a decent chunk of time on Facebook. The best part of Facebook advertising (should you go the paid route) is that it’s much cheaper than advertising on Google Ads. The amount of targeting options available is incredible. For example, you could set up an advertisement that targets 45 to 65-year-olds who live within 30 miles of your office and have interests that are directly related to retirement.
Best times to post on Facebook: Saturdays and Sundays around 9 a.m., 1 p.m. and 3 p.m., times that all have higher engagement according to a study done by CoSchedule.
Is Twitter for Me?
One of the best strategies for advisers on Twitter is simply to curate content. Sure, you could engage with potential clients (and profiles they may follow), but Twitter is a fickle and fast beast. If you don’t have the time of day to actively engage in ongoing conversation, the content curation route may be best for you. Of course, feel free to post your own content but gathering up articles and links of interest to your demographic is a solid strategy.
Best times to post on Twitter: Wednesdays at noon, but this could vary depending on your niche.
Is Pinterest for Me?
If your demographic is over 80 percent women, then you’ll want to spend some time on Pinterest. Creating content that is geared specifically towards personal finance and budgeting will go a long way. Just be careful to utilize a keyword strategy so that your content doesn’t fall into the incredibly broad “penny pinching” and “thrifty” categories.
Best times to post on Pinterest: Pinterest varies wildly from its counterparts because it’s an image-based platform like Instagram. However, there is a consensus that “pinning” is usually done on Saturdays between 8 and 11 p.m., but 2 a.m. and 4 p.m. any day is also considered fine. Avoid work hours.
Is LinkedIn for Me?
If your client profile has a heavy professional element to it (and it most likely will), targeting business pages where they hang out is a good strategy to have. Creating a Company Showcase page for your practice is the first step as a passive and constant place to show your content, but actively seeking out groups related to your demographic is highly recommended.
Best times to post on LinkedIn: Midweek (Tuesday through Thursday) from 5 to 6 p.m.
Is Google+ for Me?
It’s very unlikely that you’ll find your traffic on Google+ because it’s viewed as one of the less active (community-wise) platforms. CoSchedule found that 90 percent of users on Google+ are lurkers and won’t interact with your page. However, from a SEO perspective (see my last Practice Management Blog post), having a Google+ local business page is incredibly important. Firstly, it helps validate that you are, in fact, a real business. But it also will help prospects find you on the map, contact you easily from their mobile devices and give you that very important validation that being on a Google listing brings.
Is YouTube for Me?
We believe that advisers need to first educate their clients and not worry so much about selling to them. Our job is to help them buy. That said, if you fancy yourself in front of the camera and want a more personal face-time approach to finding and interacting with your clients and prospects, then having regular content uploaded to YouTube is a great idea. Bonus; Like Google+, having a YouTube channel helps with SEO.
Best times to upload a new video: This one is up to you, depending on the content you’re sharing. If it’s more educational in tone, uploading on Mondays generally gets better viewership. If you’re trying to get a call to action completed, try for Thursdays. Industry tip: the same rule applies for sending out emails to your list.
Tools You Can Use
Content scheduling tools can help free up your time to do your client work and analytics tools can help you find out if your efforts are worthwhile. Here are a few:
Content scheduling and engagement
An Important Note on Compliance
You know there are rules for traditional marketing. Rules also apply to digital marketing ventures. If you need to know more, make sure to review what FINRA and the SEC says, or check in with your compliance officer before any design or piece of content goes to the cutting room floor.