Social networks – Putting your business on the social media map

Social media platforms are popular. In Canada alone, 85% of people spend an average of 1 hour and 46 minutes a day on social media. That means that over 32 million people are on social media, including your current and prospective customers.

Much like you, they tap into their social media platforms to stay in touch with their families and friends. But they also use it to promote themselves professionally, to get information, and to stay connected with different companies.

You too should use these platforms to promote your products and services.

Why use social media platforms to develop your business?

Here are some interesting numbers:

• 71% of consumers who have had a positive experience with a brand on social media are more likely to refer them to friends or family members.
• In 2020, 44.8% of internet users turned to social media to find information about a brand.
• 78% of people who promote their products and services on social media will sell more than their competitors who don't.

Social media is therefore a powerful tool to develop your presence on the Web at a lower cost.

But, you’ll need to spend time to attract and retain your customer base.

Which platform should you choose for your business?

There are many social media platforms out there and each has a specific purpose.

LinkedIn and Facebook are a must for your business.

LinkedIn

LinkedIn is perfect to develop your professional network and exchange with experts in other fields.

It brings together a community of business people who are likely to develop an interest in your products and services, including investment products.

Here is their typical profile in 2020¹:

• 400 million internet users have a LinkedIn profile and 100 million of them log in at least once a month.
• 26% of men and 25% of women who use the internet have LinkedIn accounts.
• 45% of people who earn at least $75,000 a year are on LinkedIn.

You can use LinkedIn to showcase your skills and accomplishments, foster discussions on topics of interest, or publish news or articles and invite people to like, share and comment.

Facebook

1.6 billion people worldwide use Facebook at least once a month. 77% among them are women and 66% are men.

How old are Facebook users? Between ages 18 and 49. Interesting note: Generation Xers spend an average of 7 hours a week on Facebook.

To tap into this customer base, create a Facebook business page. Keep your personal and professional accounts separate. You should only use your personal Facebook profile to post items like videos of your children or pictures from your latest trip.

That way, you’ll be able to present your products and services to millions of Facebook users on your Facebook business page. We recommend that you use this page to showcase your expertise and build a base of your current and prospective customers.

What about other social media platforms?

Twitter

Twitter is an interesting platform for you to “follow” a professional whose expertise you admire or to keep up with the latest industry news.

Several influencers in the financial world use Twitter to develop their business by sharing tips, for example, on:

• Tapping into the best investments
• Using your credit cards wisely
• Fighting debt

Many are geared toward millennials who want to oversee their own financial situation without having to deprive themselves to the extreme; others are intended for couples to help them build their wealth.

Instagram

Instagram is a social network that features photos and videos.

It has over a billion active followers each month, including more than 500 million users who log in every day.

More and more business people are developing marketing strategies so that Instagram becomes an efficient tool to reach their customer base.

TikTok

The phenomenon of influencers in the field of finance, i.e. the finfluencers, is becoming a viral sensation on TikTok.

While many have the knowledge to offer financial advice, misinformation and even disinformation abound.

Also, the format of the videos (3 minutes) makes it difficult to disclose complex information.

Finally, to make your social life more interesting, use:

• Your personal Facebook page.
• YouTube, which features videos on everything from knitting to fly fishing.
• Snapchat, which is geared more toward young people, but is gaining popularity among a wider customer base.

To learn more about using social media platforms for your business, read one of the other two articles in this series:

• Social networks – Getting started on the right foot
• Social networks – How to use them wisely