Social Media Platforms and Financial Advisors

December 10, 2020 by Greg

Every social media platform has a user profile. There is some degree of overlap, but in many cases the audiences are well-defined. Most social media platforms allow you to set demographic preferences when you set up your ads. It’s a great way to direct marketing toward your target audience. There is a caveat, none of those settings matter if you focus on a platform that isn’t used by your target audience. You should keep this in mind when you outline your online marketing plan.

Finding demographic data

A simple Google search can help you find demographic data for most social media platforms. You do need to verify that the data is no more than 18 months old and comes from credible sources. Sprout Social and Khoros both do a good job of keeping their demographic data posts updated. Both breakdown age, gender, and income, but Sprout Social includes data on location and education. Between the two sites, you should have enough data to find your target audience’s platform of choice.

New platforms 

There’s an established set of social media platforms that you think of when you’re looking to advertise. That can leave you with questions when a new platform shows up. This most recently happened with TikTok. Content creators and marketers everywhere scrambled to determine if they should jump on the trendy new platform. For many the answer was a solid “no” because 62% of TikTok’s user demographic is under 30. You should view any new platform with scrutiny even if it’s popular. Their primary demographic may not align with your primary demographic. 

Costs

If you find yourself in the position where multiple platforms are an option, consider pricing. The cost of advertising on each platform can vary greatly. You should research costs for each available option. From there you can decide what’s best based on your marketing budget and your needs.  

Social media marketing is a powerful tool when used correctly. It takes time to determine which platform(s) will work best for you, but it’s worth the effort. For more tips download our free report: Social Media Hacks for Financial Advisors.

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