Mythbusting - Social Media Myths

It’s time to bust some myths around why social media has a place in your marketing strategy. Here’s are some of the crazy myths that I’ve come across but I’ve also asked some of the AFA community what they’ve heard about social media.

Myth 1

“My customers aren’t on social media.” Jenny Pearse

Busted: Social Networking is a true cultural phenomenon, there is no demographic that isn’t represented substantially on one or more of the social platforms available.  As at February 2017, Facebook 17,000,000 Australian users and according to the Australian Bureau of Statistics Population Clock there are approximately 24.3 million Australians. Therefore approximately 70% of the total Australian population is an active Facebook user. This is a huge number versus 3,600,000 Australian LinkedIn users. It would be difficult to argue that based on these numbers that your clients aren’t at some point actively using social media not just to entertain but to inform themselves.

Myth 2

“Social media is a waste of my time.” Phil Thompson

Busted: In the latest Sensis Report from the research conducted shows that when people are socially networking, 63% are doing this after work/in the evening, 49% early in the morning, 36% during lunch, 35% last thing before bed, 33% on breaks, 22% at work and 18% while commuting. These are all opportunities to connect and engage with your clients AND if you can’t do it yourself then seek a service that can support you and utilise resources to help you produce content. It is important to remember that nothing can replace you and that you do need to be part of the process as well. Sounds like a good investment of your time to me!

Myth 3

“My business is fine, I don't need to use social media.” Jenny Brown

Busted: Ask yourself, where will my business be in 5 years? What will it look like and how will it compete for its market share? In the 2016 Sensis report it states that 79% of large businesses have a social media presence, 52% of medium size businesses and 48% of small businesses. As the world continues to trend towards a digital marketplace and more and more focus is placed on doing business through mobile technology, it would be reckless for any business or professional service to not consider the importance of having a social media presence.

Myth 4

“It's a fad that will die soon.” James Millard

Busted: As with many fads that have come and gone there will always be the early adopters and those that stay on the sidelines and observe. However, Google was established in 1998 and is 18 years old, Facebook has recently celebrated its 10th Birthday and LinkedIn was launch in 2003 and today it is estimated that it has 467,000,000+ professional users. These platforms and others are well established monetised businesses that are not fads but the new norm for interacting with other professionals, colleagues, clients and prospective customers. Yes there are some social platforms that have come and gone but the main players are definitely here to stay.

Myth 5

“I need results now, what’s the ROI.” Peita Diamantidis

Busted: We all head to industry events and other networking events understanding that they are about connection, and building relationships and helping people know like and trust us. Social media is a great way to get greater bandwidth out of our networking either within the industry or with our target market. Ultimately it is all just about conversations after all! Like networking, social media has a long play ROI not an immediate one, and should be part of a broader effort, not an either or.

Myth 6

“It doesn't serve a purpose!” Clayton Daniel

Busted: Social media is the best way to find and build a tribe of people who believe what you do. Much has been said about the importance of engagement to maintain your financial planning clients however with the high degree of white noise that surrounds us as consumers today it is extremely difficult to get cut through. By representing yourself and delivering your message you can engage, connect and grow your relationship economically by using social media as part of your communication strategy. Turn the volume up on yourself and become part of the conversation!

In the recently published Midwinter Survey on Digital Marketing and Social Media, it states the majority of the financial advice industry appears to be embracing digital transformation with 66.4% saying they were excited about the prospect and only 4.7% expressing concern. By de-bunking just some of the myths above I hope you too will embrace what it is to be social. Most importantly, if you are not sure how to take the first step then reach out for help