You may have caught up recently with the controversy surrounding the effectiveness of social media. Some are questioning the accuracy of the data Facebook and Google are presenting to the marketplace in relation to the effectiveness and reach of advertising and sponsored content presented by way of their platforms.
This is an age-old argument faced by newspapers, radio stations, television networks, direct marketers and the like, who are relentlessly pursued by advertisers seeking proof they got the “bang for buck” promised to them.
So, it stands to reason the social media platforms must face some scrutiny too.
Social media’s reluctance to share viewing data
At the heart of the argument against Facebook and Google is the issue of sponsored content. Facebook had to admit they “overestimated” the amount of time people spent viewing paid ads by 80 per cent. This led many businesses to question whether they were getting value from the money they spent on digital marketing.
The challenge facing Google and Facebook is their reluctance to share their viewing data. With traditional media such as newspapers (both online and print), magazines, TV, and so on, their circulation numbers are made available publicly on a regular basis. As a result, many experts within the advertising industry feel the social media giants are trying to cheat the system, by not having their viewing numbers independently verified.
Just to add an extra layer of complication, some question whether the traditional way of measuring readers and viewers is accurate anyway. At the same time, there’s plenty of research showing that today’s digital marketing far outweighs the value of more traditional mediums, in terms of reach and results per dollar spent.
So, what should you be doing with social to make it work for you and your business?
Make your focus more than just a sales pitch
For most financial planners, it would be best to focus your social marketing efforts on building a subscriber base (a group of followers) online that you are able to engage and influence with your content. For example, if you’re producing content such as blogs or vlogs, your social media efforts need to be a key part of your marketing strategy to help amplify the reach of your message.
By providing valuable content, you’re more likely to appeal to potential clients who are interested in the opinion/advice you’re providing. In turn, the more subscribers you have, the more opportunity there is to market to these people, and ultimately bring them into your sales funnel.
Returning to the issue of sponsored content, it is certainly a way of further growing your message and one that is still useful and relatively cheap to use. My recommendation would be to continue to utilise it, but don’t put all your eggs in one basket.
Marketing diversification
Like any marketing channel, sponsored content is just one channel. It should be used as part of a broader marketing ecosystem. Ultimately you should market your content where your prospective clients are most likely to be; if that’s on social media – great. If it’s in print – that’s good too.
Like everything else in marketing, it comes down to having a solid understanding of your ideal client, a strong strategic plan, and a focus on staying the course.
Ultimately, I wouldn’t be overly concerned about the current media reports about the effectiveness of social. Focus on using social media to grow the reach of your content marketing.
Just don’t make it your only play.
