As a financial advisor, you know that social media marketing is a great way to reach new clients and grow your business. But with so many different platforms out there, it can be tough to know where to start. In this article, we’ll compare two of the most popular social media sites for businesses—Facebook and LinkedIn—and show you why LinkedIn is the most underrated tool for financial advisors.
So many professionals fall into the trap of believing that Facebook is the be all and end all. With over 2 billion active users, Facebook is the largest social media platform in the world. It boasts a title. However, where it falls short is in its ability to offer high-quality professional relationships and a lead capacity that takes your business further. LinkedIn is the more professionally geared social media site offering stronger value connections and greater opportunities to scale your business based on the growing power of your networks and personal brand. Let’s dive in a little deeper.
Facebook vs LinkedIn: User Base
It is important to note that while Facebook has a larger user base, LinkedIn actually boasts a higher percentage of active users than Facebook—approximately 50% vs 35% in favour of LinkedIn. This means that even though there are fewer people on LinkedIn, more of them are regularly using the site. So, if you’re looking to engage with potential clients who are actively using social media, LinkedIn is the better choice.
Facebook vs LinkedIn: Functions and Features
Another key consideration when choosing LinkedIn over Facebook is the functions and features offered by each platform. When it comes to business marketing, both platforms offer a variety of features that can be useful in promoting your financial advisory business.
For example, both sites allow you to create a company page where you can share information about your business, post updates and articles, and showcase any products or services you offer. Both sites also have powerful advertising platforms that allow you to target specific demographics with your ads.
However, where they begin to differ is in the actual offering and features available to businesses and professionals to establish themselves more clearly. LinkedIn does have some features that may be particularly appealing for businesses in the financial industry. LinkedIn allows you to publish long-form articles on their site, which can be helpful in establishing yourself as an expert in your field. You can also join relevant groups on LinkedIn where you can engage in discussions with other professionals and build relationships with potential clients.
Facebook vs LinkedIn: The Financial Cost of Marketing
When it comes to marketing yourself and your business (both should be marketed), the idea of cost is one that easily sets the two platforms apart. Let’s have a look at the cost of building a network on LinkedIn vs Facebook advertising. With Facebook advertising in the Australian market, you can easily be looking at paying somewhere between $1000 to $3000 a month just for an agency to handle your marketing. On top of this, you will have to dish out further ad budget to ensure you have ads running. For a full calendar of active, strong ads, you could be looking at forking out a lot more money than you really need to.
As opposed to LinkedIn that has you building a network and monetising it. This is a much more cost-effective strategy where you are connecting with real professionals, real leads at a fraction of the cost. Utilising the full suite of features available to you as a professional LinkedIn Premium member like Sales Navigator really lets you home in on your target network, your target audience, and start genuine and personable conversations with those who want and need your service at a fraction of the cost.
If you are a financial advisory professional and you are looking to scale your business effectively on social media for less cost, LinkedIn is the way. If you’re looking for more engaged users who are actively using social media for professional purposes and quality connections, LinkedIn is the platform for you and your business. For LinkedIn to maximise the capacity of the platform and your business, it is important that you understand the true value of all of LinkedIn’s features and offering. Let us help you discover the beauty of LinkedIn and the true power it has for financial advisory businesses.