Which Social Media Sites Should You Use?

There are many different social media platforms available, and new ones seem to be popping up all the time. So, how do you decide which ones are right for your business?

When you join LPL, you can use Facebook, LinkedIn, and Twitter, as long as you’ve met the necessary compliance requirements. This creates a lot of opportunity to expand your network and build your brand. But it also requires time and effort to be effective.

Given the time commitment, is it necessary to be on Facebook, LinkedIn, AND Twitter?

The short answer is “no.” It’s not necessary. It’s beneficial, if you have the time and resources, but with limitations in these areas, you want to be strategic.

To identify which site or sites are right for your business, it’s helpful to understand the differences between them.

LinkedIn is like a professional networking event

Think of LinkedIn as a Chamber of Commerce meeting, where your tone and conversation is slightly formal, and the objective is to network with other professionals, share industry knowledge, and build a reputation for your services and expertise.

It’s a place to be seen in the professional community, and can be a powerful way to identify new prospects and generate referrals.

Facebook is a cocktail party

Facebook offers an opportunity to engage with your followers in a more informal setting. Since your clients are the most likely people to follow your page and actively engage with your content, you can almost think of it like a client appreciation event.

It provides an opportunity to share a mix of financial news and updates along with more informal content, such as a vacation photo, update on a staff member’s new baby, or information on a local charity you support.

By sharing this type of content, you allow clients to get to know you better, deepening client relationships at scale.

Twitter is a radio broadcast

Through Twitter, you have the opportunity to share thought leadership to people who are essentially “tuning in” to hear what you have to say, either because they follow your handle, or because you’re incorporating hashtags, mentions, and other tricks of the trade to get your posts seen by the right people.

And Twitter is full of influencers you might not otherwise have an opportunity to interact with, such as members of the local media, politicians, community leaders, and others.

So, you might even think of it as a grassroots public relations strategy to make a name for yourself and potentially get quoted in the media.

So, which sites should you use for social media marketing?

Understanding this analogy is the first step. Next, you have to match that up with your objectives.

LinkedIn can be beneficial to all advisors. It’s highly optimized for search engines, so in this referral business, if someone Googles your name, your LinkedIn profile is likely to come up higher than your website in the results.

So, it’s an opportunity to be found, and requires less of a strict time commitment from a content sharing standpoint. (Although the more active you are, the better.)

Between Facebook and Twitter, ask yourself which is more important: deepening relationships with your existing clients, or connecting with influencers to get your name out to new people. If it’s the former, then choose Facebook—the latter, choose Twitter.

Learn how LPL marketing consultants can help you grow your business.

For existing LPL advisors, access premium marketing tools and training when you sign in to Resource Center.

You should consult your compliance department for information about the rules and use of social media.

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Sarah provides custom marketing and social media consultations for LPL Financial advisors and investment programs. In this role, she consults with and supports clients in effectively marketing their business in today's increasingly competitive environment. View full bio.