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Is Social Media for real as a small business marketing tool???

As a Certified Financial Planner I receive a lot of statistics pertaining to Financial Planning. While the following statistics are geared for the financial planning industry, I believe that it also pertains to most small businesses. (Source: Amy McIlwain, President, Financial Social Media, www.financialSocialMedia.com)

  • More than 90% of high-net- worth investors participate in social media in some form
  • More than 5 million investors consult social media when making financial decisions
  • Only 4% of investors currently interact with their advisors on social media, but 52% said they would be open to connecting with them
  • Of the 5 million, 73 percent use Linkedin – more than Facebook, Google+ and Twitter combined
  • Two-thirds of high net worth investors visit Linkedin and Facebook on a monthly basis
  • High- net -worth investors value financial content on Linkedin and Facebook above other platforms
  • Forty-six % of investors using social media do not have a financial advisor

My point in presenting these statistics is to emphasize the importance of having a Social Media Marketing plan in place. The internet has virtually eliminated all printed media information sources (newspaper advertising, yellow pages, etc.)

Too many small business owners look at social media as something that they will eventually consider. In budget preparation, the marketing budget must have a line item for implementing a social media marketing plan.

As much as I emphasize the importance of personal contact and networking, it is not enough to rely on that alone. Our entire way of doing business is changing and much of what is going on today may be obsolete in the next 5 years.

As a small business owner you need to be aware of the impact that social media can have on your business. It does not mean that you have to spend all your time learning how to best communicate on the various social media sites, but you should know enough to hire someone to work part time in your business to introduce your business  to this important market segment.

A successful business owner’s greatest attribute is recognition of what is changing in all aspects of the business and the ability to adopt those changes into the business plan…..     Nick J. Petra CFP

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