Whilst social media may have been a place created for people to check out one another’s lives in a virtual forum, over recent times the use has definitely grown.
Businesses are starting to realise that it is an incredibly useful tool to market their brand, engage with their audience and get more sales or leads.
The trouble with social media is that anyone can use it, but not fully understand what it offers. Not only this, but there are also a variety of myths floating around which some people believe.
We’ve put together a list of our biggest ones and whether there is any truth to them.
- Marketing on social media is free
There’s no cost to sign up for a social media account or to post content. But after that, you may find that social media isn’t entirely free. You can post and hope that people see it, but to really harness the power you need to give serious thought to investing money. Not only this but the time, effort and research to create the ideal post for should be taken into consideration.
- You need to focus on followers most of all
Whilst it does make sense that the more followers you have the better, this isn’t always entirely true. Followers are just that, someone who has you on their list, what you need to focus on instead is engagement. Having people engaged in your posts mean that they are listening to what you have to say, that they are interested in your brand and they want to know more. You want to encourage people to like, comment on or share any posts that you have created as this is a true sign of engagement at its very best.
- There are certain industries where customers don’t use social media
In these modern times, it is harder to find someone who doesn’t use social media than someone who does. Which means that if you are trying to appeal to your audience, then it is your best bet. You may hear plenty of people say that those over the age of 65 are the type of customers who are not using social media, however, we believe this is not true as many silver surfers are active on social media.
- It doesn’t work
The thing to remember is that it might not always give you instant results. However, like many other forms of marketing, the impact is happening behind the scenes.
Whilst your posts may not see the engagement you hoped for, that doesn’t mean that you are not getting some kind of promotion or advertisement. You may not know it but that one post could have had a pretty great reach.
It might take time but you could win clients by having a consistent presence.
Social media is ever changing and growing, so there will always be new ways that it can work for business. The thing to remember, no matter what you have heard, is to try it out for yourself. You will never know the true power until you see if it actually could work for your business.
- Regulated Industries
On Friday 13th March 2015 (a brave choice of date!), the Financial Conduct Authority (FCA) published their completed guidance on financial promotions in social media. This update and supersedes some of the FCA’s previous views, and includes some important changes that marketing and compliance teams will need to be aware of.
The guidance takes on board a number of issues. It’s detailed – 20 pages long – and covers a range of topics, including where responsibility for compliance stands when retweeting, forwarding or sharing others’ posts; the use of hashtags to distinguish adverts; and the use of risk warnings. It also provides a reminder of the regulator’s stance on approval and record-keeping, and the fact that this applies equally to social media.
It illustrates its points by giving some useful visual examples of compliant and non-compliant digital content; if you want to read the entire 20 pages, the document is available on the FCA’s website.
How can we help?
At LS Consultancy, we offer a number of distinct products and services which can be deployed individually or combined to form a broader solution.
When you face business or regulatory challenges, we can provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
We work both within individual teams and across many departments to offer a complete solution, with a range of cost effective, compliance and marketing solutions including social media which are uniquely suited to supporting firms.
Connect with us via social media and drop us a message from there. We’d love to hear from you and discuss how we can help.