In our industry, we know how important external marketing is to our growth.
We also hear how important and necessary social media marketing is.
But what is the right mix…or is there even a right marketing mix?
First, I don’t care how much money ‘internet marketing guru’s’ and ‘health nuts’ are making selling their crap on Facebook, or through Twitter…our buyers in the financial/trading space are A LOT DIFFERENT!!
Twitter…or as I like to call it Tirekickers.com 🙂
I’ve worked with several amazing traders with great followers on Twitter. They are well-known, well-respected, and all have mediocre sales from their Twitter followers. In my calls and emails they all tell me the same thing: “they are so active with their trading that they think they can find it themselves and learn it without buying anything.” And, it’s interesting because there really is SO much good stuff on Twitter, that these people think they can just dip their toe in the water…then go out and find it for free.
Selling retail products, books, etc. is an uphill battle that never really gets anywhere. These guys are the ultimate window shoppers.
Heck look at other companies that have tried to sell retail products, subscription services, and even books…they changed direction and basically stopped trying…and it was NOT because of bad products…the people just wouldn’t buy at a rate that made it worth the effort.
Are there are NO buyers from Twitter…no. There are buyers, but the effort it takes to get them from Twitter to ‘Buyer’ often ends up as a losing ROI.
So is it a futile attempt to ‘market’ on Twitter?
No. There IS value in the sense of diversity by getting your content out on more platforms…but don’t put in a ton of effort, trust me on this one. (Or if you don’t trust me, tell me why in the comments :))
Facebook…or as I like to call it BigBrother 🙂
I have 865 ‘friends’ on my Facebook. Some of them work, some of them family, some of them friends from school, some of them friends from church. They’re mostly different…but they have ONE thing in common…
Facebook is in control of who/what/when they see posts!!
Let me explain…
Facebook thinks it knows better than you, who you want to talk to/read/laugh at/interact with. Of my 865 friends, I really only see maybe a TENTH of their posts!!!!!!!!!! Facebook believes I don’t want to hear from Josh because he likes the Cowboys and I like the Redskins. Facebook doesn’t want me to know about what’s going on with Ruth because she didn’t mark her ‘religious status’ as Christian like me. Facebook doesn’t want me to keep up with Garth because he’s living outside the US right now…
Take two seconds and look at your own Facebook wall right now…’hey where is Ron from college?’…that’s right, FACEBOOK HID HIM FROM YOU!
Now how does this apply to marketing?? Easy…
If Facebook isn’t allowing YOU to see all your friends posts, why do you think that ALL your friends are seeing YOUR posts??
So all those posts might be hitting SOME of your audience, but not all.
I recently had a talk with two of my buddies who are on Facebook quite a bit, both marketing guys in different industries, but they’re seeing the same thing with their clients…the posts are not producing as much ‘juice’ as they did before.
It’s interesting really, but it makes TOTAL business sense for Facebook. They shut down all the ‘free marketing’ to all your friends and people you could add as friends…only to say ‘the only real way to reach your audience is to pay us…THANKS.’
So now that I’ve burst your bubble with your Facebook friends…should you buy ads to reach people on Facebook?!?!?!?!
“TELL ME BRAD!!!”
I say no.
The tests I’ve done, the tests I’ve seen, and the feedback I’ve heard has lead me to believe it’s NOT the best place to spend the ad dollars.
What say you!?!
Let’s get this discussion going…do you agree or disagree??
Talk soon 😉