If you don’t know him, I’d like everyone to welcome Aamar, the creator and brains behind the new site FinancialJuice.com to the blog! Aamar is heavy in social media and has been trying to convince me that social media isn’t a waste for trading companies…I asked him to ‘prove’ it to YOU!! As you’ll read below, I’m not sure if he PROVED anything…but more solved a problem 🙂
What’s your take on his article?? Let us know in the comments!
9 Ways for finance sites to create ROI from Social Media
Psych! ROI from social media? In the finance space? You’re having a laugh!
Just playing… 🙂
So — a while back Brad wrote a post about how social media is just not the place to invest your time, energy and money. https://bradstafford.com/discussion-twitter-vs-facebook/
This is an odd statement to make… why?
Social media is primarily about the sharing of information and content. We’ve heard for years that content is king, content, content, content, and, as providers of services in the finance space more than anything we offer users content/information products on the whole.
If anything, social media should be the perfect marriage and platform for the kinds of services/information that we offer.
So why is it so tough to create ROI from Social Media?
One word. Demographics.
Below is rough demographic information I grabbed from Quantcast about twitter.com
You will see twitter users have a disproportionately large % of the general population that are 18-24 years old, a slight majority are female, and a disproportionately large numbers of African American and Hispanic users compared to website/internet averages.
So how about Facebook?
Much the same, largely 18-24, slightly female users on the whole than average, slightly higher number not going to college compared to average, and a larger African American and Asian user base compared to the internet average.
So what does the finance space look like? … let’s start with Bloomberg.com. A much larger proportion are males, the age demographics are polar opposite of twitter and Facebook with a massive skew to the 55 years+ age group. A substantial portion earning $150k+ and a large number going to grad school and from Asian and Caucasian backgrounds.
So how about CNBC?
Much the same, a big skew towards a male users, high earners, the over 55’s who are well-educated.
The demographic of the finance space is just not on twitter/Facebook; however, twitter and Facebook are so big that more than likely you can find enough of the required demographic to make it worthwhile. I actually built my first trading business using twitter in 2009, but when I found other methods that were more efficient in terms of ROI and targeting my demographic I moved to them.
Twitter and Facebook are new age phenomenons, when you have been set in your ways for 50+ years as our demographic have, it’s unlikely you will make massive changes in how you do things. Yes, you will open a Facebook account, but you will hardly ever look and ‘engage’? In fact, the highest proportion of redundant Facebook accounts are from the 50+ age group.
As an outlet for content and information social media AMAZING, the problem is…our demographic just isn’t there.
So what’s the solution….how do you create ROI from social media?
We’ve come up with a solution and it’s called — FinancialJuice.com — a new financial social network that is a hybrid of a content aggregator and the social features of twitter/Facebook, all in real time.
If you as an educator/service give users value by providing content via RSS feeds, twitter updates, youtube videos and webinars, we offer an environment that allows users to ‘follow’ your updates across these multiple formats in real-time and with NO extra work on your part.
The site is targeted at anyone interested in finance/ trading/ forex/ futures/ options, etc… and puts together information in multiple formats in one place with real-time push updates and it’s completely free.
Our user demographic is 55+ Earn over $100k, largely went to grad school and are predominantly male.
Skype ID: aamarx