Enough is Enough with Social Networks
What is it about Twitter that people think their businesses can flourish based upon it? As a long-time blogger with solid experience marketing myself online, I just don’t get the whole Twitter-for-business model. Scratch that—I get it, but I don’t think it has long-term potential. Most of the time it’s simply advisors sending around links to their own websites trying to get their followers to sign on as clients. Taken directly from Twitters homepage, their mission statement reads: “Twitter is a service for friends, family and co-workers to communicate and stay connected through the exchange of quick frequent answers to one simple question: What are you doing?” Employees are trying to do more than just “stay connected” with friends; they are trying to create new friends, otherwise known as clients. When I got a call recently to comment on an article regarding marketing through Twitter, I responded that I’m not jumping on that bandwagon until it becomes mainstream and an absolute necessity for my business.
Some of the newer efforts directed towards creating clients and customers through new social media have not proven effective. In my opinion, traditional websites followed by well maintained blogs have proven effective for financial advisors and other professionals. Linked-In seems to be a good business networking tool (designed for that purpose) and I even get how Facebook groups may become important for business networking in the future. But from my experience as an advisor, the most effective marketing methods are still the more traditional, time-tested methods: referrals, newsletters, seminars, advertising, etc.
Among the things that bother me about business tweeting is the following: if an employee is constantly updating their Twitter followers about what is going on with their business every few minutes, how much time are they actually dedicating to projects which require focus and attention. If I were hiring a firm to do important work for me, I wouldn’t want them twittering all day long. Do we really care how long the line at Chopt was today? Where is this fine line between business networking through online media and wasting time?
Russell Bailyn
Wealth Manager
Premier Financial Advisors, Inc
14 E 60th Street, #402
New York, NY 10022
P: 212-752-4343 *31
F: 212-752-7673
rbailyn@premieradvisors.net
Securities and certain investment advisory services offered through: First Allied Securities, Inc., a registered Broker/Dealer. Member: FINRA/SIPC. Premier Financial Advisors, Inc. is a Registered Investment Advisor. First Allied Securities & Premier Financial Advisors are not affiliated entities.
Comments
I agree. I honestly feel that it's an excuse to be more social, not for professional purposes. How often is someone going to follow a financial advisor's Twitter? If I was looking for an advisor I would nine times out of ten do a Google search and their Twitter pages don't come up. How is that effective?
Posted by: Joshua Cumrine | July 24, 2009 02:28 PM
I am new to this business, and was thinking about making twitter part of my businuss plan? Would you advise this if you intend to follow high net worth people.
Posted by: JP | July 26, 2009 05:20 PM
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Posted by: Dorcia Wellington | July 27, 2009 05:12 AM
"if an employee is constantly updating their Twitter followers about what is going on with their business every few minutes, how much time are they actually dedicating to projects which require focus and attention." I agree with this statement. I don't think twitter is highly effective either, and I agree that employees should be spending their time on their projects and not on social networks. Good blog here!
Posted by: Stephanie | July 27, 2009 09:42 AM
I'm not so sure about this one - we're a golf and retirement community here in Florida, and we Tweet about once a day about our latest golf specials and the such. Great results!
Posted by: Andy | January 29, 2010 02:16 PM