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Finding the best social media platform for your business

Riona Mulherin

Riona Mulherin

29 July 2024
In 2024, there are many social media platforms available. Whilst it may be daunting seeing larger companies able to engage audiences across nearly all platforms, for smaller businesses, such as financial advice firms, it’s important to choose which ones work best for your business. Thankfully, at Paradigm we have experience with finding target audiences across many social media platforms, so our marketing team can share some useful insights.

Define your social media goals

Social media is best used when not just approached as a tick-box exercise, but as a tool with a specific goal in mind that you want to achieve. That way you can operate with a specific plan in mind and have something to check your campaign performance against. Your goals could potentially include:
  • Improving customer service by enabling customers to reach out and message or comment
  • Attracting new leads by focusing on your target audience
  • Increasing brand awareness by making sure as many people see your content as possible

What is your target audience?

Not all social media platforms are created equally. Each one has a different demographic and is often used for different reasons. In your own business, your existing client base may well fit into similar demographics, which could indicate that you should target a similar demographic.
One of the key characteristics to consider when deciding who do target is age. Below is a breakdown of social media usage by age range:
  • 18-29 years – Snapchat (41%), TikTok (35%), Instagram (32%)
  • 30-39 years – LinkedIn (34%), X/Twitter (34%), Snapchat (33%), Instagram (32%)
  • 40-49 years – LinkedIn (25%), Facebook (22%), X/Twitter (21%)
  • 50-59 years – Facebook (29%), LinkedIn (24%), Pinterest (24%)
Source: Statistia
The above gives some information on which platforms are the most popular, but further context helps. For example, Linkedin is one of the most popular platforms in the above list but is primarily used in a B2B capacity. If your services are focused on direct-to-consumer offerings, and not related to business finance, then this may not be the best for you, however content for certain protection products may perform well.

Where do your competitors post?

There’s no shame in letting other people do the hard work for you. If you have competitors that offer similar services in a similar market to yourself, then take a look at where they post, and where they get the most engagement. It may also help to see which types of content performs best to cut down on your own trial-and-error.

How much time do you have?

There is only a finite amount of time in the day, and there is no denying that social media can take some time to work on, therefore it’s important to focus on platforms that can give you the best return on your time.
Instagram for instance, requires an image or video for each post, and this can take a little bit of time to create and make picture-perfect. However, it can take only a couple of minutes to pick up the phone and record a short video for TikTok – this can then also be used on Instagram reels, effectively being used across two platforms at once. By focusing on content that works across multiple platforms, you can focus your energy on content that you can leverage effectively.
 

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Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Paradigm Mortgage Services LLP is registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.