Blog

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.
 

Reading this blog counts towards your CPD!

Click here to add this session to your Paradigm CPD log.


19 December 2024

Housing Market: 2025 Outlook


28 November 2024

Suppressing landlord activity won’t automatically improve first-time buyer prospects


25 November 2024

The Co-operative Bank for Intermediaries, streamlining processes and expanding product ranges


21 November 2024

Better off dead? The need for critical illness cover


18 November 2024

What the OBR’s five year forecasts mean for the market


11 November 2024

Exploring the latest in Defaqto Engage: A comprehensive roundup of new features and enhancements.


25 October 2024

Advisers should rethink their regulatory status to keep up with sector changes


16 October 2024

Your Business Matters


7 October 2024

What may impact BTL and Resi markets in 2025?


1 October 2024

Why Gen Z could be the perfect match for protection


30 September 2024

Self-employed mortgages can be easy, if you choose the right lender


26 September 2024

Lenders and regulators must be careful not to add to adviser disillusion


19 September 2024

There may be trouble ahead…


2 September 2024

Source Go: The Modern Answer to the GI Question


29 August 2024

Pre- and post-mini Budget remortgagors need guidance in transformed market


23 August 2024

Guardian's 2023 claims report: a milestone worth celebrating


14 August 2024

Rate cuts are a positive story for advisers


7 August 2024

Mind the gap (s)...


1 August 2024

The mortgage market is set for a teeming H2


29 July 2024

Aldermore are backing more of your clients to go for it


22 July 2024

YOU SAID, WE DID!


12 July 2024

A surge of optimism for the market


9 July 2024

Distribution of Wealth


3 July 2024

Consumer Duty one year on – what might happen next?


24 June 2024

How to increase your protection business


17 June 2024

Consumer Duty will mark new era of continuously changing advice


6 June 2024

Mental Health Matters: Workplace Wellbeing


21 May 2024

Advise or refer? Ensuring the best possible outcomes for your clients


15 May 2024

Darlington Criteria Updates


14 May 2024

And The Wait Goes On


10 May 2024

Cap on broker fees sparks industry debate


1 May 2024

Expect the unexpected


15 April 2024

Ready, set, remortgage!


12 April 2024

How the mortgage market is failing new arrivals to the UK


11 April 2024

A compliance refresh will lighten unavoidable market stress


4 April 2024

What is driving the Specialist Residential and Buy-to-Let markets this year?


4 April 2024

A Government that prioritises owner occupiers at the expense of the PRS


28 March 2024

What is your website for?


19 March 2024

Exploring the value of value added benefits


4 March 2024

Artificial intelligence – friend or foe to advisers?


21 February 2024

RESTRICTIONS LIFTED?


9 February 2024

Trust your own gut when listening to market predictions


7 February 2024

Strategic thinking - Is this time for a new look at how we work as a business?


8 January 2024

The Name's Bond...


21 December 2023

PTs remain a big part of the marketplace


21 December 2023

Not all wine and roses but outlook is better


15 December 2023

Artificial Intelligence: A vision for the future


12 December 2023

Reflecting on 2023


11 December 2023

Mental Health Matters: Menopause


8 December 2023

Looking ahead: Reasons to be cheerful about the market in 2023


17 November 2023

Why TikTok could be a winning tactic for brokers


30 October 2023

How advisers can improve the quality metrics with insurers


27 October 2023

The Aggregator Market - Friend or Foe?


25 October 2023

Don’t let Charter support remove advice from the mortgage process


3 October 2023

How to strengthen your defences against cyber threats


29 September 2023

White Dragon Communications


8 September 2023

Advisers deserve recognition for keeping borrowers on lender books


8 September 2023

Claims history of an insurance should form core part of assessing true value of insurance and advic


23 August 2023

The good, the bad & the ugly of using Artificial Intelligence (AI)


14 August 2023

Accessibility in your marketing


14 August 2023

Choosing the right social media platform for you


7 August 2023

Staying safe online


4 August 2023

The blasé attitude towards sudden mortgage withdrawals is not good enough


1 August 2023

Is your content compliant?


10 July 2023

The argument for higher proc fees for better quality business is undeniable


22 June 2023

Product withdrawal timescales and how brokers can adapt


1 June 2023

We're not in mini-Budget territory yet!


24 May 2023

Skipton’s 100 per cent mortgage should be replicated, not feared


30 April 2023

Protection And Mortgage Fair Value Assessments – What Is My Actual Responsibility?


6 April 2023

Lenders will compete on mortgage rates, but don’t expect a price war


27 March 2023

Vulnerable Customers and Economic Abuse


10 March 2023

Tell borrowers to stop waiting for mortgage rates to fall


7 March 2023

Mixed messages from Bank of England boss ahead of MPC meeting


6 March 2023

Take the Consumer Duty seriously when it comes to protection


17 February 2023

Mortgage Market Update


10 February 2023

Let’s not be hasty and write off this year’s property purchase appetite


6 February 2023

Implementing Consumer Duty


9 January 2023

Income Drawdown – moving with the times


9 January 2023

Why it’s so important you tell us about your vulnerable customers


5 January 2023

Why advisers are so vital in the mortgage market


Paradigm

THIS SITE IS FOR PROFESSIONAL INTERMEDIARY USE ONLY AND NOT FOR USE BY THE GENERAL PUBLIC.

APCC MemberConsumer Duty Alliance

Paradigm Consulting is a Member of the Association of Professional Compliance Consultants and also the Consumer Duty Alliance.

Paradigm Consulting is a trading name of Paradigm Partners Ltd
Office address: Paradigm Partners Ltd, Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND
Paradigm Partners Ltd is registered in England and Wales. No.09902499. Registered Office: As above

Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
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.

Paradigm Protect is a trading name of Paradigm Mortgage Services LLP
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.