Which Social Media Platform Wins for Financial Coaches?
Social media marketing works for all businesses, including financial coaching. Suppose you provide personal finance education, guidance, and strategies for individuals. In that case, it makes sense to build a robust platform on one or more social media sites like Facebook, Twitter, Instagram, and YouTube. However, creating high-quality content for every site is excessively time-consuming and stressful. Most of all, it is simply inefficient and a waste of time in most cases.
As a money coach, you undoubtedly specialize in reaching a particular demographic. You may define your target audience based on age, employment status, personal finance levels, or other criteria. Once you understand which social media platform attracts your target audience, you can tell your approach and thus earn a better return on your time and effort investment.
The Best Demographics for Financial Coach Social Media
One of the most specific statistics regarding social media platform use is age. Different sites attract different generations. A money coach also pays attention to income and asset levels. Just as you understand that one piece of financial advice will not work for every 40-year-old professional with an income over $70,000 per year, you cannot expect the same social media platforms to work for all your targets. Who do you focus on in your financial coaching business?
Facebook vs. Instagram
While Facebook wins any numbers game for total users with over 2 billion, Instagram is not far behind. However, the age of regular users differs significantly. Facebook primarily attracts people between 45 and 75, while Instagram has a wider spread from young teens to about 70. Three-quarters of Instagram users are below 25.
As expected, the income also matches these life stage splits. Facebook users have a much higher percentage of people who earn $75,000 per year. Instagram has approximately 30% fewer at those earning levels. Does this automatically mean that Facebook is the best social media platform for a money coach? No. It all depends on your targets and the type of assistance you provide specifically to your clients.
YouTube vs. TikTok
The video-sharing site YouTube comes second only to Facebook in sheer numbers. TikTok also promotes video content rather than text-based or graphic posts. However, the user numbers are much lower at around 700 million. The user base skews much younger, less educated, and lower-income levels. From the perspective of a financial coach, TikTok is virtually useless as a business-building tool.
LinkedIn vs. Pinterest
These two popular social media platforms boast approximately the same number of regular users, around 30% of the US adult population. They also have very similar numbers regarding age group and income level. Their user bases range evenly from 18 to 50, and more than 40% of regular users report an income over $75,000 per year. An initial glance at the statistics indicates that they are excellent choices for someone interested in expanding their financial coaching business.
This is when simple age and income determinations hit your decision-making process. Just like you would not provide the same personal finance guidance for two individuals with the same age and income based on some cookie-cutter approach, you cannot approach social media marketing with the same attitude. Other criteria come into play. Some of these still relate to demographics. For example, Pinterest users are much more likely to be women. LinkedIn attracts more professionals with advanced degrees beyond the bachelor's level.
Of course, there are many other social media platforms to consider alongside these huge ones. Although Twitter commands a much smaller market share, you may find your perfect financial coaching clients there. Quora provides an opportunity to share valuable knowledge that can attract people interested in more personalized help.
The entire realm of social media marketing depends on a high level of market research, so you make the most effective posts on each platform to attract the attention of your target audience. Of course, it takes different information and design skills to create a Facebook Post and a YouTube video. To succeed as a financial coach in today's digital world, using multiple platforms and recycled information can offer the best opportunity to grow your following and brand reputation effectively. Which social media sites you choose depends on your specific goals, target demographics, and the help you are qualified to provide to that audience.