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Which Social Media Platforms are Best for Accountants?

Jun 2nd 2016
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Whether you’re just starting out or are looking to expand your social presence, there are quite a few routes accountants can take in choosing which social media platform is best for your business.

Many accountants fall into the trap of trying to tackle every social network at once – and wind up spreading their efforts too thin. Especially for accounting professionals, who are likely already wearing many others hats, using your time efficiently on social media is crucial.
So, what platforms should you be focusing on?

In order to properly determine the answer, you first need to ask yourself two questions:

1.) What kind of audience are you targeting? Different demographics have different frequencies on the various platforms and this will affect your social strategy. Also, consider your intended brand voice, because each platform lends itself to a particular style of communication.

2.) What are your businesses’ overall goals? Spell this out before you begin investing time in social media. One of the biggest mistakes I see a lot of business owners make on social is to move forward without any real plan in place.

Determining the objectives of your marketing efforts helps you decide which platforms to focus on because each platform can best be used for different purposes. Are you trying to grow awareness for your brand online? Are you trying to promote specific offers/sales? Are you trying to drive followers to your physical location?

Let’s begin with the social media juggernaut, Facebook. By now, it is almost assumed that everyone has a Facebook profile. More important for you, it is also assumed that all businesses are now on Facebook. Maintaining an active presence on the platform is vital because it’s currently the most ubiquitous social network, with over 1.5 billion users. Facebook has powerful advertising capabilities built right into the platform with the ability to create custom audiences and target by interests and demographics.

Facebook is also very useful because it allows for a variety of different functions such as short form posting, long form posting, and photo/video sharing. It encompasses most features of other social networks, making it a popular choice among marketers. Content on Facebook is less time-sensitive than other platforms, such as Twitter and Instagram, however it is largely pay-to-play if you want your followers to see your posts. Also important to consider with Facebook is that the user demographic is starting to skew older than other networks, which could benefit you or not, depending on your business.

In a reputation and referral-centric business such as accounting, Facebook can prove to be even more useful. In a relatively new development, Facebook is moving more into the local search sphere to compete with other listings, such as Yelp. Ensuring that you maintain your social reputation on the platform could be key in driving future clients. Social media is the new word of mouth and Facebook can be a powerful driver of referrals.

Next, let’s move on to Instagram, which passed Twitter last year in terms of monthly active users. The platform boasts one of the highest user engagement rates, making it an effective space to build a brand community. Instagram is an especially great platform for businesses that have products that lend themselves to being showcased visually. Restaurants, jewelers, and clothing manufacturers are all examples of businesses with visually appealing products that are perfect for Instagram.

Not to stereotype, but accounting firms aren’t businesses you’d think would lend themselves particularly well to pictures or video. Don’t worry, the ‘Gram is also a great place to humanize your brand by showing off your company culture. This is especially important on Instagram because users on the platform tend to skew younger, and these younger consumers value connecting with brands online. Office shenanigans and behind-the-scenes looks can go a long way toward putting a face to your business.

One challenging aspect of Instagram for marketing purposes is that the platform does not support links within posts. You are only allowed one link within your bio, which can make it challenging to redirect followers to content on your website or blog. One way around this is to make use of Instagram ads, which redirect to an external website. These ads were originally for larger brands, but have recently become more affordable for small businesses.

Twitter has recently been suffering an identity crisis of sorts and its user base has started to stagnate. However, that’s not to say that it’s all right to start ignoring the platform. Twitter remains a great place to receive small bursts of current information – and to connect with industry thought leaders. The platform lends itself particularly well to reaching out to people you may not fully know yet. Here at Likeable, we connect with people on Twitter all the time, and frequently are able to take conversations with prospects into email or Skype.

Twitter is particularly useful for redirecting to external content, and you can insert multiple links into a single tweet. The network also has powerful advertising capabilities with the added bonus of the promoted tweets looking very similar to normal tweets. If you want to maximize your reach on Twitter, it’s recommended that you make use of ads because the lifespan of tweets is so short. Ads will boost your reach and the platform even gives you estimates of how many link clicks you can expect to receive based on your ad spend.

Like Instagram, Twitter is great for fostering an engaged community around your products or services. It’s a helpful place to find out what people are saying about your business, your competitors, and the accounting and finance industry in general. There are also listening tools to help you gather these insights in order to make better-informed decisions moving forward. Finally, Twitter is often used as a customer service platform because of its real-time nature, so make sure you are responsive!

LinkedIn is an interesting network because its audience is more easily defined than that of other platforms. Billed as the “Network for Professionals,” LinkedIn can serve a variety of purposes for both businesses and individuals. If you are targeting clients of a certain profession or net worth, this may be your most effective option.

One of the most powerful aspects of the platform is its networking capabilities. On LinkedIn it’s possible to connect with and recruit users based on industry and common connections. It’s an especially powerful resource for B2B companies and can also be used to establish your thought leadership within an industry.

Like Facebook, LinkedIn also has a helpful groups feature that allows you to have private conversations with thought leaders on trending industry topics. If you are not a B2B company, you can still certainly find use for the platform as an individual, but for a B2C company it might be better to initially stick to the other platforms described above.

Snapchat is an especially tricky platform to get started with for two reasons. First, the user interface of the platform is quite counterintuitive, making the learning curve for the app rather steep. Second, the core demographic for Snapchat is so young that businesses are still trying to figure out how to effectively market on the platform. However, Snapchat is currently the fastest growing social network, so it would be wise to at least acknowledge the transient messaging app.

Snapchat has quickly moved from the fringe of social media relevance to a legitimate platform where the likes of BMW and Hasbro now frequently advertise. The company has deftly figured out a way to include paid advertisements within in its app without disrupting the user experience.

Now for smaller business purposes, the paid advertisements are not within the realm of financial feasibility. However, this is not to say that accounting firms can’t find use for the app.

As of last year, more than 400 million snaps were sent daily. With more than 25 million users in the United States alone, there is a good possibility that you may have some potential customers frequently using the app (even more likely if your target demographic is skewed younger). Especially with the inclusion of the story and chat features, companies are starting to figure out ways to effectively use Snapchat’s organic reach potential.

Snapchat differs greatly from some of the other platforms profiled here because of its innate casual and time-sensitive nature. More so than any other network, Snapchat really allows you to be your authentic self. The platform will be most effective for your business if you plan to have a personal brand voice and want to target a younger customer base.

For accountants, being among the first in your industry on Snapchat could provide a distinct first-mover advantage. Picture targeting younger clients with casual Q&A sessions over snaps, or enticing them to get their taxes done for the first time with time-sensitive offers.

The original post appeared on the Sleeter Group blog. Dave Kerpen, CEO of Likeable Local, will be speaking at Accountex 2016 (formerly SleeterCon). AccountingWEB and Accountex have partnered to bring you this content as we share a belief in the furtherment of the profession through greater insights.​

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