This week will be President Donald Trump’s first full week in office — and social media played a big role in getting him there.
According to a recent Forbes interview with Jared Kushner, Trump’s son-in-law and one of his top campaign strategists,Twitter and Facebook, used in combination with a variety of monitoring and metrics tools, helped the Trump campaign effectively target supporters, scale successful outreach strategies quickly, and keep staffing, advertising and other costs to a minimum. In fact, Trump ran his campaign on just $647 million, the lowest total of any major party nominee since 2008 and much less than the $1.2 billion Hillary Clinton was able to bring in, according to the latest Federal Election Commission filings.
While most advisors aren’t planning on launching a multimillion-dollar presidential campaign anytime soon, Trump’s social strategy offers some important insights for the business world. The following tips can help advisors use social media more efficiently — and with better results:
Pay a little, get a lot. The Trump team took advantage of Facebook ads and sponsored posts to target distinct demographics with messages tailored to their interests and concerns. For example, Kushner spent $160,000 to promote a series of low-tech videos featuring Trump discussing policy issues; the videos earned more than 74 million views. This same viewership via traditional TV commercials would have cost millions.
It’s a strategy that can work for advisors, too. A recent study by Putnam found that Facebook ads and sponsored posts generate median asset gains of $1.6 million and $3 million, respectively, for advisors who report using them. And they don’t cost much; according to a recent study by AdEspresso, the average cost per click of Facebook ads in 2016 was just about 28 cents. The cost per 1,000 impressions was $7.19.
(Related: Facebook Launches Business-Focused Platform)
Fail fast, scale quickly. Traditional advertising often requires a lot of lead time to account for production needs and to accommodate the schedule of the TV/radio station or print publication. These ads also provide little data on how many people they reached and whether desired actions were taken. By contrast, social media campaigns can be conceived and executed in — often — a matter of minutes and also provide information on how many people were reached and whether they clicked through on any links provided.