Is Twitter All it's Cracked Up to Be?

An article in the Wall Street Journal cites that financial advisors haven’t found Twiter all it’s cracked up to be – in terms of finding paying clients.  Plus, financial advisers need to be careful what they say on the service, as financial regulators consider it to be a form of advertising.  However, the article points out that if one lowers expectations, Twitter has some users.  For instance, when Twitter started lots of financial advisers – who run the gamut from independent fee only advisers to financial advisers who work for brokerage houses and earn money through commission on products they sell you, thought they would find lots of new clients on Twitter.  Alas, the wealthy, mostly older people with money don’t hang out on Twitter.  Which to me, seems shockingly obvious.   And also, what reasonable and sane person is going to hand over their money to someone they met online.  I think that would be like answering one of those Nigerian scam emails.  And what financial adviser is going to give out really great advice for free on Twitter?

However if financial advisors lowered their expectations and used it simply as a tool to expand their basic networks, they were much more satisified.  One financial advisor who focuses on women clients hooked up with a group of women entrepreneuer and meets with them monthly (though no clients have come of this).  Another, who’s speciality is charitable giving got followed by a prominent philanthropist, a connection that wouldn’t have been possible without the freedom Twitter to connect with large groups of people in a casual, non time consuming way….

So what can a Business Wise Mom get from this – how can and should you use Twitter to build your business?  Of course it all depends on the type of business you’re in, but here are a few Twitter tips:

1. Don’t expect to get customers – Twitter is not necessarily about grabbing paying customers as it is about starting a relationship.  Follow and get followers who are interested in your area – whether it’s tween bedding, construction services or financial advice.

2. You can Twitter out helpful tips and encourage people to read more by going to your website or blog, where then you can hopefully capture an email address or even convert them

3.  Use Twitter to announce sales- if you always have an item on special or a great deal and can support this type of discounting, let Twitter know and up people will re-tweet the sale.  Encorage people to re-tweet

4. Follow proper Twitter protocol – if you have more followers than you’re following then you should even it up.  Unless you strongly object or feel that follower is inappropriate (I get invitations from some shady suspects that I delete), then follow the person back