One of my 2025 resolutions now is to re-examine my social media strategy. This post reviews the history and current status and explores a strategy for testing. When I mentioned this project, a peer CPA pointed out that there is nothing ‘wrong’ with my social media strategy. It’s just that if I am serious about connecting my online activity with my business progress, then something must change.
History and current status
I was among the early adapters of social media as a young professional in the 1980s. We did not call it “social media” then. I was a member of the team of the first professional moderators of the largest online financial web site of its time at financialplanning.com in the 1980s and early 1990s (we called them ‘BBS groups’ in those days). In the 1990s I built an early dot com business exploiting the emerging growth of social media and Google search that soared past $1 million in value – way back when a million dollars was still a lot of money! I pushed my local Rotary Club to promote its community events and outreach on a new platform called Facebook in opposition to a board member who was also the editor of our local newspaper. Now, decades later, I post daily in text, photographs and video formats and host live video shows.
Like everyone else, I suppose, I’ve had ups and downs in social media experience. But a few key points emerge:
– It is clear that I have been more active and more influential on social media that most. I’ve connected with some VIPs over the years and am continually surprised by who reads and comments on my posts. At least two senators, the Speaker of the House, and several Congressman contacted me through social media. Social media has been effective for me in amplifying my voice.
– I have somewhere around 2,000 financial advisory pieces published online dating back to the 1980s, and at one time almost 800 were listed by Google search. Now almost none can be found through Google search. While Google search is clearly different from social media, it is likely that I would reach the same conclusion if commenting on any social media platform.
– Despite the strong level of activity and readership, I have never developed any new client business as a direct result of social media activity. This is my strongest motivation to take on this exercise of re-examining my strategy.
Platforms
I use four social media platforms. I am not opposed to considering others, but at this time have ruled out other options for various reasons. Since I often share the same content on all four platforms, this comparison might be useful. This is a snapshot:
Facebook: (facebook.com/onlineadviser) I am following 1,200 others and have 1,500 followers. There is no indication that these numbers are meaningful because their internal algorithm controls information flow. I have been active since 2009 and Facebook was already growing rapidly by then after outgrowing its campus origins. It reached 300 million active users in September 2009 and continued to expand its user base globally. It was becoming one of the most popular social networking sites at that time. Now it is the primary social media platform of my friends and neighbors. As I gravitated away from an urban professional crowd over the past two decades, so did my Facebook communications. Now I enjoy Facebook, but I have no active connection on the platform with business. My predisposition is that my Facebook connections are not as wealthy as my business clients. Engagement is consistent. I am often surprised to learn at some later date of other people reading my content.
There is legal risk to me in using Facebook. On at least three occasions my posts were lifted out of context and used inappropriately by government in attempts to prosecute. I lost one case involving the responsible party for keeping fish catch records in New Jersey. It was a ridiculous case that cost the government thousands of dollars for a crabbers catch of less than $100 that I advertised on Facebook. The state won the case that I was responsible for keeping the records. I paid a fine of $264. The other cases I won, but suffered significantly from the stress.
There is also social and physical risk. I am aware from credible third party reports of negative response to my core mission of supporting small businesses over political bosses. The attempt by strangers to “take me out” years ago apparently based on Facebook impressions. I lost years in rehabilitation. On several cases where I was nominated for a leadership position within a right-wing organization, my candidacy was discarded based on social media impressions.
Bluesky: (@onlineadviser) I’ve only been on for a few months, am following 567 mostly peer tax pros and sustainability industry. I’ve learned enough on the site to make it worthwhile but get almost no engagement on the 564 posts I have shared there with just 240 followers. The consensus advice is to keep at it because it is too soon to draw any conclusions.
LinkedIn: (onlineadviserlive) I know how to consistently write posts that gains tens of thousands of viewers, mostly tax or financial industry peers. But again, nothing that ever led to business. I have 3,975 followers. Yet almost none of my clients have a LinkedIn account. Still, it seems like this may be my best opportunity to integrate business with social media.
Mastodon: (@onlineadviser) I joined November 2022 and enjoy using this site more than any other. I’ve built online relationships with some of the 657 people I follow around the globe. I attracted 232 followers and see little consistency of focus. But Mastodon seems mostly void of people concerned with any type of business. I’ve searched and tried, but see no way of integrating any business strategy despite an amazing 4,100 posts recorded (I think this might include shares).
The W2 Tax Shelter Hot Button
Lately it seems like the most effective hot button topic in my social media posts is tax shelters for W2 earners. (For readers who may not be familiar with the lingo, this refers to reducing income taxes due for people whose primary income comes from salary and their income taxes are withheld from their paycheck). I suspect that social media has exploited real estate investment strategies to the point where most tax professionals and investors are aware of its limitations and seek something better. I observe that few tax pros can offer support for tax shelters for upper middle class W2 earners other than real estate. One reason is clear: to use an active small business as a tax shelter you and your tax adviser need to be actively engaged in the business. Tax shelters for W2 earners is a nuanced and even controversial topic; beyond the scope of this post. I am comfortable working in the field, but not so comfortable discussing the sensitive issues online. Still, it seems possible to work around this limitation and even exploit it for marketing purposes. It is unclear whether this could generate any direct business inquiries or whether other tax and financial professionals would collaborate. There seems to be just as many obstacles as attractions.