A study by management consulting firm McKinsey & Company, featured in a recent article in Entrepreneur magazine, found that email is a significantly more effective way to acquire customers than social media. In fact, email is nearly 40 times more effective than Facebook and Twitter combined.
I’m not surprised by this. Social media has been much more useful for exposure and as a way to convert referrals but not necessarily as a source of new (qualified) leads. It turns out social media is not the first place people turn in their search for financial advisors.