By Craig Foster, Director of Media.
Recently Meta launched a new platform, “Threads,” as a competitor to Twitter (now called X). The launch came with a lot of fanfare and explosive user growth. Threads hit over 100 million users in just 5 days making it the fastest growing social media platform ever. In comparison, Twitter currently has 450 million users meaning Threads was able to grow to almost 25% of Twitter’s size in just 5 days. But questions remain on whether Threads will be a real competitor to Twitter.
Reports have shown that daily usage has dropped significantly since the initial launch, some of this due to testing out the new thing and seeing that it still needs additional features for them to want to use it as a Twitter replacement. Threads are already adding new features to increase retention and grow its user base. One thing hurting Threads is the lack of a desktop version. It is only a mobile version, making it slightly harder for businesses and marketing agencies to use, especially agencies whose Social Media teams work with multiple accounts at the same time.
Understand the Comparative Data
Before I give you my opinion on what financial brands should be doing with Threads, as it’s a direct competitor to Twitter, we should look at the differences between the platforms.
Adding to this is the fact that Threads hasn’t been launched worldwide, including not being available in any of the European Union countries. Threads with its connection has the potential to surpass Twitter in users if just 20% of the 2.35 billion active Instagram users start using the platform giving Threads 470 million users.
What Should Financial Advisors Do with Threads?
Now that we see the differences and the potential of Threads let’s address what financial advisors should be doing with it. Should you join and start posting? What should be your posting strategy?
In short, the answer is yes, financial advisors should be getting on Threads just the same as they should be on Twitter, Instagram, Facebook, LinkedIn, YouTube, and more. Social media sites are one of the best ways to build your brand, educate and connect with clients and potential clients. With the potential growth of Threads as a platform it is a missed opportunity to not join in. As a part of the Meta family (Facebook, WhatsApp, and Instagram) and as the platform improves with more features it may not completely replace Twitter. However, it will be a true alternative that may even reach different audiences and demographics.
In terms of posting, look to post the same content you post on the other Social Media platforms. This will provide easy ready-to-use content that already connects with your audience on other platforms. Additional posts can include items that show you and your brand in a personal and authentic way. When connecting with the desired demographic for financial advisors you need to consider Generation X and how they see the world and how they want to learn and connect with companies. For more context on this take a quick read my published article: “How to Reach the Next Generation of Retirees”.
The Conclusion on Threads Today
The full jury is still out on Threads but with the way the digital world moves, we can’t be afraid to try the new and miss what could be the next great social media platform. Social Media is the easiest way to build your brand and connect with your audience. If you need help with getting up to speed on Threads or any of the other platforms, advisors should seek digital marketing experts to help them successfully navigate these promising new tools.
About the Author: Craig comes to us after 7 years at an agency and working independently in digital marketing, focusing on digital campaign creation and strategy. He did most of his work solving data problems and coming up with data-driven solutions and strategies. Craig grew up in the Boston area and graduated with a BS in Business Administration from Johnson and Wales University. When not working on digital marketing you might find him coaching a CrossFit class or spending time with his daughter.
