social medias illustration

Social media doesn’t work for financial services

(If you’re not using it)

 

Increasingly social media platforms have become recognised as powerful tools to drive new business. It is an alternative approach to reach audiences through a mixture of digital channels, whilst also keeping them engaged.

This is no different for the investment industry. You will want to have some presence on social media to maximise your marketing strategy.

Here is a short breakdown of the benefits of having a social media channel, and thoughts to consider when choosing a platform.

 

So you ask why do I need to use social media?

 

First of all, it is a hybrid form of content marketing and enables you to create, publish, and distribute your ideas online directly to your target audience.

This channel provides users with easy viewing, and there is always an audience for your content.

In addition, it displays interactive user feedback through likes and shares helping you follow and track activity.

Thus enabling you to listen to your audience, and create content they will find engaging.

Most of all, posting self-produced content on a free platform is sort of perfect!

 

The number of industry professionals on social media
Share of businesses using social media in the United Kingdom (UK) from 2012 to 2016, by business size www.statista.com

What sites should you essentially be using?

 

It is notable that not every social media site will work for a corporate business. Each platform will have a number of requirements in the format of content that should be considered.

In order to direct you to the right platform you should be considering two things:

  1. Where is your target audience active mostly?
  2. What channel will suit your content marketing strategy?

 

Today, 69% of the public is using some type of social media. From the various channels, we at Fin decided the two to consider for the investment industry were LinkedIn and Twitter.

LinkedIn is the largest professional network with more than 562 million users in more than 200 countries worldwide. This would be the best place to start as it connects you directly with industry professionals.

Tools such as website demographics and sales navigator help you identify those within your industry.

You can also join LinkedIn groups directly relating to your professional interests, and distribute content to the right audience.

Twitter has 100 million daily active users and 80% of users are from mobile devices. This channel is a perfect way to engage with people who are always on the go.

The site also includes features of trending topics and hashtags which can be most impactful when connecting with your audience.

Currently, tweets are limited to 140 characters which enables you to get a short message in a single, clear and concise post. These posts can be pre-written and scheduled long in advance of publishing dates.

While Facebook remains one of the largest social media platforms with 68% of adults users compared to 25% on LinkedIn and 24 % on Twitter. Following from their recent data breach concerning Cambridge Analytica data firm we decided to wait and see how this is handled before we can recommend it.

 

What social media sites are most popular
Most popular social networks worldwide as of April 2018, ranked by number of active users (in millions) www.statista.com

What content should you be publishing on these sites?

 

The content on your site should align with your overall business objectives and should be of interest to your audience.

Visual content would be of most impact for users with examples ranging from animated gifts to short videos that can also be leveraged for other use.

 

What about compliance?

 

As with any content marketing activity, it is important to consider the compliance aspect of posting on social media channels.

The truth is that social media is only the channel through which content is published. The question as to whether or not the content is compliant should be answered upstream when you are planning your content schedule, not at the point when you port it to your favourite social media platform.

 

In Conclusion

 

The evolution of social media has brought opportunities for businesses looking for growth and expansion.

There are many thoughts to consider before creating a profile, but now is the time to adapt to the respective shifts of activities.

If you would like to discuss which channel would be most appropriate for the investment industry, talk to us about content marketing here.

 

Article sources related to this topic:

Social Media Strategy | Content Strategy  | International Marketing Strategy