08
May

What to Know about Social if You’re in Finance

Social Media Week has us even more pumped than usual to talk to you about social, content, and digital advertising. In the social media spirit of keeping it short, here is what you need to know about social if you’re in the financial sphere:

Don't let social media be the elephant in the room

You can’t keep ignoring the elephant in the room.

    1. Social won’t come to you. It’s here.

Financial brands, including B2B, are leveraging social in meaningful ways. For finance, LinkedIn and Twitter continue to dominate, but now we’re seeing brands push into Instagram and even Snapchat for talent recruitment.

    1. Listening tools are your friends.

It’s time to tune in. One of the best things to do before starting and while maintaining a social media channel is listen to your customers and competition.
There are a host of tools to help answer your burning questions – Is the competition paying for social media ads? Are people already talking about your brand? Are they already talking about when interest rates are going to rise? There’s a tool for all.

    1. Stop shouting for people to love you.

Have you been on social media lately? Even in a personal capacity, it can be truly overwhelming. So many brands are competing for consumers with waning attention spans and that trend doesn’t seem to be reversing.

What does this mean? You can’t just produce content, you need to produce good content. High quality media, like photos and videos, is more important than ever, and what you dispatch can’t be just about you (*ahem* those tweeting only when you get news coverage).

Think of it like dating: if you want to make a good impression, you wouldn’t go on a first date, talk only about yourself, then text that person 10 times in 24 hours asking them if they like you. Same rules apply for social media.

LOOOOVVVEEE MEEEEE! (Don't be this guy)

LOOOOVVVEEE MEEEEE! (Don’t be this guy)

    1. You have to pay.

Organic reach isn’t dead, but it certainly isn’t what it used to be. Brands need to understand that social media platforms are charging more and more to reach audiences – even when users have already opted in.

This isn’t all bad news. With the emphasis on paid reach, social platforms are stepping up their analytics capabilities. So, while it might be hard to reach someone organically on Facebook, there are now over 100 search parameters about your target individual. And with the testing capabilities, you can quickly build a campaign better than ever before.

Brands are using these avenues to push users into funnels that are more controlled – like email marketing – and seeing big ROI.

    1. It’s not just a number.

We know it’s tempting to put a number on the exact value of social media. How many click-throughs? How many likes? How much engagement? These are all valid questions, but thinking of social in only this way is missing the mark. It’s the same as the ad-revenue matching that traditional PR has tried in the past (a hit in WSJ = $x because an ad in that same place would cost that much). Sure, now you’ve got a number to report to your boss, but it’s missing an important part of the story.

The brands that do social best know that there’s no catch-all way to determine the value. They’re tracking engagement, looking long-term, and testing. Especially for financial brands, which traditionally have long sales cycles, metrics should focus on engagement and branding more than an exact figure.

    1. Good campaigns take planning.

That viral post everyone seems to be talking about? The infographic that just appeared on your feed? They both probably took weeks, if not months, of careful planning. While there are in-the-moment posts they garner lots of attention, what you see is just the tail of a carefully planned message. Analytics. Listening. Messaging. Reach. Audience. The most effective brands are thinking about all of these things when it comes to social, and you should be, too.

Excited? Overwhelmed? Confused? All of the above? We should talk and explore your opportunities together.