Over two and a half million people actively use social networks all around the world, and naturally, you’d think that every marketer has already flooded every conceivable platform by now. Well, that’s not exactly the case. Many companies, especially those in the financial industry, have lagged behind, mostly because of regulatory concerns. To be exact, a mere 42% of surveyed CFO’s reported their finance team to be social media savvy.
With social media very quickly becoming a deep-rooted part, of not just our culture, but our own consciousness and everyday habits, if the financial industry doesn’t catch up, then they’re at a big risk of losing a lot of, not only exposure but also engagement and ultimately trust and potential revenue.
Regardless of whether you’re reaching out to provide support or information to your clients or you’re just trying to educate them, when they open up their smartphones in the morning along with their freshly brewed coffee, you should be there, on their newsfeed to remind them that you’re on it. I mean, come to think about it, social media can be found at multiple levels of the buyer funnel, so it now becomes critical for fin-service establishments to examine their audience’s activity and respond appropriately.
So what obstacles stand in the way of the financial industry meeting with social media; and once these obstacles have been overcome, how would fin companies use these social media platforms to build a network and increase their revenue?
First off let me start by saying that for a long time, the presence and communication of fin companies through social media has been very conservative if not non-existent at all. Why though? Perhaps the idea of social media is still thought to be taboo, not only because it’s a newer ‘generation thing’ but because compliance is involved. As a regulated broker that manages funds for clients, there’s a lot you can and can’t say, for yours and your client’s safety.
As you can imagine, there is a lot of stress involved in handling such large amounts of money, and the last thing these financial companies want is to have an open case over a Twitter or Facebook post.
Having said that, rest assured that there are ways to overcome these barriers and one of them is by reporting on environmental, social and governance investing which would definitely help establish rapport with clients. The idea is to humanize and bring to the public (in a comprehensive manner) not only information regarding the industry, but information ultimately regarding them.
The more digestible and relatable your content is, the more your clients will feel like they’ve gained from their encounter with you, and suddenly you’re the industry guru that people come to for knowledge.
Let’s talk about some of the most relevant platforms fin companies should be all over. In my list, LinkedIn would be number one. Of course, this depends on what you’re trying to achieve. For instance, if you want to reach influencers then Twitter is it but if you’re trying to keep it sleek and just push thought leadership, LinkedIn makes more sense, to me at least. Then, of course, you have Facebook as well, which for many marketers is like the scariest platform, especially with the latest Cambridge Analytica scandal.
And let’s not forget Instagram. Look, I wouldn’t expect that a company in the financial sector would see a huge revenue increase from Instagram, but it’s none the less a great place to show consistency, relevancy and reinforce your brand.
2018 is the year to step your game up. If you’re not already on social media I suggest you start creating your accounts now. There are lovely social media management tools that allow you to simultaneously post on multiple platforms. Easy or easy? The world keeps evolving every day, so don’t lag behind, get with the times and watch your organic reach and revenue grow.