With the advent of digital technology at an all-time high, the financial services industry is beginning to recognise the power of social media as a marketing tool. According to The Social Business Report 2018: A global study on the strategic role of social media in financial services, there are four key areas of your business that can benefit from a good social media strategy.
As mentioned above, there are four key areas of social media activity and these are often owned by different departments of the company. This can present a challenge if you’re trying to write an organisational social media strategy that works towards one goal. Unless there is total collaboration on social media usage, platform use, and how the data is collected and used, you risk presenting a disjointed and misaligned message to your market, which can do more harm than good.
Many financial services organisations still find crafting their messaging for social media a challenge as well as recognising their audience³. As a result of the heavily regulated environment in which they operate, the financial services industry is often cautious of their messages on social media - sometimes overly so.
With that being said, there are ways that you can easily move past those challenges to have a great social media presence that will see your business strive for the future.
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1 "Social Selling Strategies for Financial Services", CRM Search
² "The Social Business Report 2018", Hootsuite
³ "Banks' Social Media Challenges", The Financial Brand