The Finance industry is heavily regulated and there can be legal implications for being too ‘over-promotional’ on social media. No wonder then, many finance marketers have hesitated to adopt a social media strategy. However, more and more people are spending a lot of their time online, and expect to be able to reach companies through social media; they are actually more likely to do business with you if you engage with them online. Even in a sector with so many rules and regulations, social media can be used succesfully. But where to start?
Competitor analysis
Start with looking at what everyone else is doing and then do it better. First, dive into your website analytics and find out which social media channels are driving traffic to your website. This will help you focus your efforts on the channels that will work best for you. Next, have a look at your competitor’s social channels and take notes on what you think works and doesn’t work. Here’s a couple of things you need to look at:
• What sort of messages do people engage with?
• What is the tone of voice?
• Do they use images and which style?
Social Media Policy
As the finance market is restricted by stringent rules and regulations set by the Financial Conduct Authority (FCA) such as their recently published Approach for Financial Promotions in Social Media, it’s wise to develop a social media policy that indicates what is and what is not allowed to your employees, and set ground rules for the kind of content the company social accounts are allowed to share. You also want to avoid employees’ private social accounts to be construed as brand accounts. If they do regularly comment on industry views, ask them to add a disclaimer to the bio stating: ‘Views expressed in this account are personal and do not reflect those of [Company Name]’.
One of the most important things to do however, and which often gets forgotten, is to monitor social media for any mentions of your brand. You want to catch any negative messages and respond before they get out of hand. Show that you are offering a solution to the problem. Remember, online messages can still be found after years and it’s always better to respond even if you can’t offer a solution straight away. Take the conversation offline when necessary but always get in touch with the person making the comment. Social Media is all about engagement. Positive mentions are worth commenting on too; get a conversation going to get people engaging with your brand.
Social Media should be seen as a vital part of your marketing strategy in this day and age, so embrace it while remaining within the confines of the finance industry regulations. With years of experience in the Finance industry we are up-to-date with all the regulations, and are well equipped to help you integrate social media into your digital marketing.