Today a guest post I’d been working on for some weeks was published on the Media140 blog. The article contains some great examples of good and bad practice, you can read the introduction below. Underneath the extract you can also see some of my ideas for planning a social media strategy as a financial organisation, take a look and let me know what you think:

Can UK Financial Brands ‘do’ Social Media?

Hampered by regulation and traditional mindsets, financial services in the UK have been slow to grasp the possibilities of social media marketing. Traffic to Twitter has increased by 1,736% in the past 12 months but within the top 100 UK technology corporations, only nineteen of them are using Twitter commercially. [Source: ntl:Telewest Business via Econsultancy Blog, March 2009].

There are also over 28 million Facebook users in the UK and accounts for 1 in 6 page views in the UK [Source: Experian Hitwise, October 2010]. The potential for brand development is huge. Last year a new bank launched in Britain for the first time in over 100 years, but even they didn’t reap the benefits of a social media campaign.

So, why are financial services truly behind the times? Where are the ‘best-practice’ examples that managers of financial companies should be looking at?

Read the rest of the article here

My brief social media strategy for financial services

Click on it to make it bigger and then print or save yourself a copy to keep

 

Let me know what you think…


4 responses »

  1. Great post Charlotte!

    I completely agree with you that it’s surprising not as many companies within the financial services sector have embraced social media as a key marketing tactic.

    Perhaps the marketing departments within banks and other financial providers have become complacent over the years and lack the creativity, imagination and drive to implement social media effectively?

    The points you raised on the Media140 blog are spot on and financial brands would do well to take note – and hopefully they will!

    • charlotteelizabethclark says:

      Hi Gavin!

      Glad you enjoyed the piece. They really need to pull their fingers out and get on with it. Mind you, a lot financial institutions don’t understand their customers wants and needs in any sense. Social media is a brilliant way of finding out about real issues and concerns, that they hide from. Plus, if nothing else it gives them a platform on which to apologise.

      Charlotte

  2. Terry Golesworthy says:

    Nice post Charlotte – You touched on the Geeko and Meerkat and what they give back – they are brand images and can be very popular (Flo for example) but can they be compared to a corporate communication social presence such as customer help. Companies measure fan counts but we need to be more sophisticated in breaking types of social into better categories for fin serv companies.

    • charlotteelizabethclark says:

      Thanks for your comment Terry. I do think it’s incredibly important to have a comprehensive plan for customer services especially when it comes to financial services which, as I mentioned in the article, is a highly untrusted sector.

      I don’t want people to think I’m an old-fashioned stick-in-the-mud I do understand the appeal of colourful characters, I just don’t think they give much ROI for the customers. More of the money that customers invest in a brand (by buying a product) should go on providing new and better services.

      Charlotte

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