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?
My brief social media strategy for financial services