It’s hard not to miss the rapid rise in social media over the past few years. For most, it’s the ‘go-to’ place to keep on top of latest news, sports, entertainment and trends. And unlike traditional news sites, you can tailor the content to your own specific needs selecting what is interesting and relevant to you.
But in the Asset Management industry is social media relevant? Does it work? What can you say? How can you split your posts to suit your different audiences? What will compliance say? How can you create meaningful content that talks to your audiences?
Now I may not know the answers to all these questions as each company will have different objectives but given that there are between 39 to 42 million* adults using social media in the UK it presents a huge opportunity that can’t be ignored, and should, I believe, form part of your overall digital strategy. Below are some pointers I’ve found useful to think about whilst devising a social media strategy.
- It sounds obvious but put pen to paper and write down your strategy – although 80% of B2B marketers have a social media strategy, only 32% have it written down**. By creating and defining goals of what you are looking to achieve and how you will measure these allows you to create a clear roadmap of how your social media fits into your overall marketing communications plan.
Some useful questions to ask to help you get there:
- Who is your target audience?
- Which platforms are you going to use?
- What type of content will you publish to suit different audiences?
- What are your objectives?
- Which social media metrics will you be using to measure your results?
- How are your competition using social media?
- Use a social media measurement tool to help you monitor and track results across all the social media platforms you use, such as Hootsuite or Sprout social rather than trying to collate all the different metrics individually at the end of a campaign.
- Think about the type of content your audience would like to see, rather than simply posting every single piece of content that you produce, what are their needs, what would they benefit from knowing. For example, IFAs may find content that explains product strategies and fund updates useful, whereas retail investors may benefit more from educational and video posts that can help explain investment strategies such as ‘Investing for Income’.
- Create a personality. With social media, you have the chance to create content that humanises your brand. Is your brand confident, knowledgeable, insightful, educational, powerful, collaborative? Write posts that play to your brand attributes to build on your brand personality. Use language that is more inclusive such as ‘we’, or ‘our’ to create a more conversational tone.
- Consider which social media platform you are going to use. In the asset management industry, the likes of Snapchat, Reddit or Flickr are likely less appropriate, given the demographics. But platforms such as Twitter, LinkedIn, Facebook and Instagram all could be potentials to consider for your social media strategy. You may decide to use different social media to target different audiences. A recent study by Flint found that there was a contrast in the networks used by millennials (Instagram, WhatsApp, Snapchat and Pinterest) vs baby boomers (Facebook). Also new updates and improvements to social media sites will make for better usage. For example, last year LinkedIn made significant improvements to its user interface, including revamping the newsfeed and enhancing analytics. LinkedIn also updated its services including Sponsored InMail and lead generation options.
What’s clear is social media is an important channel for marketing communications and should form part of the planning process at the beginning of a campaign to help you deliver and execute your marketing strategy.
Social media statistics and facts: