In today’s digital age, social media can be a powerful tool for financial brands to engage with their audiences. However, navigating the complexities of organic social media marketing requires a nuanced approach, particularly for a sector as regulated as finance. This guide outlines essential steps to crafting a robust organic social media strategy that respects compliance, leverages executive thought leadership, and implements an effective approval process.
Compliance: Navigating Regulatory Waters
One of the most important pillars of an organic social media strategy is compliance. Regulatory bodies, such as the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in the United States, set strict guidelines for communication in the financial sector. To navigate these waters, brands must develop a deep understanding of applicable regulations and ensure all content is reviewed for compliance before posting. This might involve training your social media team on the nuances of financial regulations and potentially using compliance software to streamline the review process, creating a social media playbook, as well as setting in place a multi-level approval process to ensure all compliance regulations are met.
Social Media Audit: Understanding Your Starting Point
Before creating content for a financial brand, we encourage you to conduct a thorough social media audit. This step involves evaluating your current social media presence, understanding your audience’s preferences and behaviors, examining previous content, as well as analyzing competitors. The audit will reveal strengths, weaknesses, and opportunities for your strategy. Key metrics to assess include engagement rates, follower growth, and the performance of different content types:
- Carousels
- Static images
- Videos
- Text-only posts
The insights gained will guide your content strategy, helping you create more of what works and less of what doesn’t.
Platform Prioritization
Financial brands must prioritize platform selection to effectively engage their target demographics, especially younger audiences. Platforms like Instagram, TikTok, and X (formally known as Twitter) have become vital channels to connect with millennials and Gen Z, who prefer engaging, visual content and real-time interaction. Tailoring your strategy to these platforms means adopting a more dynamic content approach, including educational videos, interactive polls, and behind-the-scenes looks into the financial world.
By understanding the unique features and audience behaviors of each platform, financial brands can craft content that resonates with younger users, fostering early brand loyalty and educating the next generation of financial consumers. This strategic prioritization ensures your social media efforts are not just seen but are impactful, driving both engagement and trust among younger audiences keen on financial literacy and innovation.
Tailor Your Content
Be prepared to tailor content on each platform you’re active on. After all, what may work on Instagram may not necessarily perform well on LinkedIn as the audiences are vastly different. Keep the audiences for each platform in mind when creating your content. Again, the social media audit will play a key role in helping you figure out what content to produce more of and what to avoid.
Additionally, avoid coming across as overly promotional. According to Hootsuite’s Global Social Trends 2024 Commercial Survey, 34% of consumers don’t like it when brands are too focused on self-promotion. The survey also found that 48% of marketers publish product or brand updates multiple times a week, meaning there’s a disconnect between what brands post and what people want to see. This may not seem like a big deal, however, considering how 69% of marketers measure their ROI through engagement metrics, it’s going to be difficult to demonstrate ROI when you’re feeding your followers the type of content they don’t want to engage with.
Financial brands should get back to the main purpose of social media: to build brand awareness, affinity, and long-term relationships with followers through engaging and entertaining content.
Executive Thought Leadership: Building Trust and Authority
Incorporating executive thought leadership into your social media strategy can significantly enhance your brand’s credibility and trustworthiness. Consumers in the financial services sector value transparency and expertise. By sharing insights from your executives on industry trends, providing financial advice, and highlighting company values, you humanize your brand and establish it as a thought leader in the financial space. Ensure these contributions are authentic, provide real value to your audience, and avoid publishing overly promotional content.
Approval Process: Ensuring Quality and Compliance
An effective approval process is crucial to maintain the quality and compliance of your social media content. Establish clear guidelines for content creation, including tone, style, and messaging, aligned with your brand identity and regulatory requirements. Implement a multi-tiered review process involving content creators, compliance officers, and marketing executives. This ensures that all content is accurate, compliant, and aligns with your strategic goals.
Conclusion
By focusing on compliance, conducting a thorough social media audit, leveraging executive thought leadership, and implementing a structured approval process, financial brands can build a robust organic social media strategy. This approach engages and grows your audience while positioning your brand as a trusted authority in the financial industry. Want to ask a question or learn more? Get in touch with us today.
