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Precedent's Finance Forum Insights: Social media and blogging wins

Lindsay Herbert Head of Digital (Global)

Missed the last month’s Precedent Digital Finance Forum? To our delight, the roundtable discussions quickly sparked participants swapping success stories for overcoming compliance restrictions and old fashioned thinking towards social media and blogging.

Here are just a few of the tried and tested solutions cherry picked as highlights from those roundtable talks. Have a read through and let us know your own experiences in the comments.

1. Thought-leadership and social media: the perfect match

Rather than use social media and blogs to push products, offering helpful and impartial information hasn’t just proved an effective strategy for major players like City Index or Lloyds TSB, it’s also bang on trend.
Stats from Google Insight reveal that DIY-style searches are significantly on the rise as users discover that adding ‘how to’ to a search string lets them skip the sales pitch and get straight to the content.

2. Softly-softly catches management approval

If you’re working at a less digitally forward-thinking institution, members of the forum found starting with a small and easily approved by compliance piece of digital activity gave them the stats and evidence for management to green-light larger initiatives.
The bottom line being if you’re speaking to management, talk return on investment and not blogs or Twitter. This means setting up the right tracking in advance – whether it’s Google Analytics for your website, buzz monitoring for the web as a whole, or bespoke tracking for your social media profiles – and knowing what metrics to track and how to interpret them.

Number of followers or ‘likes’ doesn’t mean anything to management (or to your bottom line), so instead look at who specifically is following you, identify how many are in your target audience groups, and then measure how they’re interacting with the content you post (e.g. sharing it, commenting on it, asking questions, etc.).

3. Compliance-friendly Twitter

Participants were impressed with how Lloyds TSB had managed extending its customer service arm into Twitter. By identifying itself as the official account for Lloyds and clearly telling users not to tweet their personal details, the bank has created a commendable compliance and user-friendly Twitter presence.

When questioned about concerns over security, participants were surprised to learn Twitter has actually helped fight fraud in some cases for Lloyds – for example, users being able to immediately report suspicious emails and texts falsely claiming to be from the bank asking for their personal details.

For staffing the Twitter operation, Lloyds followed the same advice we always give for social media: pick staff with the right knowledgebase who are already using the network and train them up with house rules and ideas for content on how to engage on the company’s behalf.

By now you’re probably wishing you’d taken part in the discussions…but it’s not too late! Leave your thoughts below and if you have any questions, feel free to post them here or contact us directly.

Next week a little reaction from the mobile debate.