Common Mistakes with Financial Social Media

Social media has gone corporate and is being utilized by various companies and organizations in many differentiating industries every day. Financial institutions and players in the financial services industry are no exception. When developing financial social media strategies, there are some common mistakes that should be avoided in order to gain the best results.

Mistake 1: Not communicating with social media users. There is no point to having financial social media if it is not being used to communicate with users. Simply having a social media platform is not enough. It is almost worse to have a poorly used social media platform than to not have one at all. Social media platforms like Twitter and Facebook should be updated regularly. In fact, these social media platforms should be updated optimally multiple times a day. Those users accessing the financial social media page should be able to engage in two-way communication through asking questions, making suggestions and getting a quick relevant response.

Mistake 2: Not setting clear expectations for financial social media. In order to measure and fully implement social media as an effective strategy, it is important to set clear expectations or goals. What do you want to accomplish through social media? Do you want to drive traffic to the website? Do you want to increase Twitter followers or YouTube upload views? Knowing what you want to accomplish will help target financial social media efforts. Setting a benchmark of where you started will also help in measuring results and showing the worth of every social media effort.

Mistake 3: Overcomplicating the process. Simplicity is often the key to success. There are numerous things that can be achieved on social media platforms and they are constantly evolving and adding more. All these bells and whistles may not be applicable to your company or organization and using all them via financial social media will confuse those accessing your platform. Each of the social media platforms should be straightforward. The same design elements should stretch over all social media platforms. This means that there is a streamlined design for the website, blog, Twitter page, Facebook page and YouTube channel. It should be obvious to anyone who accesses each social media site that it belongs to your company or organization.

Through avoiding these three mistakes, financial institutions and those in the financial services industry will be able to effectively utilize social media. This will allow for increased communications with important audiences.
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