FreshNetworks Blog

Over the past few months, I have consulted with around 20 banking and financial organisations, and I have got “under the skin” of their frustrations with, and their aspirations for, the untamed beast that is social media. In this series of posts I will outline the opportunities for financial institutions when entering into an online dialogue with customers in a risk-averse industry. I will look at why the answer isn’t simply a Facebook page and Twitter feed, but instead it’s about identifying and engaging with an online community that has a shared interest and the passion to get involved. There are some great examples (often from the US), and some not so great, that will enforce my argument.

Let me start by challenging the convention that financial organisations benefit from a Facebook fan page. It can help, of course, but the benefits are usually overstated. There is consensus among my clients that simply looking at the volume of Facebook fans flatters to deceive. If this was simply a numbers game then Facebook would win every time. So, instead, let’s look at the quality of the fans, not the quantity. Many of the Facebook fans that have been gathered by the banks and the insurance companies are employees of the organisation using the channel as another route to keep in touch with their business and each other. And, in general, the Facebook fans from the target audience (i.e. the prospective customers or existing customers) are generally inactive, and certainly more inactive than conventional Facebook fan sites.

The Facebook dilemma was nicely summarised by a comment on mashable recently as follows:

FaceBook taught its members that the social media platform was for socializing… not for purchasing. The wrongenvironment for business! The argument of ‘Be where the people are’ does not always apply. I have been to funerals with a lot of people but that does not make it a good place to market. FaceBook is packed with members who are there for one purpose only… to interact with friends and families. The fastest way to get me to de-friend you is to try and sell me something!

In today’s world, online PR isn’t just about coverage from professional magazines and media sources. Brands also get coverage from the user-generated content that exists on blogs, forums, online communities and by using the other social media tools that are at their disposal.

This increase in online content can help with search engine rankings, website traffic and the spread of word-of-mouth. It can also help businesses get a better understanding about what their customers are saying, be it positive or negative. In fact, the online conversation should be monitored closely so that if any negativity occurs it can be detected,  qualified and responded to in the appropriate manner to ensure the reputation of a brand is not damaged.

But just how do you manage a brand when people are talking on multiple online platforms all around the world? And how do you use the social web to increase your visibility and coverage?

In June we’re sponsoring an Online PR seminar which will help you learn how to use social media as part of your online PR strategy.

Organised by B2B Marketing , the seminar will teach you how to:

• Develop a ‘push’ strategy so you can better manage your brand’s reputation and influence market opinion.
• Monitor online conversations so you can engage your audience and develop strategies to manage your reputation online.
• Increase your visibility on search engines so you can drive more relevant and better quality traffic to your website.
• Understand how to use social media monitoring monitoring tools to track media coverage and measure ROI.

One of our directors, Charlie Osmond, will cover how to develop a social media strategy to support PR activity. He’ll also cover how to use social media monitoring tools to track media coverage and help maintain your reputation online.

Other speakers at the seminar include Melanie Seasons and Charley Hayes from Online Fire and Sam Dorney from IAS B2B Marketing.

Book your place here or call +44 (0)20 7438 1379.