The other week I was on a webinar, I was invited on to talk about digital, digital disruption, digital transformation and the use of social media strategically within a business.
There was a question from a Financial institution who made a comment that I've always get from Financial Institutions.
But We Are Regulated
"But we are regulated". It shows a massive misunderstanding of digital, digital transformation and using social strategically. Let me explain, but let me first set the seen of where we are with the global shift to digital buy all of us, consumers, buyers and companies.
Businesses Have Switched to Social Media
Even before the pandemic there was a switch to working online, but Covid19 has accelerated that.
Worldwide social media users: 4.14 billion - 53% of the world's population use social media in other words, more people use social media than don't use it.
Simon says that "two thirds of the working population in the world is now active on social media."
Social Media Isn't About Cat Photos
Many people still think that social media is a cat photos and posting photos of your lunch and in the business-to-consumer (B2C) world it could be about that.
I'm talking about having a tried and tested methodology that is designed to help you sell, not Linkedin training but a methodology to use social based on modern psychology.
Social Media In a Regulated World
At this point people from Financial Services businesses (and Life Sciences companies) are screaming at the screen "but we are regulated". Here is why you shouldn't be using content that impacts on your regulation in the first place.
Banning Content That Would Impact a Regulated Company
First and foremost, you have to understand, social media is NOT posting things about your company, it's products and is NOT using words like "Guaranteed". Not because you shouldn't under regulation, but because, nobody is interested in the first place. In fact, all of the words and types of posts that are banned in a regulated world, should be banned from any companies social media feeds anyway.
Content That Works In a Regulated World
Based on our research, (so based on data and not based on an opinion) the above pyramid of content shows what gets engagement and shows what content does not.
All of the content that is impacted by regulation companies you shouldn't be posting in the first place. There is no place in the world in 2020 for "buy my product because it's great" which is the way that companies market today. There is no place for this in a regulated world either. So we know we shouldn't do it because we live in a regulated world and we know we shouldn't do it because it gets no engagement and we know we shouldn't do it because nobody is interested.
So what conclusion should we come to? Of course, don't do it.
Who's doing this? - Case Study
This is Eric, he's one of the team at DLA Ignite and he got 6 C-Level meetings from this post. The post took him 10 minutes too create. He does have posts that have got a better response, the one about Led Zeppelin for example.
This usually shocks people.
How can a post about Eric's 16 year old son get 18,000 views and 165 likes?
But better still, how can a post like this get 6 - C-Level meetings?
Because, all of Eric's post are strategic. He knows exactly why he is posting it and knows how to monetise it.
He doesn't always post humanised content, I'm using this as an example.
You Need a Methodology on Social
The other problem with social is that people post and hope. We often see VPs posting and all of their directs liking the post, this is just a "random act of social". It's unlikely to move the needle and unlikely to generate you anything such as a business.
Everything that Eric posts on social is strategic. He, using our pyramid of content, knows which content to post and when. Because he knows which type of content will get him the best effect. He also knows how to monetize that content. (This is all part of the methodology we teach in our training and coaching).
As we now know, none of this impacts on the issues of regulation.
I'm sorry to say, that there are no excuses for banks, wealth management, insurance companies, professional services, life sciences not to embrace digital transformation through social. And as our clients in these industries know, there is a great opportunity for revenue, net new clients, competitive advantage; even in a pandemic.
Where Do We Go From Here?
For those unsure of what to do, DLA Ignite will complete a review of your current social / digital / virtual / remote selling capability. For free.
We will take your team (up top 10) and perform a complete root and branch Social Media Performance Assessment.
Sales, Marketing, Management, Technical, HR. Procurement ....whoever you want to include.
This will include: Profiles, connections, followers, inbound and outbound activity, content, engagement, follow up, results.
We will map your business against the DLA Ignite baseline and present back to you our findings. We will show you where improvements can be made and what results should be expected. No hard sell, just present back to you a road map.
It is time for financial institutions to begin the process of developing long-term strategies for success, while still understanding the need to adjust to market conditions in an instant. Banks and credit unions must reassess all digital initiatives required to compete with fintech and big tech players, knowing that being a fast follower is a failed strategy.