It is not easy to convince business owners that microblogging as an effective approach for direct communication with customers. Yet many businesses which participate in microblogging community cannot effectively utilize its nature and generate better outcome for not only marketing purpose, but also building positive customer relationships.
Microblogging platform like Twitter has the following advantages as a channel for delivering messages:
- Instant: Through the real-time updating feature, information can be widely spread in no time
- Concise: Without time spending on reading the whole article, users can grab the key information within 140 (or less) words
- Huge user base: The active community among users can effectively spread out the information globally.
Before we jump to the microblogging strategies for finance institutes such as banks, let’s take a look at what challenges do they face, and how can microblogging help.
enhancement of microblogging strategies can provide effective solution to the challenges related to client relationship building and management as social media tools have been widely utilized as an approach for business to directly interact with customers.
Those challenges include:
- Addressing the Rise in Buy-Side Power
- Managing Capital and Collateral Intelligently
- Valuing Client Relationships, Not Product Profits
… where social media tools can be of great help for meeting the third challenge.
Another biggest challenge for investment banks will be: customers change banks.
And here is the survey about why customers change banks retrieved from Enrst & Young:
The Top 3 reasons are: High fees or charges, poor rates on accounts and poor branch experience.
So how can microblogging help for banks which would like to stop losing customers or, attract more potential customers? Here are 5 practical strategies:
- Content is still the KING: customers can easily distinguish marketing purpose posts and informative ones. Pushing though provoking byte-sized content is the only way to encourage active feedbacks. Properly using questions to invite discussion about new product idea, improvement or suggestions. Check my previous post about how CitiBank successfully built up active social media community with quality contents.
- Follow your competitors: Microblogging provides a platform for businesses to monitor and interact even with your competitors. It is encouraged to observe the interaction between successful corporation and their followers on microblogging platform since it works as a good channel for market search.
- Sharing is caring: If you see your competitors or other microbloggers post something which is really worth a read, share it. Using the feature like re-tweet on Twitter can easily pass on the valuable contents without hassle. Once the audience get to know that you provide not only beneficial posts for your company, but also including related informative contents from other competitors, it might give followership a boost. When it comes to retention, customers care more about what you tweet than who you are.
- Link back to your products, but not too often: When microblogging about something which can relate to your products or service, insert a tinyURL into the content to direct customers to them. Try to make the contents inviting and informative instead of pushing or exaggerated.
- Integrate with other social media tools: Each social media platform provides different character and advantages for business owners to utilize, but make sure that you do the assessment of market research before jumping on it. Publishing appropriate contents on each platform in regard of different user expectation will never get you wrong.
In the era of enterprise 2.0, is it possible for competitors to create a win-win situation through embracing information sharing or transparency on social media? What would happen if business starts to share and distribute competitors’ marketing contents?
One classmate shared an interesting article about Contour intended to slam on SONY facebook with its release of new competitive camera, but it turned out to be offering free promotion and exposure of SONY’s products, to Contour’s followers. If Contour used another approach, such as positively mentioning about the competitive advantages of its own product, would the result be different?
Strategies for internal blogging by Amanda
Strategies for external blogging by Charleston
1. Implementing a Successful Corporate Microblogging Strategy
2. Top 10 Challenges for Investment Banks 2012
3. Social Networking Strategies: Get the Most out of Twitter, Facebook, and Your Blog-Heatbrain.com
4. The Advantage of Twitter Lists-PR in your pajamas
5. Global Consumer Banking Survey 2012-The voice of today’s banking customer