social media strategy

Guest Post by: Jo Stratmann

While niche communities, customer driven markets and transparency are all areas in need of exploration, when it comes to social media for financial services the main concerns highlighted during our financial services round table event were risk and regulation and resourcing.

At FreshNetworks we work with many clients to develop and implement their European social media strategy – either for US companies who want to translate the work they do in their domestic market for their European brands, or for multinationals who are looking to develop a social media strategy that they can use across their European markets.

One of my favourite podcasts is Listen to Lucy from the FT’s Lucy Kellaway and this week she has a great piece addressing how brands are responding on Twitter. Specifically how Starbucks responds to some Tweets about the brand. The piece is, like all her podcasts, humourous but with a serious message. And in this case I think its a message many brand would benefit from taking on board – how to respond to people on Twitter, or indeed how not to.

An issue for many brands who are developing a social media strategy is how they translate what they do in one country into other markets in which they operate. As a European social media agency, we are very used to helping clients take a US or UK strategy and then roll this out across the rest of Europe. And in doing this we have looked at organisations who have done this well. And those who have done it badly. The usual mistake is to assume that what works in one country can be taken and implemented in another country with no changes. More often than not this is not the case.

Virgin America is giving away free flights to social media influencers it has identified on Twitter. There is (it assures us) no catch. It has used Klout, a tool which analyses influence on Twitter, to identify influential people in the Toronto area and offered them free flights on its new services to Los Angeles and San Francisco. These influencers only have to pay taxes. They are not being asked to do anything in return for this. They are just being asked to enjoy a flight, free Wi-Fi onboard and a launch party in Toronto.

Later this month I’m the keynote speaker at the Dutch Marketing Conference Digitaal willen we allemaal in Utrecht. I’m speaking about the danger of building your social media strategy on tactics (“We need to use Twitter” or “We need to use Facebook”) rather than focusing on ongoing and sustainable engagement. Long-term success comes from a strategic (not tactical) approach to social media and from properly evaluating why you are using social media in the first place and how you will measure its success against overall business objectives as well as any individual campaign aims that you might be focused on at any given time.