3 Key Steps For A Strong Social Media Strategy

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Have you decided your bank needs a social media presence in 2017? Smart move! But now what? Before creating your social media accounts, we at Gremlin Social recommend these three key steps to help you build a successful social media strategy:

1)     Determine Your Purpose & Voice – Decide how you plan to use social media to further your organization. Is it for brand awareness? Building relationships within your community, customer service, or all of the above? The goals you set for your brand on social media will determine the direction of your strategy. Additionally, you will need to define the “voice” of your social media to ensure your messages have the same tone across the board. Are you casual and fun, friendly, or more professional? Know your audience and choose the voice most representative of your brand.

2)     Organize & Train Your Team – Getting internal buy-in is crucial to a good social media strategy. Who will be responsible for posting, creating content, and monitoring accounts? Who will deal with a social media crisis if it happens? Compliance guidance recommends having an appointed manager monitoring social media activities to ensure standards are met, but it is a good idea to train all employees on social media best practices.

3)     Create a Social Media Policy – FFIEC, SEC, and FINRA rules mandate that financial institutions have a social media policy, but there are also policies and procedures for your business to be considered. What is the process for dealing with customer questions or complaints, negative brand feedback, or breach of privacy issues? What about a cyber security breach? Make sure you consider all key stakeholders in your company, including marketing, HR, IT, and compliance. This will ensure a well-rounded policy for your company.

One last thing – don’t forget the tools! You will need to manage and archive your social media posts, as well as have a workflow in place for content approval. Contact us for a live demo of the Gremlin Social toolkit, and take a tour of our blog to find out the latest and greatest in social media news and compliance updates.

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