The Social Factor in Financial Services

Recap

On May 20, a sunny Tuesday morning, FCS Philadelphia gathered over breakfast to discuss “The Social Factor in Financial Services.” Hosted at the corporate headquarters of FS Investments in Philadelphia and sponsored by Engine Room, the event featured a panel of financial services professionals sharing their perspectives on how social media can be leveraged to better position businesses and connect with clients more effectively.

The event featured panelists Michael Kazanjian of FIDx, Ryann Bucher of Janney Montgomery Scott, and Lara Coleman of FS Investments, and moderator Kristin Williamson of MSCI. The speakers shared their respective approaches to marketing, social media best practices, and “war stories” about what not to do when devising social media strategies.

Some key takeaways from their discussion include:

• The Organic vs. Paid Dilemma: When it comes to devising a social strategy, organic and paid are two tactics every financial services professional should consider. The panelists weighed the pros and cons of both, coming down on the side of organic over paid. Organic social is cost-effective, presenting businesses with more opportunities when dipping their toes into social media waters for the first time. Paid social requires a higher investment, but it can be flexible depending on the business. The panelists also shared that while paid social is more targeted, organic social has led to more client relationships.
• Authenticity Over Everything: While every financial services company’s social strategy will differ from the next one’s, the panelists agreed on one overarching idea to incorporate: authenticity. With brands in every nook and cranny of social media feeds, clients (current and potential) do not want to feel like they are being sold something when scrolling. To stop clients in their scroll and get them to engage with a post, the panelists advised financial service professionals to prioritize relatability and genuine connection in social media posts about their companies.
• Striking a Balance: Piggybacking off of employing authenticity in social media strategies, the panelists acknowledged that this is easier said than done at companies. Posts often have to undergo an approval process before making their way to the social sphere. This can lead to messaging that sounds too pre-packaged to make an impact with clients, especially when the post is coming from an employee whose voice differs from the company’s. The panelists encouraged financial services marketers to strike a balance, potentially by having individual employees incorporate their own voices into posts while also aligning with pre-approved messaging.

• Picking Platforms: One mistake that can derail a social media strategy is joining a platform where there is no audience and few to no opportunities for companies. TikTok is a platform that many financial services professionals bring up in conversations around expanding their company’s social presence. The panelists warned that teams should focus on finding their target audience rather than establishing a presence on every social media platform. More often than not, a company’s target audience and leads will not be on every platform. Executing a social media strategy takes time, money, and resources, and they would be better spent on a platform where an audience already exists rather than is waiting to be found. Overall, the panelists found LinkedIn to be the platform most conducive for financial services client engagement and lead generation.

• Appealing to Stakeholders: Social media and marketing budgets generally can take a lot of convincing for upper management. Oftentimes, social media strategy requires playing the long game; rarely does a post go viral or a company triple its following overnight. When outlining social strategy efficacy to stakeholders, panelists suggested leading with metrics that communicate tangible results, especially the numbers that show when engagement turns into leads. Furthermore, it is crucial to highlight the important role social media plays in the relationship between marketing and sales teams. Conveying the real-life results that social media helps achieve does wonders with upper management.

• The AI Question: We knew it was coming. AI is not just the hot new trend, it is a groundbreaking tool that every industry is adopting. Financial services is no different. When it comes to utilizing AI in social media strategy, the panelists explained that it is most helpful in developing a blueprint of content ideas for their marketing teams to work off of. From there, they can use their creativity to put a company-specific spin on a social post. The panelists also praised AI’s ability to track and monitor engagement across platforms.

For more information about FCS Philadelphia, contact chapter president Phil Edelstein of Substance Strategy & Creative.

— reported by Juliet McAlee, FCS