Do you remember using MySpace or Google+? While these platforms were massive in their heyday, they quickly became obsolete. Considering the controversies surrounding X and its potential downfall, it quickly makes it apparent that relying solely on one social media platform can lead to disaster. Adopting a diversified social media approach helps safeguard your content marketing strategy. It also ensures that your content reaches a broader audience, improving your brand awareness and strengthening your authority within the financial services industry. We spoke to The Dub’s Senior Social Media Specialist, Sadiye Booker, to see why your finance brand needs to prioritise a diversified social media approach.
Risky business
At the end of the day, if your content marketing strategy is focused on only one or two social media channels, you’re losing out to the competition that has a diversified social media approach. If your finance brand is only on X or LinkedIn, for example, then you’re only able to reach the audiences that reside there.
According to Sadiye Booker, Senior Social Media Specialist at The Dubs, “Social media is always best when it’s multi-faceted.” She explains, “Being able to blend platforms, audience targeting and content formats allows for key messages to reach audiences where they are most active.”
“ Social media is always best when it’s multi-faceted.”
By sharing content across a multitude of channels you can reach a broader audience and client base. Additionally, being across social media channels (and adapting your key messages for the different target audiences) can enable your finance brand to foster a strong and loyal community. This, in turn, can ensure you continue to improve brand awareness, build trust and strengthen your brand’s authority in the industry.
What we can learn from X
Placing all your eggs in one basket is usually a recipe for disaster. Placing your trust in one company has been seen to backfire a multitude of times, whether that’s the fall of MySpace or the recent controversies of X. After Elon Musk’s purchase of X (that many didn’t see coming), The Guardian estimates that over 32 million X users will leave in the next two years.
X has long been a staple part of most finance brands’ marketing strategy and this news will hit hard if it’s one of the only platforms they have a captured audience on. While it isn’t a cause for alarm yet for finance brands, it is a warning sign to diversify your social media approach now.
As Sadiye explains: “On X, although there has been a lot of noise created recently, understanding how the platform is addressing brand trust and safety concerns is important before any decision should be made to be on or off the platform.”
“What it has also shown us is the significant benefit for finance brands to have a multi-platform social media approach.”
How to adopt a diversified social media approach
Adopting a diversified social media approach is all about producing content that’s tailored to a range of platforms. While some platforms will perform better for your brand, it’s important to have a presence in a variety of locations where your target audience resides.
“Constantly trying new methods and tactics will allow finance brands to diversify their social media approach,” notes Sadiye. “Consider different platforms, don’t base metrics on one platform only, and continuously try different engagement tactics to interact with target audiences and communities.”
“There are vast benefits to a diversified social media approach, including increased brand awareness, engagement and conversion.”
