BFSI VISION | Social Media Strategy


Girish VS

Managing Editor, BFSI Vision

Social Media Strategy – Designed to Fail

By now it is a commonly accepted fact that social media is a game changer for marketing, customer connect and understanding customer needs. Marketing pundits and their corporate counterparts have spent a fortune in creating a social media presence for their firms. Unfortunately, I believe, social media has failed to deliver the bang it promised. Apart from maintaining social media presence and one off anecdotal evidence of how firms have used to reach out using social media, it is not a shining success. And the popular indicators that are used – fans, likes and followers – do not amount to much, unless you can initiate a conversation or gain new customers.

Creating a social media presence and dumping tons of information does not constitute social media strategy. Quite often, the content is driven by marketing hype. And wonder why people do not connect with the content. Unfortunately, the pundits do not ask themselves a simple question – will they connect to marketing content? I for one find it difficult to connect or have a conversation with ad material. I prefer a personality to connect with. We dump content, allocate funds and wonder why no one is biting! Social media strategy has been reduced to a communication between a product, service or brand with people. It is designed to fail!

For social media to work, we need to go back to the very reason why social media came up – as a platform for connecting people to people – not products to people. A few points should be borne in mind – content alone does not matter anymore – there are tons of content on any subject out there. Your content has to stand out from the clutter – ask yourselves – why should people read my content. A few hygiene factors will help – keep it authentic, honest and crisp. There is a tendency to bury a poor comment. Another point – instead of leading with a sales pitch, go in for a conversation. Ask for opinions, feedback and comments – and keep away from sales pitches. Again ask yourself – will you like to be constantly bombarded with sales pitch? Have you registered for "Do not call" service? If you do not like it, your target audience too does not like it!

Social media will work best if you can integrate your customers and employees on a platform- with employees leading the charge. Make it a people to people communication. And prepare a pitch which induces the customer to participate. As it stands today – it is clearly designed to fail!