Three questions to ask of a new social media channel

by. Kayla Byers

It’s undeniable that social media is a force to be reckoned with. Increasing numbers of internet users are on social media, with young adults leading the pack. But how do you figure out which platforms are right for you as a financial institution? Should you just stay with Facebook and Twitter, or should you venture beyond? The new year is an excellent time to do some research to see which of many social media platforms might be right for your brand.

I call Facebook and Twitter the Dynamic Duo for a reason: Facebook has the users; Twitter has the news and customer service cred. If you’re not on either of these two, I suggest that you look into integrating them into your marketing and communication plans for 2014.

You don’t need to sign up for every new social media channel that comes around. That’s what social media experts are for! But when you’re thinking of updating your social channels (which isn’t a bad idea once a year), you want to invest time into something that makes sense for you.

Here are a few questions to ask yourself when thinking about adding a new social channel to your mix:

1. Is it more than a passing fad?

If you had asked me in 2007 if I thought Twitter was going to be a place for anything more than celebrities, I would have told you no. On the other hand, remember Chat Roulette? No? I didn’t think so.

Sometimes it takes a little bit to determine what is just a fad, and what is worth investing in. Read up on expert analyses of a new platform. Just focus on the evaluations, not the hype or projections. And do your own market research: ask around to see if friends or family members are using a service.

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