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6 Professional Social Media Strategies to Take On Tech and Regulatory Challenges

Technology and regulation. These two factors can dramatically limit the effectiveness of traditional marketing channels for any business. Yet at the same time, they offer unique opportunities for using professional social media channels such as LinkedIn for marketing.

My company specializes in marketing for financial services and “fintech” companies. Few markets today are as fraught with tech and regulatory challenges. Businesses have to balance the need to protect their customers’ privacy and personal information with the need to access that information in order to be able to provide the best customer experience.

Here are a couple examples of what we have to deal with in the financial industry.

Dealing With Restricted Personalization

Customer service in the U.K. continues to lag other nations. Other countries have the resources and ability to track and engage customers regardless of where they have shopped for financial services in the past.

In the U.S., financial services and technology firms are able to track customers using their Social Security numbers. In Norway, the BankID gives the 3 million Norwegians of age access to financial services from any bank in Norway.

However, the rules set out by the Financial Conduct Authority (FCA) in the U.K. make it difficult for banks to help their customers through more personalized marketing and products.

Tech Challenges and the Financial Services Industry

Another challenge to change financial services marketing is the rise of the internet of things (IoT). The IoT is a term used to describe how people are accessing the internet and all the services it provides via an increasingly diverse set of products.

A new demand forecast analysis predicts an explosive average annual growth rate for everything from internet-connected home appliances to smartwatches of 50% year over year until 2025.
The access people will have to their financial information and apps is not going to decrease anytime soon.

Businesses that want to engage their customers where they’re at are going to need to look at developing sales and marketing systems for the internet of things — like smartwatch tickers for financial management.

General Data Protection Regulation

Then of course there’s the General Data Protection Regulation (GDPR) — a comprehensive data protection law issued by and directed toward the European Union (EU). It came into effect in May 2018 and aims to provide better data rights for its citizens. In order to do that, it has had to dramatically increase the responsibilities and disclosure requirements of those companies that handle those data.

As companies reconfigure their advertising campaigns to comply with this law, by using cumbersome double opt-ins for example, email marketing has become unwieldy and less effective.

LinkedIn is the top professional social media channel out there today. It provides the almost perfect alternative for low-cost, compliant outreach and is fast becoming an integral part of almost every company’s client-generation strategy.

Strategies to Effectively Use LinkedIn in the Face of Technological and Regulatory Challenges

1. Grow your network. Send 30–40 personalized invitations daily. Tell your invitee why you want to connect with them. Below is an example:

Dear {first name},

I read your profile (via our mutual connections on The Finance Club LinkedIn Group), which appears very interesting, and it’s always great to meet more professionals with similar interests with whom to exchange insights and opportunities.

Best regards,

James

2. Respond personally to acceptances and add value to your new connection. For example:

Hello {first name},

Thanks for connecting with me here. I just read this super article showing people how to increase the quality of their network on LinkedIn and thought that you might be similarly interested:

https://www.linkedin.com/pulse/how-use-linkedin-turn-your-employees-brand-advocates-goodman-daniels/

All the best,

David

3. Post in LinkedIn groups. Some of these have around 200,000 members — larger than any email subscriber list you are likely to hold.

4. Send “broadcast” messages on LinkedIn. Send private messages to all your contacts over a specified period of time. Your clients and potential clients will respond to a message that arrives in their private inbox.

5. Capitalize on LinkedIn’s pro version, Sales Navigator, which provides invaluable connection triggers and lead suggestions.

6. Show a genuine interest in the contact by gathering insight and intelligence to help understand a connection’s needs, the difficulties they may be facing and the market influences affecting them in order to demonstrate a legitimate interest in their circumstances.

Financial services technology and marketing promise to see many changes in the coming years. Some will be from continued attempts by regulatory agencies attempting to balance the needs of consumer privacy, consumer access to services, business marketing and business security. Others will be coming from the continuing revolution in computing power, security technology and access to the internet available to an ever more connected marketplace.

All businesses struggle with these challenges to some degree.

Regardless, even if your market doesn’t experience the same level of challenges as the financial services industry in the EU, these LinkedIn strategies will still prove a valuable asset to your marketing arsenal.

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Melanie Goodman is owner and founder of Trevisan Social Media Marketing. Based in Switzerland, she specializes in providing social media services to the financial services sector in the UK and Switzerland, drawing on her comprehensive knowledge of and experience in finance and law. Her company assists businesses to achieve their goals by providing bespoke social media & LinkedIn client-generation strategies.

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