Where do CFOs participate in social media?
When the boss tweets: Seven social media success strategies
More and more bank managers are acting as multipliers on social media in order to achieve the social media goals of their institute. Seven important strategies show how the CEO becomes a “Social CEO” and what needs to be considered.
Social media success strategies for executives in the financial sector.
Social media also offers effective channels for companies in the financial sector to strengthen their own brand, to be perceived positively, to be close to customers, to retain customers and to operate successful lead management. But not only the corporations themselves - in the sense of commercial Facebook pages or official accounts on Twitter, Instagram & Co. - contribute to a comprehensive social media brand experience. CEOs, CFOs and board members can also exert great influence with their own social media presences.
Seven Success Strategies For Leaders On Social Media
In order to have the greatest possible success when using social media, the following seven strategies must be observed:
- Make the company more "social".
- Establish yourself as a thought leader.
- Network with customers.
- Paving the way for employee advocacy.
- Use social media actively and "passively" to search for talent.
- Manage crises better with social media.
- Draw a "sociable" picture.
1. Make the company more "social"
In a survey, three in four consumers said that a CEO's social media presence increases brand trust. Companies whose CEOs are visible on social media are perceived 23 percent more positively than companies whose bosses do not appear on social media.
In order to use this potential, managers should therefore be more active in social media. It is best for the social media strategists to develop a comprehensive concept for the company management that clarifies the following questions:
- Which platform is suitable?
- Who from the management team should take part in the “Social Executive Program”?
- Which content should be transported and how?
- And of course: how do you design the social media presence so that it matches the corporate branding on the one hand, but also best suits the personality of the respective CEO on the other.
It is also advantageous to define processes such as regular publication and an approval procedure.
2. Establish yourself as a thought leader
Especially when it comes to thought leadership, board members and CEOs have a clear lead: Due to their position and reputation, customers and business partners per se give them profound know-how in industry issues. This creates the ideal basis to generate attention in the social media with specialist articles, in-depth analyzes and relevant news from the financial world.
Commenting on world news or judging visionary ideas can also help a CEO establish himself as a thought leader. Contributions are used to initiate discussions or reveal potential, which then provokes reactions in social media. Robert L. Reynolds, President and CEO of Putnam Investments, is successful with this strategy, who is a recognized social media figure in the financial industry, primarily through regular specialist articles on LinkedIn and Twitter, which now has over 150,000 followers.
3. Network with customers
The trust that customers and partners have in the expertise of top management can not only be strengthened by publishing specialist knowledge. Networking - i.e. dialogue or interaction with the customer - also promotes the positive perception of the CEO and, ultimately, of the company.
In addition to classic social listening and commenting on industry-related posts by others, this also includes, for example, that comments on one's own (thought leadership) posts do not come to nothing.
Nowadays, people spend an average of around two hours a day on social media - this is where CEOs can easily and easily demonstrate closeness to customers. And: this directness and transparency ultimately strengthen customer loyalty.
In addition to direct dialogue, contributions on local topics can also demonstrate customer proximity. Jill Castilla, CEO and President of Citizens Bank, shows her closeness to the citizens by posting - sometimes very personal - entries that reflect the values of Citizens Bank and position the company as part of the community.
4. Paving the way for employee advocacy
Employee advocacy is more than just a trend buzzword, when employees become credible brand ambassadors. Success in numbers: content posted by employees receives eight times more reactions than content from a general “brand channel”; it's 25 times more likely to be shared and 7 times more likely to convert than other leads.
But how do you get employees to prominently represent the company on social media? With the CEO setting a shining example. 73 percent of all managers follow the social media activities of their CEOs. The more active the management team, the easier it is for employees to participate.
A successful example is the social media presence of Tim Hockey, President and CEO of TD Ameritrade. He often shows himself close to his employees as part of the team in contributions and praises common achievements. The direct interaction - through posts and comments - with his employees quite openly triggers an “internal” dialogue, which means that his employees also become “social”.
5. Use social media actively and "passively" to search for talent
The active acquisition of new employees in social media, i.e. social recruiting, is just one way of making social media platforms work for you when looking for talent. The expression “passive search” may be misleading - because it rather means that a company can be found by potential new employees through suitable social media activities. In other words: if the management level (keyword: "Social Executive") and the employees (keyword: "Employee Advocacy") draw a positive image of the company on the Internet, post relevant and well-founded information and also demonstrate a pleasant working atmosphere, specialists take it as well interesting and desirable new employer.
6. Manage crises better with social media
By now it should be clear: Social media facilitate direct communication - and CEOs in particular should take advantage of this in a crisis situation so that the trust of customers and partners is not shaken. It is better than an impersonal press release if the CEO addresses the public directly. So if there are complications in the company - an explanation and apology from a senior management representative is direct, personal and honest.
7. Draw a "social" picture
However, it is by no means necessary for CEOs' social media activities to be limited to industry-relevant content - on the contrary: people are even encouraged on the social web.
“Sociable” - that is, authentic and personable - is about Roy Gori, President and CEO of Manulife, when he also shares personal moments from his life and his family. Or when Lloyd Blankfein, Chairman and former CEO of Goldman Sachs, discusses his very personal thoughts on current events and their effects on society.
Conclusion: social media as a modern way of board communication
Building CEOs in social media is a simple and modern way to make the company socially visible and to encourage employees to contribute to the positive brand image. The various strategies and goals can be easily implemented with a focused social executive program that defines clear guidelines and makes implementation easy - if necessary using an appropriate tool.
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