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Rod McGuinness is head of social media for the ABC and is responsible for managing the social media strategy across all ABC radio. From using social media as a communication tool to support communities during local emergencies such as bush fires and floods, to pioneering its use during TV programs such as Q&A, the ABC is leading the way. BlueChip’s Aideen McDonald spoke with Rod about what the financial services industry can learn from other sectors in implementing social media.
1. ABC is really leading the way in communicating through social media. What industries do you think are doing it well and how does the financial services industry rate in comparison?
Some retail brands are incredibly effective in social media by getting their customers talking about products and services without having to initiate the conversation. This is key to using social media – getting people talking about what you do without it sounding like a promotion or marketing strategy. I don’t think the media industry is doing it particularly well in Australia. I do think the sector is improving but I think there are some things we do well but have a long way to go. In financial services, banks such as CBA and NAB stand out because they have great ways of picking different technologies and platforms to use for particular campaigns and strategies. They also have a way of coming across more than just being a bank, having a bit of personality and are interactive.
2. Do you think businesses, specifically those within the financial services sector, should create social media roles or should everyone be involved?
If you want to get into social media, you have to do it properly. So, if you have the resources, it is always a great idea to have people dedicated to social media in your business and focus on getting it right. However, I think it is very important for everyone in an organisation to at least have an understanding of social media and how it works and how they can use it in their role. It is important for CEOs and everyone below them to have opportunities for people from all sides of the business to bring what they are doing to the consumer through this medium. It gives a really good sense of what the organisation is about and it will be a much more appealing prospect for people.
3. Do you think that corporate businesses really have a place in social media and if so, how do they get cut through?
Social media is a very personal space where people are interacting with family, friends, brands, celebrities and entertainment that they enjoy. There is space for corporate businesses in the space but it is really important that you get the right voice and that you don’t sound too corporate! Otherwise, you can be perceived as cold and clinical. That could be a challenge for financial services but it is worthwhile to look at some of those brands out there like CBA who come across with that personal voice. If you achieve a voice that sounds interested but open and engaging, you can sit well amongst the rest of the buzz.
4. Many firms believe that their target audiences aren’t in social media, or do not look for their services via the medium. What are your thoughts on this?
That couldn’t be further from the truth to be honest. We do plenty of research at the ABC and it shows that it is not just young people or a certain demographic that is on social media. The research shows that teens right through to those well over 65 are online and are using social media. Your business is really misreading things if you think that your customers, or potential customers, aren’t there. Research states that they are there and at the end of the day, you are missing out on opportunities if you are not.
5. Many businesses are concerned about the risk of being on social media and being caught in a negative communication. Do you think this is cause for concern?
With all social media platforms, there’s that danger of negative effect and a brand coming under attack. Twitter is certainly a platform where that can occur. My advice is you are better off to be in that space and engage when there is that negative discussion or attacks on brands providing information; communicating facts; and linking to more info to people rather than sitting out and watching as an observer. This way you can engage with people and show them that you are listening and looking to fix any problems. Otherwise, you will have no control over these discussions and have no voice for your brand which can only be negative for your business.
Top Tips for businesses getting started in social media
1.Get your house in order: Decide how you are going to use social media and what the scope of it is. Pick one or two platforms to begin with and decide what you will and will not use them for. This way you can ensure you have resourced properly and won’t have disappointed customers, such as awaiting replies for financial advice on twitter.
2. Pick your voice: The most difficult thing corporates find is that informal tone of voice. Try to be conversational and invite your customers to talk to you in an open and interactive way. This is just another touchpoint for your target audience to communicate with your brand.
3. Research: The best thing to do is see what your competitors are doing to engage with customers, in Australia and globally, and in some ways copy what they’re doing but do it better. See what is working for them and how that could work for you and your business.
4. Get some experience: Trying social media on a personal level is a great way of getting a sense of how it works and the functionality. As soon as you experience what people are talking about, only then can you see that people are looking for information you can provide
5. Gain perspective: You have to look at social media as part of your overall strategy of making money for the business. Whilst you can certainly impact people engaging with your products / services, it is not just a profit motive. It has to be part of everything else you do in marketing and brand awareness.
