- Marketing should have input in the selection process for a social media archiving solution
- Consider the social media platforms currently in use and the need for the archiving solution to evolve in line with the strategy
- Harness the data from your archiving solution to gain insights and inform your social media strategy
For many financial services marketers, the requirement of archiving all social media communications is simply a headache dropped in their lap by the compliance department. In response, these marketers often look to source the cheapest social media archiving platform that meets the regulatory requirements. However, financial services organizations should consider taking a different approach – figuring out how they can capture value from choosing the right archiving platform and harnessing the information to improve their marketing efforts.
As you consider social media archiving platforms, here are three key considerations to take into account:
- What social media platforms do you utilize? Not all vendors offer direct social connectors to all platforms. While most support archiving activities from large public social networks (e.g. Facebook, LinkedIn), your compliance policy may currently restrict the use of those platforms. Some platforms support archiving on trade desk platforms, while others do not (e.g. Bloomberg and FactSet, but not Reuters). To develop an archiving strategy, marketers must assess the platforms that employees are currently using against the capabilities of the archiving solutions. If the organization already uses an email archiving solution, some providers offer connectors to email archiving platforms, although some will also require you to use their email solution.
- Will we potentially expand our social media efforts? When considering an archiving solution, financial services organizations tend to take a static view of their social media platforms. However, organizations must consider the solution’s ability to meet evolving needs. Just two years ago, it was unlikely that financial services organizations would allow employees to engage customers on public social networks. But as your social media efforts evolve, your archiving capabilities will also need to evolve.
- What insights can we harness? Rather than just being a regulatory burden for marketers, the best archiving solutions offer insights into customer engagement on social media. Some compliance departments are already using predictive analysis to generate signals of potential noncompliance with company policy. In addition, some platforms include social media monitoring capabilities to measure sentiment and engagement trends and help organizations understand the social media channels that prospects and clients most often engage on. These insights should inform marketing’s social media strategy.
While the financial services industry has been slow to fully embrace social media marketing due to regulatory difficulties, competitive forces are leading to increased investment in social media. Therefore, it is more important than ever to make sure that your social media archiving solution aligns with your social marketing strategy. The solution must also evolve to meet anticipated and potential expansion of social media efforts, and offer the marketing organization insights to inform future social marketing efforts.