Question: Can boring businesses or industries engage on social media? Imagine if this would be a post or a tweet; “we produced our 100 millionth ream of paper today”. It’s a moderately interesting piece of information. How many shares or likes do you think that will get?
Truth is, if you take a look around some of these big business’ social profiles, you’ll see many of them that have few followers in ratio to who they actually represent, and not many likes, shares, retweets or pins either.
David Gibbard addressed this issue in an article recently and basically bashes and tears down the very notion that social media is something for businesses, specifically banks and credit unions to invest in.
I agree with David and a lot of what he had to say. I do want to throw something else in the pot to think about. David mentions a few points which I wish to present in a different light. He says that “99% of banks and credit unions are wasting their time with social media as it is currently being used.” He later writes, “I doubt you will find a true metric that shows it works”.
Many parts of marketing can be very vague as to a specific metric and defined ROI that the business gains from a specific marketing campaign. Things like radio ads, billboards, TV commercials can give a company some idea how many eyes or ears will see or hear this commercial but no click through rates. No numbers on conversions from Google Analytics. So why do businesses spend millions of dollars on these methods of marketing. The answer is clear, without marketing a business will definitely not grow and very likely will crumble. David is correct that probably 99% of banks and credit unions are wasting their time and money on social media. The key in social media marketing and driving business is to do it right, whether you have an exciting or “boring” product. Yes, if a business won’t engage with its following, won’t share what they want to hear then it will be boring and an exercise in futility.
There are many ways to be creative and engage the general populace out there. If TD Bank advertises more than Wells Fargo and is more engaging then they may have a better chance of driving more customers through their front doors. Will it be measurable not so well; but that’s what much of our marketing efforts entail.