Magazine article ABA Bank Marketing

What Planning Is Needed for a Social Media Venture?

Magazine article ABA Bank Marketing

What Planning Is Needed for a Social Media Venture?

Article excerpt

WHETHER YOU ARE TRYING TO CONVINCE your senior management (or even yourself) that the time is right for your bank to wade into social media waters, getting organized and having a written plan is critical for success. Creating an effective and well-defined implementation plan is a team effort and will involve input from many areas of the bank. After choosing which social media communities your bank is interested in, create a written plan for each. Your plans will vary somewhat from one social media site to another since they all have different purposes and ways of sharing information. Preparing individual plans will force you to closely examine the variations--not all social sites are created equal.

Let's look at an example plan involving Facebook.

Determine your primary objectives

Begin by establishing your goals and objectives. Are you trying to create conversation with your updates? Share photos and community event information with albums? Or are you using Facebook as a way to highlight products and services? Determining your objectives is critical because it will serve as your true north as you create the rest of your plan. All other components of your plan should support your primary objectives.

Next consider the actual implementation of your Facebook page. Research your options for customizing the settings, including branding, security, visitor comments, and photos and written content. Who will actually set up the bank's account and password? Will you need outside help in setting up your page or will you do this yourself? Determine the level of interaction you want from visitors. This important decision ranges from allowing all visitors to post to your bank's "Wall" at any time to allowing no comments at all. The more freedom you allow visitors raises the level of interaction; however, it also increases risk of disruptive or undesirable comments. …

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