Social media banking. Earlier this month, Banco de Mexico reached 100,000 twitter followers and became one of the most followed central banks in the world.
Congratulations to the Banco de Mexico @Banxico team for recently reaching 100,000 twitter followers! Please note that the activity on this account is moderate, Mexico’s central bank tweeted about 7 times a day on average in March 2013.
And if their activity is modest, their growth was rapid as they added an average of 256 new twitter followers per day last month.
- INFOGRAPHIC Twitter in Financial Services: 10M Twitter Followers, 2K Accounts Globally
- Know Your Followers/Fans (KYF) is to Social Media What KYC is to Compliance
- Amex Drives Financial Services Innovation With Twitter Payments Via Hashtags
If it is easy to have a twitter presence, and create one or several twitter accounts, it is much more challenging to build trust and establish yourself as an authority and a source worth following on the popular microblogging service. Twitter is saturated with a mix of inactive or spamming accounts (mostly fake, bots or ghosts) and the volume of noise and meaningless conversations has reached an all-time high.
To have a chance to achieve success on twitter, and in social media in general, you must:
Know Your Followers (KYF©): so you have a big twitter follower base? Good for you. Bear in mind that it is easy and cheap to buy tens of thousands of real looking twitter followers nowadays. Like with your facebook fans, you must aim to attract the right followers. The valuable ones: influencers, journalists, business partners, employees, prospects, customers. Size is important, but it is not everything.
Tweet and engage with your audience on daily basis (SMO): having an account and pushing the occasional press release is not enough. Tweeting once a day a few tweets in a row with a poor syntax (hence virtually no reach) doesnt work. You must understand the popular social media channels like twitter or facebook, design and implement a smart twitter strategy based on quality content, engagement, response, and call to action.