Following the lead of a bank. For social media best practice? Doesn’t sound very sexy, does it? But stick with us. If you haven’t heard of online bank Monzo, we’re fairly sure you will in the next 12 months.
Monzo describes itself as the ‘bank of the future’. Its premise is simple – it has built a bank, designed from your smartphone up and one that is built for how we live in today’s modern world in 2018. Weird concept right? We won’t go into too much more banking detail. If you want to know more head over to the Monzo website to see it all in action.
So why are we writing this post on social media and on a new online bank? A good social media account goes way beyond a good looking cover photo and hashtags. Social media done right centres around one thing. Content. Again, this isn’t just good looking imagery. We’re talking product updates, service messages, interesting links, good looking imagery (we didn’t say it wasn’t a part of it), interaction with the follower base, regular updates on the company, humorous content and most important of all…. Acting like there is a human being behind the social media accounts and not an AI bot.
So what can you learn from them?
The guys at Monzo have two separate Twitter accounts. Pinned to the top of their ‘making Monzo’ account is a list of features that they are currently working. Things that have been completed get a green tick and the ones that are still in development get a ‘soon’ emoji. We love this. For anyone interested in what the brand is up to you can quickly see which key features are in development. This is transparent and open dialogue is at the core of the brand’s strategy. Many Twitter users are sending their team ideas and suggestions which they always respond to. We can’t think of any brand that wouldn’t welcome constant feedback.
This may sound crazy, but engaging with everyone that takes the time to interact with your brand is always a winning strategy. Why? Well, whether it is a like, comment, retweet or follow, someone has taken the time to interact with your brand. Monzo is in the business of building brand advocates. If you haven’t already seen a coral (Pantone 805c on the new joint account cards) card being used at a restaurant or bar near you, we’re fairly sure you’ll start seeing more of them soon. These cards spark discussion in the real world and Monzo wants to continue this online. When was the last time you got a response from a bank you sent a Tweet too?
Another thing that sets the brand apart is that they vary what they post and don’t just use single form content. When they launched their integration with IFTTT they took the opportunity to engage with their Facebook fans. The announcement was followed the following day by asking users what interesting and quirky integrations they had created. Whether users posted themselves or simply read what the community had posted they are steadily building an incredibly loyal fan base. One of their customers has actually created an IFTTT integration that will transfer £1 into a savings pot on the app every time it rains in his hometown. Quite literally the definition of saving for a rainy day.
One mistake that we see all too often is disjointed messaging across various social media platforms. This typically happens when social media profiles are set up by different employees at different points in time. Monzo keeps their messaging consistent across each profile. You can’t view them online without seeing ‘bank of the future’, ‘a bank that makes life easier not harder’, and ‘the UK’s first smart bank’. Why does this matter? A strong brand is important for the smallest businesses right through to the largest. Your brand represents what you stand for and this should be present in all forms of marketing and communication. Strong imagery and strategic messaging should be present in all forms of content.
While this post may feel like a bit of a love-in for Monzo (not sorry) and we may be massive fans (we love the app), how they are going about their social media management and overall digital marketing strategy really makes them stand out to us. They have come into an old-school industry, give it a kick up the backside and made their product incredibly appealing to the right target audience. If you want to know what good social media management looks like, follow their Twitter accounts here and here.