“We don’t have a choice on whether we do social media, the question is how well we do it.”
Eric Qualman author of Socialnomics, Digital Leader and What Happens in Vegas Stays on YouTube
Social media has come a long way over the last decade, shaping the way people communicate, connect and access information. From Facebook and Twitter to YouTube and Instagram, a central way many companies engage with their customer base is now through these online platforms. This digital wave is so large that entire professions centered on social media have become commonplace, with job titles such as Digital Communication Manager, Content Manager and Social Media Manager.
Despite the evolution and dominance of social media, differing views remain about its role and relevance in investor relations. No matter where you stand on the debate, social media is increasingly being relied upon as a medium for information sharing and dialogue between stakeholders. It has dramatically changed the way we communicate and shouldn’t be ignored, as it is a channel to increase (not a tool to replace) your existing communication efforts and enhance overall business strategies.
Investor relations professionals are known to wear many hats and, if social media has already been added to your IR toolkit, here are three skills to master in 2016.
1. Unique and targeted content
Do you carefully create content for your social media accounts and, when satisfied, share the same post on Twitter, Facebook and LinkedIn? If so, it is time to refine your strategy. Each social platform caters to a different community with unique interests and expectations. Therefore to effectively connect with your audience, the content you share should play to the strengths of each network. You can still provide similar content across multiple platforms, but the way each message is written and presented should differ.
The challenge lies in determining what content is best suited for each social network. Some basic tips to keep in mind are the following:
FACEBOOK: The goal of posting on Facebook is to rank highly on your follower’s News Feed. Engagement is highest with story-driven content accompanied by videos, photos or graphics. Posts should be easy to read and digest with clear calls-to-action.
TWITTER: The 140 character limitation on Twitter means that tweets need to grab your audience’s attention with strong and catchy headlines. Highly shareable content includes press releases and announcements, shortened links, and information and relevant news on topics that interest your audience.
LINKEDIN: Designed specifically for the business community, LinkedIn is where your company can connect with others in your industry. Articles related to your field, as well as information on upcoming events and presentations, suit this professional network well.
It is not always intuitive but with a bit of trial and error, you will be able to identify what type of content resonates on each platform. It also helps to get inspired by big consumer brands that are leaders in social media, such as Starbucks and Red Bull. A final note on targeted content – avoid being overly promotional. You will quickly lose your audience’s interest if all your posts read like advertisements. Be sure to mix it up.
2. Graphics production
We all know the saying ‘a picture is worth a thousand words’; this should be your social media mantra to make updates stand out from the hundreds of ever-changing posts. The ability to create powerful visual content is just as important as writing. Visual content leads to higher engagement and is more likely to be shared on social networks because people are naturally more attracted to pictures and videos than text or links. These are your tools to express ideas quickly, broadly and easily.
Now don’t worry, we don’t all have to become graphic designers to execute this well. Images, infographics and even videos are becoming easier to create as editing tools become more accessible. Below are a few cost effective do-it-yourself tools worth checking out:
Canva.com: Has easy-to-use templates for creating social media graphics and layouts for Facebook, Twitter and LinkedIn.
Piktochart.com: Is an infographic editor that allows you to create your own polished graphics without the need for complicated software or outsourcing.
Lumify.me: Lumify is an iPhone App that makes video editing and sharing extremely easy. You can mix and match videos, add music and voice-overs, as well as filters and effects.
Start slow and monitor how your engagement levels change. Quality is everything and for some projects it is definitely worth hiring a professional, but with a little effort you can learn enough to jazz up your daily posts to be more appealing than straight text.
3. Effective use of #hashtags
Hashtags are great; they categorize tweets/posts by keywords or phrases, connecting them with others about the same topic. This practice makes it easier for users to find additional posts on a particular subject, while filtering out the ones that may just coincidentally contain the same keyword. Hashtags are effective in increasing the discoverability of a certain message, targeting a specific audience, and/or contributing to a specific event or conversation (for example, #AGM, #AnalystDay, or #EarningsCall).
While it is important to use hashtags in messages, it is equally important not to overdo it. When multiple hashtags are used in one post, the value of the message may diminish by confusing the context. In this case, they become more of a distraction than an asset. Best practice is to use them sparingly and selectively. The goal is to pick good ones that either help you target a specific group or join a larger online discussion. If unsure, take a look at what hashtags industry peers are using and test them out for yourself.
Social media trends, tools, and best practices are continually changing. Setting realistic goals before starting something new and outlining a clear plan on how you will be monitoring your efforts will make staying one step ahead a little easier. The keys to keeping an audience engaged are consistency and reliability; as with most things, it is all about quality, not quantity. Recognizing what worked, what didn’t work and why, will go a long way.
Erin O’Toole is the Investor Relations Analyst at NOVAGOLD in Vancouver.