Threads: A New Frontier for Financial Marketers

In the ever-evolving landscape of social media, one platform has recently captured the attention of financial marketers – Threads. As Twitter (X) grapples with controversies and changes under Elon Musk's management, Threads has emerged as a potential competitor, gaining a substantial user base through its integration with Instagram. However, it also faced a significant drop in users within a week.

In this article, we explore the essential aspects of Threads that financial marketers should be aware of and consider when deciding whether to jump on the Threads bandwagon.

Is Threads Right for Your Finance Brand?

The rapid rise and fall of Threads within a short span have raised questions about its viability for financial brands. Linked to Instagram, Threads achieved a remarkable milestone, garnering over 150 million users in just two weeks. However, nearly half of these users dropped off within a week. As with any emerging platform, financial brands looking to establish a presence on Threads should adopt a "test and learn" approach, according to Emma Ritson, the Strategy Director of The SEO Folk.

Ritson suggests that the current organic publishing nature of Threads makes it an opportunity to test audience interactions on this new platform. She recommends starting small and gradually scaling up once sufficient audience engagement data becomes available.

Pros and Cons for Financial Marketers

Engaging with new social media platforms carries both advantages and risks. Ritson points out that the initial months can be particularly risky for financial marketers exploring Threads. The pros and cons of adopting Threads are as follows:

Pros:

1. First Mover Advantage: Early adopters can establish their finance brand as a thought leader in the industry, gaining a competitive edge.

2. Increased Brand Awareness: Being present on a new platform can boost brand awareness and reach a fresh audience.

3. Data-Driven Insights: New platforms offer valuable data insights that can help financial brands understand their customers better and target marketing efforts more effectively.

4. Testing and Learning: Exploring new platforms allows financial marketers to experiment with marketing strategies and enhance results over time.

Cons:

1. Platform Failure: New platforms may falter, as evidenced by Threads' rapid drop in engagement. This highlights the risk of losing momentum and progress.

2. Platform Changes: Emerging platforms frequently undergo changes, making it challenging for financial marketers to keep up, potentially resulting in missed opportunities and ineffective campaigns.

3. Budget Constraints: Budget allocation to new platforms can sometimes lead to wasted resources and ineffective spending.

Creating Engaging Content on Threads

When it comes to crafting content for Threads, taking inspiration from Twitter (X) can be a valuable approach. Ritson suggests treating Threads content similarly to Twitter (X) content, initially leveraging Twitter (X) content to test audience engagement and gradually customizing it over time. Threads provides financial marketers with an opportunity to adopt a multi-platform approach to content marketing, which allows for a blend of niche and broader targeting, various ad formats, and data-driven optimization for improved engagement and cost efficiency.

Twitter vs. Threads

In light of recent controversies surrounding Twitter (X) and the changes under Musk's leadership, Threads presents financial marketers with a potentially safer alternative that shares similarities with Twitter (X). While Twitter (X) remains the dominant platform, the continued uncertainty on Twitter (X) may make Threads an appealing option for financial marketers.

Ritson emphasizes that controversies on Twitter (X) should be viewed in the context of any social media platform, as issues such as hate speech are not unique to Twitter (X). For B2B audiences, Ritson recommends considering Meta platforms like Facebook and Instagram, as they offer cost-effective results and similar targeting options to LinkedIn. Additionally, blending social media with alternative distribution platforms like Dianomi, Outbrain, and Google Ads allows for budget optimization while exploring new ways to reach audiences.

So, the decision to become an early adopter of a new social media platform like Threads is complex and multifaceted. It requires careful consideration of factors such as target audience size, budget constraints, and marketing goals. However, for those willing to take on the risks and approach the platform strategically, early adoption can provide a valuable competitive advantage and organic audience growth for finance brands in an ever-changing digital landscape.