In a riveting panel discussion on “Brand, Budget, Buzz: How to Build a Diehard Traders’ Community” at the Finance Magnates London Summit 2023, industry leaders delved into the evolving landscape of community building, social media, and audience engagement.

Moderated by Andrea Badiola Mateos, the Chief Commercial Officer at Finance Magnates Official, the panel featured prominent speakers: Gal Gasman Dotan, a Client Partner at X (Twitter); Rauan Khassan, the Vice President of International Growth at TradingView; and Adam Button, the Chief Currency Analyst at Forexlive.

Shift in Post-COVID Environment

The panel discussion commenced with the moderator addressing the prevalent trends observed throughout the year. Notably, there has been an overwhelming global demand, witnessed by Finance Magnates and ForexLive, regarding community building. Clients from diverse backgrounds have engaged in extensive discussions, emphasizing the paramount importance of fostering communities in 2023. This marked trend sets the stage for a deep dive into the dynamics and significance of community building within the financial sector.

Dotan emphasized the post-COVID environment, noting a growing demand for unfiltered connections and authentic experiences. With remote work becoming prevalent, online communities have become crucial for both individuals and brands.

Khassan highlighted the importance of community for user retention, citing TradingView's success where users return multiple times a day. The social element plays a vital role in encouraging active participation.

Button observed a shift in the tone of online conversations, stressing the need for humility and realness. Brands are encouraged to engage in a more interactive two-way dialogue, creating a sense of connection with their audience.

Button expressed: "There's a desire for connection, whether it's with someone you're following in a community or leaders and followers in any setting. The way people interact in the real world seems to translate well online.”

Strategies for Engagement

Dotan stressed the significance of brands being part of the financial community conversation. Engaging with the audience on relevant topics and timely responses to financial trends can enhance brand awareness and cultural relevance.

Dotan shared her perspective: "I believe it's about customers becoming a part of the brand and, simultaneously, the brand becoming ingrained in the community. We observe that brands actively engaging in conversations within specific communities, like the thriving financial community on X, experience substantial gains.”

Khassan recommended curating social content to sustain meaningful conversations. Button highlighted the challenges of balancing humor and humility in the financial sector. Dotan emphasized the importance of brand interaction, creativity, and relevance to current trends.

Further, Khassan discussed the effectiveness of short, reactive communication for audience engagement. However, he suggested that brands should also invest in more substantial formats such as videos and streams for lead acquisition.

Dos and Don'ts, and Global vs. Local Engagement

The conversation revolved around strategies for brands to engage with users and build communities. The participants offered various insights and opinions on dos and don'ts in brand interaction. Button stressed the importance of establishing a unique brand voice and being mindful of content choices, cautioning against over-reliance on trends like AI-generated content.

Khassan suggested staying away from AI-generated content due to its recognizability and proposed a system to flag such content. Dotan agreed on the need for a brand to find its voice and maintain consistency in both organic and unpaid advertising efforts. The moderator acknowledged the prevalence of AI in brand strategies but emphasized its role as a tool rather than a replacement.

The conversation shifted to whether a startup should go global or local in building a community. Dotan advised a balance of both, tailoring messages globally while also connecting with local audiences. Khassan pointed out starting locally before expanding globally, drawing on the success of TradingView's deep localization strategy. Button added that starting with a local angle allowed for niche community building.

The discussion highlighted the importance of finding a brand's unique voice, avoiding over-reliance on trends like AI-generated content, and the strategic choice between global and local engagement, with a preference for a balanced approach.

Cultivating Communities: Navigating the Financial Startup Landscape

The discussion revolved around the pivotal role of building and sustaining communities for startups, particularly within the dynamic landscape of the financial market. Participants shared insights on key factors critical for maintaining community engagement and achieving enduring growth.

Dotan underscored the significance of cultural relevance, urging brands to stay attuned to financial trends and actively engage in pertinent conversations. According to him, being a proactive participant in discussions and leading conversations contributes significantly to community growth.

Khassan placed a strong emphasis on the creation of high-quality and authentic content, cautioning against shortcuts such as autogenerated content. He stressed that genuine communication is essential for persuading audiences, especially in the face of heightened competition.

Khassan stated: "I need to reiterate my point here. Investing in both efforts and time to create strong and high-quality content is essential. You won't be able to sustain a community and convince the audience to return, especially given the elevated competition we are currently facing. Relying on shortcuts, such as autogenerated content or simply trying to be funny in communication, is not a viable solution."

Button provided insights into the challenges of trend-chasing, cautioning against losing a brand's unique voice in the pursuit of staying current. He highlighted the delicate balance between catering to a broad audience and maintaining a distinctive brand identity.

A notable point raised by Button was the importance of community ownership. He argued that a community truly belongs to a brand only when it resides on the brand's website. This ensures greater control and stability in the long run.

Measuring Return on Investment and AI's Role

When discussing the measurement of Return on Investment (ROI) in community building, Dotan linked cultural relevance to increased purchases. He suggested that actively engaged communities lead to more conversions, thereby justifying the investment made.

Khassan emphasized aligning community-building efforts with specific stages of the sales funnel. Whether focusing on early-stage introduction or later-stage conversion, he stressed the importance of clarity in community-building objectives.

Button recommended investing in "real estate" on the brand's website, placing live interactions with the community prominently. He argued that engaging with users, even in handling challenging situations, provides valuable feedback crucial for business improvement.

The conversation also touched on the role of artificial intelligence (AI), with Button expressing interest in AI-generated images. However, he cautioned against an overreliance on AI-written content, as users can often discern its artificial nature.

Khassan suggested exploring native communication channels on local messengers or platforms for efficient targeting of specific local audiences. This localized approach aligns with the broader strategy of community engagement.

In the final thoughts for 2024, Button reiterated the importance of a full-funnel approach, connecting with users at all stages, from awareness to conversion. Dotan discussed the growth and evolution of communities on the X platform, emphasizing more possibilities for efficient interactions with audiences.

In summary, the discussion provided a comprehensive overview of the challenges and strategies involved in community building within the financial sector. It highlighted the multifaceted nature of community engagement, from cultural relevance to the evolving landscape of AI and the importance of localized strategies.

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