Bank marketers must navigate an increasingly fragmented social media landscape

The news: Over 115,000 X (formerly Twitter) users exited the platform after the US election, per NPR. Meanwhile, Bluesky added over 700,000 new users in the week of November 11.

How we got here: Elon Musk’s role in helping President-elect Donald Trump secure his victory, along with some unpopular platform policies, left many users searching for a new online community. 

• User dissatisfaction with Threads' “engagement bait” and flawed moderation algorithms has also boosted Bluesky. Though Threads remains almost 14 times larger than Bluesky with 275 million users, and similar daily growth.

The changing social media space will shape banks’ strategies: 

• Some advertisers will stick—or return—to X to show goodwill toward Musk. 
• Threads remains popular and it’s now expected to support ads in early 2025, per The Information.
• And while ads aren’t yet allowed on Bluesky, businesses can set up user accounts and share content, per Marketing Vantage.

Key takeaways: Bank marketers face tough choices in a politically charged environment, as ad placements signal alliances and values.

• Banks must evaluate whether their target audiences remain active on X or have joined the exodus to competing platforms.
• They must also consider the risk of alienating younger, socially conscious consumers who choose brands that align with their values.
• Financial institutions that want to reach former X users should join Threads and Bluesky now to understand what content resonates with their users. This prepares them to launch ads when the platforms allow it.

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