Social media has become a crucial element of the relationship between a business and its consumers. It allows for an additional level of communication, and another channel to establish loyalty on a more personal, day-to-day platform.
In April, we discussed Marketing Your Financial Institution. To dive a little deeper, we decided to devote today to uncovering some benefits of using social media in the financial industry. Social media may seem straightforward to the modern day’s avid user, but there are certainly best practices when it comes to such a specific realm of business.
Be a bank, financial planner, or credit union, there are plenty of unique strategies to help you maximize social media capabilities —and most importantly yield an upswing in your ROI.
Here are some ideas!
- Social media is an additional layer of marketing.
Some financial institutions are hesitant to jump on the digital marketing bandwagon. But hey, you have products that people need. Loans, credit cards, savings accounts are practically necessities. Platforms like Facebook allow you to target specific demographics and serve up advertisements to people who have shown interest in such products during recent searches. Social media like Facebook and Twitter provide cost efficient platforms for introducing new products and services to your client base and targeted demographic.
- Social media allows you to deliver content people care about.
Creating content for any brand is tricky. Creating content for a financial brand is trickier. Things like savings and debt aren’t always well-received topics of conversation. People want to hear about how they can “grow” their money and make a profit. Leverage relationships with other businesses and organizations in social media—be it a sports team or yearly festival—people want to hear about these things.
- Social media is a direct line of customer feedback and engagement.
This may seem like a “scary” thing at first, and while it may require some PR management—your brand has true fans. Listening to your advocates, asking for their options, creating conversations, and listening will not only make them feel valued but will give you realistic insight into where their financial needs may be and how to provide them the best service.
- Social media is a platform for culture posts.
People want to see that your brand has a personality. There are people, faces, lifestyles, and cultures behind the company they do their business and banking with. Post about company events, community service, and accomplishments. By displaying the human-side of the business, you will create a sense of trust. When looking for new hires, a solid social media platform is also a tool to encourage quality applicants. Make customers feel good about choosing you!
Looking for ways to make your social media platform THRIVE for your financial brand? Give us a shout!
