Unlike any other industry, banking and finance support rigid rules and regulations that make it hard to synchronize with the fidgety social media. However, where on one hand, millennials are shifting to digital banks, online banking and digital payment modes; traditional banks are still struggling to go together with social media.
While taking a deeper look, we will find that about 30% of companies have realized the potential of having a digital presence this year, and more are to follow. Moreover, 77% of internet users are using online payment modes to make necessary day-to-day transactions.
Social media is overarching and has dominated every other marketing channel. It’s been seen that digitalization and social media have affected brand repute and buyer’s behavior considerably. Millennials and Gen Z seek comfort and automation.
Why would they visit bank branches when payroll deposit, account statement, insurance, credit cards are all just one click away? This was about digitalization.
Social media in financial services has its role to play and is interacting with digital customers, addressing their queries, getting feedback, informing them about recent service/product launches, etc.
Financial institutions with a strong social media presence can see how social media imbibed value in their brand, integrated the workflow and provided compliance. Marketers and managers can integrate their marketing strategies to boost their financial services.
Skyrocket your Online Popularity by Integrating Social Media
Wondering how to integrate successful marketing tactics into your marketing funnel? Start by knowing your audience.
Who to Target?
- Those who have a progressive view of the future and finance industry & are assertive about the financial future.
- Those who have the ability to manage their own finances online using a mobile phone and advanced technologies.
- All your loyal customers who have been with you for a long time.
- Those who are always open to getting financial updates and offerings for non-engaged platforms.
- Affluent millennials who can be converted easily or those who need to be encouraged a bit to join social networks.
- Those who want to learn about everything and will visit your company page to get relevant information.
- Those who can join you but only after asserting your credibility through customer reviews and other relevant information.
Structure your social networking channel base by targeting customers from their respective types and see where it takes you. social media is a double-edged sword, and using it wisely is important to avoid reputation clashes.
Though you may consider social media a small component of your business, but it caters to important aspects of your business, including leads, reputation, customer support, etc. There is a preconceived notion that social media for financial services can be boring to entertain. Hop on this opportunity to bring a change in mindsets and toss interesting activities like polls, Q/A sessions, AMA sessions. Post interactive content with engaging visuals to keep them hooked.
Social Media Is Always Listening; Be Vocal
Salesy content has paled; informative is appreciated more. And social media users are active 24/7, keep posting about your brand’s product launches, events, third-party PRs, and seminars. You can spill out the beans about your company’s work environment and community involvement. This will eventually increase your customer base so that you can interact with more people in limited resources and time. You can share essential information anytime at your convenience.
Track of All Relevant Conversations Using One Tool
Having access to all social media accounts at once will eliminate the hassle of maintaining them all simultaneously. As we know, Facebook, Instagram and Whatsapp are owned by one and can be interlinked to post content and use the merge to coagulate your marketing strategy. Follow Twitter and LinkedIn regularly. Keep track of all relevant conversions and conversations using one analytical tool that can generate a report for all. Look for mentions and keep filtering the conversations to keep them healthy.
Keeps you Going with Industry Trends and Innovations
The world of finance is highly volatile, agile and swift. Driven by innovation, these financial institutions exude regular information and news updates to keep the market on track. Technology and innovation are the prime concerns in the financial sector. When you remain active on social media, you become part of an ecosystem that you can explore and integrate into your organization to build your market and trust. Try to master the latest technologies and look into the latest cybersecurity and data breach trend to escape unexpected loss.
Allow to Take a Peek into Your Competitor’s Ideology
Would you like to take a peek into your competitor’s marketing strategy? On social media, you can track how your competitors are proceeding and what performs well for them. Navigate their path and tweak your strategies to see favorable results. Sponsor events to augment brand awareness, but make sure you are targeting a valuable audience to get the right worth of your money. You can start by revising your competitor’s activities and seeing the impact of a particular event on your brand. Check if their target audience resonates with yours, and if so, continue with the same strategy to get desired results. There are multiple social media analytical tools that can help you look through the analytics of a particular account.
To add to this, if you start getting results, identify opportunities to develop and grow your brand awareness opportunities ahead of your competitors.
Extended Scope to Offer a Premium Customer Service
Every business person wants to keep his customers happy and connected for long, your customers happy during an unstable time for banks. Over the last two years, we have seen how traditional payment and banking methods shifted online for additional convenience. Run custom loyalty programs to avoid losing your existing loyal clients. Get honest feedback from customers to know how they feel about your products and services.
Social media strategies for financial services can stimulate your success rate multiple times. Try out new tools and technologies to lead the race. The use of social media in financial services knows no bounds. Use different social media platforms to enhance your reach.
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