Who said banking is boring? Okay, so maybe savings accounts and mortgage loans aren’t the top trending topics on Twitter. But that doesn’t mean you shouldn’t talk about them on social channels. It just means you have to treat them in a way that makes them approachable, relevant and interesting. That is what social media marketing allows banks and credit unions to do — communicate with existing and prospective consumers in a way that is personal and relatable, while achieving quantifiable business results.
Social media is ubiquitous, so to stay relevant, financial marketers will need to understand the capabilities and opportunities of various social media platforms. With a unique ability to establish and maintain relationships, financial institutions will need to embrace, resource and advocate for social media as an integral ingredient in their overall marketing mix.
1. Creating Connections
Social media facilitates two-way communication and enables banks and credit unions to talk with — not simply to — customers and members. Financial Social Media reports that 44% of mass affluent consumers that use social media interact with financial institutions specifically. Interacting with customers and members on social media cultivates mutually beneficial, stronger relationships, which can contribute to brand loyalty and customer satisfaction.
2. Promoting Products
Possessing fun and friendly qualities, social media affords a distinct opportunity to sensationalize banking solutions with creative campaigns and positioning. A study performed by LinkedIn found that 63% of mass affluent consumers were motivated to take action after learning about financial products and services on social media – so there is legitimate value in talking banking on social media. Whether the institution is presenting a limited-time offer, special rate or simply trying to promote a solution, financial marketers should use applicable social media platforms best way to buy instagram followers to increase awareness, generate interest and drive results. In the absence of a defined offer, social media can help create a sense of exclusivity and timeliness to increase consumer appeal and motivate action.
3. Industry Insight
By providing the ability to share valuable information with the community, social media offers the means to demonstrate that the institution understands consumer needs and positions the bank or credit union as a leader in financial services. To be recognized as a reputable banking resource, financial marketers should share relevant content in the form of personal finance tips, industry updates, investment advice and more. Such insight also illustrates the supportive nature of the institution, increasing consumer confidence in the bank’s or credit union’s dedication to consumers’ financial well-being.
4. Tactical Targeting
Enabling financial marketers to define their audience based on meaningful criteria, targeting can help institutions connect with the right consumers. According to buffersocial, buy active instagram followers cheap social media platforms such as Facebook and Twitter feature options that allow users to reach 89% of their intended audience, compared to only 38% via other digital targeting tactics. Social targeting permits users to distribute messages to individuals based on highly specific criteria, including geographic location, age, gender, career, education and interests — among other significant user information. Such specificity increases the relevance of a given communication, improving the effectiveness of your financial institution’s efforts. In fact, through strategically targeted digital marketing outreaches, JPM was able to make deductive correlations between focused solution promotions and a 20%+ return on equity.