In the modern age, social media has become an indispensable tool for promoting businesses. However, financial services companies for the most part have been slow to adapt. Of the top 4,500 brand accounts on Instagram, only 40 are financial brands. Large banking units like JPMorgan Chase are tops in social media among U.S. banks, but there’s room for competition. While the biggest banks in the country are in the ranking, so is at least one bank with just $1 billion of assets – Credit One Bank in Las Vegas, Nevada. It landed in the ranking largely because of its 20 million YouTube channel views, which is nearly double the number of channel views that Bank of America’s videos have.1 This field is wide open for financial services companies to claim space on social media.
Here’s how any size financial service company could use social media to establish credibility, foster trust, and attract the right customer.
Bring digital marketing for financial services to your ideal customer
Consumers have more platforms than ever before jockeying for their attention. Keeping current on where your ideal consumer is spending their time on social media platforms will pay dividends.
Consider the primary function of your service and its target market in choosing where to focus your efforts. If your product is a business line of credit for the savvy entrepreneur, Instagram could be a great place for you to devote your time. Alternatively, a prestige line of credit popular with established businesses might benefit more from a LinkedIn presence. An innovative product aimed at young adults just developing financial literacy might be best served by campaigns on TikTok. Whatever your aim, zeroing in on the most popular social platforms with your consumer is important.
Build a strong online presence by regularly posting content
Posting consistently on your social media channels is an essential strategy to grow your business or brand. Commit to creating a monthly calendar of posts with relevant topics rather than resorting to random, one-off posts that do not add value for your audience. Not only will this planning and consistency allow content to be timely and, but it also leaves time for compliance and internal approvals with key stakeholders to happen ahead of time.
Use Best Practices
Stay on trend to advertise financial services on social media
Be sure to follow best practices for the social platform(s) you have chosen. Be sure you’ve done your homework and know your audience, have a strategy in place with defined goals, and define goals for each audience and platform you choose to use. Because social media platforms evolve frequently, you’ll need to stay up to date on new features and what’s trending on the platform of choice to remain relevant. Be sure to be consistent, engage with your users, and use visuals and keywords for maximum success. It’s also important to ensure your content is resonating with your target audience.
Serve your audience with consistent content and coverage
Determine who will deal with community management and customer service issues that may arise. It’s a good idea to assign multiple people as community managers on each account so you never have a gap in coverage when someone is out of the office. Cross-train others so there is constant coverage, and you can serve your audience well with rapid responses.
Develop Brand Voice
Personality speaks volumes in social media strategy
A dynamic brand voice cuts through the noise like few other tools in the marketer’s arsenal. While it can be deceptively difficult to develop, the effort is well worth the result. Look to standout branding efforts like Nike, MailChimp, or our own work with financial brands like PNC and Huntington National Bank. These finely tuned brand voices were born from careful consideration of their customers and mission and lend immortality to their copy that few other brands can match.
Make a Splash
Find novel ways to grab attention
There are many ways to hook an audience and the algorithm. Many businesses find they can meet core business objectives and KPIs through creative engagement tactics like contests and UGC initiatives. Consider drawing eyes to your efforts by offering a little incentive. Consumers drawn in by these big events often stay on as precious leads for future campaigns.
Deliver financial content marketing that educates and enriches
Most social media users gravitate toward unique posts that provide value. A great option for financial services content is education. The internet has become an open resource for expert advice and advanced education previously out of most consumers’ reach. This has opened up avenues to establish yourself as a trusted voice in your sector. Let your expertise shine while building a devoted base of followers by sharing your wisdom through outlets like Facebook and Facebook groups, Instagram, YouTube, and Twitter, and constructing blog articles to establish yourselves as friendly sector experts sharing valuable information that can help people manage their money.
The best content marketing for financial services is approachable and interactive
Social media is a tool for connection and it’s at its strongest with interactive content. Studies show that content like videos, polls, and carousels are 23% more effective2 at garnering engagement than static content alone. Use these placements to their strengths by opening a portal into everyday life at your enterprise. Encourage your experts to hop on-camera for informational Reels or punch up content with lessons they’ve learned over their career. Populate your feed with candid shots from happy hours and office pets. Make your brand approachable and you’ll rake in follows and leads.
Find Trusted Ambassadors
The role of influencers in financial services social media
Build brand recognition and authenticity by speaking to consumers through voices they trust. Influencer marketing is a proven tactic to harness existing relationships to bring buzz to your brand.
Choose influencers and brand ambassadors that reflect your goals. While large influencers can be great for their reach, they can come with some hefty financial considerations, whereas recent studies have shown that endorsements from micro-influencers are viewed as more authentic and relevant – resulting in 7x more engagement than their macro counterparts.
Use social listening tools for customer insights
Make social media your superpower. With social listening, you can harness insights from every relevant conversation happening on social media in real time. This revolutionary tool allows you to pull data from live conversations happening about your brand, your products, and key topics related to your brand’s success. Using these tools, you have more information than ever before at your fingertips to intelligently craft brand messaging, respond to customer issues, and stay one step ahead of market interests.
Some who are familiar with gaining customer insights from social media may be wondering how social listening differs from social monitoring. Social listening builds beyond the capabilities of social monitoring, a reactive tool, to draw insights from audience sentiment and deliver proactive recommendations to improve customer experience.
Social media has become a mainstay in any successful marketing strategy. Despite ever-changing best practices, these platforms host endless opportunities to propel your brand to the next level. Whether it’s on your own or with a seasoned agency like Pathfinders, we encourage you to explore this tool for boundless growth.
The world of social media is changing, and Pathfinders is here to help you stay ahead of the curve. Contact us today to learn more about how we can help you achieve your business goals.
Pathfinders is known for its expertise in financial services, social media marketing, and award-winning, multichannel campaigns. We take pride in creating innovative approaches to branding and advertising that lead clients like PayPal, Fifth Third Bank, and Bread Financial to sustained growth.