ocial media marketing for banks has rapidly moved from primarily social tool to an important solution necessary for driving relationships with consumers. With opportunities for banks, credit unions, and lenders to connect and build relationships with consumers outside of the sales process, social media helps modern financial services to truly understand consumers to benefit targeting, advertising, compliance, customer service, and user experience.
While any use of social media marketing for banks must revolve primarily around ROI, any financial institution can now use social platforms ranging from Facebook to Instagram to offer real help and support to their customers, driving intangible value in terms of customer loyalty and retention.
Here are 5 ways banks can use social media
1. Increasing Touchpoints
Banking institutions have traditionally struggled with making consumer connections, largely because they interact with customers only when needed. Social media increases connections, building on touchpoints so that consumers can see and interact with their bank or potential bank multiple times a month, week, or even day. In addition, the personal nature of social media gives banks the opportunity to work to build real relationships through branding, customer satisfaction, and value-added content.
2. Building Leads
In his book, “Jab, Jab, Jab, Right Hook” social media guru Gary Vaynerchuk recommends that less than ¼ of all content posted on social media be promotional. But, at least a small portion of your efforts should be dedicated to self-promotion, including building awareness for products, offers, and selling value. The trick is that because it is social media, your post has to offer direct value to the reader. 63% of mass affluent consumers are actively looking at financial solutions (not necessarily banks) on social media and failing to take the opportunity to make a pitch is a missed opportunity.
3. Sharing Data and Value
While social media marketing for banks often involves using rather than sharing data, social media gives you new data sources, new insights, and new ways to connect with consumers. One of those ways is to offer industry insights and valuable information in a way that helps you to build trust. Integrate social media and banking by breaking basic finance tips into palatable and shareable Facebook videos or Instagram photos, creating overviews of market shifts, creating helpful content delineating loan options, or otherwise adding value to the customer’s experience to help you to grow while building trust.
4. Using Emotional Targeting
One of the most common reasons customers switch banks isn’t rates, it’s emotions. While that’s often anger or irritation regarding customer service, being able to connect with consumer’s emotions gives you an advantage over your competitors. Connect with consumers and driving home the fact that you are there for them when things go right and when they go wrong will build trust.
5. Don’t Forget Omni channel
Most customers interact with your bank through multiple channels, social network banking is one out of many channels. They should have the same experience, customer service, and even customer service representatives across channels. If you link someone to something on Facebook, it should go to precisely that product, not a landing page. By ensuring a consistent, professional, and relevant experience across every channel, you ensure that your customer sees your brand as a personality and one that they can rely on.