Social media is the platform where everyone can connect with one another. People use social media for the different reasons. We can also use social media in financial institutions so that we can achieve a good range of business goals. Here are some ways how financial institutions use social media for marketing which is as given below:-
Brand awareness: Using social media platforms like Facebook, Twitter, Instagram brand awareness can be created. By using this platform, you can engage the
community to showcase their brand’s identity. It might be about posting product or sharing content with industry partners. Liking or commenting the pages are the tactics which can increase your visibility and throws the spotlight on your brand.
Brand differentiation: As we know, each financial institution offers similar products or services, yet they have their own brand story, visions, values, and philosophy. Now, social media gives you the opportunity to advertise your products or services differently from others in your industry. But always try to focus on how the product will support their needs.
Attract Target audience: Social media allows financial institutions to target ads to very specific audiences. Suppose some institution is trying to promote debit cards among college students, a custom ad campaign can be created especially for audiences perhaps telling them debit cards are an easy way to order late-night pizza. The advantage of using targeted ads is to minimize market waste.
Product adoption: The very first step is to create awareness among the target audience, but putting them to actions is every financial institution’s goal. You can use social media to tell them about products and interest can be increased among people. Offers ad to facilitate product adoption. The three examples from Facebook are App Install, Website Conversion and Offer claims.
New accounts and relationships: Using social media, consumers can create new accounts on Facebook, Twitter and can build new relationships. It is one of the most digital marketing tactics for the attention of customers and another is the emailing system. The online community of people check their post regularly and customers can use social media to resolve their customer service concerns.
Driving website traffic and tracking: Social media has the ability to provide links in posts thus it is a great way to create traffic for the website. Whether the goal is to increase visits to homepage, specific product pages or landing pages for campaigns, social media inspire clicks and generate interest to explore products and services.
Imparting knowledge and thought leadership: If a financial institution maintains a blog, thought leadership sections, use of social media helps in the outreach of the knowledge to a prospective customer and most likely to help in returning customers and build mutually profitable relationships.
Gain Business Intelligence: Social media is a great tool to get insights for overall business and marketing strategy. Banks/credit unions and other financial institutions can leverage a lot from looking at most liked content, demographic of customer visiting the website. If certain types of post/products/services are generating higher engagement, it will be a strategic step to developing product/service/content based on demand.
Feedback: Social media can help in collecting constructive and consistent feedback from the customers about operations, brand etc it will be a good idea to take corrective actions and improve the brand image for the financial institution.
Check on competitors: Monitoring your competitors helps in identifying opportunities and differentiating factors, these, in turn, will guide the financial institutions to market a better appeal to your target audience.