Don’t be antisocial. If you’re not making use of all that social media has to offer your marketing campaigns, you’re missing out. 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 finances on social media (thinkadvisor.com). LinkedIn also reports that “44% of mass affluent consumers who use social media interact with financial institutions specifically” (thefinancialbrand.com).
Get to know your audience.
According to a recent Entrepreneur article, “The average American spends 2.7 hours every day on social media” (entrepreneur.com). Knowing this, you can make note of likes, shares and comments and use social media to get to know your audience and how best to market to them. “This provides access to valuable market research at a decreased cost to the institution” (thefinancialbrand.com). After researching what your intended audience is interested in, you can personalize your marketing campaigns accordingly.
Have a goal.
Before writing willy-nilly whatever pops into your head, determine what you hope to accomplish with your social media post. “From humorous posts that amuse to educational posts that inform to emotional posts that connect, there’s a host of goals that can be accomplished with just a single post on social media” (entrepreneur.com). To be recognized as a reputable financial resource, it’s best not to only advertise and promote services; be sure to share relevant content in the form of money management tips, seasonal updates (for example, saving for the holidays or preparing for tax season), investment advice and more. “Balance valuable, engaging content with goal-related outreaches – the suggested scale is 80%/20%, respectively” (thefinancialbrand.com).
Include images.
Keep in mind that it’s not all about words. “Social media posts with images yield 53% more engagement than those without” (imageworkdirect.com). For more information about using graphics in social media, check out the blog “Effective Graphic Strategies for Social Media,” written by one of our designers here at image.works.
Track responses.
Keep track of common metrics like “engagement on posts,” which includes likes, comments and shares, and “website traffic from social platforms as a referral source” (socialmediaexaminer.com). This virtual feedback can provide valuable information for future marketing campaigns, allowing you to gauge what your audience needs, is most interested in and responds best to. Responses to your social media posts also mean that you’re accomplishing your goal of ongoing communication and relationship building with your audience. “Interacting with customers [or members]…on social media cultivates mutually beneficial, stronger relationships, which can contribute to brand loyalty and…satisfaction” (thefinancialbrand.com).
Get started!
Social media allows you to “communicate with existing and prospective consumers in a way that is personal and relatable, while achieving quantifiable business results” (thefinancialbrand.com). In addition, research shows that “lead conversion rates using social media are 13% higher than the average lead conversion rate” (thefinancialbrand.com). So do more with your marketing by connecting online with your current and prospective customers or members, and start taking advantage of the many benefits of social media.
Sources:
http://www.thinkadvisor.com/2013/05/02/linkedin-courts-advisors-as-social-media-use-grows?slreturn=1467136243
https://www.entrepreneur.com/article/252610
http://thefinancialbrand.com/50594/social-media-marketing-strategies-in-banking/
http://www.imageworksdirect.com/blog/effective-graphic-strategies-social-media
http://www.socialmediaexaminer.com/5-tips-to-improve-your-social-media-ad-campaigns/