How To Use Social Media For Your Financial Institution

Posted by Christina Zumwalt on Jun 28, 2022 10:50:48 AM

How To Use Social Media For Your Financial InstitutionWhen you hear the term social media marketing, you most likely think of ads for clothing and accessories or things that are considered online shopping. One thing that you might never put together with social media marketing is banking. In the last few years, social marketing for banking was considered a primary source but now is regarded as one of the most important solutions for the banking world. Social media marketing allows banks to start building relationships with future customers. Here are a few ways to implement social media marketing in your bank.

Sharing Consumer Milestones

For smaller banks or even local branches, you can start sharing milestones of current customers to gain attraction. It is said that around 44% of people who have hit their first year of buying a house share the milestone, and 30% tend to include the realtor and bank used to obtain the home. If your bank gets tagged in a milestone post, acknowledging the post is key as the interactions show your company cares. It helps to build trust within the audience that can view the post. Looking through social media platforms, you constantly see car dealerships and companies of that nature sharing the sale of cars with their customer's permission. These posts help to gain a reputation for being down-to-earth.

Tracking Purposes

Listening to your customer's wants and needs is essential no matter how big your company is. When looking to find mentions of your company's name on social media platforms, you can go from platform to platform, but this is time-consuming, and you could possibly miss things. Several platforms could be used to track all mentions, likes, follows, and shares properly.

Identifying Trends And Awareness

The biggest driver of innovation is financial institutions. They need to identify key innovations that need to be integrated into their ecosystem to inspire the market and build and maintain trust. For brick-and-mortar institutions, the latest technologies pose a problem as younger, innovative pure players completely disrupt the current industry. A great way to get your name out is to do event sponsoring, but the thing with that is making sure that you are investing in the right events targeting the correct audience. The best way to find your target market of events would be to look at your competitor's past sponsored events or look at the impact of events that could be of interest to you and then analyze their impact online.

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