These three banks prove that a smart social media strategy is the key to boosting website traffic, unlocking higher conversion rates, and driving measurable results.
In a media landscape increasingly dominated by social media, your marketing strategy for these platforms can make or break your brand’s success. Marketers need to hold their social media efforts to high standard, creating custom strategies that build their brand, win customers, and yield high ROI.
But all that can amount to a pretty tall order for banks and financial institutions, only 34% of whom consider themselves “very active” on social media. Luckily, there are some shining examples in that 35% who can show brands how to establish a presence on social that’s not only active, but generates real results.
1. First State BankFor First State Bank, loan origination bank with offices across St. Charles and St. Louis Counties, LinkedIn has been especially critical to their social media success, serving as an invaluable lead generation tool. According to First State Bank Mortgage Marketing/Digital Systems Officer Sean Brennan, “It’s the perfect place for bankers and loan officers to connect and share content, and it’s totally relevant to business.”
The bank uses a strategy called social selling, which harnesses its loan officers’ personal skills and networks by posting branded content from their profiles. Coming from trusted names and faces, this kind of relevant content both creates leads and deepens customer relationships.
First State takes a “4-1-1” approach to content marketing. For every 4 relevant articles about mortgage rates, the real estate market, or general industry news they post, they also share 1 company promotional or product insight and 1 lighthearted general interest piece. This cycle repeats on a regular basis, with the bank’s marketers working all the time to schedule curated content in advance and tweak their strategy based on the insights they get from their analytics tools.
The bank manages the content its posts across social channels in Gremlin Social, using the tool to build its content library, schedule it out, and check it all for compliance. Brennan claims that maintaining his bank’s robust social media presence has become simple, spending just 15 minutes on it every week. “Can someone find me a better ROI in marketing? Hard to imagine, he says. “It has a direct impact on how many loans we do.”
2. TheBank of Edwardsville (TheBank)A locally-owned community bank in east St. Louis, TheBank of Edwardsville wanted to expand its business and compete with the big banks. They did it with a dynamic value-adding social media strategy that has helped them build brand awareness and foster flourishing customer relationships.
TheBank recognizes that social media offers local businesses a cost-efficient way to reach surprisingly wide audiences. “Recently, TheBANK created an ad that targeted users within our marketing area,” says Mike Cruz, Digital Marketing Officer for TheBANK. “We were able to reach out to 11,000 people during a seven day period for $50.”
TheBANK credits its success to streamlined processes for selecting content and vetting it for compliance, using Gremlin Social’s sophisticated approval, filtration, and archiving capabilities. Since putting these efficient processes in place, TheBANK has boosted Facebook likes 32% and acquired over 3,800 new accounts. More importantly, Cruz has also been able to maximize the returns on his new strategy. “Using Gremlin Social’s Facebook Insights report, I can easily review the data and see what works. We see the business impact of our social media strategy.”
3. First Bank Financial Centre (FBFC)
The small Southeast Wisconsin-based First Bank Financial Centre (FBFC) is dedicated to serving their local community. To grow their place within that community, however, they needed a platform on which they could position themselves as industry thought leaders.
FBFC opted to customize content for each channel, using Facebook for fun and interactive content, LinkedIn for company updates and informational pieces, and Instagram for eye-catching or humorous, relatable images. Pushing out such diverse content multiple times a day on all these platforms can seem like a lot, but if you have a strong content library and a good scheduling tool like FBFC does, the whole process is made simple. The strategy “makes it easy for our lenders to have content to post, and helps keep brand consistency across the board,” senior marketing representative Heather Dewey says.
After implementing Gremlin Social to manage and schedule posts across platforms, FBFC saw incredible results, starting with an increase of over 58% in referral traffic from social media to its website. They’ve seen huge boosts in engagement and activity on special campaign posts and is actively growing its customer network. What’s more, Gremlin Social has made it possible to do all this while remaining in compliance with any and all applicable banking regulations.
“Having an ABA-endorsed solution for compliance with social media was a selling point for us,” says Dewey. “The process has made it a lot easier for our compliance department to feel comfortable with us being on social media, and has made the workflow a lot smoother.”