LinkedIn, Facebook, and Twitter remain the three best channels for social media marketing investment, but brands still need to create original, useful, and engaging content for these platforms if they expect to generate much ROI.
We probably don’t need to explain to you how critical social media is to your company’s overall marketing strategy. You likely already know that social media marketing leads to higher conversion rates — you might have even heard that more than 70% of users who have a positive interaction with a brand’s social media entities are likely to recommend the company to others. But with so many platforms that brands are now expected to use, which ones should be receiving the bulk of your marketing team’s time and effort?
Marketers are more focused on answering this question more than ever as many brands prepare to double the percentage of their marketing budgets dedicated to social media in the next five years. But despite plenty of hype surrounding flashy new social media channels like live video and Snapchat Stories, the truth remains fairly simple: brands are likely to get the most bang for their marketing buck on Twitter, LinkedIn, and Facebook.
But just because these sunny statistics exist doesn’t mean that setting up shop on social will automatically bring you great results. To realize the potential ROI that LinkedIn, Twitter, and Facebook offer them, banks and financial institutions will have to dedicate their unique assets as a brand to their social marketing efforts — including their talented staff.
Linked Into Higher ROI
Facebook is the ideal B2C social platform because of it’s massive usership, touting 79% of American internet users alone. Twitter and LinkedIn are particularly useful for your bank or financial institution’s business clients: in a recent Regalix study, 89% of B2B marketers said they found LinkedIn the most effective platform for meeting marketing objectives. Third-party research cited by Twitter suggests that the micro-blogging platform can deliver 40% higher ROI than other media channels.
While some skeptics continue to doubt the ability of social media to produce demonstrable returns on investment, the truth is that there are plenty of reliable methods of gauging social ROI. You can use new followers or connections to measure reach, traffic analytics to measure engagement, and of course, sales to measure conversions, then weigh that against the time and/or budget you’ve invested into your respective social channels.
But maybe you’ve heard statistics like this before and just aren’t impressed with the results social has generated for you so far. How do you start turning the potential of Facebook, Twitter, and LinkedIn into new customers and more conversions? By leveraging the unique properties of each social channel, your brand, and your employees.
Quality Over Quantity
While it’s clear that LinkedIn, Twitter, and Facebook are marketers’ favorite social media sites for creating brand awareness and improving conversion, the platform of choice may not be as the talented people using them and the content they choose to post.
Your bank should be empowering staff members in customer-facing roles like mortgage loan officer or relationship managers to bring their charm and skill to the world of social media. These employees succeed at their jobs because they’ve worked to earn the trust of your customers, and that trust can be critical in garnering a large online following for your brand. Called social selling, this organic marketing tactic costs nothing, circumvents changes to social algorithms that promote user-generated content over branded posts, and gives your brand an appealing face and voice that your branded accounts just don’t offer.
Of course, your social media presence can’t coast on your employees’ reputations alone — they need a strong library of approved content that they can pull from, full of how-tos, explainers, videos, white papers, infographics, and anything else that their followings might find useful. What type of content can depend on a number of factors, including the platform (83% of businesses reporting high ROI on video content, while on LinkedIn, case studies, infographics, and blog posts are more effective). But more important than the format of the content is its relevance to your customers’ needs. Much like any conversation your salespeople have in face-to-face conversations with customers, your content should be engaging, helpful, and effective at conveying the value of your brand.
The Most Effective Marketing Weapon
All brands, including banks and financial institutions, should think of their content as one of their strongest assets. It can be difficult figuring out how to best optimize that asset and execute it. To reach their objectives, banks and financial institutions should adopt a tool for both developing and amplifying their content on social media.
Do it with the cutting-edge Social Guardian, the only social media marketing tool designed specifically for banks and financial institutions approved by the ABA. With easy-to-use curating and scheduling capabilities, Social Guardian makes it easy to put together a winning social strategy: develop a content library, use it to populate your social calendar, decide which accounts will post which content, and Social Guardian does the rest. Push the right messaging at the right time through the right salesperson with Gremlin Social.