Besides creating brand inconsistency, such inaccuracies can trigger daily compounding fines from the Nationwide Multistate Licensing System & Registry. When a company’s team is especially large, those risks can become a serious deterrent for any financial organization to embrace the concept of social selling, or positioning your employees as brand ambassadors through their own social media accounts.
Why you shouldn’t let compliance risk stop you
Employees have always been the face of the company, but in the changing landscape of bank brands, they have the potential to become much more than that. In today’s digital world, traditional advertising isn’t cutting it. Experts expect retail branch visits to decline by at least 36% by 2022, while mobile banking will rise by up to 121%. Brands must reach consumers where they are — and they’re on their mobile devices, especially on social media.
Consumers want to hear a brand’s social voice, not the cut-and-dried one on TV commercials and billboards. A great way to build that social voice is to let your employees speak for your brand on social media. And it works. LinkedIn analysis revealed that when a post came from an employee’s personal account rather than a company account, its click-through rate was two times higher.
Social selling can also earn four to six times more media value for your brand. For example, compared with the nearly $30 you would spend to reach 1,000 people on TV, you could reach just as many people on social media for only $2.50. You can also track the specific performance of each social media post to ensure that every message reaches the most receptive audience.
While it’s understandable that this strategy can be seen as especially risky for large teams, Gremlin Social can mitigate this risk in several ways. Linking employee faces to branded content humanizes your bank, and humanization builds trust — which is especially important for larger companies. Working with Gremlin Social can ensure that your brand can connect with consumers on this level while maintaining important standards for messaging alignment, compliance, and accuracy:
1. Posting approved content on employees’ behalf
Say you have 100 employees. From my experience, I would say only about 30-40% of them post regularly to their own social media pages. The rest leave a great deal of opportunity and lost impressions on the table. Having marketing experts post branded content on their behalf through our platform, however, can maximize your brand’s reach and engagement without taking up your employees’ time. This will also ensure the messaging is in line with your brand image.
2. Archiving compliance for teams of any size
If you have 100 employees to advocate for your brand, keeping track of all their social posts can be a daunting task. Consider that the average internet user has at least seven social media accounts. Now imagine managing posts on that many profiles for each of your employees: It’s simply not possible for many teams to provide the adequate time and effort to archive it all and maintain compliance standards. That’s when you need to bring in a third-party team to keep everything on track for you.
3. Mapping out your returns for more insight
Gone are the days of seemingly aimless billboards with hazy ROI. As I mentioned above, we know modern consumers respond more to personalized, highly tailored marketing — and allowing employees to do the talking on social media helps you go above and beyond that expectation. Without the tools in place to track progress and results, though, things could get messy quickly — especially if you have a lot of employees doing the talking. You’ll want to know exactly how all employees’ social posts provide better returns and impact your bottom line. With Gremlin Social, you can.
The larger your team, the more daunting the risks of separation from the brand’s message, noncompliance, and inaccuracies on social media can be. Alone, the benefits may not outweigh those risks, but with Gremlin Social as your partner, you can dispel the dangers and humanize your brand.
See how financial institutions are leveraging employee networks to maximize sales in The Social Selling Playbook: