To build consumer trust in both social media and the financial services sector, banks should implement policies to increase transparency and make social selling a cornerstone of their marketing strategy.
Recently, the 2018 Edelman Trust Barometer Global Report said worldwide trust in the validity of all media content has plummeted.
Marketers in highly regulated financial institutions should see social media as a golden opportunity to elevate their marketing strategy and increase brand trust by demonstrating a real commitment to transparency and compliant practices.
To manage this, there are plenty of powerful, industry-specific tools like Gremlin Social, which are designed to streamline the compliance process, and institute workflows that facilitate robust social media content creation and distribution.
Establish Trusting Relationships Through Social Selling
Social selling is the term used to describe the practice of distributing branded content through the personal social media accounts of one’s employees, rather than a company account. Banks can train employees to build relationships over social, respond to inquiries, and engage consumers with relevant content.
Social selling puts a reputable, familiar face to branded messaging and can therefore serve as a powerful advocate for building consumer trust. When used alongside traditional social media marketing programs, social selling can be a highly effective marketing tool.
Nonetheless, in banks and finance organizations, effective social selling requires that particular attention be paid to social media marketing compliance. Moreover, banks must take all requisite measures to ensure that their marketing efforts are compliant. Put simply, Employees engaged in social media marketing need to be made aware of all the applicable federal, state, and industry-specific regulations.
Rather than functioning as just another box to check, compliance should be viewed as an opportunity to implement a better, more comprehensive social media strategy. Addressing the importance of transparency in your brand messaging will in turn fortify consumer trust.
There are ways to expedite the process of developing a social media compliance policy. Banks can repurpose compliance-based guidelines to implement strategic best practices, and align social selling programs with broader marketing objectives. For example, the comprehensive social media policy that’s required by the FFIEC can also address posting guidelines, best practices, a style guide for consistent verbal branding, and optimization strategies.
Here’s a good rule of thumb: “Compliance informs strategy, and strategy informs compliance,” and Gremlin Social provides the tools that enable financial firms to do both.
Another ‘compliance hack’, is that FINRA regulations require that financial firms archive all written communications; But archived social data can also produce valuable business intelligence and the actionable insights needed to enable impactful social selling programs.
Using advanced keyword / phrase filtering that tags and prevents non-compliant content from being posted, Social Guardian gives banks the safety net they need to jump into the social sphere with compelling content that generates returns. With capabilities for archiving, approval workflow management, and monitoring, Gremlin Social is the ideal resource for banks looking to elevate their brand above the fray, and position themselves as a trustworthy resource.