Why Your Bank’s Marketing Strategy Should Start with Social Media

Posted by Doug Wilber on April 25, 2018

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A largely untapped resource for banks and financial institutions, social media provides invaluable opportunities to build your brand, maximize organic reach, cut costs, and raise conversions.

A robust marketing strategy includes many key elements: coordinated messaging, segmentation, content development, branding, targeting, positioning, and more. All these goals can be accomplished with a solid social media strategy, yet too many marketers underestimate it, worried that they won’t be able to demonstrate its ROI. But the truth is that social media has a proven ability to deliver results — it just requires that marketers give it the attention and effort it takes to generate those results.

Banks and financial institutions can no longer deny the profoundly important role that social media plays in the lives of its target audiences. 32% of the world’s population uses social media, which equates to more than 2.5 billion potential audience members for your brand’s content. Given this huge potential market, the relative affordability of social marketing, and its flexible, dynamic ability to get results, brands should start trying to make their marketing strategies accommodate social media — not the other way around. Here are just a few reasons why social media deserves more of your marketing team’s attention and investment.

Build Real, Organic Relationships with Customers

You can build relationships with customers through channels like television, display ads, and email, but let’s face it: none of those relationships are as personal as the ones you can build through social media. That’s because the power of social selling puts a real name and face to the brand representative that customers are interacting with. By enabling your employees to push company messaging on their personal networks, you gain the ability to build on preexisting interpersonal relationships that no other marketing channel can offer you.

Connections like these are important to customers: some 90% of consumers say they would recommend a brand after interacting with it on social media. You can train your employees to deliver this kind of incredibly valuable experience with a solid social media policy that helps them to remain in-line with industry regulations while still retaining their own authentic voice. Use Social Guardian to ensure employee accounts are posting consistently and compliantly, empowering them to become full-time representatives of your brand.

Save Money

Marketing can be expensive. Reaching just 1,000 people by mail will cost you $57 — by TV, it’ll cost $28. What’s more, these channels don’t offer you anywhere near the same kind of targeting capabilities that social media has, meaning that many of the people you reach won’t be receptive to your messaging. Reaching 1,000 people on social media, on the other hand, costs an average of less than $3.

It’s a simple virtue of social media, but marketers often overlook the implications of this channel’s affordability. Why invest all your time optimizing channels that cost you more money to reach fewer people in a less precise way? You can post content, provide 24/7 customer support, and engage with users at absolutely zero cost on most major social platforms.

Drive Conversions

Research reveals that 62% of financial advisors report getting new clients thanks to a social network, and that’s because it makes these advisors seem more accessible and likeable. When you develop an approachable and engaging voice that is social, and not just advertorial, users are more likely to find your brand likable — and not just in a shallow, “thumbs-up emoji” sort of way. Likable brands are engaging, thought-provoking, and sometimes funny. By posting links to external sites or blogs featuring one of their products, brands like Modcloth prove that when consumers don’t feel alone in a decision, they are more confident in making it.

Many top Financial Institutions rely on Gremlin’s Social Guardian to optimize their social media presence and connect organically with users, save costs, and generate more ROI. Gremlin Social is the only marketing platform for banks and financial institutions approved by the ABA. Schedule a free demo today to find out all the ways that Gremlin Social can scale your business and lead to measurable results for your brand.

Topics: bank marketing

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