How social media can help finance brands

How are you leveraging your social media platforms to your brand’s advantage?

Marketing is much more complex now than it was five, or even three, years ago. Today, social media marketing is an essential aspect of any content marketing strategy.

The Financial Brand reported that 81% of financial marketers say they’ve picked up new leads through social media marketing. This demonstrates that social media is integral to helping finance brands expand their audience base and convert leads.

When used correctly, social media can be an effective tool in boosting your brand and contributing to the achievement of your marketing goals.

5 ways social media marketing can help your finance company

We’ve shortlisted five ways that social media marketing can help you achieve your marketing goals.

1. Social media showcases your brand purpose

As a finance brand, you need to show your target audience that you’re more than just about getting profits. Social media is a great avenue to share your values, experiences and even your opinions on industry-related topics. This humanises your brand and allows you to connect with your audience in a personal way.

Your content needs to show your trustworthiness as a brand. For example, you can focus on creating customer-centric posts that provide valuable financial information that can help them in their daily lives. When you’re posting on social media, it’s also important to speak your audience’s language. Minimising the use of financial jargon and using casual language can make you more approachable to your audience.

Taking this initiative with your content is central to showing your company’s purpose and vision, as your content reinforces the key messages of your brand.

2. Social media builds your brand community

Social media can help you connect with your target audience and strengthen existing customer relationships. In time, your social media platforms will enable you to build a thriving brand community, comprising loyal customers that advocate your business.

More importantly, a brand community generates content about your brand. As a network of like-minded people, a brand community can share photos, videos, music or even blogs about different topics. You can tap create and nurture an online community to show that your brand is more than just a business and that it can bring people together when they have shared interests.

Your brand community can start appearing in the form of:

Social media pages or groups
Social media hashtags
Online forums or group discussion threads
Email or video subscriptions
Podcast audiences

3. Social media generates data insights

Interactions on social media can generate rich data points that can reveal underlying patterns and preferences of diverse audience segments. This enables you to tailor your social media marketing strategy depending on what is effective for your brand.

Analysing the data your social media generates also enables you to create guides for crafting your brand voice, positioning and responding to real-time events. For example, your data can help you identify the optimal posting times on social media, depending on what time of day your audiences are frequently online and active.

Your data will also pinpoint what types of content are most effective in generating leads and engagement. You might get more likes, comments and shares on short-form video content than static images, so this gives you a clear idea of how to tweak your content.

By tracking your social data, you can create measurable, documented social media reporting for your brand to keep your social media marketing on track.

4. Social media provides real-time business results

Social media affects your bottom line concretely, enabling you to monitor the activity of your posts and the number of leads your social media generates for your business. Consistency in your social media marketing is crucial to drive positive, long-term results. Repurposing your content efficiently ensures that your social media platforms are regularly populated with relevant content while you create new blogs, videos and posts.

You can also leverage your consistency in social media marketing to generate business results by:

Getting leadership buy-in – You need the support of the executives behind you, especially if your brand is just starting in social media. This will enable you to branch out your social media marketing efforts and contribute to achieving your marketing goals.
Transforming organic performance into paid amplification – Your organic posting strategy should run alongside paid ads (without blowing your budget) to drive long-term results.
Measuring ROI and sharing your results – Maximise the use of your social media reports and identify areas of improvement in your social media marketing strategy.

5. Social media offers an integrated digital customer experience

Because of the advancements in different social media platforms, it’s easier to develop a seamless buying experience for customers through social media platforms, such as Instagram and Facebook. This enables your audience to stay on the app even as they purchase products or book appointments from your business.

Providing a unified customer experience enables you to deliver a seamless customer experience that fosters customer loyalty and satisfaction. For example, a financial services brand can create a short-form video that highlights how to use the company’s mobile app, ending with a link that directs the viewer to the app for them to use. Great interactions with your brand can enhance your brand reputation as your existing customers recommend your business to their respective social circles.

An exceptional customer experience also gives you an edge over your competitors, a necessity in the hypercompetitive environment of the finance industry. Creating an immersive and unique social media experience for your customers can give you the differentiation you need from your competitors and enable you to increase your market share through word-of-mouth referrals.

Investing in your social media marketing is crucial to succeed in your overall marketing and branding goals. Developing an effective social media marketing strategy can help you harness the power of social media for your brand and enable you to build a thriving community of customers who advocate for your business.

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