Bank Marketing Ideas That Help You Stand Out: Social Media Contests

Posted by Lindsay Borgen on June 23, 2015

When it comes to bank marketing ideas, a novel approach that helps to expand your brand presence online is a social media contest. Creating a social media contest will attract new customers and increase customer engagement with the bank, which in turn significantly grows your active online audience. Best of all, these benefits are achieved organically when a social media contest is strategically and efficiently created. This article provides you key tips to keep in mind when creating a social media contest to ensure you meet your audience engagement and growth goals.

A Contest Should Focus on Organic Promotion to Achieve Marketing Success

A key facet to understand about social media marketing is that campaigns are most successful by focusing on organic growth, and there are several great ways to achieve this. One way is to encourage users to share the contest. A great contest will get users excited about winning, and this will result in them doing a lot of the marketing legwork for you. They will share the contest details on their social media platform of choice and other users will then check out the contest and do the same.

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Also, you want to encourage shareable entries as well. Some ideas for accomplishing this include offering bonus entries for sharing and making sharing a part of the entry form itself. By creating user generated entries and shareable facets of the contest, you will increase your impressions and audience organically through participants. In addition, the contest should be relevant to the bank, so a cash prize or gift card is a great prize offering for a social media contest. Offering smaller prizes to 2nd and 3rd place winners also helps encourage participation, as there are more chances for users to win.

Utilize Cross Promotion to Engage and Grow Your Audience

While running a social media contest, it is essential to utilize other social media platforms and online marketing efforts to promote the contest. Sending a start of contest, mid-contest and post-contest email to your customers will make them aware and prompt them to participate. Additionally, you should create posts for your other social media accounts (Twitter, LinkedIn, Instagram, etc.) to cross promote the contest to your entire digital audience. If you are running a Facebook contest, for example, don't let that stop you from talking about it on Instagram. If you have a large local presence as well, consider posting flyers in your community to raise awareness for the contest. Simply put, cast a wide net to grow your audience through cross promotion strategies.

Consider Tools That Will Take Your Contest to the Next Level

3rd party social media tools can help you create, optimize and manage your social media contest, as well as provide you with analytics to evaluate the contest’s success. An excellent tool to consider for your contest is WooBox, which allows you to create custom tabs on Facebook that allow users to enter, view and share their contest entries. Not only is this app free, it also provides great features like fan-gating (a user must like the page to reveal the contest), custom tab icons and image hosting to customize your social media contest to your brand’s image. After the contest has ended, exporting the analytics reports from WooBox can help you evaluate the success of your contest and provide insights for creating the next contest. Running a social media contest every quarter or bi-annually can help you increase and prove your bank’s digital marketing efforts.

For more information about digital marketing, evaluating analytics and proving ROI on your bank marketing strategies, download our FREE eBook now!

Topics: Social Media, social marketing, Financial Marketing, Digital Marketing, Social Media Contests

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