Strategic Social Media Tips for Banks

Posted by Lindsay Borgen on April 3, 2015

In today’s age, social media is an integral part of the marketing strategy of all companies across most industries. Although financial institutions entered the social media sphere a bit late, some now understand the power of connecting with their customers directly and building an online community. Considering that social media can be a sensitive platform where even a small mistake can tarnish your brand’s reputation, it’s not just about creating a Facebook or Twitter account and handing it over to an intern. Social media is serious business, and when it comes to financial institutions, it leaves absolutely no room for mistakes. Here are some social media tips for banks to create cohesive, engaging and effective online communities:

Have a Strategy

Don’t just jump onto the social media bandwagon; have your strategy set. When done right, social media should improve your marketing ROI by engaging with customers, promoting products and providing relevant information. Every brand has a persona, and the social media strategy must be aligned to help strengthen it. The strategy must be devised keeping the target market in mind. It is best to refrain from blatant self-promotion; however, it is recommended to speak to your strengths subtly.

Keep the Tone Balanced

Financial institutions cannot adopt the same tone and playfulness as some other brands; however, you also cannot have such a serious tone that you fail to engage the community. Find a middle ground where you can connect with your followers or online community members on a personal level without losing professionalism. Also, it’s important to encourage conversation. Equip your team to handle questions and comments efficiently and in a friendly manner.

Don’t: We are the best bank in town!
Do: Thank you to all for voting us the best local bank of the year! We look forward to more years of serving you!

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Be Ready to Scale from Enterprise CRM to Social CRM

Social Customer Relationship Management (CRM) simply means you are opening your social media platforms to address customer queries, issues and more. Make sure each conversation or inquiry is closed with a solution or support to create trust in your brand and satisfy current and potential customers. 

Keep Your Posts Engaging

Here’s one of the more crucial social media tips for banks: nobody wants to be bombarded with serious content throughout the day. Only posting about banking products, services or rates will not engage your audience. Try and make the posts more engaging with creative infographics, contests, polls and promoting events in your community. Video content and trending topics also promote increased engagement.

For example: shoot a video of a happy family in their house bought with the easy home loan option by the bank. Truth works better than an advertisement. Let the family talk to their home buying experience and add in some tidbits about their life and lifestyle to make it relatable. People respond to more personal content as opposed to completely sales-driven content.

Strategic social media use is essential for banks and financial institutions looking to expand their brand presence, interact with their current and potential customers and increase the ROI of their marketing efforts.
For more information about how to prove the ROI on your marketing efforts through equations and metrics, download our free Marketing ROI eBook now!

Marketing ROI for financial Institutions

Topics: Social Communities, Social Media, Financial Marketing, Bank Marketing, Financial ROI, Social Engagement

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