No matter what business you’re in, social media is crucial to finding success in today’s digitized world. B2B and B2C consumers generally go to a company’s social media account to learn about who they are, what products or services they provide, and how they interact with their community.
Financial service companies who have proper social media strategies can share their brand story and come off as more authentic and trustworthy to their audience. Through social media, financial service companies can also interact with users, track current trends, and reach new audiences to help grow their clientele.
According to the digital marketing experts, here are some easy ways any financial services company can improve its social media strategy.
1. Take Advantage of Instagram
With over 1 billion active users, Instagram is one of the most widely used social media platforms in the world. Unlike Facebook, Instagram is more focused on what accounts can do, which allows businesses to create an authentic image for themselves.
Instagram has many reasons it’s perfect for financial services companies compared to Facebook. Instagram often sees more engagement for business accounts compared to Facebook, and the users are of higher quality, meaning they are more likely to convert into customers after engaging with a business page.
Further, Instagram has fewer advertisements clogging up users’ feeds, which allows business content to thrive on Instagram compared to other social media platforms. Instagram is filled with inspirational photos, entertaining memes, and encouraging stories that truly get their spotlight on Instagram.
For instance, financial service companies should use Instagram to post about volunteer projects, corporate events, inspirational employee stories, and similar content that will shine on Instagram and resonate with Instagram users.
2. Don’t Forget About Facebook
Since Facebook owns Instagram, Facebook has many recent changes to copy Instagram’s success. These changes include adding stories, tweaks to their news feed, and improving search functions so business pages can grow more organically.
Facebook, unlike Instagram, is the king of advertisements. Financial service companies should take advantage of Facebook’s ad dominance and advertise on the platform. With more than 2.9 billion active daily users, there is a large pie businesses can compete for when advertising on Facebook.
3. Use LinkedIn for B2B Marketing
Creating B2B marketing content can be difficult, but it’s important to master for LinkedIn. As the main social media platform for professionals, LinkedIn gives companies insight into industry trends that can be applied to B2B and B2C marketing.
Similar to Facebook, LinkedIn is adding features like video uploading to make the platform more accessible for companies to advertise and engage users. Financial service companies should also take advantage of LinkedIn groups. LinkedIn groups allow users to engage in ongoing discussions and connect across industries to reach new audiences.
Having a regular presence on LinkedIn is important for reaching business clients, engaging industry professionals, and becoming a thought leader in your industry. If you or your company can’t be found on LinkedIn, you may find it difficult to impress and engage B2B clients.
4. YouTube is Perfect for Video Content
YouTube is the video capital of the internet. While businesses can post videos on any social media platform, YouTube specializes in video search traffic and is a hub for many businesses to post regular video content.
Financial service companies can use YouTube videos to educate consumers, entertain audiences, and even improve your company’s SEO. Further, YouTube is considered underutilized by financial service companies, which makes it perfect for making an impact in the industry.
5. Reviews Matter
When consumers want to learn about a company, they generally look at a company’s social media and its’ reviews. Reviews are hard to obtain and can easily ruin a company’s reputation if they’re mismanaged.
In general, businesses should understand the most common places where they receive reviews and should monitor them regularly. It’s not the end of the world if your company receives a bad review, and many times, there are things that can be done. For instance, companies can ask review sites like Google or Yelp to take down inflammatory or false reviews. Further, your company can publicly respond to negative reviews to help mitigate their impact.
Finally, don’t be afraid to ask your customers for a review. Frequent or satisfied customers are often willing to write a review if they are reminded. Remember, it’s easy for people to forget to write a review, so don’t be shy in reminding them in person or in an email.
6. Create Video Content
Part of any company’s digital transformation should be creating video content. Videos are incredibly engaging, and informative, and can be used for a variety of purposes. Further, videos can be posted on every major social media platform.
Videos are a great way for companies to show the faces behind the brand and build trust. Psychologically, when you are able to see someone’s face share a story or message, you are more ready to trust that message compared to an email, blog, or picture.
Further, videos are underutilized in the financial services sector, meaning that the market for this type of content is undersaturated. While many people want to learn about financial services, there are likely few professional-level videos made by institutional brands that consumers can find.
7. Understand Cryptocurrency & Blockchain
While your company is likely well versed in cryptocurrency and blockchain, many people are still confused about how they work and their functions. One easy way to become more searchable is to write, post, or vlog about cryptocurrency and blockchain technologies. Since the industry is so new, people are looking for industry experts and thought leaders to learn from. This is a great trend to capitalize on.
Social Media Will Grow Your Business
No matter what business you’re in, social media is crucial for growing your business and engaging your community. Further, financial service companies are less likely to be influential on social media, meaning that those companies who can perfect the craft will see ample returns on their efforts. If you don’t know where to start, make sure to reach out to social media and digital marketing experts to learn how to rapidly grow your business through social media.