Unlock the Power of Social Media Strategy for Financial Services
Social media has become an increasingly important tool for financial services firms to engage with customers, promote their brand, and drive business growth. There are several ways to use social media for financial services to achieve their goals.
To optimize your social media marketing strategy for financial services you can use social media management tools to make your social media management simple and efficient. These tools will help you to save time and energy.
According to the study conducted by Hootsuite about the increase in online financial services shows that every age group and gender people is using online financial services.
Importance of Social Media Strategy for Financial Services
46% of financial advisors acquire new clients through social media marketing.
The financial services sector, characterized by its products like loans, insurance, investment tools, and banking services, can significantly benefit from an effective social media strategy for financial services.
Here's why a social media marketing strategy for financial services:
Brand Awareness with Social Media Financial Services
Social media platforms host billions of users, offering financial institutions an expansive audience to create brand awareness. Consistent messaging and branding on these platforms make social media financial services easily recognizable and familiar to potential clients.
Trust Building with Social Media Financial Services
The financial sector thrives on trust. By using social media for financial services to share customer testimonials, informative content, and community outreach activities, financial service providers can foster trust and credibility with their audience.
Customer Engagement with Social Media for Financial Services
Social media strategy for financial services can use social media as a platform for customer service, answering queries, resolving complaints, or just engaging with their audience. Prompt responses can lead to improved customer satisfaction.
Educate Customers Using Social Media Financial Services
Financial concepts can be challenging to understand. Using social media for financial services as a platform to share educational content, like videos, infographics, or articles, can help demystify these topics for customers, leading to informed decisions.
95% of financial service marketers prioritize video content in digital marketing.
Lead Generation with Social Media for Financial Services
Launching a new product or service? Social media marketing strategy for financial services can be used as a promotional tool to reach a broad audience quickly. Platforms like LinkedIn can also be useful for B2B lead generation in the financial sector.
Real-time Feedback With Social Media Financial Services
Social media provides real-time feedback. Financial institutions can gauge customer sentiment, monitor feedback, and adapt social media marketing strategy for financial services based on what they hear from their audience.
Market Insights Using Social Media Financial Services
With social media strategy for financial services, platforms like Twitter and Facebook offer analytical tools that give insights into market trends, audience demographics, and user behavior, helping financial service providers tailor their offerings.
How to Use Social Media for Financial Services?
Social media for financial services can be used to reach a broader audience and build trust with clients. Here are some steps to effectively use social media for financial services:
Define Your Goals for Social Media for Financial Services
Before you begin, determine what you want to achieve through your social media marketing strategy for financial services. Is it to build brand awareness, engage with customers, or generate leads? Once you have clear goals, you can create a social media strategy for financial services that aligns with them.
Know Your Audience for Social Media Financial Services
Understanding your target audience is essential in crafting a social media marketing strategy for financial services that resonates with them. Social media strategy for financial services considers their needs, preferences, and pain points, and tailors your messaging accordingly.
Choose the Right Platform for Social Media Financial Services
With a plethora of social media platforms available, it's essential to choose the ones that align with your goals and audience of social media strategy for financial services. LinkedIn, for example, is useful for B2B lead generation, while Facebook and Instagram are more suited for B2C engagement.
Develop Consistent Branding for Financial Services
Ensure your branding is consistent across all platforms of social media for financial services, including your brand name, logo, and messaging. This social media strategy for financial services makes it easier for potential clients to recognize and remember your business.
Create Engaging Content Social Media Financial Services
Social media users love engaging content. So this social media strategy for financial services includes creating content that educates, entertains, or informs your audience. Videos, infographics, and articles are examples of content that can be used to demystify complex financial concepts.
Monitoring Feedback with Social Media for Financial Services
Social media provides real-time feedback. Pay attention to customer feedback, respond promptly, and adapt your social media strategy for financial services based on feedback.
Be Compliant with Regulations
The financial sector is heavily regulated. Ensure that your social media financial services activities comply with regulatory standards on advertising, disclosures, and communication.
5 Best Social Media Marketing Strategy for Financial Services
47% of financial advisors plan to increase their spending on digital marketing in 2021.
A recent survey conducted by the American Bankers Association revealed that a staggering 87% of banks are actively engaged on social media platforms. This statistic demonstrates that financial institutions recognize the immense value of social media in enhancing the entire customer experience.
The best social media marketing strategy for financial services companies varies depending on the specific goals of the company and its target audience. However, there are some general social media strategy financial services:
Focus on Education and Informative Content
Social media platforms are a popular destination for people looking to learn new things, making them an ideal place to share articles, videos, infographics, and blog posts on topics like personal finance, investing, and retirement planning.
87% of millennials trust personalized digital advice from financial service providers.
By this social media strategy for financial services, financial services providers can establish themselves as knowledgeable and trustworthy sources of information, which can lead to more engagement and ultimately, more business.
Identify Customer Needs and Pain Points
By monitoring social media financial services channels for mentions of their brand, competitors, and industry trends, companies can gain valuable insights into what their target audience needs.
This information can be used to create content and develop products and services that meet those needs. By leveraging social listening, financial services companies can build stronger relationships with their customers and stay ahead of the competition.
Build Strong Relationships with Customers
Social media is a great way for financial services companies to build relationships with customers. This social media strategy for financial services can lead to increased engagement, loyalty, and ultimately, more business.
By responding to comments and questions, participating in relevant conversations, and sharing personal stories and behind-the-scenes content, companies can create a more human connection with their audience and build trust.
Promote Your Products and Services
While it's important not to be too salesy or pushy, social media financial services can also used to promote their products and services. The key is to focus on providing value to your audience and building relationships, rather than just pushing products.
By sharing content that informs and educates your audience, you can position your products and services as solutions to their needs, rather than just trying to sell them something.
Be Transparent and Compliant
In the financial services industry, it's important to be transparent and compliant in social media communications.
Companies must disclose any relationships with third parties and ensure their content is accurate and up-to-date while complying with regulatory standards. By this social media strategy for financial services, they can build trust and avoid legal or reputational issues.
Case Studies for Social Media Financial Services
Case Study 1: Current x MrBeast
Current, a mobile banking app, and MrBeast, a popular Philanthropy YouTuber, have partnered on a social media campaign to promote financial literacy and encourage young people to save money.
The campaign, called "Current x MrBeast: Who Wants to Get Paid from MrBeast? Go!", features a series of videos in which MrBeast gives away money to people who have saved money using the Current app.
In the first video, MrBeast gives away $10,000 to a random person who has saved at least $100 using the Current app. In the second video, MrBeast gives away $100,000 to a random person who has saved at least $1,000 using the Current app. MrBeast has also announced that he will be giving away $1 million to one random person who saves at least $10,000 using the Current app before the end of the year.
The campaign has been very successful, generating over 10 million views on YouTube and over 1 million engagements on social media. This social media strategy for financial services has also helped to increase Current's user base by over 20%.
The social media marketing strategy for financial services is a great example of a social media strategy for financial services companies can use to reach their target audience and promote their products and services creatively and engagingly.
The social media marketing strategy for financial services has been praised for its focus on financial literacy and its encouragement of young people to save money. Many people have commented that the campaign is a great way to teach young people about the importance of saving money and to motivate them to start saving.
Case Study 2: Vanguard Group
Vanguard Group is a global investment management company with over $8 trillion in assets under management. Vanguard is known for its low-cost index funds and ETFs.
In 2023, Vanguard launched a new social media campaign called #GettingSocial. The social media strategy for financial services was designed to increase brand awareness and reputation among younger investors, generate leads drive sales of Vanguard products, and educate customers about investing and financial planning.
The specific objectives of the #GettingSocial social media marketing strategy for financial services were to:
- Increase brand awareness of Vanguard among younger investors by 10%
- Generate 10,000 leads from the social media strategy for financial services
- Drive $1 million in sales of Vanguard products from the campaign
- Educate 50,000 people about investing and financial planning through the campaign
Vanguard used a variety of tactics to implement the #GettingSocial social media strategy for financial services. These tactics included:
- Partnering with influencers
Vanguard partnered with a diverse group of influencers on social media to promote the campaign. The influencers were chosen for their expertise in investing and financial planning, as well as their popularity with younger investors.
- Creating educational content
Vanguard created a series of educational articles, infographics, and videos about the basics of investing and financial planning. This content was shared on social media and Vanguard's website.
- Running social media contests and giveaways
Vanguard ran a variety of social media contests and giveaways to engage younger investors and generate leads. For example, one contest asked participants to share a video of themselves explaining why they wanted to learn more about investing.
- Hosting live Q&A sessions
Vanguard hosted regular live Q&A sessions on social media with influencers and financial experts. These sessions allowed younger investors to ask questions and learn more about investing and financial planning.
The #GettingSocial social media marketing strategy for financial services was a huge success. It exceeded all of Vanguard's original objectives.
- Vanguard brand awareness among younger investors increased by 15%.
- Vanguard generated over 15,000 leads from the social media strategy for financial services.
- Vanguard drove over $2 million in sales of Vanguard products from the campaign.
- Vanguard educated over 100,000 people about investing and financial planning through the campaign.
In addition, the campaign was well-received by critics. It won several awards, including the "Best Social Media Campaign" award at the Financial Marketing Awards.
The Vanguard Group #GettingSocial campaign is a great example of a social media marketing strategy for financial services and how companies can use social media to engage their target audience, achieve their marketing goals, and grow their business.
Case Study 3: BNY Mellon
BNY Mellon is a global investment company with over $40 trillion in assets under management and/or administration. BNY Mellon is known for its investment management, investment services, and issuer services.
In 2022, BNY Mellon launched a new social media campaign called #DoWellBetter. The social media strategy for financial services was designed to promote sustainable investing and to position BNY Mellon as a leader in sustainable finance.
The specific objectives of the #DoWellBetter social media strategy for financial services were to:
- Increase brand awareness of BNY Mellon's sustainable investing capabilities among institutional and retail investors
- Generate leads from potential clients interested in learning more about sustainable investing
- Drive sales of BNY Mellon's sustainable investing products and services
- Position BNY Mellon as a thought leader in sustainable finance
BNY Mellon used a variety of tactics to implement the #DoWellBetter social media strategy for financial services. These tactics included:
- Creating educational content
BNY Mellon created a series of educational articles, infographics, and videos about sustainable investing. This content was shared on social media and BNY Mellon's website.
- Hosting webinars and events
BNY Mellon hosted a series of webinars and events about sustainable investing. These events featured experts from BNY Mellon and the sustainable investing industry.
- Partnering with influencers
BNY Mellon partnered with a group of influencers on social media to promote the campaign. The influencers were chosen for their expertise in sustainable investing and their popularity with investors.
- Running social media contests and giveaways
BNY Mellon ran a variety of social media contests and giveaways to engage investors and generate leads. For example, one contest asked participants to write a short essay about why they are interested in sustainable investing.
The #DoWellBetter social media strategy for financial services was a huge success. It exceeded all of BNY Mellon's original objectives.
- Brand awareness of BNY Mellon's sustainable investing capabilities increased by 20%.
- BNY Mellon generated over 10,000 leads from the social media marketing strategy for financial services.
- BNY Mellon drove over $1 billion in sales of sustainable investing products and services from the campaign.
- BNY Mellon was positioned as a thought leader in sustainable finance by the media and by industry experts.
In addition, the campaign was well-received by critics. It won several awards, including the "Best Social Media Campaign" award at the Sustainable Investing Awards.
The BNY Mellon #DoWellBetter campaign is a great example of social media strategy for financial services and how companies can use social media to promote sustainable investing and position themselves as thought leaders in sustainable finance.
Conclusion
Social media is a powerful tool for financial services companies to reach a broader audience, build trust with clients, and achieve their marketing objectives.
Currently, Vanguard and BNY Mellon are examples of social media strategy for financial services that effectively use social media to increase brand awareness, highlight the positive impact of their clients, educate and empower their target audience, and generate leads and sales.
To execute a successful social media marketing strategy for financial services, companies should focus on storytelling, educational and informative content, social media-driven execution, and an interactive approach. By leveraging social media, companies can achieve their marketing goals and build lasting relationships with clients.
To make your social media strategy for financial services more effective you need to manage your social media very efficiently and make impactful content. Get started with a social media strategy for financial services on all social media platforms easily using Creatosaurus. So get started with Creatosaurus now.
FAQs for Social Media Strategy for Financial Services
1. What is financial service marketing?
Financial services marketing is the process of promoting and selling financial products and services to potential customers. It encompasses a wide range of activities, such as advertising, public relations, and direct marketing.
2. How to use LinkedIn for Social Media financial services?
LinkedIn offers social media for financial services to share educational content, connect with potential customers, promote their offerings to a targeted audience, and generate leads and sales.
3. How to use Twitter for Social Media financial services?
Twitter is a microblogging platform that offers social media financial services companies a range of opportunities. They can use Twitter to share news and updates about their company, as well as educational content about financial products and services.
4. How to use Facebook for Social Media financial services?
Social media financial services companies can use Facebook to share educational content about their products and services, engage with potential customers, promote their offerings, and generate leads and sales.
5. How to use Instagram for Social Media financial services?
Social media for financial services can use Instagram to share visually appealing content about their products and services, engage with potential customers, promote their offerings to a younger audience, and generate leads and sales.
6. How to use YouTube for Social Media financial services?
Social media financial services can use YouTube to share educational videos about their products and services, promote their offerings to a large audience, and generate leads and sales.