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Why the Financial Industry Needs to Invest in Social Media

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Social media’s original purpose was for friends and family to stay connected with one another. Since its birth, it has evolved into more than just a way of communicating. It’s an effective medium to get in front of your customers. Often, banks, wealth management firms, and insurance companies skip out on this marketing opportunity because of the fear of breaking regulations with compliance. Do not fear compliance. With your own policy and social media strategy, you’ll soon be adding another powerful marketing asset, connecting with new potential customers, and having more people walk through you door.

Is it actually worth the risk?

Yes. The average person maintains more than 5 social media platforms. Millennials specifically use it when they wake up, multiple times throughout the day, during their downtime, and right up to the moment they fall asleep. If they’re using it, you need to use it, too. This group is quickly gaining purchasing power. Get in front of them before they make the final decision on opening a checking/saving account or gaining financial advice from one of your competitors. Yahoo! states, “50% of shoppers have made a purchase based on a recommendation through a social media network.” Your presence on social is critical to staying relevant in today’s digital world.

How to Start

Many banks and firms have had many mergers and acquisitions. So, there may be social media accounts associated with previous company names that lead to your current website, address, or phone number. Gain access, merge your pages, or delete old accounts that have nothing to do with your current brand. Not only do you need to think about the business’ accounts, but some employees may be marketing themselves through social media. If you do not have someone monitoring, you have no insight into what your employees are saying (social’s not just about your customers).

Once you have the appropriate channels, you’ll need to decide what you’re goal is for them. Obviously, gaining more customers for your business is one of them. But, this may not be the true purpose of your pages. Goals may include to quantify content to a dollar amount, to educate your followers, to recruit, or to provide faster customer service. Defining this will help you get started on the type of content you will be providing and give you a clear vision of where you are heading.

Posting Without Fear of Compliance

The FINRA, the SEC, FFIEC, and the FDA will need to know about your social media channels and you know they will be auditing your content. Creating a standard strategy for you and your employees to abide by will help you to avoid violating any regulatory guidelines while maintaining full control on all content disseminated online. Setting these standards on what you expect to see will leave anyone with admin access in a comfortable position for posting onto social media. Avoid the madness, completely, and never have an issue with compliance.

Get to Know Your Customers

Monitor the conversations that are happening about your brand. The first place people go to complain, to brag, and to share their opinions is a social media account. You’re leaving your reputation in the hands of others without any say. Be a part of the conversation. If a negative comment occurs, be the first to respond. Having a social voice will not only help your credibility; you’ll soon truly get to know your customers. What are their interests, hobbies, locations, and languages? What do they like or not like about you? Where did they come from or go after interacting with your brand? Answering these questions will eventually help you in all areas of marketing for your company. If you want customers to invest their time and resources into you, you need to invest in them.

Working With a Social Media Marketer

We’ll do what we need to in order for you to have peace of mind about your new venture. We’ll help you educate your employees – what they’ll need to look out for, how to build those relationships, themselves, on their own channels, and the appropriate language and wording. We’ll thoroughly explain the strategy to leave no one questioning any part of it. We’ll help you gain access to all of your previous channels and secure each page. Our social media management tools have built-in compliance features that will help us all avoid disasters. Most importantly, we will create a crisis management procedure if a problem were to occur. The combination of a social media marketing team and a compliance officer will allow your content to be accurate and entertaining for your followers. (Yes, entertaining. Your boring content won’t get you anywhere. We’ll give you a personality compared to your standard legal jargon.)

Example of Financial Companies Utilizing Social Right

We understand the uncertainty you may feel about utilizing social media marketing. There’s the pressure of legal limitations and costly violations if an error occurs; but, you must soon realize the pressure is even greater to be active on social media. You’ll soon be a forgotten face in a crowd of your competitors without it.

Learn what is being said and what needs to be said. Let’s build our relationship so we can help you build one with your customers. We know you have questions, so ask away in the comments below!

Bank Marketing: Creating Your Bank’s Brand

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If you are not careful, a bank can easily become a faceless organization—making one virtually indistinguishable from another financial institution. That is why even though a bank is offering a service which is considered a NEED, not a want, a branding message is vital. Banks have print, digital, and branches that need a consistent message and look. This message is something that should carry across mediums, devices, and generations. To improve your bank’s marketing and financial success, utilize these bank branding guidelines.

Bank Marketing tips and Bank Branding Guidelines

Effective Bank Marketing Starts with Your Employees

External branding is visible to each and every customer, or potential customer, who walks into your bank or researches your firm online. However, without internal branding, it is easy to let this message slip away. Your employees must carry the message, value proposition, differentiation and “live” the brand that you have clearly defined. Your slogans and taglines should be more than just statements; they can be shown through actions and customer interactions. Every employee should understand the bank’s branding. These employees will become ambassadors for the firm and may be responsible for carrying the message to both existing and potential customers.

Guidelines for Branding Your Bank

You need to put together a list of guidelines for your brand so that it appears consistent across all mediums. What font or typography will you use? How will the logo be placed? What color(s) will be utilized? Keeping these consistent is vital. Think about how the brand will be delivered, both in person and digitally, to ensure there are no mistakes. The smallest inconsistency can be magnified when published. As far as for use in your physical locations, you may need to hold training sessions with your employees on how to display any brand elements, too. Finally, don’t forget to cover yourself from a legal standpoint. Protect your logo and other branding elements and make sure you are not stepping on other toes.

Creating Your Bank’s Brand

When your bank is branded, it becomes more and more necessary to take advantage of your digital assets. Even if you don’t plan to use them today. Claim social media platforms when they become available. Get listed in the major directories. Additionally, you may wish to research reputation management and how it can benefit your bank. In certain cases, this can be necessary to give your company the right look and feel.

  • What the bank’s unique value proposition?
  • What differentiates them from other banks?
  • What’s the voice, style, and tone of the bank?

The answers to these questions will help you as you work to create your brand and make it “live” in the hearts of your customers.

Humanizing Your Brand

Your brand doesn’t just exist on paper, so it is important to “make it human.” Continuously reinforce the brand with your staff, customers, vendors and outside firms. This extra effort will go a long way in reinforcing what you stand for and creating something that will not only serve you well today but grow with your bank and become the core of what you are and how you serve those around you.

For more information about bank marketing and branding, leave a comment below or contact us today!

 

 

Financial Marketing Tips: Combining Print and Digital Advertising

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Today, marketing comes in more forms than ever before. Digital advertising is expanding, but that does not mean that traditional advertising methods are dead. When marketing for a bank, you want to reach today’s savvy customers across multiple platforms. Discover how to connect each of your financial marketing efforts and accurately measure its performance across traditional and digital, including mobile.

Financial Marketing Starts With Your Customers

There is more data available about bank customers today than ever before. Luckily, good customer relationship management (CRM) can help you harness this data and find the most valuable information to you. When building your marketing plan, you need to know who is using your mobile banking service, who is using your app and how they are utilizing these programs. Additionally, you need to know who is NOT using these services. Once you understand more about the people who use your various forms of contact, you can find patterns and ideally see what you can do to address the wants and needs of your different customer segments. How can you make the entire process better for everyone?

Invest in Additional Analytics

Measure the success of your email campaigns based on user ID’s to see what’s happening across mobile, desktop and tablet devices. In some cases, the loan application process is located on a different website (apply.atthebank.com/) from the primary website (thebank.com). The tracking function then breaks as the URL changes, throwing a wrench into your analytics. This is why it is imperative to have cross domain tracking setup. Any additional information can come in handy as you build up future campaigns, such as collecting data from a call tracking tool. Tagging the URL, which is done for campaign tracking purposes, can also help you avoid losing data—especially across platforms.

Review, Measure, and Analyze

Once you have invested in analytics program and you have the data, it is vital that you use it. Measure your bank promotions performance in various segments or by branch. Check out your return on ad spend by campaign or promotions. Once you know what type of marketing is working best for you, it will make it easier for you to determine what marketing methods you should choose in the future. One vital consideration is that you should never limit your measurement to only the last touch point. A potential customer might apply for a loan after clicking a paid search ad, but he or she made up their mind after talking to someone in person or having read a direct mail message.

There is so much to think about when it comes to marketing for a financial institution. Working with a digital marketing expert who knows the banking industry can help you grow in ways that you never imagined was possible. If you have questions about how you can harness the power of digital AND traditional marketing, reach out to us today. We would love to work with you.

For more information about Financial Marketing, please leave a comment below, or contact DaBrian Marketing today!

Commercial vs Open Source CMS

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What is a Content Management System (CMS)?

A content management system (CMS) is an interface that a user can log into and allows publishing, editing and modifying content, organizing, and deleting as well as maintenance from a central interface. Such systems of content management provide procedures to manage workflow in a collaborative environment. It also allows you to do all of that in an environment that does not require you to know code. Open Source Content Management Systems account for roughly 50% of all websites that exist. There are lots of different kinds of Content Management Systems, but we will be talking about 2 different kinds that most, if not, all Content Management Systems fall under.

What is a Commercial Content Management System?

Commercial refers to being the opposite of free to use, meaning you must pay to use the software. For example, when you buy “Microsoft Office Word” you can’t edit the code to modify it. Depending on how you look at it, it can be a good or bad thing. Using commercial software always means you must use their software and use what they provide and that nothing else is compatible with it other than what they offer. For example, if you wanted to integrate Salesforce with your site, chances are you wouldn’t be able to because the features most likely would not be there.

What is Open Source Content Management System?

Open source refers to that anyone can use it for free. Most times you are able to literally open it up and edit their code and modify it as you like. Depending how extensive the changes are, you could release those changes as an attachment / plugin for free or paid. The big factor in using an open source Content Management System is that it has the backing of a community, and if you want something, chances are you can find a plugin / attachment that is already made and tested and that gives you the functionality that you want. Now that we know what they are, let’s get down to what the differences actually are.

Advantages of Using Open Source CMS

Let’s start off with the advantages of open source Content Management Systems (CMS). There are a lot of advantages, but we are going to focus on some of the main topics on why users usually choose to use open source. Since open source is free to use, that is probably the biggest reason anyone uses it. Another reason is that it is backed by a community of users that regularly provide support / updates / help on the software to achieve your end goal. Another advantage of open source it that anyone can make changes to it so that means you can customize it to fit your different needs making it more flexible.

A big reason why users usually use open source is because they have a lot of other software they want to work with their site. Security is usually a big concern and often a misconception that open source does not mean secure. If your site is in the right hands, than it can be made as secure as commercial software.

popular open source CMS’s (wordpress, drupal)
Popular open source CMS (WordPress, Drupal)

Advantages of Using Commercial CMS

The main reason a company wants to use commercial software is because they are worried about security, which is a good concern. Commercial definitely has you secure from the start. That is something you don’t need to worry about. Since it is developed by only 1 company and not a community it often has a  clearer path of where the software is going and what it will include next. Since the software is developed by one company that means they have a definite line of support for you to reach.

Conclusion

That was a brief overview of the differences of commercial Content Management Systems (CMS) and open source Content Management Systems (CMS). Commercial Content Management System usually is the choice if you want assurance of security and support. If you are looking for a cheaper option, you can go with Open Source Content Management System (CMS). It can be as secure as a Commercial CMS, plenty of integrations, community support and best of all it’s free!

Which Content Management System do you prefer to use if you use one? Fire in the comments below!

7 Deadly Sins of Social Media for Banks

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A recent American Banker article discussed opening up the opportunities for employees to engage with customers. I was surprised that this was the position of the article because financial institutions, in general, tend to be very risk adverse. I understand utilizing social media to communicate with customers, but I think there need to be some controls. With that said, I give you my 7 deadly sins of social media for banks.

7 deadly sins of social media

Lusting for “Likes” without the Bank’s Strategy

Before opening communication on social media for bank employees and customers, it’s important to recognize the need for a social media strategy and why social media matters. Profitability is a major concern in this competitive market, and social media can help financial service institutions differentiate themselves and communicate with customers on a level  they’re accustomed to. For a bank to allow employees and customers to interact via social media, there needs to be a clear strategy and metrics to determine whether or not it’s having an impact on deposit accounts, loan applications, improving customer service, and generating revenues.

Failing to Acknowledge Competition (Pride)

With all the potential mergers and acquisitions banks go through, the market has become increasingly competitive. Not looking into the competitive landscape of how to effectively use social media can lead to disaster.  There are a few financial services institutions (Wells Fargo, Bank of America, and US Bank) that banks can take a note from on how to implement social media best practices and still remain compliant. Leverage the learning from local credit unions to connect with the local markets is a good place to start.

Not Preparing for the Rage of Employees & Customers

Not all employees or customers will remain happy with the bank so failing to prepare for the wrath of an unhappy employee or an unsatisfied customer may lead to unwanted national media attention. I would highly recommend that banks develop social media policies and procedures to manage employees social media engagement on behalf of the institution. It is also wise to clearly communicate what customers should expect and not expect via social media from the bank.  A good example of this is Bank of America which offers guidelines and terms of use specifically for their social media community.  These social media guides should help you to limit the risk and plan accordingly for the wrath of unhappy individuals or sensitive information.

Starting with More than Banks can Handle (Gluttony)

With all the social media networks out there, which one makes sense for the business? Opening up every social media platform to employees and customers is simply not a good idea. I would highly recommend that you start with one platform at a time and prioritize which social media platforms make sense based on your strategy. Each social media platform has unique aspects and as an industry that is generally slow to implement change getting a handle on each platform and understanding how customers engage will be critically important, so don’t bite off more than you can chew at one time!

Excessive Promotion of Your Bank and Financial Services

Contrary to popular belief your social media accounts should promote more than your bank, credit union, wealth management, and products or services. I would recommend the social media rule of thirds. ne-third of the social media content should promote the bank, one-third should share industry information and one-third should be based upon interactions and socializing with customers or potential customers. If you’re not following the rule of thirds or something similar you’re simply being greedy and tantalizing your community which will end with customers disengaging.

Being Lazy on the Measurement

The real question is how do you plan to measure the effectiveness that social media is having on growing deposit accounts, loan applications, and improving customer service? For years, I’ve witnessed banks and credit unions being really lazy on measuring the return on investment for their marketing dollars, especially dollars spent on social media marketing!  There is a cost associated with having employees engage in this process and there should be a return on that investment. For full visibility into the return on investment, banks need to implement web analytics solutions and track across mobile banking apps, loan or member application process, and customer support tickets. Without doing so, there will be limited visibility into the overall impact that social media is having on the deposit accounts and lending.

Envy of the Competitor’s Social Community without Context

So the competitor has 1 billion likes and a trillion followers but how many members of their social media community interact with the brand, share information, use the specific social network, and are advocates for the company or product/service offerings?  Don’t be jealous of the number of metrics without understanding the context of how they were acquired or the level of interaction.  You can purchase Twitter followers but are they real followers?  For example, you can have 300 followers for with a 50% interaction rate or you can have 1000 with just a 10% interaction rate.

Conclusion

It’s important to the financial service industry to embrace the idea that social media to communicate with customers, members, or investors but it should be aligned with the strategy and add value to the potential customers as well as the organization.  The social media strategy and value of social media must be clearly established prior to opening social media communications.  The expectations should be clearly defined for customers and employees to put things into perspective and avoid the 7 deadly sins of social media for financial services organizations.

Top 5 Financial Services Marketing Tips

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We do a lot of work with banks and credit unions because of previous relationship within these markets. The financial services marketing landscape has really changed over the past decade and it’s about to get a mobile face lift and whole lot more in 2013. Below are my top five recommendations for bank & credit union marketers:

Go Mobile

Invest in mobile banking and measure the effectiveness of mobile to generate leads as well as increase sales. According to a report by Adology, Mobile banking is having the biggest impact on routine banking activities: 64% of mobile banking users in the U.S. say that the future ability to use their smartphones or tablets to check account balances would be highly valued. This move has the potential to increase liability and risk for financial services institutions, so make sure it delivers value to your customers.

Incorporate Measurement

Measure all of your marketing campaigns and implement tag management solutions. With all of the marketing tactics that financial services use as well as third party application processing, tag management will help to simplify tagging and limit data collection challenges. Tag management boils down to this–one tag on your site for numerous solutions, such as affiliates, third party application, media buys, etc.

Test, Test, Test!

Test your marketing tactics, PLEASE! The cost of many tests can be justified and can help improve your institution’s online sales process. If you’re not testing, you might as well dump a portion of you marketing budget into the trash and set it on fire.

Tag Management for Financial Services Marketing

The best place to test is within the conversion process. Invest the time, money, and resources into conversion optimization. It will require you to bring your partners (third party vendors) to the table for discussions. Tag management solutions can also streamline required vulnerability testing within the application process.

Predictive Modeling for Applications & Quotes

Now that measuring all of your marketing tactics is on the agenda, you should consider attribution and predictive modeling. Attribution modeling will help you give credit to marketing tactics that most impact the conversion process, and predictive modeling will help you to forecast future sales and revenue.

Have your own financial services marketing tips to add? Let us hear them in the comments below!