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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!

 

 

Why Better Measurement Leads to New Memberships

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The financial services environment has always been competitive, but with today’s economic climate, prospects are more wary than ever. They are hesitant to spend and invest, and hunt for the best interest rates and terms for lines of credit. Traditional banks and credit unions are now engaging in marketing battles to win these prospects over. Credit unions in particular have seen a spike in visibility and interest as prospects grow more wary of big box, traditional banks.

Lack of Measurement = Missed Opportunities

Credit unions (big and small) are now candidates in the eyes of prospects. As such, they are pitted against the larger chain banks for accounts, investments, and lending. Since credit unions tend to lack the virtually-bottomless marketing budgets that the chains do, they have to ensure that they are getting the greatest return-on-investment for their offerings and tactics. Herein lies the problem: these institutions lack visibility into the effectiveness of dated and untested marketing methods. If any measurement is taking place, it is often in a vacuum with an extreme disconnect between traditional and digital methods. The disconnect between the two marketing realms leads to inaccurate attribution.

This is not to say that any of these traditional tactics are worthless – there were surely additional revenues brought in via those billboards and banner ads. Financial institutions have been running some of those traditional methods for years, so there’s often a level of efficiency that comes with that level of experience. However, as Peter Drucker (business guru and philosopher) would say, “Efficiency is doing things right; effectiveness is doing the right things.” Those banner ads and billboard campaigns might be as optimized as they could possibly be – but are they generating enough incremental business? Are they right for your institution?

Marketing to the Beat of the Analytics Drum

So we’ve established that there is a problem with using dated and untested methods to measure marketing (or a total lack thereof). How can we alleviate this? By developing a solid measurement strategy across the marketing board. This will enable your institution to market based on solid analytical insights, not just on what your competitor across the street is doing. How do you even know what they’re doing is right?

I will not lie: developing a good measurement strategy is not easy. It requires cooperation of everyone on your team; from marketing to IT. It will also cost time and resources, so buy-in from the decision-makers will need to be secured. It should be an easy sell, however. Ensure that they understand the impact of measurable results tied to ROI and how they can be used to increase memberships and improve marketing effectiveness.

Following the prospective member journey from start to finish (regardless of marketing channel!) leads to an unprecedented level of attribution and ROI analysis.

The insights gathered will not only allow for leaner, more efficient marketing tactics (i.e. less money spent with more targeted results), but they will also lead to improved member and customer relations. The user experience can be optimized through the entire process, from marketing and beyond.

Are you a credit union marketer with some marketing challenges? Leave a comment below or reach out to us on Twitter or Google+ and we’ll be happy to answer your questions!