Social Media for Financial Services Companies

The use of social media in financial services is often disputed. Some believe that social media does not hold the same value for B2B businesses as it does in the B2C market. This, however, is not the case. 

While it may be true that B2C companies are often more successful on social media than B2B companies, there are still a multitude of various reasons why building a social media presence can benefit a financial services company.

We’re detailing the key benefits that the use of social media in financial services provides.

1. Strengthen existing relationships

One of the greatest benefits for all businesses to develop a social media presence is to strengthen their existing relationships. This may refer to engaging with existing or past clients or may include nurturing relationships with contacts that have yet to become clients. Either way, social media networks provide a platform to maintain relationships.

Email marketing and consistent calls are of course another option to nurture relationships, however, they have the potential to get irritating quite quickly. While blasting your clients’ inboxes with consistent emails might end up leading them to find the dreaded unsubscribe button, they may not feel the need to take such drastic measures when their level of engagement is the casual viewing of your occasional Instagram posts.

Social media provides a relaxed addition to your existing client nurturing process while additionally providing a platform to develop new relationships. 

2. Build trust 

In the same way that Google evaluates content for SEO purposes, viewers evaluate clients based on their authority and expertise. Developing a depth of content on social platforms provides potential clients an opportunity to review your level of expertise within your field. 

Over time, existing clientele and interested consumers will likely begin to follow your accounts and engage with your content. Engagement with your content shows that you have a proven following and support system that trusts your business. 

3. Provide customer support 

It has become common for consumers to utilize social media to gain support and answers from companies rather than going through their traditional customer service channels. Various social media platforms provide space where customers are comfortable and familiar. It is significantly easier for a customer to tag, tweet, or comment on a company’s latest post than it is to sit on hold with the customer service line for hours trying to solicit help. 

Social media has turned into an easy, new line of communication. Companies love to see their favorite customers engaging with them on a personal level through social media. Brands that engage and respond to their customers on social media have overall higher customer satisfaction ratings. 

It’s 2021, your customers are on social—and your competitors are too. Brands are expected to have a social presence. Giving your customers an additional outlet to contact you offers them the support and guidance they’re looking for. Your product or service already serves to solve a problem that they’re facing. Why not fix another one by making yourself more accessible?

4. Humanize your brand 

In a sense, this goes along with the previously mentioned need for customer support. Making your brand available on social media is like positioning yourself as their friend. Social media platforms were originally created to connect friends and share experiences, so why can’t the same be the case with brands?

Social platforms give your brand the opportunity to share a behind-the-scenes look at the people that make your brand what it is. For example, our co-founders, Andrew Marr and Amanda Rogers, each have their own series of relevant videos that we share on a weekly basis. Not only do these videos “share the secret sauce” behind our brand, but they also give our viewers insight into the faces behind the brand. 

The same may also be the case with your brand. Finding a way to interact with your customers on an informal basis allows them to consider you a friend or peer. It creates a relationship of trust and mutual respect: two things you definitely want in your client relationships. 

5. Gain insight 

Lastly, being engaged on social media allows your brand to gain insight. Be it consumer or competitive insights, social media basically functions as a reporting platform. 

The way that consumers engage with your social media account can tell you about their buying behavior, likes, dislikes, and needs. Instagram has transitioned its functionality to operate similarly to a search engine for users. Tracking the views of your page, accounts reached, post likes, comments, shares, and saves can provide significant insight into how your brand is performing.

Similar claims can be said about your competitors. One of the benefits of public social media accounts is that you can track insight on your competitors’ brands in addition to your own. As they provide new content for their followers, you have a front-row seat to see what they’re doing as well. 

If your brand is already on social media, there are additional ways to ensure that you are optimizing your channels. This is particularly the case for financial services companies interacting on social media. Check out this article for additional tips on the use of social media for financial services companies.

At Digital Storyteller, we specialize in organic digital marketing for clients within the financial services industry. For more information or to get started developing a social media strategy tailored to your brand’s unique needs, contact us today!