© Digital Storyteller 2020
© Digital Storyteller 2020
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.
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.
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.
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?
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.
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!
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.
If you do not want that we track your visit to our site you can disable tracking in your browser here:
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
The following cookies are also needed - You can choose if you want to allow them: