The use of social media in financial services is often disputed. Some believe that social media does not hold the same value for business-to-business (B2B) brands as it does in the business-to-consumer (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 benefits a financial services company.
Take it from our Social Media Team at Digital Storyteller: “A marketing strategy without social media is like a margarita without tequila. No one wants that!”
In this article, we’re detailing the key benefits of using social media marketing for financial services companies.
1. Strengthen Existing Relationships
One of the greatest benefits for all businesses to developing a social media presence is to strengthen their existing client relationships.
This may refer to:
Engaging with existing or past clients, or
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! These methods, however, have the potential to get irritating rather quickly.
While blasting your clients’ inboxes with emails may lead them to 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 sporadic 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 prospective clients 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.
Social media has turned into an easy, new line of communication.
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 clients are comfortable and familiar.
It is easier for a client 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… No, thanks!
Companies love to see their favorite clients and prospects engaging with them on a personal level through social media. Brands that engage and respond to their clients on social media have overall higher customer satisfaction ratings.
It’s 2022, your clients are on social media—and your competitors are, too.
The truth of the matter is: Brands are expected to have a social presence.
Giving your clients an additional outlet to contact you offers them the support and guidance they’re looking for.
After all, 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 created to connect friends and share experiences, so why can’t the same be the case with brands?!
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! Plus, who doesn’t love a chardonnay review!?
The same may also be the case with your brand. Finding a way to interact with your clients 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 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, for example, 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 into your competitors’ content. As they provide content for their followers, you have a front-row seat to see what they’re doing!
A Final Word
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.
https://digitalstoryteller.io/wp-content/uploads/2021/04/1.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2022-09-30 19:00:002022-09-30 13:11:45Social Media for Financial Services Companies
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We are not a one-size-fits-all society, nor are our websites. As our physical world becomes more aware of creating physical accessibility, we should also understand the importance of facilitating web accessibility as well.
As we spend more time surfing the web, learn more about how to increase inclusivity for people with disabilities. It’s just good practice, and it also benefits your company.
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So you’re wondering what type of marketing you should implement for your business? Well, you’ve come to the right place.
The two biggest types of marketing are outsourced and in-house. Both want to promote your business to the best of their ability, but they have a few big differences. Learn more about the differences between outsourced and in-house marketing below!
https://digitalstoryteller.io/wp-content/uploads/2021/07/outsourced-vs-in-house-marketing-whats-best-for-your-business.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-08-15 11:57:002021-12-10 10:00:14Outsourced VS In-House Marketing: What’s Best For Your Business?
https://digitalstoryteller.io/wp-content/uploads/2021/07/Top-10-Resources-for-Digital-Marketers-81021.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-08-08 10:33:002022-05-16 09:22:42Top 10 Resources for Digital Marketers
When you think of marketing, what do you think of? For many, it’ll include billboards, that one realtor’s face on a bus stop, or the not-so random ads when you’re scrolling through Instagram.
It’s actually much more than that. Yes, paid ads have their time and place to increase your exposure, but let’s let you in on a little secret: there’s a better way to market yourself, and it’s not by relying on ads.
I know, shocking.
https://digitalstoryteller.io/wp-content/uploads/2021/08/Save-Money-on-Ads-So-You-Can-Spend-It-on-Wine-8321-copy.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-08-01 11:51:002021-12-10 10:00:14Save Money on Ads (So You Can Spend It on Wine)
https://digitalstoryteller.io/wp-content/uploads/2021/06/Copy-of-Copy-of-3.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-07-25 13:02:002021-12-10 09:59:34Why You Should Conduct Site Audits
We’ve talked time and time again about the importance of content marketing and why consistently producing strong content is an ideal marketing strategy. That being said, we know it can be easier said than done.
Here are all our best tips on how to organize content.
https://digitalstoryteller.io/wp-content/uploads/2021/06/Copy-of-3.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-07-18 12:17:002022-05-25 19:07:54How to Organize Content
In a world where we have varying options on how to engage with potential clients, reels open the door to adding your personal flair. From informational how-to videos like how to make your grandma’s top-secret cookie recipe to a silly clip on your opinion of this week’s Bachelor rose ceremony, the possibilities are endless.
https://digitalstoryteller.io/wp-content/uploads/2021/06/Copy-of-Copy-of-Copy-of-Copy-of-1.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-07-11 10:03:002021-12-10 09:59:34Let’s get REEL! How Instagram Reels Support Your Social Strategy
When most people consider their brand’s success on social channels they jump immediately to wanting tons of likes, comments, and followers on their profiles. While these factors are important in many cases, there’s more to social media than these tracking measures.
https://digitalstoryteller.io/wp-content/uploads/2021/06/Copy-of-Copy-of-Copy-of-1.png9241640Amanda Rogershttps://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.pngAmanda Rogers2021-07-04 12:31:002021-12-10 09:59:35Social Media Brand Awareness Metrics: More Than Likes and Comments
As a B2B financial services company, you may be questioning whether having a social media presence matters for your marketing strategy. We’ll keep it pretty simple for you: It does.
Social media has become a critical part of any marketing strategy. Whether it be organic or paid, B2B or B2C, and so on, social media marketing plays an important role in strategizing for any business.
That being said, social media is constantly evolving and changing. While platforms are updated to best serve their users, it can make it complicated and challenging for marketers to keep up with. Luckily, we’re here to help.
One of the questions we get asked most commonly by new clients is, “Which social platforms should we be on?” Instagram, Facebook, LinkedIn, Twitter, TikTok, the list goes on!
Deciding which platforms work best for your business is important to ensure that you delegate your time and resources towards a strategy that’s going to move the needle for your brand.
Here are the top four social media platforms that we believe all financial service companies should be on.
Often known as the “original” social media platform, Facebook has begun to drop slightly in usage and engagement. While this is the case overall, it still plays an important role and holds unique value in the world of social and business.
Facebook is approaching its 20th anniversary following its creation in February 2004.
In recent years, however, Facebook has become largely a pay-to-play platform. While paid ads aren’t necessarily mandatory for success on the platform, statistics show that putting a little money behind your Facebook strategy has the power to make a significant difference.
Facebook takes its in-house marketing one step further by providing real-world case studies of companies that have found marketing success on their platform. These various stories provide quotes, statistics, and examples from clients on how they successfully implemented strategies on the platform.
At Digital Storyteller, we have adopted similar strategies when working with Facebook. Each of our clients has a Facebook page to which we share organic content. We produce custom content weekly and share blog posts, visuals, infographics, videos, and more.
We pinpoint each client’s strongest posts and work with them one-on-one to set a realistic budget to boost posts. Following post boosts, we delve into reporting to assess the success of each given boost.
Facebook provides statistics on reach, clicks, cost per click, and engagement in a simplified easy to navigate manner that makes sharing reporting with our clients a breeze.
Bottom line: Make sure your business is on Facebook.
We’re going to give Instagram a nickname: “The social beast.” Since its launch in 2010, it’s amassed over 500 million users. Over 60% of users log in daily, averaging a total of 3.5 billion likes.
Instagram is a critical platform for businesses in addition to individuals. Nearly 49% of businesses have accounts on the platform.
Compared to its competitors, engagement with brands on Instagram is 10 times higher than on Facebook, 54 times higher than on Pinterest, and 84 times higher than on Twitter. Safe to say they’re doing pretty well!
But how can you tailor your Instagram account to your audience? Like Facebook, Instagram offers a pay-to-play option by boosting your posts to a relevant audience. That being said, this doesn’t hold quite as much power with Instagram as it does with Facebook.
The Instagram Algorithm
But why? Instagram’s goal is to create organic experiences for its users. Its algorithm pays attention to what videos users watch, what they like, which hashtags and account types they follow, and what engagement types they utilize.
Based on these factors, Instagram creates an organic experience by boosting and promoting what they think a user is most likely to want to see.
Based on these features, it’s important that when using Instagram as a social media platform, you tailor it to your audience. One of the best ways that we’ve found to do this is by getting down to the nitty-gritty and creating buyer personas.
Imagine you’re selling cookbooks… Your target audience might be Jennifer. Jennifer is a married stay-at-home mother of three that loves following influencers that share new recipes and provide inspiration for her girl’s night dinner party. Jennifer is a perfect audience for this product.
Things might be different if Jennifer were a 12-year-old girl that uses Instagram to follow her favorite celebrities and learn the latest TikTok dances. Making sure that you identify and tailor to your ideal audience is critical to the success of your Instagram usage.
Another important aspect of Instagram usage for businesses is curating your bio and your feed in a way that represents your brand voice. Consistency is key when it comes to creating content that your audience genuinely wants to see. This starts with your bio.
Your bio is the first thing people see when they visit your account, essentially representing your virtual storefront. You have a short blurb—150 characters to be exact—to communicate who you are, and what you do, and ideally convince people to follow you and engage with your content.
While Instagram does not allow for direct linking in their captions or individual posts, they offer the opportunity to share one single link in your bio. Better use it wisely to make sure you’re directing traffic where you want it!
One helpful resource that we can’t commend enough is utilizing a link-building site such as those offered by Metricool or LinkTree. Both of these sites create the ability to provide users with multiple site links within one URL.
Having a well-curated Instagram “feed” or “grid” is also a huge advantage to developing a professional business Instagram account. As previously mentioned, consistency is key.
Whether it be utilizing personalized photos, brand colors, a common filter, or even a precise layout template, there is a multitude of options when it comes to how to set up your post grid.
Moreover, it’s a notable fact that about 40% of customers respond better to visual content than they do to written content. With this in mind, it’s no surprise why Instagram is a massive hub for marketing opportunities.
LinkedIn is a marketing MUST in the financial services industry.
LinkedIn differs from other social media platforms because it is more strongly based on personal and genuine connections. The “friend of a friend,” “we met at a conference,” or “Oh, I recognize that brand name” attitudes go a long way in today’s day and age.
The unique circumstances that we’ve experienced over the past two years as a result of the ongoing pandemic have further changed the name of the game when it comes to professional networking.
A survey conducted by LinkedIn themselves revealed that “B2B buyers are 5X more likely to engage with a professional via a warm introduction than via cold outreach.”
While cold outreach is a reality for many B2B businesses, LinkedIn offers these businesses the capabilities to connect with their audiences on a more personable level. Additionally, it allows for more accurate persona targeting.
In addition to serving as a virtual professional networking platform, LinkedIn has positioned itself as a leader in news delivery. The same survey previously mentioned also shares that 79% of small and medium businesses consider industry-specific news/articles to be the most valuable content shared on social media.
Social media platforms, LinkedIn in particular, have enabled users to identify the news sources and industries that they want to hear from specifically. Rather than opening up the morning paper and spending time sifting through the garbage that you’re not interested in, hop on your LinkedIn account in the morning to see what your followers have posted lately.
The people that users follow and engage with are often the sources that they want to hear from. Enabling users to deliberately identify the sources they want to see and eliminate (or simply just not follow) the ones that they don’t wish to see content from has turned LinkedIn into somewhat of a personalized news outlet.
Twitter is a great platform to keep your business’s personality alive.
While financial services companies more commonly target more professional and refined messaging, Twitter offers the opportunity to incorporate your brand’s voice more casually.
Just Say It!
Being that Twitter only allows posts that contain up to 280 characters, you’ve got to figure out what you want to say and just SAY IT. Removing the fluff and the details is sometimes the best way to get across and be remembered for what’s important.
While starting your morning by reading the latest news articles or blog posts might be your favorite part of the day, sometimes all your consumers want is quick, simple facts. You’ve been there, right?
Adding a human element to your brand is made easy by the relaxed, casual voice most often shared on Twitter. Whether it be celebrating a holiday with a hashtag (#HappyWomensDay or #HappyEarthDay), often your company’s tweets don’t need to be as much of an event as full-blown in-depth content.
While writing a blog post or filming a video might take hours of prep, edits, and reviews, posting a one-line tweet may be an opportunity to simplify.
That being said, a successful Twitter strategy usually involves tweeting from five to 15 times daily. While each tweet in and of itself may be a simplified way to reach out to your audience, doing it more often is what’s going to help move the needle.
It’s often noted that it takes people an average of 11-13 touch points before a message truly breaks through. With that in mind, tweeting five to 15 times a day provides an opportunity to interact with your audience on various occasions.
Compliance and The Financial Services Industry
Another important fact about Twitter for financial services companies, in particular, is the growing challenge of compliance with specific Twitter terms and conditions. The financial industry is highly regulated on social media.
Companies need to state clearly who they are, and what they do, clarify any risks or benefits, and provide full transparency about all of their services. GDPR is therefore not the only regulation that financial businesses need to obey.
Many other directives were implemented in banking industries in the last few years. Whilst not all of them have a direct impact on social media communication, some of the legal initiatives do.
Take a look at MiFID II, which is focused on refining consumer information and making it easier to understand.
You might be surprised to see this one on the list, but we couldn’t help but mention it: Pinterest!
Pinterest is an image sharing and social media platform with over 400 million monthly active users. These ‘pinners’ (so they’re called!) use the platform to find inspiration and ideas for their interests and hobbies.
At Digital Storyteller, we’ve recently started to grow our Pinterest account by sharing information on user-generated content, site audits, client management, organic marketing, and more!
Pinterest is awesome because you can link to specific URLs on your “pin,” which grabs a user’s attention through use of a photo.
For example, below is a ‘pin’ we posted when the news hit that Elon Musk decided to purchase twitter. This pin linked to our article titled, “What’s Going to Happen to Twitter?” Here, we provide more information on the subject.
Using Pinterest in this way builds your business’s credibility, and encourages users to come back to your page for inspiration or information.
So, give it a shot! Get your business Pinning.
A Final Word
When it comes to implementing an effective social media strategy for your business, there is much to be considered. Various platforms perform better or worse based on your business type, target audience, and intended involvement level.
If you’re looking for support in developing a social media strategy and don’t know where to start, reach out to our team of experts at Digital Storyteller.
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Once you’ve developed a solid digital marketing strategy, it’s important to consider how you’ll spread awareness of your efforts. Although organically sharing content to your social media channels and home site is essential, there are additional ways to spread the word about your company and its kick*ss marketing strategy.
Frank Crivello is the founder and CEO of SBMA Benefits. SBMA provides affordable ACA-compliant benefit packages to employer groups. Their goal is to meet ACA mandates while providing excellent service and accessibility.
As a CEO it’s your job to ensure that all operations of your company run smoothly. That being said, there’s obviously quite a bit on your plate to maintain and keep track of. The team that reports to you is responsible for managing the details of their respective departments under your guidance and support.
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Content marketing includes a variety of mediums. Some content sources may include blogging, social media posting, ebooks, and infographics. But this doesn’t include one of the most successful storytelling content mediums — video.
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