With the rise of social media, more businesses are tapping into the digital revolution to promote their products and services. As more consumers base their buying decisions on their brand identity, more businesses are taking advantage of these trends to attract more customers.
Using social media to promote your financial services can help your business reach a wider audience and boost sales. And if you are an expert in this space, it’s a huge opportunity for anyone to showcase their talents through original and informational content.
With all of that in mind, here are some tips to help you leverage the power of social media for financial services.
Using Social Media to Grow a Financial Brand
Using social media to grow a finance brand can be a tricky proposition. Facebook and Instagram have vast user bases, and while other platforms are smaller, they still offer an opportunity to reach potential customers.
Mastercard, for instance, has found success in creating a Youtube channel for their company, publishing informative videos with golfers and celebrities. The brand even won the Social Media Silver Bowl award recently. It also offers financial services in various forms.
The first step to creating an effective social media strategy for finance brands is to determine your target audience. What type of content do your target customers prefer? Do your research and learn what interests your customers most. Try surveys, polls, and quizzes to gauge your audience’s needs and preferences. You can even host contests and local scavenger hunts to encourage engagement among your audience.
In addition to the targeted audience, remember to tailor your social content to your target demographic. This will increase the likelihood that users will engage with your brand and build loyalty.
How to Become a Finance Influencer
As the financial industry continues to undergo a digital transformation, there are more opportunities for influencer marketing than ever. With the growing use of mobile devices to access financial services, the influencer marketing trend is a natural fit. As retail investing continues to skyrocket, finance apps are increasingly popular, with downloads and hours spent on finance apps rising by over ninety percent in the U.S. over the past year.
This has lead to an array of influencers that walk audiences through the process of setting up new financial, banking and trading accounts, while also giving alerts on different stocks they might be interested in. One of the most popular names in this space has to be Tim Sykes, as he’s been teaching people how to start trading in their spare time for years now — and social media platforms have played a huge role in his exponential growth.
The same is being done with influencers and financial experts in the personal finance and debt consolidation space as well. And with more students on Instagram and TikTok that ever before, this has also lead to plenty of influencers tackling important topics like what colleges degrees are worth the most money, and how to refinance college loans in order to be in a better financial place after graduating from school.
To get the most out of influencer marketing in finance, you need to understand your target audience. You need to educate, entertain, and inspire your audience to buy from you. It’s important to remember that the financial services industry has a bad reputation for jargon fill content that turns off prospective customers. But you can shine among the snooze-inducing noise by being thoughtful and deliberate in your content position.
Use Finance Hashtags to Reach Your Audience
If you are a financial institution looking to boost its social media presence, using niche specific hashtags can be a powerful strategy. Not only can you generate content for your blog or website, but you can also generate backlash if you don’t use hashtags correctly.
For example, the New York Police Department’s use of the #myNYPD hashtag caused a negative backlash. To prevent this, you should think ahead and have a response plan in place before utilizing these hashtags.
Finance hashtags can be used on both video and picture posts on social media sites. You can find plenty of finance hashtags on social media websites and paste them into your posts. This will increase your chances of gaining more likes and followers.
Moreover, you can use the same hashtags across different platforms, including Facebook and Twitter. This way, you will have a wider audience than you would otherwise have.
Make Reaction Videos with Other Finance Creators
If you are interested in growing your brand through social media, you need to consider making reaction videos with other creators in the finance industry. These types of videos allow you to share your expertise and knowledge with your target audience. They are becoming more popular due to the fact that they don’t produce any new content.
According to comedian Tanmay Bhat, 90% of reaction videos are terrible and have no value. Regardless of the quality of your videos, you should consider making them with other finance creators to increase your social media following.
In the world of personal finance and business, it would be ideal to create reaction video content in reference to their most viral videos while also putting in your own expertise and personal recommendations.
Use Finance Industry Stats to Create Content
Using finance industry stats to create content for your social media accounts can help you get ahead of the competition. Statistics show that 65% of people would never consider a career in finance if they weren’t able to see how their money works. Financial content is often too dull for many people, so you can use Q&A sessions to clarify any doubts your audience may have. Also, create content that is interactive to increase your followers’ trust in your brand.
In addition to social media stats, research shows that banks and financial institutions are extremely active on these platforms. Social media can provide valuable insights into customer needs and preferences. And when trying to portray numbers and stats to an audience, think more of infographics and how they work, versus just displaying text to your audience.
By taking advantage of built-in tools and advanced analytics, financial companies can better understand the way their customers interact with their brands. This insight will help them determine when to change products or strategies. In addition, social media gives them access to consumers’ interests, which is crucial when trying to gain a competitive edge.
Social Media Marketing Finance Tips
Investing in a marketing strategy that leverages social media can help you grow your finance brand. The power of social media means that you can target ads by location, gender, age, career, and interests. A social media marketing strategy for banks should highlight popular products, highlight periods that they were available in the past, and leverage the emotional aspects of the products. By putting these elements into play, you can create an engaging brand that can grow with your customers.
The first step in implementing a social media strategy for finance firms is to assess your website. The Finance Conduct Authority has strict guidelines and regulations for finance marketers. Using the Marketing Grader from HubSpot can help you evaluate your website. Then, think big picture. It is important to remember that your audience expects timely information. Creating a brand that offers timely information will increase the likelihood of your followers interacting with your content.