Essential Tips and Benefits For Social Media Management

Even before 2020, the use of social media in financial services is important. Then, this pandemic dramatically changed the way we stay in touch with customers and consumers. Now, social media is not transferable. 

During the pandemic, social media has changed the nature of the relationship between 90% of financial advisors and clients. This year, more than half of those who create new businesses have increased their use of social media.  In other words, the use of social media in regulated industries can face many challenges. Here’s how to develop a social media strategy for financial services in 2021.

After COVID-19, many industries have reduced their spending on digital advertising. But digital ad spending by financial services companies increased 9.7%. This brings it to $ 19.62 billion. Only the retail industry spends more.

Organic social media will also become increasingly important to the finserv brand. Generation Z began to consume more financial services. At the same time, our Digital 2020 data shows that baby boomers are embracing social media and mobile payments, which is unprecedented. 

 financial services brands need to meet the needs of these two generations on the digital platforms they use every day. 

 Let’s look at some of the most important benefits of social media in financial services.

01 Strengthen Relationships

Relationship building is the main use of social media by professionals in the financial industry. When it comes to money, everyone wants to deal with people they know and trust. 

Especially when you can’t meet your customers in person, social media can help build this trust. Help maintain customer relationships that are usually established in the office or branch. 69% of “Hootsuite Social Transformation Report” respondents said that social media helped them overcome the epidemic by enabling them to keep in touch with customers and audiences. 

In a survey by Putnam Investments, 74% of consultants stated that they use direct messages on social media to communicate with customers and potential customers. Almost everyone (94%) reported that they had acquired new assets. Attracting potential customers and customers online is called social sales.

Social media can help you identify important financial moments in the lives of customers and prospects. For example, LinkedIn is a great place to learn about career changes or retirement. 

Tracking customers’ business pages can also give you insight into their challenges. A regional brokerage trading consultant told Putnam that he learned of a problem through the client’s Facebook page. He contacted her through Messenger to resolve the issue. 

Later, she sent him several letters of recommendation. In other words, social selling is generally associated with building long-term relationships to promote sales. When one of your contacts gets a new job or starts a new business, be sure to send a congratulatory message. Don’t lose your mind. But don’t jump in, try to sell. 

The important thing for is to concentrate on providing reliable information and resources. Especially when people are fighting. Prioritize customer needs rather than sales.

02 Highlight brand purpose and build community trust

In a special Edelman Trust Barometer report, 84% of respondents said they expect or expect brands to use social channels to “promote community awareness and provide social support.” In Deloitte’s annual survey of Millennials and Generation Z, 60% of respondents said they would buy more products from “large companies that take care of the workforce during the pandemic and have a positive impact on society.” According to Brandwatch data, more than three-quarters of consumers said it is important that brands proactively make the world a better place. As we noted in the “Social Trends 2021” report, brand goals should come from company leaders, not just from the marketing department. Find ways you or your business can support your community.

For financial services companies, an easy win is supporting local small businesses. Howard Bank in Baltimore launched a campaign called “Keep it Local.” The idea is to support local businesses by highlighting local businesses on social media and other channels. To put money on the lips, the electoral campaign also held a contest. A winning local business received a grant of US $ 10,000 and the runner-up received US $ 1,000. In the long term, they have credibility as supporters of local businesses.

03 Humanize your brand

People want to deal with trusted financial experts. This does not mean that they want their financial service providers to become calm and indifferent. Social media provides you with an excellent opportunity to personalize your brand. Allowing your company executives to access social media can be a good starting point. After all, trusting a person is easier than building an organization. 4,444 C-level executives do not have to insist on financial statements. Encourage them to show a little personality. 

When Town and Country Bank in Ravenna, Nebraska upgraded its digital services, more than 1,300 users had to download a new mobile application. They must also resubscribe to receive email statements and reset their digital credentials. Presenting this content in a simple list of required steps may cause annoyance, annoyance or even panic for the customer.

Instead, the bank made an interesting Facebook video with its former president and his wife, who are widely known in the community. Humanizing the brand is the key to letting people understand the importance of renewal and the measures that need to be taken. The digital platform changed on July 13. 

By the end of July, all customers except 100 customers had taken the necessary measures. In the video far exceeded the target audience, reaching 34,000 views, and aroused a positive response from the community. Depending on your audience and the channels you use, using social media in finance can bring a lot of fun-2021 is your time to be creative. 

LinkedIn is by far the most widely used financial services social network, but less formal platforms are also becoming more popular. Consider that 31% of consultants now use Snapchat. In PostFinance Bank in Switzerland used TikTok to connect with younger audiences. Obviously, employees can free themselves from the process.

04 Gain key industry and customer insights

Try using social media to conduct research on the financial services industry. This is a great way to understand the dynamics of the field. Whether it’s a competitor’s latest product or a looming PR disaster, social media should be viewed as an early warning system. 

By listening to through social media, you can understand the situation of your competitors and your industry. You can also use social listening to get to know your customers and assess their needs. As we noted in the “Social Trends Report 2021”, for brands, “prioritizing listening over conversation” is crucial for the year ahead. 

Through social listening, Securian Financial discovered that its most important demographic information was not complaining of segregation. Instead, they shared stories about staying in touch. Next, Securian created a user-generated content campaign. 

They use the hashtag #LifeBalanceRemix to encourage people to share these stories. There is also a heart behind this movement. They donated $ 10 to Feeding America for every user who posted a tag or shared event. As a result, they received more than 2.5 million impressions and an estimated return on investment of $ 35,000. Also, be sure to pay attention to your social media analysis. These tools provide you with information about the effectiveness of your social efforts.

You can learn about the most effective methods and optimize your social media marketing strategies for financial services customers on the move.

BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.

For more info, please visit Bizsquare Group at www.bizsquare.com.sg 

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