In 2015 investing in social media marketing is no longer a luxury, but is a necessity for most businesses, big or small. And the finance sector is no different.
Some financial businesses may initially see social media as risky or potentially controversial. However, as they take the plunge, they start to clearly see that the benefits of a well-tailored social media strategy are huge for their business.
Brands like American Express or Barclays are there to prove it.
So in a word, yes, the financial industry must take the social media plunge and here are 4 innovative ways that the finance industry is using social media this year:
1. Customer service
The finance industry is actively using social media to manage and nurture their clients.
One way of doing this is by implementing social CRM platforms that are becoming hugely successful and even overtaking call centres.
Many brands also allow customer service and response to customers engaging in relevant non-directed conversation, outside of official feedback systems and other social media channels.
One brand that has a very innovative approach to social media customer service is Progressive, the fourth largest auto insurer in the US. Their Facebook page: Flo, the Progressive Girl, always happy-to-help insurance clerk, currently has 4,994,564 likes, along with a well-humoured page she provides an excellent customer service and helps customers with daily enquiries.
2. Market research
Social media is a fertile territory for market research and the financial industry is taking advantage of that, through monitoring and harnessing the data available.
This allows brands to understand consumer demands, predicting future trends and identifying customer habits. It can also help to create or change marketing tactics and strategies and even make an impact on specific products.
3. Engage their customers
Financial brands are delivering high value content to their followers. This valuable content is what makes customers really engage with a brand’s social media pages and helps retain them as customers.
Content that consists of solving real everyday problems or tips and ideas is the ideal content to encourage engagement and interaction.
Vanguard, one of the world’s largest investment management companies, regularly delivers tips on investment and retirement, which earned them 183k followers on Twitter.
4. Corporate social responsibility
Financial institutions are using social media to help donating money to charities and to help the community.
Most famously, the bank, Chase, gave away $5 million to charities via a Facebook promotion that ultimately led to 2,510,642 “fans” on the bank’s page.
In the event of a financial crisis, three financial institutions launched websites offering local residents tips for recession relief.
Is your Finance & Banking Business on social media? How do you use it to grow your business? Let us know in the comments below.