Creating an engaging and effective social media banking, insurance, or financial service strategy can be difficult for your brand.
After all, many consumers are reluctant to trust banks and financial institutions.
- According to an IBM survey, only 43 percent of consumers trust the insurance industry. In fact, the lack of trust in insurance providers has remained above 50 percent since 2007.
- Edelman Insights found that financial services and banking was the industry consumers trusted the least — even less than they did the media sector.
- A recent FIS report indicates that 75 percent of consumers agree there is still a gap between their expectations and bank performance across a range of factors essential to creating trust. “The trust factor continues to be a concern for consumers,” the report reads, highlighting the need “to reset the foundation for consumer relationships.”
How can you connect effectively with consumers on social media? And how can you use social media to develop meaningful customer relationships? Here are some tips to help you derive greater value from your bank’s social media activity.
Social Media Marketing Tips for Banks
Social media can be a powerful customer service channel. It can transform how your bank handles customer complaints, issues, and expectations outside of the traditional sales or service process.
Being aware of some best practices for social media marketing in the banking industry ensures that you have an advantage over your competitors. Using multiple social media platforms in the right way can help you tell your story effectively to customers while also raising the overall brand awareness.
1. Use Social Media to Identify and Resolve Customer Experience Issues
Make social media listening a priority for your organization and part of your customer experience culture. But be sure to extend the scope of your efforts beyond Facebook, Twitter, and Instagram. Keep an eye out for activity on online review sites when banking customers share their feedback, and assign someone on your team to listen and respond.
2. Provide More Visual Content
According to research, visual content is 40 times more likely to get shared on social media than other types of content. Also, tweets with images get 18 percent more clicks, 89 percent more favorites, and 150 percent more retweets.
Social media naturally demands visual content. So don’t settle for pumping out text-only posts. Upload photos, share a short video, create an infographic, use emojis, and add visuals to your social media stories. Take time to tailor your content to capture the attention of your audience in each channel.
A great example you can follow is Bank of America’s Instagram feed.
3. Share Your Best Reviews
If your bank or agency consistently receives five-star ratings and glowing reviews, don’t hesitate to share them on your social media profiles.
These reviews can be more effective and engaging than loud sales messages and promotional brand content. They also drown out negative noise and help your brand build consumer trust.
4. Show Faces and Tell Personal Stories
Frankly, plenty banking and financial services content on social media can come off as boring.
That’s why it’s important that you use social media to show some personality and humanize your brand. It will definitely make your bank more relatable to your audience.
Introduce your community of social media fans and followers to your executives, agents, branch and location managers, administrative and customer-facing staff. Talk about their experiences, achievements, and skills. Post pictures of them in their element, behind the scenes, or participating in a community activity.
5. Aim to Inform and Educate
Consumers won’t hesitate to follow your bank on social media if you are able to become a leading source of helpful information for them.
Share interesting investment ideas or spread the word about banking safety practices. Join awareness campaigns and social media conversations on what’s happening in the financial services industry. Create visual content that makes complicated financial services information easier to digest and understand.
By providing informative and educational content to your audience, you can earn their trust and draw attention back to your brand.
6. Respond to Social Media Comments and Reviews
Success in social media for banking starts with the commitment to becoming a responsive brand.
This sounds simple enough. But for banking and financial organizations with multiple locations — and therefore multiple listings and profiles across multiple social media and online review sites — responding to comments and online reviews presents a real challenge.
Create a response policy and assign ownership by identifying people in your company who will be directly involved in responding to customers. Consider investing in social media and review management tools that drive efficiency.
Need help in writing responses? Check out these examples of how to respond to reviews and customer feedback.