33% of a user’s time online is spent on social media. Take a closer look at why the use of social media for financial services shouldn’t be left out of digital marketing strategy.
Almost 90% of marketers believe social media activity has boosted their brand visibility. 75% of those went on to state an increase in traffic to their company website. A recent survey uncovered that nearly all Fortune 500 financial services organisations effectively use social media profiles. But what are the advantages to implementing social media strategy for financial services businesses?
Social media strategy is important for five main reasons:
Social media is probably one of the fastest moving aspects of digital marketing. By the time you’ve finished this article there will likely be a new emerging channel, feature, algorithm that influences user experience and behaviour. This can sometimes seem overwhelming if your organisation doesn’t have a dedicated team monitoring the social media landscape, which is why working with a digital marketing agency can be beneficial.
Just like how digital marketing and technology in the sector has disrupted and evolved, social media does too and plays an integral role to brand perception, customer service, and digital marketing performance.
This is less of a trend now and more of a standard expectation, not just for financial services, but industry wide. Social media has been around long enough now for a whole generation to be digital natives that learned their way around likes, shares and follow interactions inline with learning to talk. User expectations have therefore changed from just having an email or website chat facility available to contact companies, to customers being able to contact their favourite brands, banks, insurance companies, public services etc across any channel.
Audiences want to feel human connections with businesses, which can be achieved via social media and pivotal in building customer loyalty. When asked to rank which channel gave businesses the best opportunity to connect with customers, social media, of course, won the race. At the start of 2019, it was estimated that around 60% of the global population were active on some sort of social platform, being visible on their favourite social media platforms is becoming more and more of a necessity for businesses, not a choice.
There is an ongoing shift from Facebook to Instagram for financial services’ audiences. It’s not just beauty, food or consumer friendly brands that are moving into the Instagram space, banks, insurance companies and the like are waking up to the opportunity. The average follower count for the financial services industry is 38,595 – a sizeable audience your organisation might not want to ignore, or risk losing to a competitor.
A recent report identified that, although the audience size for financial services is significantly smaller than Facebook, the engagement is far higher. Indicating a great opportunity for financial services businesses to take a closer look at Instagram and growing their audience.
Personalisation has been a running theme for online and offline experiences for a few years now. But now we’re seeing social media platforms step up their game when it comes to targeting and better understanding audiences needs and interests. Social channels ad tools are getting more sophisticated when it comes to segmentation and showing relevant services or products to your target audience. Marketers can fine tune their ads to make sure the right people are being shown content at the perfect moment to boost conversions.
At Kagool we can help your organisation plan and implement an effective social media strategy for financial services. We specialise in the design, build and digital marketing of Sitecore websites. With over 20 years of experience in helping global organisations achieve their digital goals, your social media and overall digital strategy is in great hands. If you’d like to get more in-depth understanding of how well your organisation’s digital marketing is performing, contact us or book a digital marketing audit – we’d love to help.