Social Media Marketing for Financial Services
The financial services industry is evolving rapidly with the emergence of crypto-currency and the growth of fintech apps. Additionally, the introduction of robo-advisors is further propelling this change. As the finance industry becomes more digital, social media marketing becomes more critical for its promotion.
Using social media is crucial for traditional organisations to engage with younger generations. Because of this, it is vital to prepare yourself for the upcoming changes. According to Gartner, 40% of finance roles will be new or significantly reshaped because of finance technology by 2025.
So, why should you develop a social media strategy for financial services this year? We’d like to show you why and how it is essential for your firm to reach your target audience.
5 Key Reasons Why to Embrace Financial Services in Social Media
1. Unlocking Untapped Audiences
Social media has become the go-to platform for young people when seeking personal finance information. With the oldest members of this age group hitting the milestone of turning 25 this year, they are eager for financial advice. A staggering 70% of them are already saving for retirement.
A quarter of 16-24-year-olds use financial services websites or apps monthly. Also, 10% of them have started using crypto-currency.
Social media is vital for reaching potential clients across various age groups. Notably, it’s essential because more than half of internet users (54%) use it to learn about brands.
2. Cultivate Stronger Relationships with Your Audiences
Use social media to create strong relationships in the finance industry. Social media is essential because of its role in building trust and awareness. These are both key when managing finances and giving investment advice.
Also, you can use social media to track important financial events in your clients’ lives. For example, LinkedIn can help spot career changes or retirement plans. Also, checking your clients’ business pages can give insight into their issues.
Remember, social selling is more about making connections than instant sales. If someone you know gets a new job or starts a business, congratulate them. Also, it’s worth noting that nearly 74% of financial advisors have gained clients through their social media activity.
Moreover, they always stay at the forefront of their minds but refrain from rushing to make a sale.
Focus on offering trustworthy information and valuable resources. Also, 81% of consumers must be able to trust the brand to do what is right before making a purchase. They prefer to observe and engage before committing. So, focusing on your client’s needs is essential for closing a quick sale.
3. Focus on Your Brand and Foster Community Trust
Trust is now crucial for financial institutions. Today, not just profits measure a brand’s success, but also its values and social contributions.
A 2022 survey found that 64% of people think about a company’s values and beliefs when they invest. Also, 70% of investors use different types of Environmental, Social, and Governance (ESG) data when making decisions.
Young investors are increasingly interested in sustainable investing. 80% are looking into alternative investments such as private equity, commodities, and real estate. They’re also keen on assets that focus on environmental, social, and governance (ESG) factors.
Trust in the financial services sector has improved over the past decade. But, it still holds the unfortunate title of being the least trusted industry. However, social platforms offer a stage to build trust and address client concerns.
Companies can build trust with their target audience by being open and honest on social media.
4. Bring a Personal Touch to Your Brand
You can transform your brand into a relatable and trusted entity. Gone are the days of impersonal financial services. Discover the power of social media to give your brand a human touch.
Make your brand more approachable by having your staff and leaders active on social media. Notably, people tend to trust individuals more than faceless companies.
Many potential customers are open to chatting on social media, with 76% ready to talk with service providers. This shows they value and look forward to interactions with business leaders on these platforms.
However, your tone should align with your target social network and audience.
So, it’s time to humanise your brand with social media and make a lasting impression on your audience.
5. Gain Key Industry and Customer Insights
Leverage the power of social media to unlock industry secrets and tap into valuable customer insights. Using this tool lets you stay ahead of the game and keep a pulse on the latest developments in your field.
Next, stay updated with your competitors’ new products and potential PR crises. Think of social media as your alert system, giving you crucial details to keep you ahead.
Social media keeps you informed about industry trends. Also, it helps you comprehend what your potential customers desire.
In short, keep a close eye on your social media analytics. They will show how well your strategies are working and help you adjust them for your financial service customers in the future.
Creating Your Social Media Marketing Strategy for Financial Services
Now that you know the essentials of social media marketing, it’s time to implement it. Your marketing plan is the roadmap to carrying out your strategy. It puts structure around your efforts so you can measure your success and ensure you’re spending your resources wisely.
4 Steps To Creating Your Social Media Marketing Plan:
1. Set Goals And Objectives
Start by setting clear goals that align with your business objectives. Whether generating leads, boosting website traffic, or gaining more followers, these goals are the key to your success. Remember, your goals are not the whole strategy but essential components that will take you there.
Common goals include:
- Increase brand awareness
- Boost sales of products and services
- Manage brand reputation
- Increase traffic to your website
- Increase community engagement
- Enhance customer services
- Generate leads from social media users
- Gain further market insight
To reach your social media goals, they must all be SMART- specific, measurable, attainable, relevant, and time-bound.
2. Social Media Audit
Take charge of your social media presence with a thorough social media audit. This process brings together all your company’s social media. As a result, you gather a complete picture of your online presence by highlighting important information from each platform.
While auditing, let’s not forget the social platforms where your brand has yet to set foot. It may be time to secure your presence on these channels, even if you aren’t ready to utilise them. You won’t miss out on potential opportunities by conducting a social media audit.
3. Choose your Social Media Platforms
To choose the right financial social media platforms, consider the demographics of your clients and target audience. Online sources highlight the effectiveness of various platforms like LinkedIn, X, TikTok, YouTube, Instagram, and Facebook for financial services.
However, avoiding biting off more than you can chew is crucial. Choose to manage only as many social media channels as you can actively engage with. But it’s okay to begin with a single platform and slowly grow your social media presence.
Remember, the aim is to connect with and provide value to your audience effectively. This may involve focusing on paid ads. Furthermore, you could leverage platforms like LinkedIn not just for client engagement but also for recruitment.
When 80% of young adults turn to social media for financial advice, a social presence is no longer an option.
4. Report And Adjust Regularly
Ongoing reporting is essential to frequently update your strategies to keep up with social media changes. Also, using platform analytics is crucial to understanding performance better.
Next, make a point of pinpointing the posts that are gaining the most traction. High levels of engagement or increased website traffic could be indicators of this. At the same time, keep an eye on trends in follower growth. A steady increase could mean your content is hitting the mark, while a decrease could signal a need for a shift in strategy.
Following on, focus on understanding your audience’s attributes. This critical data can guide you to create content that connects with your target audience.
Finally, review your strategies to enhance what’s working and change what isn’t. As a result, making minor changes to your social media plan can boost your online presence.
About Goldmine Media
Goldmine Media is a renowned, all-in-one financial services marketing agency. We’ve worked closely with driven clients for over twenty years to achieve their goals.
Our services include:
Global Marketing Services
We proudly partner with various clients, from major corporations to small and medium financial services companies. These partnerships span across the globe, from the UK and abroad. So, be it the UK, USA, UAE, or Singapore, our team is always ready to meet your marketing goals.
Are you looking for a Top Financial Marketing Agency to Boost Your Firm’s Online Growth?
Please reach out to Goldmine Media and see how we can drive your business forward, whatever your goals are.
So, if you’d like more information on how we can help with your marketing, please contact Goldmine Media. Moreover, you can reach us by calling 0845 686 0055 or emailing findoutmore@goldminemedia.co.uk.
