by Adam Torkildson | December 2, 2019
For marketers in the finance sector who know they need to up their game in social media, things can be a bit more challenging than for any other sector.
Over the last several years, the finance industry has started to make its shift to digital with several innovative changes, especially when it comes to technological innovations, regulations, and customer experience. However, despite the several marketing opportunities that social media provides, the financial sector faces its own particular challenges when it comes to the way financial services are promoted.
The trickiest challenge of it all is finding out how to compete as a serious finance company against influencers, funny videos, or eye-catching memes? Can you engage your audience and keep them interested despite the monotone marketing tactics you use? Chances are that it is going to be extremely difficult but you can still succeed in digital marketing as long as you are fast to adapt to new trends and technology.
Image source: https://unsplash.com/photos/CNbRsQj8mHQ
Collect data about your audience
First things first, finance marketers need to remember that they are promoting to humans rather than to robots. 88% of marketers report that they believe that using relevant data is the best way to attract your audience by learning what are their needs and expectations from any financial service they might need.
However, easier said than done for financial marketers because they deal with the inability to collect and analyze data efficiently due to the systems used by the finance industry that is still using updated systems that are usually unable to store the big data volumes that exist today.
Yet, the good news is that social media platforms can provide financial marketers with a wealth of data about their target audience. And, the best part of it is that this data isn’t collected in an invasive way but rather more about aspects such as their interests, needs, and other interesting aspects such as where they spend most of their time online.
For example, a Forex broker that has own Social Trading Network can follow a popular hashtag on their network to get a better understanding of its audience. By analyzing this data, marketers can create a marketing strategy that targets certain needs and wants of their loyal and potential customers.
Learn how to compete against reputable traditional finance brands
Competing against market leaders who have been in the industry for a long time now can be another challenge for marketers from the finance industry.
Not necessarily because old established industry players are offering better services but simply because they are very well known by consumers which makes them more credible. Whereas new market players are still struggling to be accepted by consumers because they are revolutionary, they rely primarily on technology, and they simply don’t seem as trustworthy as older players in the eyes of the audience.
However, there is one advantage that can be used to compete against reputable traditional finance brands on the market and that is: offering exceptional customer experience. In fact, 80% of companies globally believe that customer experience is a top priority and, thanks to the consumer-centered mindset, they have experienced a significant increase in revenue.
Consumers want to feel that companies, no matter their industry, can understand their needs and will be provided with personalized solutions for their problems. So, this can be a great advantage for new fintech brands who have just joined the finance sector. Having a customer-centricity mindset is about offering outstanding customer experiences is the best way to compete against older traditional financial institutions.
One great example of this strategy would be the digital mobile-only bank, Monzo . The company has created a community forum and a dedicated Twitter account where their customers or potential customers can share their feedback and ideas for the creation of new features.
Don’t be boring
While this may sound a little bit harsh, it is essential to be said. One of the biggest challenges that financial marketers face is the existing regulatory rules that often limit their creativity in their marketing tactics.
Compliance rules are usually very strict about what advertisements for financial services can include. And, the worst part is the fact that financial marketers are forced to stick to already well-established marketing tactics which are often updated and no longer relevant.
However, it is important to find a balance between respecting regulatory rules and having an attractive social media marketing strategy. For example, according to a study from Buffer, on Twitter, the posts that include images get 18% more clicks. Moreover, they also get 89% more favorites and 150% more retweets.
So, with so much engagement from the audience, using images for their marketing strategy on social media for financial services can lead to great results. The key to avoid being boring is to create and post unique content, be it video, images, or written content.
Get better at influencer marketing
If you really want to align with today’s marketing trends, you must get better at using influencer marketing in your favor. Today’s customers are obsessed with influencers and celebrities. So, that is what you should focus your marketing efforts on.
For example, the famous American bank, Chase recently had a very effective social media campaign which included professional popular athletes . From the basketball icon Steph Curry to the famous tennis star Serena Williams and other many popular athletes, the company used sports stars to promote financial knowledge among its audience. The campaign was based on the real money stories of the professional athletes about they succeed to manage a significant inflow of money, both in the short and long term.
Small financial startups obviously can’t afford to partners with such sports stars for a social media marketing campaign. However, there is certainly one local star or influencer that may be interested in partnering for influencer marketing. Adapting to the 21st-century market and customer trends when it comes to social media marketing can be a little more difficult for marketers from the financial sector. However, the key to success is to shift to strategies that reach the expectations of today’s customers by being visible and attractive on social media.
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