Social media is a powerful tool for banks to connect with customers, build brand loyalty, and market their products and services. But, is your bank getting the most out of your social media marketing efforts? Here are a few best practices to consider in effectively leveraging your social media marketing.
1. As Shakespeare said: Know thy audience: No matter the medium, knowing your audience is the very foundation upon which you must build your marketing strategy. Start your social media marketing with audience segmentation; know who you’re engaging based on their demographic (age, income, etc) and psychographic (behavioral patterns) profiles. For example, GenZ’ers will be much more interested in mobile banking features and student loans, while Boomers will be focused, for example, on retirement planning and investment services. Just how do you get a handle on your audience? A couple of ways:
- Data Analysis: Utilize analytics tools to gather insights into their preferences and engagement patterns
- Surveys and Feedback: Conduct surveys and seek direct feedback from customers to understand their needs and expectations
2. Create content of value: As always, content is king. And social media marketing is certainly no exception. While social posts are far from long-form content, such as web pages and blog articles, brevity is no handicap. A concise, cleverly-worded social post can be remarkably effective in motivating a reader to act. Ergo, build your social media calendar on content that educates, informs, inspires and engages your audience. Solid posts address topics such as:
- Education: Share articles, infographics, and videos on money management/financial literacy topics, such as budgeting and investing
- Product and services: Highlight specific products and services, touting their benefits and most importantly, how they meet the needs of your reader
- Success stories: Share testimonials and case studies that demonstrate how customers have benefited from your services
- Employee profiles: Market the fact that your employees are both knowledgeable and committed to serving your customers
- Promotional opportunities: Post around events. “Back to school” for student checking, and the pre-Christmas season for Christmas Club accounts, for example
3. Maintain compliance, regulatory and brand: As you know, as a community bank, you operate in one of the most – if not THE most – heavily regulated of environments. It is crucial, therefore, to ensure that all your marketing materials, including your social media messaging, comply with relevant regulations and guidelines. Utilizing a workflow, such as Bank Marketing Center’s automated review routing system, can ensure that the proper legal language is always present, that your creative is always on brand, and that the appropriate stakeholders are always sought for feedback. All automatically. In short, it’s critical that you have a place:
- Approval processes: Establish a clear approval process for all social media content to ensure compliance with financial regulations and compliance to brand standards
- Training: Make sure that your social media team is well trained and up to speed on compliance requirements and best practices
- Monitoring and auditing: Continuously monitor and audit your social media channels to in order to promptly identify and address any compliance issues
4. Engage with your audience: Social media, at its best, is a conversation. Engaging with your banking services customer helps build trust and foster a sense of community. Of course, the customer side of these conversations is not always positive. But, that’s okay. Every engagement/response, positive or negative, presents an opportunity to demonstrate the importance you place on customer feedback. You should engage your audience by:
- Responding promptly: Quickly respond to customer inquiries, comments, and messages. This shows that you value their input and are attentive to their needs
- Posting interactive Content: Use polls, quizzes, and live Q&A sessions to encourage interaction and engagement
- Capitalizing on user-generated content: Encourage customers to share their experiences and tag your bank in their posts. This enhances credibility and reach
5. Leverage influencers and brand ambassadors: Influencers and brand ambassadors can amplify your message and reach new audiences. Choose influencers who align with your brand values and have a genuine connection with your target audience. A couple of thing to keep in mind when working with influencers:
- Authenticity: Partner with influencers who authentically use and believe in your products. Maybe that influencer is a local student athlete, as we suggested a while back in one of our blogs.1
- Concrete terms: Establish clear guidelines and agreements to ensure that, when working with an influencer, the content posted complies with regulatory requirements, as well as your brand guidelines
6. Utilize paid media: Organic reach on social media can be limited. Supporting your social campaigns with a bit of spending can help ensure that your content reaches a wider audience.
- Target: Use targeted ads to reach specific segments of your audience based on demographics, interests, and behaviors
- Test: Conduct A/B testing of your messaging to determine which ads perform best and refine your strategies accordingly
7. Monitor and analyze performance: Regularly monitoring and analyzing your social media performance is essential for continuous improvement. How else can you know if what you’re doing is truly effective? A few suggestions:
- Key Metrics: Track key metrics such as engagement rates, reach, conversion rates, and customer sentiment.
- Tools and platforms: Use social media analytics tools to gather and analyze data. Platforms like Hootsuite, Sprout Social, and Google Analytics can provide valuable insights.
- Reporting: Create regular reports to review performance, identify trends, and make data-driven decisions
8. Manage a crisis: In the event of an unexpected incident, from an emergency closing due to weather or an event that made the news, social media should be a “go to” for:
- Prepared Statements: Prepare statements for potential issues and ensure that your team knows how to respond appropriately
- Crisis Communication: Be sure to have in place the process and individuals needed to engage with the press in crisis situations
- Transparency and honesty: Be transparent and honest in your communication. Address issues promptly and clearly to maintain trust
9. Stay ahead of trends: Social media trends evolve rapidly. Staying updated with, or ideally ahead of, the latest trends can help your bank remain relevant and engage effectively with your audience
- Follow industry leaders: Follow industry leaders and social media experts to stay informed about new trends and best practices
- Experiment: Be open to experimenting with new content formats and strategies, such as short-form videos, testimonials, success stories, and interactive content, such as Q&As and surveys
10. Keep your brand personal: Lastly, it’s essential that you personalize your brand to help build stronger connections with customers and potential customers. Show the human side of your bank by sharing behind-the-scenes content, employee stories, and community involvement. Remember …
- Be authentic: Be authentic and relatable
- Engage with your community: Highlight your bank’s involvement in community events and charitable activities
- Give your employees a voice: Encourage your bank employees to share their experiences and advocate for your brand
What’s next?
Social media offers your bank the opportunity to connect with customers, build brand loyalty, manage a crisis, and market your products and services effectively. By understanding your audience, creating engaging content, maintaining compliance, leveraging influencers, utilizing paid advertising, and monitoring performance, to name just a few, you can get the most out of your social media marketing.
Bank Marketing Center
Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers — developed by bank marketing professionals for bank marketing professionals — that will help you build trust, relationships, and revenue.
Our web-based platform puts our client partners in complete control of their marketing message production, as well as their enterprise-wide compliance approval processes. We’re also proud of the fact that we currently work with hundreds of financial institutions.
Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.
1Bank Marketing Center. Why you should add a student athlete to your marketing team. November 10, 2022.