We’re all fully aware of the fact that the financial service industry is a highly-regulated environment, making it more difficult for banks and other financial institutions to fully embrace social media marketing. With the proper understanding of these regulations and with the necessary tools and know-how at your disposal in leveraging social networks, every financial institution can in fact have great success on social media.
Nevertheless, it’s important to remember that the majority of investors are already active on social media and wealth managers should follow suit, as it can benefit them in many ways. In the first instance, wealth management firms can promote their brands over social media. They can also reach a younger audience, better service their customers, nurture client relations, increase their investment opportunities and enhance their thought leadership, amongst others.
Statistics, however, show that company policy and the feeling that social media is too public are the two main reasons why wealth managers are not active on these channels. What’s more, only less than a third of wealth managers who are on social media, respond to client queries.
With that said, here are some steps on how to build a social media strategy as a financial business:
The User Experience
The best type of marketing strategy is one that keeps the user at the center of it all. With this in mind, financial businesses should design an omnichannel experience strategy where you will have a consistent presence across multiple platforms. The Bank of America, for instance, is a financial institution that excels at this strategy.
Its mobile apps allow for everything from appointment scheduling to depositing checks. In short, your social media strategy should focus on customer experience, by providing them with the necessary flexibility and convenience, which are characteristic of the 21st-century digital age.
The Blockchain & Cryptocurrency
Even though cryptocurrencies and blockchain may not be part of your financial services, as of yet, there is no denying the fact that public interest in these technologies is increasing with every passing day. Financial companies should expect customer questions regarding these issues, and they should be knowledgeable enough so they can adequately engage their clients and offer them useful insights.
Watch the Metrics and Adapt
Keeping track of the metrics generated by your analytics tools, customer feedback, or trends that may become visible along the way. In the end, there is no one-size-fits-all approach, which means that you need to continue your experimentation with different social media strategies before finding the one that best suits your business.
Changing your strategy haphazardly and hoping for the best, will not generate the desired results. You need to correctly understand what’s going on, what the areas that need improvement are and what social channels are bringing in the most revenue. This information will make it possible to reach your intended destination without much of the guesswork required otherwise.
Last but not least, social media will allow you to listen to your customers and generate insights that will let you know when and where you’ve succeeded, as well as where you should improve.
For more information on social media marketing in the financial services industry email me at firstname.lastname@example.org or schedule a call with me directly by clicking here: https://calendly.com/melaniegoodmantrevisan/call