The use of social media in financial services is no longer an option, and all Fortune 500 organizations have active social media profiles. At the advisor level, 84% use social media for the finance industry business. The average asset gain for financial advisors using social media increased assets by 10% in just a year. Of course, finding new clients is not the only benefit, as there can be plenty of challenges in a regulated industry.
The Best Social Media Techniques for Financial Services
Get Industry Insights
Try using social media for financial services, as this is a key way to stay on top of what’s happening in your field. If it’s a competitor’s latest product offering, think of social media as an early warning system. You can learn an incredible amount from posts on their social media accounts. You can use this particular technique even if you’re not yet sure what you should post on your own accounts. By getting social media insights, you can learn what’s happening with your competitors, and your industry.
Building Brand Awareness
Photos and videos are the most common types of driving traffic, and are the best social technique for financial services in building brand awareness. A Hootsuite survey says more than 53% said that brand awareness content was their best performing content type. Remember the first step is getting your name out there when potential new clients are ready to seek out a new financial services firm. In building brand awareness, social media can be a great way to extend the reach of an audience that may not see your ads on TV.
Strengthen Relationships
Building relationships is one of the most important uses of the best social media techniques for finance professionals. When it comes to money, everyone wants to deal with someone who can help you build and with whom you trust. Interacting with new prospects online can help you identify important moments in the financial lives of your clients. Social selling is about strengthening relationships when one of your connections send a congratulations message.
Humanize Your Brand
People want to deal with trusted financial services providers to be clinical and this provides an opportunity to humanize your brand. Host regular Twitter chats, which tackle subjects of financial literacy, and don’t shy away from personal topics. Getting your company’s executives on social media can be a great way to trust a person. C-level executives don’t have to show a bit of personality when tweeting.
Reduce Efforts and Costs
A Hootsuite survey found that 41% of financial services are at the strategic stage of social maturity. The best social media technique use is no longer limited to how social efforts are driving real business results. Teams are using social media in a coordinated way, and this involves a shared social media management platform. A consolidated social media strategy helps improve your company’s analytics and at the same time, it reduces efforts and costs. First, implement a content library to access approved content, reducing customer service efforts, and approvals. Start identifying duplicate requests that are submitted through more than one channel.
