Financial services firms might not consider digital marketing the sexiest part of their business. However, digital marketing has become an essential tool to attract new clients and appeal to young people. Firms now understand that social media is where their customers are so that’s where they need to be.
Social media allows firms to compete in a realm where emotions, interpersonal connections, and visuals are powerful marketing tools. They can use these tools to engage with their audience and keep them interested.
In this blog post, I’ll explore 9 tips that marketers in the financial services industry can use to fuel their digital marketing strategy:
- Ditch the lingo
- Use content curation to attract new followers
- Boost engagement with interactive content
- Encourage customer reviews
- Share behind the scene moments
- Endorse influencers to boost trust and appeal to younger clients
- Leverage your customers to create engaging social content
- Personalize your marketing
- Engage your customers with artificial intelligence
Let's dive in.
1. Ditch the lingo
‘Fiscal’, ‘net income’ ‘ISA’, ‘HSA’ – are terms that might be unfamiliar to your customers. These terms often confuse your customers. Unfortunately, the financial services field has plenty of these industry words. Your job as a financial marketer is to explain industry jargon in layman’s terms when communicating with your audience.
2. Use content curation to attract new followers
People are naturally curious. We check social media all the time for updates on topics we're interested in. Within the last 10 years, social media has become the go-to platform to share events, watch funny videos, and to understand global issues.
As a marketer, you should analyze your audience's behavior to gain information on what matters to them so that you can use this data to curate content.
Keep the following in mind when curating content:
- Publish content that you know your audience will love.
- Share helpful content from a trusted, well-respected source backed with statistics and figures.
- If you want to share someone else’s story, do so with a text update. In an update, you can share your own thoughts on the article or piece of news. Make a controversial statement, or ask a question, etc. Whatever you choose to do write a comment that will intrigue your audience to click on the post.
3. Boost engagement with interactive content
93% of marketers say interactive content is more effective at educating buyers versus passive content! Why? Because passive content only provides information. Interactive content gets people to take action.
Don’t mistake interactive content for just a simple CTA at the end of a blog post. A CTA compels your readers to take action. however, they do not require readers to share their emotions about your company’s products or services.
Here are examples of interactive content:
- Twitter Polls
- Instagram Q&A stickers
- Host quizzes on your website share the link on social media
- Surveys or giveaways
- Ask for comments
Interactive content can boost your social media engagement and provide information about your audiences’ wishes and requirements.
4. Encourage customer reviews
Customers are often unsure of what is happening to their finances. Therefore, your job is to prove that you are trustworthy. You can do this by encouraging happy customers to leave reviews on your Facebook, LinkedIn, or Twitter posts.
Positive reviews will prove to potential customers that your brand is reliable and they can trust you with their finances. But don't wait for a customer to drop a review whenever they want.
4 ways to encourage customers to leave a review:
- Provide incentives: give customers who left a review of a discount code for their next purchase.
- Ask long-term customers to share their experience on your website.
- Know that even unhappy customers will use the review button – even more than happy customers. Don’t delete negative comments hoping that nobody sees it.
- Respond to negative comments with compassion and understanding. Promise to look into the customer’s complaint...and do it. Post how you’ve solved the problem online and thank the customer. This will increase your brand's trustworthiness.
5. Share behind the scene moments
Financial services firms often have a corporate allure which can be hard to sell to customers. However, you can relate to your audience by showing personality, and I’m not talking simply posting about the employee of the month.
Use these tips to show your personality:
- Share staff stories. People love to hear a company’s founding story and milestones achieved—so tell those stories.
- Share a success story from one of your happy customers
- Upload a video tour of your office. This will intrigue customers to watch and leave a comment in the comment section. Also, customers will feel more connected to your brand.
6. Endorse influencers to boost trust and appeal to younger clients
Influencer marketing has become popular in the 2010s. In 2016, Chase Bank partnered with Stephen Curry (NBA superstar) to build trust in their brand and attract more clients. Curry used Twitter and other social media outlets to promote the bank to his millions of followers.
A Fullscreen report found that 54% of social media users 18-24 trust influenced posts and 44% of the 25-24 demographic trust what an influencer says about a brand more than what a brand says about itself. This is especially true when targeting millennials who believe that banks do not understand their needs. So use this information to your advantage and collaborate with influencers on your social media campaigns.
Apart from working with superstars here are other ways financial services can work with influencers:
- Give bloggers and vloggers a free trial of your product or service in return for a review or a shout out.
- Contribute to influential finance blogs.
- Partner with influencers for a series of sponsored tweets.
- Sponsor a vlogger’s video.
Most influencers have millions of followers. Partnering with influencers is a great way to increase online followers, engagement, and other marketing key performance indicators.
7. Leverage your customers to create engaging social content
Content is king, but in the realm of social media, stories are currency. Another way to appeal to your target audience is to tell their stories.
Here’s how to tell engaging stories:
- Use a picture of your customers or what they achieved such as the purchase of a new home or a small business and then write a text update where you share their happy story
- Check for comments where your customers discuss financial problems and write blog posts about how your company solves them.
By publishing engaging stories, you send a message to your audience that you want to help them achieve their dreams. But don’t use a picture or video without your customers' consent because you don't want a possible lawsuit.
8. Personalize your marketing
Because you work in the financial services field, make sure that you know who your customers are in order to offer them services catered to their needs. The best way to do this is to track customers' behavior and gather information to give recommendations that will benefit them.
Offering customers services tailored to their needs will increase trust in your firm. Customers will notice that you pay attention and care about them.
9. Wow your customers with artificial intelligence (AI)
AI is revolutionizing the way we do business. You can use AI to track your customers' behavior patterns and other insights to optimize your digital marketing strategy.
Here are three examples of how AI can help you:
- You can use artificial intelligence to reduce the number of false positives for credit card transactions and improve the overall user experience.
- A.I. can enhance your customer service through chatbots. These bots can perform simple tasks for customers such as answering common questions. The great thing about chatbots is that they are available 24/7.
- You can use A.I. to predict future behaviors of your customers based on their past engagement with your product and services.
Companies that use AI have an advantage over companies that don’t because AI helps build relationships between financial services companies and their customers.
A couple of years ago, financial service firms had a tough time with digital marketing. Even in 2019, some companies don’t have a blog or a neatly build website. If you are not blogging or using other content marketing initiatives, you’re hurting and not helping your business.
The key is to try to keep things interesting while connecting, engaging, and building trust and relationships with new and existing clients.