Using Social Media for Financial Services Marketing
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- April 1, 2023
Over the past several years, financial services organizations have adopted social selling programs and employee engagement. Companies integrating the information gathered through their social media for financial services strategies into one source of truth about their customers are thriving.
Social media is less critical in financial services than other channels, such as display, search, or aggregators. There are many well-known arguments against investing in social media marketing agencies for finance.
Financial companies are engaging with their digital customers and separating themselves from traditional communication through social media channels. Companies are beginning to realize that social media can provide many benefits and allows differentiation through human interaction.
Financial services social media designed for the wealthy millennials
The growth and expansion of affluent millennials have led to the trend of focusing on lower funnel programs in which FS businesses are employing a wide array of marketing techniques that work as part of an overall strategy for acquiring new customers, creating a unique investment program that concentrates on the highest-value and profitable clients.
Refining on their decision to utilize LinkedIn for this purpose, the corporate Digital Advertising Manager said, “LinkedIn provides us with the opportunity to target these potential prospects with self-identifying information through profile targeting. We can target these prospects based on post-secondary affiliations, job functions, and job titles.”
Strategy for marketing financial services
Below, we’ve provided our recommendations on social media strategies for financial service marketers based on current trending and innovative developments within the field. Social media is an integral element of your company’s online presence. This is the reason we’ve broken it down channel by channel.
Additionally, Smart Insights offers financial services marketing strategies across every aspect that makes up the mix and design and planning for the marketing directors. You can download our complimentary Financial services marketing trends for 2023 report to uncover more trends in the industry that we recommend incorporating into your overall marketing strategy. Learn more.
Instagram has a high organic engagement, especially with younger users, and attracts new talent. Brands based on FS are lagging and still need to embrace the platform’s visual aspect. Advertising options on Instagram can be simple to handle (alongside Facebook advertising campaigns) because mobile video usage is increasing, and Instagram offers a variety of advertising options, like ads on Stories.
LinkedIn is still the primary social network for financial service businesses, reaching 590 million professionals. 98% of those on the Forbes Fortune 500 list use LinkedIn, with increasing the quality of content and connecting with potential clients remaining the top motives for using it.
FinTech companies, which have traditionally opted for Facebook as their primary platform, are now investing more in LinkedIn, with FS companies more often using their CEOs or other high-ranking executives to increase the impact of their content via personal insight and thought-provoking articles.
Because financial services companies are being awash in customer data, there is an increased use of lookalike and custom audience models on Facebook. Mobile video is a massive hit, as is brand discovery, which can be done via the Explore tab and Facebook Groups. Groups are also encouraged to use AI. Messenger may also be used to communicate with one person and brand Facebook Groups related to personal finance or career-related topics.
Financial institutions widely employ Twitter to increase the reach of their content, monitor customer complaints and brand mentions, and locate buyer-buyer-ready signals. Most Fortune 500 insurance companies, commercial banks, and financial data service firms have accounts on Twitter.
