The power of social media and its ability to draw huge number of crowds towards it has sparked the interest of not only the investors but also the corporate world. In the past, businesses like the financial sector largely ignored social media and dismissed it as a place where rumors and gossips abound. Today, the financial services industry is now one of the heavy users of social media. The public network is also perfect for evaluating how a financial service business fares among its clients since this industry is hugely vulnerable to sentiments of its consumers. This means that there is no more any need to commission a survey as they can do the same on social media at a much lesser cost. In addition, social sites also provide the financial services industry with a platform that would help them identify target customers.
Things To Know Before Getting Involved In Social Media
Social media is a great tool for bridging the gap between all sectors of society. Almost everyone has a presence on social media from high society people, celebrities, politicians, top executives, employees, business owners, employees, homemakers, students, and even those without jobs. Because of the vast crowd within the public network, it has become a rosy target for businesses, big or small. This does not mean, however, that you immediately take a plunge into this world. You first need to consider the factors that will allow you to utilize social media in a way that it will become a powerful tool for your company.
You reach out to your audience using social media. There is a seemingly unlimited pool of potential customers in various public networks who are almost always online all the time. Instead of spending so much on traditional advertising platforms, you can launch your brand using social media to increase awareness among your target market. You can post your offerings or any information related to finance or financial services. You can also share content from your partners in the industry, like the pages many in the financial industry support, and responding to comments of consumers, the last being an attempt to engage your customers.
You may also include in your posts some action buttons that when clicked, would take your target customer to another page, telephone number, website, and many more. Doing all these would strengthen your brand identity as well as encourage customers to communicate with you and get a visit from them. Facebook is very good at providing you with apps that would allow these types of inclusions to be made. This is perhaps one of the reasons why banks and other financial institutions prefer Facebook over Twitter.
Confidence Building Measures For A Dynamic Audience
Millenials and the younger generation make up the most of the composition of the total audience within a social network. They are considered by financial institutions as their major target for the future. Famous for thriving on interaction and immediate response to a post or comment on social media, financial institutions recognize them as a demography that should not be ignored. They are usually the ones that need expert advice on traditional products offered by financial institutions like credit cards and savings accounts. Unfortunately, they are also the most skeptical of all audiences and would always poke holes in any financial offerings. The financial industry is well aware of this which is why the industry is also sparing no effort through a number of channels to be on the good side of this demography.
Gaining Their Trust
Instead of directly bombarding this valuable demography with direct advertising that tell them how good is the product of a particular financial institution, they streamline their message so it fits well with the sentiment of Millenials and other members of the young generation demography. For instance, financial institutions provide valuable information through attractive animation or meaningful videos that present them as the good guys to this demography. Oftentimes, such video or animation deals with managing finances, investing and savings plan. In some cases, financial institutions utilize social media like Facebook and YouTube to conduct free webinars in real time so as to inform and at the same time engage their target consumer. Blog posts and other types of infographics are used by financial institutions and posted on various social media platforms.
While it is true that some large corporations with layers upon layers of middle management sometimes view social media as a costly challenge, they recognize its immense power and opportunities it brings. Such challenges, however, can be remedied by proper implementation of social media management in the entire company as well as educating officers and employees about the platform. It should also be kept in mind that engaging targets in social media is very dynamic, which is why whoever mans the platform for the company should be able to address the audience on their own level and in a fluid and cohesive manner. Financial institutions, prior to embarking on a social media adventure, should continue to work hard in ensuring that social media and change will be accepted by their target audience. Once you perfect this, you will have an awesome and powerful tool that could propel your business on to the next century.