If a conversation takes place online and your financial institution isn’t there to hear or see it, did it actually happen? As a matter of fact, yes, it did!
For many financial institutions, the idea that conversations are taking place online with or without their involvement is the hardest fact to come to grips with. If your bank or credit union is not leading the conversation, or in some way active in it, then you’re leaving it to others to do so on your behalf… and that can be scary!
Think about this for a second. Who’s answering your customer’s questions, and is the information being presented accurate?
The Value in Using Social Media
Being active on social media, or social media marketing, is the process of using social media platforms, such as Facebook, Twitter, and LinkedIn, to engage both new and current customers. It is through this engagement that financial institutions like yours are able to leverage their efforts into real value:
New Customer/Member Acquisitions
It is well understood that in order to catch a fish, one must fish where the fish live. Today, the large majority of your customers/members are online and that means having to cast your line in places like Facebook, LinkedIn, and other social mediums.
A New Sales and Promotion Channel
Through social media, banks and credit unions are able to remain in constant contact with their customers/members, and introduce them to new products, services, and other opportunities as they become available. This can greatly improve a new product’s rate of adoption and its overall chances for success.
Increasing Brand Awareness and Exposure
As much as social media helps financial institutions to communicate with customers, it also does a superb job of reaching those individuals not familiar with your brand – like “friends” of customers/members or even those who are new to your target areas.
Remaining “Top of Mind”
Social media allows your institution the opportunity to communicate with its customers/members, frequently and in a way that makes sense to them. Being in constant communication with your customers/members can mean dividends (literally) the next time one is in need of a new loan or consumer account.
Strengthening Customer/Member Relationships
Using channels such as Facebook and Twitter as a medium for sharing relevant content can be a great way to build stronger relationships with your customers/members. Providing tips, tricks, tools, and service updates is something they will value and appreciate.
Expanding Customer Service Opportunities
In many cases, an institution’s customers/members may choose to communicate with them via social media, rather than through traditional means. Having these channels in place and actively encouraging their use can help your financial institution to better meet the needs of its customers/members.
Monitoring Online Reputation
Most of the conversations happening online today take place on social media… how many do you suppose are about your financial institution, and to what extent? Knowing what is being said about your bank or credit union and when can dramatically improve your efforts to maintain a strong and accurate reputation.
LKCS Offers Social Media Marketing Services
LKCS can assist you in leveraging the true potential of social media marketing, and building long-lasting online communities. We offer banks and credit unions a complete customizable solution so that we may fit your exact needs. For example, if you are in need of Facebook or LinkedIn design help only, we can certainly help you with that. If you need assistance in other areas, we also provide social media planning, consulting, monitoring, and even complete social media management options.
Contact us today to learn more about our social marketing solutions!
Did you like this blog post?
Get more posts just like this delivered twice a month to your inbox!
