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 account holders. It is through this engagement that financial institutions like yours are able to leverage their efforts into real value.
LKCS can assist you in leveraging the true potential of social media, and building long-lasting online communities.
In today’s Webinar Wednesday episode, our Marketing Coordinator, Karl Ribas, highlights the basics of social media marketing and specifically addresses how banks and credit unions can get started.
Video Transcript (Highlights)
What is Social Media Marketing?
Social media marketing is the process of using media platforms to engage both new and current account holders.
- Social media marketing is permission-based.
- Social media is about engagement and conversation.
- Social media communities must be built.
- Social media is NOT a set it and forget it marketing strategy.
- Social media marketing requires a team and resources.
The Social Media Landscape
The social media landscape is HUGE and can be a little overwhelming!
- 100+ channels and growing!
- Specific devices. (desktops, tablets, mobile phone).
- Specific purposes. (publishing, sharing, networking, discussing).
The value of Social Marketing
Being active on social media has the potential to generate a lot of value for financial institutions!
Social media value:
- New account holders acquisitions.
- A new sales and promotional channel.
- Increasing brand awareness and exposure.
- Increases search engine positioning.
- Strengthening account holder relationships.
- Expanding customer service opportunities.
- Monitoring online reputation.
Why is Social Marketing Effective?
Social media marketing is permission-based – meaning that users must first opt in and request to receive your information.
- Social media allows banks and credit unions to connect with individuals interested in learning more about them.
- Social media gives financial institutions a voice and a way to communicate with account holders in a relaxed and conversational way.
- Banks and credit unions are able to develop long-lasting relationships with customers, create trust, and brand awareness.
How Do We Get Started?
Creating a successful social marketing strategy that helps financial institutions meet their needs and goals is not easy!
6-Steps for getting started:
- Outline your goals.
- Determine which social media channels to use.
- Build your social media team.
- Design your social media profiles.
- Build your social media communities.
- Post and respond often.
Step 1: Outline Clear Goals
Understanding what you’d like to accomplish with social media before starting will go a long way in helping you to stay on track.
- Increase business.
- Increase brand awareness & exposure.
- Increase account holder appreciation.
Step 2: Determine Your Social Media Channels
Jumping into social media and posting everywhere is not a valid approach.
- Be selective.
- Don’t overreach – stretch resources.
- A blog
Why we recommend Facebook
80% of people who use social media say that Facebook is their preferred method for connecting with brands.
- 1.15B registered users.
- 58% of users return daily.
- 23% of users check their account 5x per day.
- 1-of-7-minutes spent online is on Facebook.
- Facebook Page
- Advertising platform
Why we recommend LinkedIn
61% of people use LinkedIn as their primary professional networking site making it the absolute best place to attract new commercial business for your bank or credit union.
- LinkedIn Page
- Advertising platform
Why we recommend Twitter
40% of Twitter users are 25-years old or younger creating a great opportunity to get in front of a younger audience.
- 500 million registered users.
- 11 accounts are added every second.
- 340 million tweets per day.
- Twitter profile.
Why we recommend YouTube
YouTube is the 2nd largest search engine in the world – there are 5,780 results for “how to balance a checkbook”.
- 4B video views daily.
- 1-hour of video is uploaded to YouTube every second. (60-hours per min.)
- 700 videos are shared every minute on Twitter.
- YouTube Channel (Page).
- Easy Video Sharing.
Why we recommend Blogging
Blogging is a quick, easy, and more controlled way to be social and engage an online community.
- 100% control of design & content.
(Can share photos, videos, and large articles)
- Provides a “home base” for your content.
(What if tomorrow there was no Facebook?)
Step 3: Build Your Social Media Team
To be successful in social media, you’ll need the help of many hands!
Key roles to consider:
- Branch Reps.
- Content Developers.
- Response Team.
- Social Media Coordinator.
- Authority Contact.
Step 4: Design Your Social Media Profiles
Social media profiles should take on the look and feel of your website and other marketing campaigns.
- Integrate branding.
(Logos, color schemes, tag-lines, etc.)
- Complete all relevant “About” related information.
(ex: bio, hours of operation, products and services, etc.)
- Be flexible and adapt. Design restrictions come & go often.
(ex: Facebook cover photos, Google+ cover photo size increase, etc.)
Step 5: Build Your Social Communities
Your goal is to build a community of people who actually want to receive your updates, and will respond the way you need them to.
- It’s not about quantity, but quality.
- Communities aren’t built overnight.
- Profiles (Pages) need to be marketed.
Community Building Strategies:
- Employee ‘Likes’ and ‘Follows’.
- Website Icons.
- In-Bank/Credit Union Materials.
- Statement / E-Statement Inser.t
- Direct Mail Campaign.
- E-Mail Marketing Campaign.
- Social Media Advertising.
Step 6: Be Social: Post & Respond Often
Your financial institution will need to post quality content often, and continually monitor your page for social interactions.
How often should you post?
- Post 2-4 times per week.
- Post new updates during business hours.
What should you post?
- Bank / Credit Union news.
- Community information.
- Educational information.
- Current events.
How should you respond?
- Respond to the Positive.
- Respond to the Negative.
Social Media Best Practices
- Connect. Build and grow your social media communities. Engage them
- Publish Content. Publish content that is relevant, useful, and personal. Publish frequently.
- Listen. Monitor the conversations and gauge your community’s reaction.
LKCS’ Social Marketing Solutions
Through a combination of design and marketing strategies, LKCS can help you to leverage the potential of social media!
- Account Setup.
- Profile Design.
- Daily Management.
- Social Media Training.
- Community Building Strategies.
- Social Media Advertising.
Did you like this blog post?
Get more posts just like this delivered twice a month to your inbox!