29 Jun 2018
Social media

The Banking, Financial and the Insurance sector no doubt was a little slow in catching up with the Social Media Marketing hype and fever, however, still with ongoing and gradual passage of time they have ended up establishing a solid digital presence with a stable footing and a strong foothold. The major players in these industries have been very active on social media channels. But the matter of the fact is that social media marketing is not solely about posting contents on the social media platforms on a regular basis. The amount of content available related to social media marketing online is truly volumous for the financial and the banking factor. And if this content can be analyzed properly, it would be seen that it can be ideally be used for enhancing and framing a great social marketing strategy which in turn could pay great dividend.
As it stands, here are 5 tips that can be highly advantageous for the Banking and Financial sector in the social media space.

1. Have a thorough understanding of the market- If you start straightaway by trying too hard to push your products or services, it may well backfire. Rather, it makes a lot more sense to comprehend & study the market first & then based on that develop or modify your service or product accordingly for that would prove to be far more useful in enhancing customer’s response. Going by the market dynamism which is in a constant state of flux, it is vitally important to keep up with the ongoing trends and choices of the customer so that you can base your offerings on the similar lines so as to derive and leverage the maximum out of it.

2. Finding Potential Customers- The amount of conversations going online is just unlimited so to speak. Now this gives you the perfect chance to find and figure out who are in actual need of your products or services and increase your conversion prospect to a massive extent. With a few related keywords together with a handy tool for effectively monitoring social media network, you can quite easily stay ahead of your competitors by discovering these potential customers and connecting with them. Moreover, you can also take assistance from online discussion forums where people talk and discuss about their various requirements as this would indicate to you which leads and prospects have better possibilities of conversion and then they can be targeted accordingly.

3. Identifying Influencers of Social Media- Those people who are highly active on various social media platforms and have a heavy following there are popularly are known as social media influencers. They tend to enjoy a heavy following and can very often also go on and influence the opinions and mind-set of their followers. Instances may be made of celebrities, well-known writers, sportsmen, industry experts and the likes. One positive and/or good review from their end can do wonders and a world of good & is more worthy than even many an expensive and well planned or thought out advertisements.

4. Keeping a continuous track on customers’ feedback- It is of utmost importance to know what exactly your customers are thinking about your products or services and it is in this context that so many companies always look to put up their A game when conducting customer surveys. But in the present scenario, traditional or conventional marketing is not the sole thing to be depending on. Social media has become such a ubiquitous platform where customers these days post just innumerable opinions, reviews, feedbacks, reviews, etc. voluntarily. Therefore, social media listening gives you an understanding of the sentiments encircling your company. The information thus obtained can then be used by banking and financial institutions for designing new products and/or improving existing offers.

5. Analyzing the Competition- The competition these days amongst brands is very tight indeed to say the least and the banking and financial sector is no exception in this regard. That is the exact reason why companies are spending big bucks and investing big time for tracking customers’ online activities. However, with social media coming in; this monitoring has indeed become quite a lot easier. Not only that you can control & manoeuvre your own campaign but what it also allows you is to monitor your competitor’s activities too which undoubtedly is a huge advantage.

Hence, there is no denying the fact that with the whole world going digital virtually in all forms and respect; it is almost a no-brainer that the banking and financial sector too is acting on similar lines as the benefits of social media marketing is multifarious.