5 Ways Financial Services Can Benefit From Social Media Marketing
The social space is evolving and so is the need for high-end, flexible financial services. This blog tells tips to leverage social media marketing to grow your business!
The financial services industry is estimated to reach $26.5 trillion by 2022 at a 6% growth rate. With both Millennials and Gen Z becoming main participants in the financial sphere, the market is expected to expand and move towards mobile and online banking. This implies that more and more finance companies are realizing the importance of a strong digital presence for their businesses. If your organization is still not using social media effectively, you’re already losing most business to your competitors.
We understand using social media marketing for a financing company comes with challenges. There are tons of rules and regulations to consider, multiple social channels to manage, and you must have some form of digital marketing knowledge to market efficiently.
With the current markets impacted by many reasons, such as political tensions and controversial tweets, staying in the minds of your audience is a must.
The question is, how will you leave behind the competition and set your mark?
This blog has all you need to manage and grow your finance business on social media.
5 Tips to Use Social Media Marketing for Financial Services:
When used correctly, social media can help financial advisors, businesses, and services increase engagement, improve advertisements, and more.
1: Strengthen Relationship With Your Customers
A successful business starts with loyal customers. That’s where social media comes in handy by helping financial services build long-term relationships with their clients.
Because your potential clients are looking for a brand they can trust with their finances. Through social media, you can engage and connect with your clients virtually when you can’t do so in person. This constant and active communication helps maintain customer relationships without needing to be present at your office or branch.
Social selling, i.e. maintaining and nurturing your clients online can lead to sales in the long term. Furthermore, you should focus on sharing accurate information and resources on social media. Learn what your target audience is looking for and prioritize their needs over making the sale.
Here’s an example: investors are more likely to select you as their financial advisor if you have strong connections. Solid connections come from engaging with your ideal types of clients on social media and other networking practices..
But increasing engagement takes knowledge, time, and patience. Simply putting a random post ‘out there’ will not bring you leads. Instead, using an intelligent social media marketing tool such as Practina can help you publish relevant posts tailored to your business.
The more engagement you have, the stronger your connection gets with your audience. Once the audience engages with your content, your brand’s identity becomes the front and the center. Use this opportunity to convey your business’s unique selling points with a captivating voice. Make sure you respond to all questions, comments, and feedback on all social channels to stay connected with your audience.
2. Advertise to Your Target Audience
So you want your financial services to reach more people, but how are they going to find you?
The answer is: you need to be where your target audience is! Advertising your products and services online is a must to ensure people know about you when they are planning to consider a similar business. Targeted ad campaigns on Google and Facebook can help you leverage social media marketing to your advantage. With a successful ad campaign, your brand becomes more visible to potential clients, and it gets easier to convey your products & services and drive more sales.
However, managing a brand, multiple social accounts, and ad campaigns for your financial services can be overwhelming. You can consider using a smart marketing tool such as Practina to make social media hassle-free and automated!
Here’s a quick look at some of the benefits Practina can offer for advertising your business:
Google Smart Ads for Maximum Reach: With Practina’s Smart Ads for Google, simply tell the system what you’d like to promote, and the intelligent tool will automatically create multiple ads to send to Google using your chosen targeted demographics. This helps you reach ideal customers who are already searching for businesses like yours.
Instant Facebook Leads: Practina’s Instant Lead Center for Facebook is all about striking the iron while it’s still hot to make a sale. After someone shows interest in your Facebook ad, the system will send you an instant notification along with their contact information. All you have to do is reach out to them immediately to make a sale!
Share your goal, ideal customers, and your offer in the respective columns, and Practina’s intelligent system will take care of the rest.
3: Boost Brand Awareness
In the wake of COVID-19, many industries slashed their digital ad spending by significant figures. However, financial services companies saw an increase in their digital ad spend by 9.7%. This brings the industry to a staggering $19.62 billion.
Succeeding on social media requires more effort than simply posting once a week. In fact, your business must routinely post in order to stand out from your competition.
To differentiate your business, ask yourself what makes your financial company better? What is your brand story? These answers will help you develop content for your target audience that is needed to stand out from fellow competitors.
Creating a brand identity and voice that resonates with your targeted audience will attract more clients. This is your chance to put your unique selling points on display to show why clients should choose you over others. Your unique brand story should tell your audience who you are, what your vision is, and what they can expect from you.
For example, publishing an informative video with your financial advisor branding is a great way to put your brand in front of potential clients, while also giving them useful information. You can also upload brand-specific social media posts to grab the attention of people who are looking for similar products and services that you offer.
Unfortunately, financial advisors and businesses often find it challenging to create content that proves itself being worthy of sharing. Furthermore, if you just post updates about your company, industry-specific sources, and links to occasional blog posts on your website, you won’t go far in your social media marketing efforts.
Practina is a feature-rich tool that can simplify social media marketing for financial businesses looking to automate their content production. It will automatically create, schedule, and publish intriguing posts on all your social accounts at once. You’ll no longer have to brainstorm or work 24×7 to engage with your targeted audience. The tool will set the post frequency as per your preferences and even create smart ads for more conversions! This increased exposure will ultimately lead to more connections with prospective clients, resulting in more business.
Make sure to measure your growth through in-depth tracking. There’s no way of knowing how well your business has improved its brand awareness unless you analyze key figures and statistics relating to your social media marketing. The top social media marketing tools like Practina provide insightful engagement statistics. You can also refer to live updates and leads to keep a check on all activities.
4: Social Listening and Industry/Customer Insights
Did you know you can use social media for researching the financial services industry?
Using social media to stay ahead of everything happening in your industry is a smart way of staying up to date with the latest trends. Be it checking out your competitor’s latest product or a forthcoming PR disaster, you can use social media as a pre-warning system.
Prioritizing listening over talking is the key to maintaining healthy customer-brand relationships on social media. So use social listening to learn your customers’ preferences and then plan what they expect from you.
Ensure you’re tracking social media analytics regularly to find out how effective and successful your social efforts are. This will tell you what works, what is not bringing in any results, and most importantly, how you should modify your social media marketing plan.
5: Consider Practina for AI-Driven Marketing
Social media marketing for financial services, or any business, works best when used in a coordinated way. This involves a common social media management platform from where a business can operate and manage all the activities. Yet managing everything on your own can take a lot of time, money, and even patience.
Brands can have peace of mind when there are consistent posts and meaningful ads that support their strategic goals.
Wondering how to achieve all this without any effort?
Practina can help simplify social media marketing for financial advisors and businesses with its amazing set of features. Practina will create engaging posts with creative, branded images and trending hashtags that are customized to your industry. You can also run ads that work, without having to pay for anything else!
We all know AI is the future, and the future of social media marketing is Practina! As a smart financial services provider, it’s time to consider artificial intelligence solutions for your business that will increase customer satisfaction and help you engage with new clients.
You don’t have to predict the patterns your audience behaves in. Practina automatically collects necessary insights and adapts to your preferences. The result? Your content resonates with your target audience, eventually bringing you more engagement and conversions.
How Practina Can Grow Your Financial Services Company?
What if we tell you there’s an intelligent marketing tool that can help your finance company engage with its audience better, reach wider audiences, and grow effortlessly all at once?
Practina performs magic while you focus on your business. Here’s how our advanced marketing tool for financing companies can help you:
Connect with your ideal audience through targeted ads.
- Trying to target potential clients in a specific zip code or demographic? Practina’s Smart Ads target individuals based on their location, age, online activity, and more.
Close more sales with leads delivered instantly.
- Your time matters, so Practina instantly notifies you after a user clicks on your ad and shares their contact details. All you need to do is call them while the client is still thinking about you!
Build your online reputation and trust.
- Practina is one of the best social media marketing tools for financial services to create trust and stay in the minds of their clients. Its automatic posts are scheduled regularly on all your connected social platforms. The tool crafts a mix of educational and promotional posts for the selected industry. It will provide your audience with valuable information, while also increasing awareness about your brand on social media.
- Make your mark with customized social media marketing that suits your finance company’s style, brand colors, and fonts.
More and more financial services companies are adapting to the digital transformation. It’s time you do what you do the best and let Practina handle your social media like a pro.