4 ways social media can help financial marketers celebrate community

Social media has become an essential financial marketing tool. But many banks and credit unions use it to push products, rather than build relationships. Here's how financial players can use social media instead to celebrate the people and times of their communities.

While nearly all companies know they need a social media presence, many banks and credit unions have not embraced social media enthusiastically. Consider, as a benchmark, that Twitter launched in mid-2006, over a decade ago. Yet, on average, community financial institutions have been active on social media for just under three years, according to research by Kasasa.

Many have — reluctantly — set up social profiles because they don’t want to appear to lag behind their competitors or because consumers expect to find them on social channels. Yet many of these same institutions don’t feel they are leveraging social media channels effectively, nor are they sure about the ROI of social, period.

When they become at all active, many banks and credit unions merely use social media to push promotions, which tends to result in very little consumer engagement. That’s because social media is all about connection.

When used effectively, social media channels offer banks and credit unions opportunities to foster, strengthen, and celebrate the communities at the heart of their business. An intentional, dedicated, and evolving social strategy has the potential to powerfully engage consumers and differentiate an institutions’ brand.

 

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