Social media can be a cornerstone component in building a comprehensive digital marketing strategy. It offers direct targeting to the exact type of people you’d like your message to reach. It’s a way to spread brand awareness, share helpful information, tell your story of who you are, and, of course, even sell. For marketers at banks, credit unions, financial institutions, and in fintech, it’s all very clear: there’s a need to go digital and get on social. It’s where consumers are. According to a 2019 report from HubSpot, over 40% of the world’s population is on social media (an estimated 3.2 billion users), with 54% of those social users using social platforms to research products and services.
The COVID-19 pandemic has only exacerbated this need as we’ve seen an abrupt shift to operating in virtual environments. Social media has continued to grow as an important tool to share and distribute information with social platforms reporting 2020 increases in user engagement and platform usage, according to Sprout Social.
Consider the following tips when starting or growing your financial institution’s social presence and strategy.
1. Identify Your Audience
Pew Research Center reports 7 out of 10 US adults have used and are familiar with social platforms. With a reported 2.45 billion active monthly users, Facebook continues to be the leading platform, with Instagram topping 1 billion, and LinkedIn and Twitter each boasting over 300 million according to Sprout Social’s 2019 Index. Taking the opportunity to introduce yourself, your business, and your role in a community can help identify a group of people who not only are interested but are willing to follow and share your business page. Take time as an organization to consider who your ideal audience (demographics, interests, careers, industries, etc.) is and what content could be produced to reach them.
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