A recent study from Carlisle & Gallagher Consulting Group shows that most banks are significantly missing the mark with customers on social media. Out of 1,002 consumers polled, 52% said they believe their banks use of social was ineffective, and a whopping 87% said banks are “annoying, boring, or unhelpful” on social media. No worries! The data presents an opportunity for financial marketers to blaze new trails on social media. Here are 4 ways to activate your customers and brush the cob webs off your social media networks:
1) Marketing and Promotions
Remember, social media is just one tool in your overall marketing strategy. The Bank of Edwardsville promotes its Free Shred Day across multiple platforms, including Facebook and Twitter. What’s great about this? It’s promotional for the bank, but also offers value to customers and community.
2) Community Outreach
Going to college, planning a wedding, buying a car or a house – all involve interaction with a bank or credit union. Yet according to the Edelman Global Trust Survey of 2013, financial institutions are still the least trusted sector in the global economy. FastCompany reported a third of millennials believe they’ll be able to live a bank-free existence in the future. With these statistics in mind, personalized community outreach (like the free shred day mentioned above) is crucial for financial institutions looking to grow their business.
3) Customer Service
According to the American Banking Association, 15% of customer complaints are about fee transparency, charges, and guidance on how to avoid them. While these topics require full disclosure statements to meet compliance standards, financial institutions can still use social media as a first step in an overall customer service experience.
Tweet This: 71% of consumers who experience a quick and effective brand response on social media are likely to recommend that brand to others
If you’re looking to attract younger consumers, add a mobile app to your to-do list. Not only that, social networks like Facebook have started adding payment gateways so consumers can conduct transactions without even leaving the site. With 173 million Americans now owning smartphones, mobile banking is set to be the next big player in financial marketing.
Tweet This: 82% of US 18-25 year olds owned a smartphone in Q4 2013, and 61% of those engaged in mobile banking (Source: Financial Brand)
The take away is that while social media is a powerful and necessary tool for financial organizations, the quality of the experience is what keeps customers happy and engaged. Beyond staying compliant, banks and credit unions can shine on social by providing content that solves customer problems and serves their communities. Want more information on how to create sharable, engaging social media content? Join us for a webinar with the Missouri Bankers Association on May 28th at 10:00am CT. Space is limited, register today! Can't make it that day? Follow #GremlnMBA on Twitter.