HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA WPROMOTE.COM WHITE PAPER

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1 HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA WPROMOTE.COM WHITE PAPER

2 Introduction The tide has turned for financial services companies and social media. While financial services companies were formerly slow to adopt social media marketing, they are now embracing this tremendous opportunity. Although current practices use social networks mainly to drive awareness, social media marketing done right can play a role in the entire marketing and sales funnel. If you are a bank marketer, it is important to understand all the ways you can use social media to your advantage. Whether it s to infuse your financial institution with personality, fuel conversations about your brand, or increase loan applications and deposits, social media can be an integral part in your growth strategy. While this white paper focuses primarily on the banking industry, similar strategies and tactics can be applied to credit unions and across the entire financial services vertical. Social media marketing done right can play a role in the entire marketing and sales funnel. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 2

3 Establish Your Goals & KPIs First Things First: Why Do You Want to Be on Social Media? Content marketing has transitioned from buzzword to foundational marketing strategy. All of your audiences need to be nurtured, and content is the way to help them along their journey. Jumping into social media without thinking about your true goals is setting yourself up for mediocre results. Think beyond likes and followers. Do you want to increase brand awareness? Grow leads? Drive conversions? Establishing realistic goals will give you the foundation you need to begin designing your social media strategy. Once you have solidified your goals, it s important to determine your key performance indicators (KPIs) prior to implementing your social media campaigns. A KPI is a marketing metric and quantifiable measurement that shows how well your campaign is performing. Defining your KPIs will help guide your strategy and ensure that you develop campaigns targeted towards your genuine goals. Common social media KPIs for banks include: Leads ( signups, submitted contact forms) Conversions (account signups, deposits) Branch locator button clicks Engagement (shares, comments) Referral traffic from social content to website Positive brand sentiment and mentions These KPIs measure actionable metrics that correlate to your business goals. What are not effective KPIs? Page likes and followers. Those are mostly vanity metrics that deliver minimal value in today s pay to play social environment. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 3

4 Create Content For Each Stage Of The Marketing Funnel After determining your KPIs, you can start to create your social media strategy and develop your roadmap to reach your prospects and current customers. Social media can be a medium for success no matter what stage of the funnel you want to target. The key is to post the right content at the right time to the right people on the right platform. After determining your KPIs, you can start to create your social media strategy and develop your roadmap to reach your prospects and current customers. Social media can be a medium for success no matter what stage of the funnel you want to target. The key is to post the right content at the right time to the right people on the right platform. Let s start with content. Valuable content can help you: Awareness Consideration Conversion Increase leads and conversions Engage with your target market Demonstrate your brand values Encourage loyalty and advocacy Educate about product value propositions Address pain points your customers and prospects face Retention/ Advocacy Here are several examples of how and what types of content can work for the various stages of the marketing and sales funnel. Keep in mind that some forms of content are not exclusive to any one stage and may fit well in multiple areas. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 4

5 Awareness When banks first started using social media, the awareness stage was the focus of most of their efforts. Social media offers valuable opportunities for banks to tell their stories, connect with their prospects, and establish the brand in the financial industry. Social media can be used at this top-of-funnel stage to: Build Trust Posts highlighting employee profiles, award announcements, and community initiatives can show that you are personable, knowledgeable, and friendly. Plus, unlike typical advertising, social media is an interactive two-way medium for communication. When a bank engages with its customers on the social networks, it builds credibility and trust. Create Brand Recognition Develop content that aligns with your brand positioning. For example, if you are a community bank, your content can highlight local event sponsorships, involvement with charitable causes, and other ways you serve the public. Social media really highlights our role in the community In the American Bankers Association report, The State of Social Media in Banking, Jill Castilla, President and CEO of Citizens Bank of Edmond, Edmond, OK., said, banking is more than just the rates we pay on deposits or charge for loans; there s the social capital that we provide a community Social media really highlights our role in the community, augments that social capital and sustains us when we have challenges. Showcase Expertise Distribute your thought leadership across social channels and demonstrate your industry knowledge. Insightful, useful content delivers value to your customers and prospects that can translate into conversions later on in the funnel. Content suitable for sharing may include: White papers Financial reports Proprietary research Money management tips Free financial tools, e.g. loan calculators Relevant third-party content Using social platforms for brand building can be like taking that initial baby step to test the waters. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 5

6 Consideration At this point in the funnel, consumers are familiar with your financial institution and are looking for solutions to a specific need. Consideration-stage social content should generate interest in your bank and your products and services, address possible pain points, and differentiate your bank from the competition. Create social posts related to: Conversion Conversion-focused content should persuade people to take that next step, which could be opening an account or applying for a loan. Visiting your website, stopping by a branch location, or calling to speak to a financial services expert could also be considered conversions, as these actions may lead to an account opening or loan. Loan offerings Interest rates Branch/ATM locations Customer service Safety and security Mobile banking features Special offers In-branch events Customer testimonials Present offers that can help your customers reach their goals faster WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 6

7 Retention Numerous studies have found that acquiring a new customer is many times more expensive than retaining an existing one. Be sure that your social content strategy doesn t overlook the people who currently use your bank and reinforces their belief that it provides the financial solutions they need. This stage is ideal for cross-selling and upselling. Since these are your customers, you probably already have some deep insights into their lifestyles and financial priorities. Present offers and incentives that can help them reach their goals faster and make their lives easier. Maintain your relationship with your customers through content that promotes meaningful engagement. Show that you are listening to them, speak their language, and understand what is important to them. Some content ideas include: New product launches Exclusive offers Special partnerships, such as offering your customers discount tickets to a local event To have an effective customer retention strategy means that you also need to address customer service issues. A recent Forrester Research study cited in Forbes, The US Banking Customer Experience Index, 2018: How US Banks Earn Loyalty With The Quality Of Their Experience, found that Good customer service is the most highly valued attribute at both direct banks and multi-channel banks. Advocacy Your current customers and social media followers are your brand advocates. Develop social content that cultivates your relationship with these potential cheerleaders and encourages them to share your content within their social networks. Your customers already trust your bank, and their peer networks trust them. When they share your content, they are in essence recommending your bank. It s a modern take on old-fashioned word-of-mouth marketing one of the most powerful and valuable types of marketing. Your customers already trust your bank, and their peer networks trust them While thought leadership content such as podcasts, reports, and videos can be a part of your advocacy content strategy, you can also include fun quizzes, surveys, and contests. Generate compelling content that gets people talking, sharing, and wanting to learn more about what you have to offer. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 7

8 Select Platforms Strategically To Amplify Your Content Offering valuable content is, of course, only beneficial if it is seen by the people you are trying to reach. In general, the more platforms you employ for your organic or paid campaigns, the greater your potential reach. For example, if you only post on Facebook, you could be missing out on prospects who are more engaged with other platforms such as Twitter, Instagram, LinkedIn, or Pinterest. While all platforms may not be ideal for all campaigns, understanding the unique features and benefits of each one can help you develop a cohesive strategy that can effectively amplify your social content. Target your content to precisely the people you want to reach Paid Social Advertising: Targeting & Scale Reach your audience at scale by taking advantage of paid social advertising. Many platforms offer advanced targeting capabilities, which can help you direct different messages to different users at different stages their customer journey. You can also use the retargeting options to re-engage with people who visited your website, used your app, or haven t been active recently. Paid social advertising can be a cost-effective way to get your content in front of prospects and current customers. Facebook & Instagram Facebook users expect to see posts about products, services, and community events. It is also often the first social media platform a prospect will visit when checking out your financial institution. Instagram is underused by financial services brands despite the amazing potential it offers. It currently has 1 billion users and has a younger demographic than Facebook, Twitter, and LinkedIn. Facebook and Instagram both have a suite of advanced tools that allow you to target your content to precisely the people you want to reach. You can segment your audience by age, gender, job titles, behaviors, location, interests, and more. Target your ads to your current customers, your website visitors, or people who use your mobile app. You can also create lookalike audiences which can help you reach people who share the characteristics of your highest customer lifetime value (LTV) customers. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 8

9 Twitter Through Twitter, you can target your audiences in numerous ways, including by language, geographic location, the device they are using, followers of relevant accounts, and keywords. The ability to target through keywords allows you to tap into an existing conversation and connect with users on words and phrases they have recently tweeted or searched for on Twitter. LinkedIn LinkedIn is often used by people while they are working and as a business tool. This group of users is seeking thought leadership content and is open to receiving marketing messages. Reach LinkedIn s professional audience by targeting criteria such as job title, industry, company, years of experience, interests, education, and vertical-specific group memberships. Pinterest Pinterest should also be considered in your social media strategy, especially if you want to target a primarily female audience. Pinterest offers targeting options based on keywords, interests, and audiences. Organic Social: Proof From Presence And Interactions Many marketers believe that organic reach on social media, especially on Facebook, has become too limited to be worthwhile. And while it is true that organic reach has been in steady decline, organic posts do have their value, especially when used in combination with paid. Leveraging a two-pronged approach that encompasses both organic and paid social campaigns can optimize your social amplification efforts. Your prospects and customers expect to see content Posting organic content to all your social media pages is essential. Your prospects and customers assume that you will have a presence on the major platforms. They expect to see content related to thought leadership, products and services, and any applicable community engagement. The more platforms you employ, the greater your potential reach WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 9

10 Giving Your Social Posts A Boost Boosting content on social channels is paying to amplify an organic post that is already on your page. Boosting posts will help you engage more of your current followers while also connecting with highly targeted prospects based on the platform s advanced segmenting options. Reach new people, the right people, with the right content. Sound familiar? Social Proof Social proof is the concept that people will change their behavior based on the behaviors of other people. Having content-rich social media pages that feature real user comments and feedback can provide the social proof a prospect may need to check out your bank further. It gives your financial institution credibility and can foster trust. Boosting posts will help you reach the right people But as beneficial as organic content can be, the reach is still small. To increase organic reach on the social networks, boosting content is essential. Major financial services companies such as Citi continue to see the benefits of organic social. In an emarketer interview with Tad Ehrbar, Senior Vice President, Global Consumer Social Media and Content for Citi, he cited reach, relevance, and partnership as the main organic social objectives. He said they are very selective when it comes to organic social campaigns. One successful campaign example he shared was Citi using video and animation to promote content associated with the Citi Concert Series on NBC s Today. Choose Your Content & Hashtags Carefully Be sure that your content is suitable for the specific platform you are using and the types of users who engage on those platforms. For example, a beautiful photo of a community event makes sense for Instagram, while an in-depth white paper is more appropriate for LinkedIn. Using hashtags can help you spread your content organically on almost every platform. Adding hashtags that are relevant to the topic, your location, and the industry can attract the attention of people who have never heard of your bank. Choose both broad and highly specific hashtags, and look for opportunities to use hashtags that relate to trending topics. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 10

11 Use Social Media For Customer Service Social media has become an essential platform for customer service management, even in the legally complex world of financial services. According to an April 2018 Conversocial report, a significant portion of internet users are using social media for customer service. A published Hootsuite survey revealed that 59% of Americans with social media accounts think that customer service through social media has made it easier to get questions answered and issues resolved. The most common platforms for customer inquiries and complaints are Facebook and Twitter. Dealing With Compliments, Complaints, & Questions While you probably welcome compliments online, you may understandably be nervous about receiving complaints. When it comes to customer feedback, you should be responding to all comments, whether they are positive or negative. Social media is meant to be interactive and conversational, in good times and bad. Suggestions If you receive a suggestion, be sure to acknowledge and thank the poster for taking the time to share their idea. A complaint handled correctly can transform into a positive Positive Comments A post that sings your bank s praises gives you an opportunity to engage with the person who posted it and amplify the positive comment. Respond as soon as possible and express your appreciation to the user. Not only will you deepen your relationship with the customer, but posts that have a high engagement are more likely to appear in the feed. Questions Questions are one of the most common customer comments. It is best to respond in public and then try to take the conversation offline. Once the question is resolved, ask the person to publicly thank your bank. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 11

12 Complaints One of the main reasons cited by some Wpromote financial services clients regarding why they were originally reluctant to engage in social media is that they were concerned about negative comments. However, Wpromote has found that a complaint that is handled correctly can actually be transformed into a positive. Promptly respond publicly to any complaints. This will show that you care about the issue and are actively trying to resolve it. Then take the conversation offline as soon as possible. Just as you would with a question comment, once the problem is resolved, ask the person to publicly thank your bank. An expression of gratitude from a previously dissatisfied customer is customer service gold. It provides social proof to prospects and other customers. Control The Conversations With A Social Media Triage Managing social media messages, comments, and mentions about your bank can seem like an overwhelming task, especially if you have a social community management team that s already strapped for time. Having a social media triage system in place can help your team make smart and timely decisions about how to deal with all types of comments. A social media triage is a thoughtful, pre-defined approach to responding to social media comments. It involves assessing every comment and deciding if it is a positive, negative, or neutral comment. This flowchart is an example of how a social media triage could work: WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 12

13 Developing Your Social Media Plan Having a social presence isn t just a nice bonus; the market truly demands it. Today, banks are using social media to not only elevate brand awareness, but also drive revenue, enhance customer loyalty, and boost profitability. Wpromote has years of experience working with financial institutions, including banks, credit unions, and asset management firms. Our digital marketing strategies help them increase customers and members, nurture existing relationships, increase deposits and loans, and of course build brand awareness. To learn more about our financial services marketing capabilities, please contact our team. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 13

14 Did You Hear? The Importance Of Online Listening We ve all heard the adage to listen before you speak. That s the basic concept behind online listening, a vital component to an effective social media marketing strategy. Online listening offers tremendous value, but many financial institutions and businesses in general do not do it. Online listening is the continual monitoring of online media to understand the conversations that are happening about your business, your products and services, your competitors, and the industry. Powerful social listening tools such as Social Studio/Radian 6 compile data about what people are talking about on: Social media Mainstream media Blogs Forums Videos Using online listening tools is like getting a sneak peek into the thoughts of your customers, prospects, and competitors. What is on their mind? How are they reacting to news and trends? What are they looking for? Online listening can give you valuable insights that can inform your: Content strategy Content distribution tactics Paid social campaigns Marketing and sales initiatives Customer service Discover The Sentiment Behind The Mention The difference between online listening data and KPI data such as engagement rate is that online listening is focused on sentiment. Just because a post has a high engagement rate does not guarantee that what is being said about a business, product, or service is good. Through online listening you ll be able to determine if the conversation is positive or negative. Find out how the public s perception of your financial institution differs from that of your market competitors. Real-Time Intelligence Allows For Fast Response Social listening also helps with community management and customer service. It provides realtime intelligence so that you can quickly respond to queries and feedback. If you find that your customers or prospects have common questions or issues, create content to support their needs. WPROMOTE.COM HOW BANKS CAN DRIVE CONVERSIONS ON SOCIAL MEDIA 14

15 READY TO BE A CHALLENGER? Wpromote s expert team of Financial Services Marketers knows how to transform your digital plan to find success sales@wpromote.com WPROMOTE.COM WHITE PAPER CONTACT US