Wells Fargo: 551,397 likes
Denver Broncos: 1,549,252 likes
It’s hard to deny that the famous sports team is the more obvious choice on Facebook. There is no downside to “liking” the Denver Broncos sports page –at the very least you’ll learn insider information about that new player. Certain industries, like sports or food and beverage, roll into social media with ease; the core of their business is never a concern. Yet those in the financial industry have questioned how relevant goals and business objectives align with social networking.
We want to prove to any doubters in the financial industry that social media is just as relevant for them as anyone else. You can’t afford to pass on digital marketing in this age – and social is an integral part of that. In fact, social media makes up 27% of all time spent online (a number that increased by nearly 10% within just one year).
The first step in establishing a social presence is defining your strategy. This hinges on your objectives and audience – who are you trying to reach and how? Those in the financial industry have various options when it comes to the “how” – deciding whether to engage users by way of promotion, education or simply entertainment. Most likely, it will be a combination of several tactics.
Once you’ve determined your social goals and voice, you can begin focusing on growth and engagement. We explain three of the top benefits of a thorough social media marketing strategy and implementation plan below:
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- SEO. One of the top benefits of social media marketing is actually SEO. Search engines index social information, such as mentions and links, which in turn increases ranking. So even if you are hesitant on some of the trendier niche social networks, those like Facebook, Twitter and Google+ are necessary and can be greatly beneficial in contributing to SEO efforts.
- Big Data. This is a language those in the financial industry speak exceptionally well. Social networks provide a wealth of data for you to better understand your audience and therefore obtain more accurate customer information. Facebook’s Graph Search gives even more of a reason – the targeting feature is incredible and aids in increasing click-throughs.
- Connections. We all know networking is important, and the ever expanding digital sphere has made it as much of a necessity online. Any and all businesses benefit from word-of-mouth, and social media presents an alternative for that, with a more expansive reach. The Financial Brand says it best: “Facebook referrals are gold.”
Social media is vital for every business, and those in the financial industry are no exception. It’s all about reaching consumers in the most connected way – and today that means the Internet. If correctly optimized, social media marketing can increase traffic, sales, reputation and customer acquisition.