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The 6 Biggest Mistakes Financial Services Marketers Are Making on Social Media

If you’re a marketer in the financial services industry, one of the best things you can do to connect with your audience is to amp up your social media presence. By engaging with your customers on social platforms, you’ll be able to solve a lot of challenges, like making your content relatable and easy to understand, as well as building trust with your customers.

But being a bank or wealth management company on social doesn’t always feel completely natural. It might seem a little boring or strange putting your finserv brand up against TikTok dances or baby videos, but there are plenty of ways to ensure that your strategy is successful.

Here are some of the common mistakes we’ve seen financial services marketers make with their social media. Are you guilty of any of these?

Mistake #1: You aren’t providing actual help

The first thing social media marketers should do before anything else is figure out their company’s target audiences. Once you know who you are trying to reach, then you can start to develop the content that’s best for them.

Publishing content that is truly valuable rather than constantly advertising your services is how you can gain traction and build trust. Sometimes to gain a customer you need to inform them and give them content you know will benefit them but might not offer an immediate reward for your business. Answer questions on social media and use your platforms to educate your audience. This builds trust and shows that you’re a knowledgeable, approachable brand. Consumers will follow you on social media if they know there’s something in it for them, so make sure you’re making their time worthwhile by engaging them with your posts.

[Read More: 3 Ways Financial Marketers Create Value with Content]

Mistake #2: You’re being too stuffy

When you’re drafting a post, it’s easy to forget that you’re talking to real people rather than just posting something to the internet. Think about your audience before posting and have fun with the content you’re putting out. Just because you’re talking finance doesn’t mean you can’t make your content engaging, light-hearted and fun.

Before posting, consider what you’d be interested in reading. Would the blog, social post, infographic, etc. be something that you’d spend some time reading or looking at? If not, reconsider your audience and your brand’s voice. How can you engage with your audience? Social media can be a place to have more fun with your brand and not be so stuffy. Take some risks!

Mistake #3: You aren’t expanding your audience

Chances are you’re focused on your current customer base and aren’t thinking beyond them on how to reach new business. You can use your social platforms to reach younger generations and educate them on your services.

It might seem scary, or like something that doesn’t fit with your brand, but experiment with platforms like TikTok that cater to a younger audience. Making short videos can help your brand come off as more approachable and interesting. Brands are having lots of success on TikTok — the Washington Post has reached a whole new audience by creating a TikTok account and sharing content there.

Your target audience will shift to Gen Z in the near future, so you can’t ignore them forever. Finding ways to meet them on channels that they’re spending their time on is important and will help you gain brand awareness and potentially a new customer base. TikTok is the fastest growing social platform, and its reach extends to older generations, too. Do yourself a favor by engaging on TikTok — you don’t have to learn the dances, but there are definitely trends that any brand can participate in.

If TikTok is too intimidating, you can work with an influencer on how to get involved or buy ads on TikTok — more on that below.

Mistake #4: You are ignoring paid media

Organic traffic is great, but to create a holistic social media plan, you need to consider integrating paid media into your social channels. Organic content is important for establishing your brand’s voice, creating relationships with your followers and posting company updates. But to reach a broader audience, paid media can be a great tool.

According to Brandpoint’s State of Content Marketing for Financial Services 2021 Research Report, 61% of surveyed marketers expect to increase spend on social media marketing. Paid media allows you to boost your organic content or create advertisements on social media platforms, enabling you to target potential customers who would likely be interested in your brand. Paid media can be a large revenue driver when executed properly. And while paid media doesn’t have to be a huge part of your social media strategy, trying it out and incorporating it over time can bring great results.

Consumers are using social media now more than ever before for e-commerce, so tapping into paid media can bring a big boost for your brand. You can also reach other businesses on social media. According to Hootsuite, paid media can bring in new leads, raise brand awareness and attract new followers, drive conversions and promote new products or deals. It’s a great way to get your content seen by an audience that you likely wouldn’t reach organically.

[Read More: Paid Media for Beginners]

Mistake #5: You’re avoiding different format types

A great way to differentiate your brand and gain more traction on social media is to use a variety of content types. Social media is a great place to be creative, so don’t get complacent with the content you’re posting. According to Brandpoint’s State of Content Marketing for Financial Services 2021 Research Report, 97% of survey participants said they believe their marketing strategies are only somewhat effective. Using new content types will help you be a much more effective marketer.

Articles, videos, infographics, listicles, graphics and slideshow posts are all great ways to engage your audience with unique content. Creating these types of content may seem daunting, but it’s not as scary as it sounds. You can repurpose old content, like a blog post, into an infographic by breaking down a few key parts of the post and making it a more visual piece. There are many easy design platforms that allow you to create something great.

Another way to implement useful content is by creating case studies. Case studies are awesome because they show off great work you’ve already done so that your audience can understand your process and see the results. You can format case studies in a variety of ways, from anchoring them on a landing page on your website to creating blog posts and infographics.

Don’t shy away from using unique content — it shows you’re an interesting, thoughtful organization that’s willing to go the extra mile.

Mistake #6: You’re not getting your staff involved

A major part of expanding your reach and gaining more credibility on social media is getting your staff involved. Social advocacy for your brand can come from many areas, but arguably the easiest way to get public support from your brand is to get your own employees to post and share about your company.

Consumers usually trust content that comes from a personal account on social media more than they trust content coming straight from a brand. According to the Nielsen Consumer Trust Index, 92% of consumers trust user-generated content (UGC) over other forms of advertising. Having posts about your company come from your employees speaks volumes about your brand.

Encourage your employees to get active on their social accounts. Provide them content they can share, engage with their posts and share any brand-positive posts to your company’s social accounts. This is a simple way to grow your credibility and strengthen your brand.

[Read More: What is Social Advocacy?]

You can also get senior leaders in your company involved in your brand’s social media. Using them to write thought leadership pieces that they can post not only gets your brand user-generated content but also positions your company as a thought leader in the industry. Writing bylined articles or creating explainer videos are great ways to engage your audience in an informative, interesting way.

So, How Do You Get Started Amping Up Your Social Platforms?

Brandpoint is a full-service content marketing agency, and we can help you transform your social media strategy today. We have the tools to help you elevate your brand and increase your social media’s reach to new audiences.

We would love to hear more about your brand’s needs — reach out today for more information on Brandpoint’s solutions.

Check out our State of Marketing for Financial Services 2021 Research Report for more information.

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