Social media has become all the more prevalent in our increasingly digital age. In recent months, more people than ever have been flocking toward various digital channels for many different reasons, from checking in on loved ones to sharing DIY projects. For financial institutions, using these channels of communication in a way that will best reach your target audience with the right messaging is incredibly important, especially as we are still dealing with coronavirus.
Banks and credit unions have been implementing digital channels in their marketing and overall services since well before the pandemic began. Now, digital channels have skyrocketed in importance. Financial marketers have had to refocus their efforts accordingly, as well as their budgets.
34% of financial institutions don’t do anything to measure their social media impact!
With this increased focus on digital marketing and social media, financial marketers can’t allow the content they are putting out to be wooden and unfeeling. According to a CMO Survey from the Financial Brand, 84% of marketers believe that consumers place more value on digital experiences than before the pandemic. This means that the experience they create for those consumers needs to be worth engaging with, and if it is not, those consumers won’t stick around.
One more thing to keep in mind to make sure that your credit union’s social media marketing is successful is to track key performance indicators. Unfortunately, 34% of financial institutions don’t do anything to measure their social media impact, according to an ABA survey from the Financial Brand. Tracking the proper metrics will help your credit union see whether your efforts are having an impact on consumers and if those same consumers are applying for loans. The Loan Lead Generator helps drive loans through social media, even when your staff is home in bed. Check it out here!
Just being popular isn’t enough; the content being distributed must be presented in such a way that a consumer will think about your financial institution long after seeing it and perhaps consider using your services.
The most important things for financial marketers to remember going forward is that tomorrow will very likely not look the same as today. Members’ needs are sure to shift, whether due to the coronavirus pandemic, social unrest or the next big thing. Listening to the needs of consumers is critical, and growing members and loans through social media marketing and services that are simple and easy to use will be key for financial institutions to maintain relevancy into the future.