Without any doubts the financial crisis have made an extensive shift in every industry and in every country around the world. Even though the financial sector is recovering, the shift and the time have made its deal. “The financial sector in general, and banks in particular, will never be the same” (Angel Berges).

It is interesting to observe the tendency how online marketing and advertising in financial sector often disregarded. And not by those institutions itself but by online marketers and businesses who are learning how to advertise. In fact, financial institutions can be the great source of inspiration. While many of you might find them boring, that doesn’t mean that you shouldn’t consider adopting their social media approach for your Facebook Page.

The last decade was challenging for everyone and for financial institutions in particular. However, they have not only survived (in their majority) but also kept up with modern tendencies towards online presence and social dialogue.

Online Presence

You won’t probably find any respectable financial institution (especially banks), who doesn’t have their own website. Obviously it was determined by the general trend of “going digital”.  Because sometimes we take things for granted, we do not notice that some things could be actually different. And of course I’m talking here about financial industry.

Such institutions have not only followed the trend, but they also have changed the industry, the way it operates and manages processes. For example, the possibility of online and mobile payments. It became quite usual thing for us, however, think about this: banks and other financial institutions are constantly innovating their services, transforming more in some “virtual entity”.

What I want to say is that being online nowadays is vital for most of the businesses. While some might still fight with this, others have already realized that it is a modern way of life and it should be accepted, followed and developed.

Follow the latest developments in your industry and in digital world. Try to keep up with it and look a bit further. Maybe it will be you who innovate the rules of your industry.

Social Dialogue

Being connected with clients was always an important part for banks, insurance companies and other financial institutions. Social revolution have transformed the way many businesses communicate with their clients. It became very important to hold a social dialogue, which quiet easy to do in terms of online social media boom.

Due to the fact that Facebook is the largest socializing platform, with the most advanced targeting opportunities, it makes sense that many financial institutions have active positions on that platform. They know, which topics might be the most interesting for their audience and how to make creative ads, which most probably will engage everyone.

For example, there was a great campaign of Barclaycard for NFL football fans (see the details on Facebook page ). That is a good example of how to make most of your targeting options. They had idea, made the product customized and advertised it for specific audience.

RBC bank connect with their fans via asking questions on their Facebook Page. Such posts will not only engage your fans, but also it will help you to understand better who your clients are and what do they want. It can be rather difficult to keep up with customers’ preferences; hence it makes sense to ask them directly and to improve your services accordingly.

It is important to communicate with your fans. In case they want to know more about your brand and products or services you offer, most probably they will go on your website for that information. This means that your Facebook Page should provide more engaging content and asking questions is one of the most effective ways of creating effective dialogue between you and your fans.

Creating connections

When supporting a dialogue with your fans is important, it is even more crucial to transform those dialogues into long-term relationships. The benefit of social approach on Facebook makes it easier to create strong relationships, which would be beneficial for both sides. The business benefits include contribution for the brand loyalty and increased awareness of your business.

The process of creating connections nowadays involves a lot of personalized content. It was noted that users tend to interact more if they can relate themselves to the post. The important thing here is that it shouldn’t necessarily be the post about your brand. It should be related to the extend that user can remember where have they seen it.

The reason for that is that personalized content raises customer trust and “friendship feeling” even without them noticing it.  So, when you are being personal, they perceive you as a friend, who gives them some valuable information. In its turn, this creates better connection with them and in many cases with people, related to your fans (via likes and shares).

With all been said, financial institutions have taken a great direction in marketing on social media. When marketers are talking about “the right” ways of advertising on Facebook, in most cases they provide with the ideas, which financial institutions have been practicing for a while already. To sum up that in short, all you need is to get an idea of who your customers are (can be make by posting questions), targeting specifically for such people and trying to personalize you Business Page to increase customers trust and loyalty.

 

Think about ways of your brand suggesting your products or services creatively and try to target your Facebook ad campaign specifically for them. Share with us your success stories and get the opportunity to get published in our next Case Studies!