Social Media for the Finance Sector

October 24, 2011

Social Media (in theory) is a technology for sharing information and enabling conversations between people in an easy and social manner – definitely seems like a good place for you to be for various reasons:

When we talk about modern marketing-techniques – we think Social Media (SM) – because – it helps promote your brand and products, allows you to have direct conversations and build relations with your customers. It drives traffic, and even helps in your SEO while building your online profile and reputation. Most importantly, anything on social media spreads across the community like a virus and is a cost-effective way to get quick visible results.

But, just being present on social media, will not benefit your business – interaction is vital. Sometimes it seems easier for brands like Red Bull, L’Oreal, Skittles or Coca-Cola to engage and attract a fanbase, but what about the finance industry? While financial companies need to draw and re-draw their strategies to reach out to their prospects in such a competitive market – social media may not always be on the daily agenda. This is justified as there are several restrictions for financial institutions legally and ethically.

However, using a more functional marketing approach, which will bring better results and will eventually result in a greater brand affinity, can help brands to spread the word about their products online.

First, educating consumers, as well as children is something that has not yet been focused on in the regional finance sector. While adults are not all financial advisors and would appreciate a little help to understand finance terms or products, children who are the customers of tomorrow are not considered to be part of the marketing demographic, while we believe there is a huge potential. Both from a direct and indirect marketing approach.

Another key point we believe is social personas – this is not only about creating key influences, but more about cross selling opportunities. For instance, what information are you presenting to the 24 year old businessman on your Facebook page and what products are you selling to the 35 year old housewife? And if you are a marketer of the future and you have already written off demographics all together - this part becomes even more important, because now you are dealing with real people online.

The needs of every business and sector is unique and different to each other – therefore, below is a small presentation for financial institutions with some ideas and inspiration on how to market products and brand online using what we call, a more functional marketing approach.

Written by
Alexander Rauser
Alexander Rauser


Alexander Rauser is the author of Boardroom Guide to Digital Accountability and Digital Strategy: A Guide to Digital Business Transformation, and creator of the DSX Program, a digital strategy and transformation program for Enterprises.

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