Businesses in the financial sector are firmly on board with the social media revolution.
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Social Media has been one of the most reliable assets in the marketer’s toolkit for years now, though recently it has risen to unprecedented heights, with its ability to drive results and awareness exceeding that of other marketing channels.
Now, businesses in the financial sector are firmly on board with the social media revolution, and it’s not hard to see why.
From Santander’s Ant and Dec campaign to Revolut hijacking competitor’s threads, Financial brands have embraced social media head-on and the results speak for themselves.
Originally, after the financial crash (and ensuing recession) of 2008, social media was employed almost as a trust-gaining exercise by financial businesses – looking to connect with their customers in a quicker, more personal way.
Now, however, the role of social media has adapted to be more of an active one, rather than reactive.
Personality above all else
The thing people love more than anything else about social media is the personality it imparts, whether that’s shown by people you know or a brand’s ‘personality’ – think reading a Facebook status in your Aunt’s voice, or Burger King’s tongue in cheek twitter persona.
Throughout, history, people have always bought from people, forming relationships and developing trust along the way. Now, however, we live in an age where e-commerce rules supreme and contactless payments and self-checkouts negate the need to even look at another human while shopping in person.
Fortunately for brands, the desire for human connections hasn’t diminished where business is concerned, and many companies are making the most of effective conversational growth strategies to build that connection with their audiences.
Brands like Monzo and Barclays are stellar examples of businesses in the financial sector with great conversational strategies, including community management and social listening.
They frequently engage with their audiences, responding quickly and helpfully to queries, comments and complaints. This has allowed them to address issues quickly, and progress or escalate customer problems to the necessary level easier than ever before.
Innovative campaigns are any brand’s bread and butter for social media, and this applies to financial businesses as well. What’s more, the challenge of innovating is even greater for brands in the financial sector than those in other sectors – something large in part due to the preconceived notion of banking and finance being an inherently less interesting topic.
Nevertheless, brands have continued to be creative, with fintech service Cash App reaping the benefits when, in 2018, it collaborated with rapper Travis Scott on one of the most effective influencer campaigns in recent memory.
Through its popular #CashAppFriday giveaway, Cash App and Travis Scott ran a co-promotion, where the rapper gave away $100,000 via the app to users who tweeted lyrics from his no.1 album Astroworld along with their ‘$cashtag’.
The stunt gained Cash App more than 137,000 interactions on Instagram, massively exceeding the median 1,000-1,500 for the financial sector.
Define your brand
Your brand’s image is a key aspect of all your communications, and social media is an effective way to utilise and maximise the effects of a strong brand image.
The financial sector is bursting with solid branding – Monzo’s much-debated coral cards, Revolut Metal and TSB’s iconic black horse to name a few. All of these can be implemented across these brands’ social media strategies and are done so with great effect.
From Monzo sparking the “Orange vs Pink” argument on social media to American Express Instagramming its cards in various picturesque locations around the world.
Weaving your brand into your social media strategy gives consumers an instant way to recognise you, builds familiarity and develops trust.