When it comes to finance online marketing, a small number of brands, such as TransferWise and Money Supermarket , prove that, when done right, social media can take a leading role in increasing market share in the financial sector. It's not an easy task to do, and many financial brands get it wrong. The following are examples that we can use for inspiration and guidance on what works in the financial sector.
Inbound marketing is the process of advertising your financial services firm through published content in order to turn strangers into friends, and friends into promoters of your firm. Here are three inbound marketing tools that, if used consistently, can set you apart from the rest of the pack.
Let’s not call the financial services industry reluctant to employ content marketing schemes – let’s call them cautious. Content marketing’s dynamics, and the regulations and channels it exists within are constantly changing. The latter condition, in particular, means that certain companies are frightened to publish certain pieces.
It’s a month of predictions! In this installment, I will be looking into my crystal ball and focusing on the financial services industry: this would be banks, credit unions, financial planners, insurance and more. I like to think things will look up for their customers in 2014.
A year or so ago, as Pinterest started to garner media attention and a mass audience, a host of agencies and consultants that focus on the financial services industry launched a wave of blog posts and presentation decks to champion the power of this new image-sharing platform for banks, insurance firms, credit card companies and credit unions. A year or so later, those optimistic predictions have been largely unrealized. While Pinterest is proving successful for retail, home goods, media, style and other categories, it is not proving to be the "next big thing" for financial services.
Here are some of the reasons why I think it's the ultimate opportunity to prove the potential impact that social media can have in managing reputation and tipping the scale in the all-important "court of public opinion." Executing a digital strategy for Goldman Sachs that would change the sentiment of both the public and Wall Street would be the validation that social media, and especially social media in the financial services sector, really works. It's the ultimate use case.
Social media use in regulated industries such as Financial Services and Healthcare is beginning to take hold. The benefits are clear - market your products, communicate with customers and get a pulse on your brand image - but it's important to adopt such technologies while adhering industry regulations.
Social Media and Financial Services are getting to know each other pretty well. There are some obvious opportunities to be grabbed. For decades B2C verticals such as banking and insurance brands have littered doormats and TV screens with broadcast style messaging. Yet even the most inventive direct marketing only provided one way response mechanisms as a token form of interaction.
Who within a big organisation should a brand trust to keep the keys to the hallowed Twitter room? Is it the Marketing team, PR, Customer Service, Sales or someone else? And what rules should there be to ensure that brand values aren’t compromised? What safeguards are in place to monitor individual tweets just in case the keeper of the corporate Twitter account runs amok amongst the Twitterverse? Philip Calvert is a professional speaker on Social Media and the Founder of IFA Life