Banks and Credit Unions – Why Your Social Media Marketing is Not Working
It’s understandable and frustrating that due to compliance issues banks and financial institutions have been late to the social media party. However, here are some opportunities to look back and into the future about how these challenges can be corrected before you start throwing everything against the wall.
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Your Social Media Policy Needs Reworking
Since you are in such a pivotal security industry, you need a rock solid social media policy that dictates what content you can publish, what to do in case of a breach or customer complaint and how your employees should be using social media. The policy needs to be constantly updated with the latest regulatory compliance, as explained by Hootsuite. If your social media policy meets these criteria, then you need to ensure your employees are trained on and follow the policy to a tee.
Your Social Media Objectives Don’t Match Your Business Objectives
When you sit down to write out what you want to gain from social media, are you just writing down random things you would like to accomplish? Or are you connecting it to your business objectives?
Social media is a cog in your overall business strategy. It should match your bank or credit union’s business objectives with slight tweaking to optimize for social media. Financial Brand has some great recommendations on how to specifically make your social strategy fit in with your business objectives.
You Aren’t Improving Your Social Media Strategy
So you have your social strategy written out, both objectively and tactically as recommended in this article from Financial Brand. It doesn’t mean your strategy is set in stone for all time. You need to experiment with what tactics and content works and what doesn’t. If certain actions aren’t meeting your business objectives, it is time to reevaluate your strategy.
You Aren’t Responding Fast Enough or At All
Many banks and credit unions make the move to social to build a larger community. Part of a community is communication, which is why social media is such a great place to have real interactions with your customers.
Here is the problem – banks and credit unions are busy places. Often social accounts are set up and only looked at once or twice a week. If your customers are trying to talk to you on social, they expect an answer quickly. The longer you take, the more the customer feels like their inquiries are not worth your time and you lose your community. Lending Club has a great post that delves in detail the content and responses you need to keep a community engaged.
No One Knows About Your Social Presence
You may be on social media, but do your customers know it? There are many ways you can build awareness about your social presence. At a basic level, you can add social buttons for every platform on your website. You can also add stickers to your bank’s front door or signs at the teller windows asking customers to follow you on social. You should also cross promote on each channel so those who follow you on Facebook can also find you on Twitter or Google+.
You Aren’t Learning From Others
One of the best things about social is you can see what your competitors and the industry is doing and learn from it. Seeing how others in your industry are using social successfully can help you refine your strategy. To get you started, here is a list from ICBA of community bank leaders on social.
While it isn’t wise to cannonball in without any strategy, you can adjust what you are doing on social to see more success.
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