Social media and financial institutions? While it was difficult to imagine them working together, it is no longer a foreign concept. Many financial institutions are taking advantage of social media to promote their business. Here are the various ways in which they are doing so:
- Target Audience
Social Media gives you the advantage of reaching out to the target audience helping you to tailor your marketing needs to address only a part of the population.
- Building a Customer Service platform
As a customer service platform, social media can be a bit tricky and risky as well. However, if used correctly, it can help build trust among the customers which is good for the reputation of the brand.
Social media can be used for the purpose of customer service by answering customer queries and handling complaints one-on-one.
- Business expertise
Putting your institution out there on social media helps in learning a lot about what works and what doesn’t. By engaging with customers, one can understand the good and bad about their business model. Also, by understanding the kind of content that works for the audience, they can make more informed business decisions. Social media is highly beneficial for receiving feedback and tailoring the business model based on it.
- Website traffic
By sharing product information, website links etc, these institutions can increase the website traffic. Social media helps boost the traffic because many people prefer to interact over social media by clicking on links, sharing and commenting.
- Attract new customers
Banks and other institutions can attract new customers through the power of social media. Considering the fact that social media has a wide reach, it is an effective digital marketing tool.
- Building a unique identity
Social media gives you the ability to create a separate and unique identity for your bank. While almost all banks carry out the same work, each of them has their own unique goal, different target audience, different business models.