What does “success” on social media look like for your financial services organization? Oftentimes, we look at metrics such as followers, likes, comments and shares, but do those engagement numbers drive business results?
Instead, let’s start with a top-down approach to how your company can use social media to achieve meaningful outcomes. Here are two real-life and proven examples you can use today.
First, though, the methodology: I believe tactics should be derived from quality strategies, and that those strategies result from defined objectives. Each example, then, will state the objective first, and the strategy and tactics will follow.
Objective #1 – Core Asset Growth
Strategy: Here’s the easiest way to make your clients more “sticky.” Customers using your mobile phone app rely on the app for account balances, investment research and simple analytics. In our company’s research, those customers who both download and use your app more frequently have higher balances, more product and longer relationships.
Tactic: Drive more customers to download your app through Facebook. How? Install the Facebook Pixel code on your website to track visitors using your online account portal. Show a Facebook advertisement to those visitors prompting them to download the app. This ad should be a video showcasing the benefits of the app along with some how-to instructions about common functions. Those shown the ad can simply press the “install app” button, and your marketing team can track the cost-per-click metric.
Objective #2 – Attract More Profitable Business Customers
Strategy: Build the personal brand of your business professionals through highly targeted advertising on LinkedIn.
Tactic: Poll those at your company tasked with business development (i.e., sales) with this question: “Wave a magic wand. Who would you like to have as a customer?” Make a list of ideal customers (at least 20) for each individual and build a custom audience on LinkedIn Campaign Manager comprised of these prospects. Create a brief piece of content about this person – videos are ideal – showcasing her interests, what she does for her clients, and her involvement in the community. Show this video to the custom audience on LinkedIn and include a link to that employee’s bio page on your website. Install the LinkedIn Insight Tag code (similar to Facebook Pixel technology) on your website and show additional pieces of content about that person to those who have visited her bio page.
This tactic has a two-pronged benefit:
- Your employee will move from “I have no idea who you are” to “I’ve heard of you before” in the minds of her prospects. These brand-building efforts have worked for decades in traditional media (e.g., print) and can be further refined and amplified through social media. Instead of a print ad meant to be seen by an entire magazine’s readership, you can spend money targeting only her ideal customers.
- Your employee will have a reduction in “call reluctance.” What’s call reluctance? Anyone responsible for business development will experience apprehension when it comes to phone calls, emails or in-person meetings. This stems from an underlying fear of rejection and is the result of myriad factors. When you’re not picking up the phone or sending emails, and you’re not doing meetings, you can’t be told “no.” Help instill confidence in your staff by showing them you’re advertising their personal brand to the prospects they’re targeting. Social media is the greatest means ever invented to do exactly that.
Effective social media isn’t just posting your company’s latest updates to Facebook three times a week. You and your team can achieve your business objectives through by strategies and tactics using these powerful and personalized tools. Will you start using social media to differentiate yourself and drive results?
Spencer X Smith and his company AmpliPhi (based in Madison, WI) work with financial institutions to achieve their business objectives through digital and social media. He is an instructor at the University of Wisconsin and Rutgers University, and speaks at conferences throughout the country. Spencer can be reached at spencerXsmith.com.