No industry escapes Social Media. However niche the industry is, a business needs to have a presence on social media. A financial firm also has its own benefits when it has its presence on Social Media. The challenge with finance firms here is that they offer the same products, only the kind of service that they offer is different. So how does a finance firm make its presence felt on social media?
A recent study says that financial advisory firms are becoming popular on LinkedIn. This is particularly due to its professional context and growing audience of valuable financially-aware customers. Financial services are also growing overtly popular on Twitter. A new report examining the most effective social media practices by 90 financial service firms has found that Twitter continues to be one of the leading way companies interact with consumers, with a whopping 92% of brands tracked maintaining a Twitter presence. (Forbes Magazine)
The regulation on financial firms is heavy, but we see these firms using creative ways to reach their target audience. One thing that every financial firm must be cautious with is customer care. Brands that have been prompt at resolving customer queries seem to be getting a higher leverage compared to the others. Social media can be a great way for financial organisations to gather insight, listening to what people are saying about them. While it’s good for a brand to listen to what its customers are saying about its products and services, great impact comes when that organisation makes changes based on the feedback it’s being receiving. That’s when customers know that the brand cares about what they have to say.
Social media is a great way of reaching out to the younger audience and imparting financial knowledge. A great social media campaign was run by American Express. Here the members could redeem their account reward points for Facebook credits. Such campaigns are remembered by the audience and thus a brand can create a foot hold in social media.
A recent article in the Economic Times suggests that a number of brokerage firms are going all out on social platforms to connect with their audiences. A dozen BSE brokers plan to launch apps that allow clients to trade in stocks through their Facebook accounts.
For the past few months I have been doing social media for a financial firm. For them branding is an important aspect, they look to connect with the audience by coming across as thought leaders. Their Twitter activity includes budget discussions and other finance related discussions. These discussions have worked really well for them and help gain a lot of followers. You have to understand that today Social media plays a very big role in creating a brand image for a firm. Every financial firm that exists on social media platform will have to look at different ways to innovate, because in the end they offer the same products but what sets them apart is the way they treat people – both on social media and offline.