A social media marketing roadmap for bankers

Tuesday 03rd, September 2013
in Banking
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Social media marketing roadmap for banks

Bankers around the globe are wary of social media marketing. But there are ways for them to succeed. Read on to know how.

Clear definition of challenges

Ensure that you have accurately defined the business challenges that you require social media to address. Without this clarity, any effort on the medium would be misdirected.

Identification of channels

Not all target audiences use the same channels. Banks need to take cognizance of this fact and identify where there target audiences are. For instance, a bank that caters only to high net-worth individuals may not benefit from social media marketing at all. On the other hand, if the bank was targeting lower and upper middleclass sections of the society between the ages of 22 and 40, it would ideally make sense for it to seek out its audience on Facebook.

Sound strategizing

All marketing efforts require backing and guidance by solid strategies. Social networks are no different. Strategies need to be detailed and cover every aspect of social transactions thoroughly.

Right resources

Social media marketing requires time, effort, competence and patience. It is unwise to delegate social media responsibilities to existing resources and expect them to deliver results. Assign responsibilities to candidates with expertise.

Listen

Social listening is invaluable for bankers. It provides the information and insight that can be crucial to product innovation and customer service. Mastercard, one of the world’s largest financial services company, has already established an efficient social media command center to their benefit. Banks need to take cue and look into establishing similar processes in order to be aware of conversations surrounding their brands.

Monitor

Once the initiatives have been implemented, it isn’t the end of the road. The efforts need to be monitored closely through robust analytics tools. Insights need to be derived from the data gathered and those insights should ideally drive the changes to the strategy until it is optimized.

Social media marketing is not restricted only to retail brands. Knowing the nature of the industry you work in and what social networks can do will prove to be powerful information while deciding whether your bank should go social or not.

 

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