The financial industry has seen an influx of influencers providing education, tips and partnerships with brands to share their money-managing advice with their audience. More than ever, users are looking for entertainment, but also personable advice from people they trust, making a robust digital presence imperative for the financial industry.
In this blog, we explain:
Financial services marketing is the act of promoting and selling financial services and products to consumers. This can be as basic as promoting new accounts with a bank or financial institution to promoting specific products like mortgages or loans.
Other financial services that organizations will promote include investment platforms, loans and more. Typical goals of financial services marketing include lead generation, conversions and product or brand awareness.
Outlined below are several tips and strategies aimed at fostering higher engagement levels and cultivating a thriving audience or community.
Influencers and creators are an even more prominent part of the financial industry.
An example of the rising trend in the world of financial influencers can be on ‘FinTok’ — a term used to describe the side of TikTok where creators and influencers primarily focus on finance-related advice content. Financial institutions risk missing out if they don’t incorporate influencers, creators and UGC into their social media marketing strategy.
AI technology is taking over social media — and luckily, there are so many ways to leverage AI technology for marketers. Whether it’s prediction software like Vision AI that forecasts how well your content could perform, tools that generate AI captions and copy, or AI technology that pulls in data and insights.
While setting KPIs and monitoring analytics isn’t the most glamorous part of marketing, it’s an essential part of an airtight social media strategy. However, some aspects of measuring performance are a little more exciting — namely, discovering what users say about your brand, product and what people say about your competitors.
Most financial purchases are not impulse purchases — this means developing an airtight, strong social commerce strategy is important for the financial industry. Brands will benefit from a link-in-bio solution like LikeShop to encourage site traffic and make the checkout experience for users as easy as possible.
Social Media SEO is extremely important for the finance industry. Google considers most products and services in this industry to be classified under their ‘Your Money Your Life (YMYL)’ distinction. This means that these webpages could impact an individual's happiness, health, financial stability or safety.
This means any brand promoting services like long-term financial planning or investing should familiarize themselves with Google’s standards around expertise, experience, authoritativeness and trustworthiness (EEAT). While SEO is typically understood as optimizing webpages for search, social media results can often surface on Google — plus, more users than ever are searching directly on social media for information, including financial purchases. Ensure you understand what content Google deems reliable and helpful before implementing best practices for social media SEO. This will help boost your discoverability on social platforms and on Google.
Financial advisors use social media in a number of different ways. While it’s always important to seek out your own financial advice, social media has democratized financial advice and information.
If you think the banking or financial industry is stuffy, prepare to have your preconception changed. The following innovative brands are here to prove infusing fun and vibrant social media trends into brand identity can be applied to any industry.
Taylor Price is a financial influencer doling out advice on her TikTok channel, @pricelesstay — she gives advice and tips in an enthusiastic, approachable way that incorporates trending TikTok sounds. She identifies as a financial activist, and shares her tips to stretch your money, save more and invest. She invites users to sign up for her newsletter, enroll in her ‘Money Matters’ class, and learn more about her ‘Money Tree Method’ which claims to help users build their wealth.
Citi Bank is a big banking institution, with a surprisingly fun social media presence. They use popular Instagram Reels songs, trends and more to promote their brand and educate users, like the following example that offers quick tips to avoid falling victim to fraud.
Meet Cleo is an AI-powered app that aims to be ‘your AI companion for financial well-being.’ Their social strategy employs popular trends and memes that encourage Instagram engagement, but also has a great amount of content that aims to educate users on tips to save money, freebies and how they can use Cleo to strengthen their finances.
By 2024, the digital assets market is expected to grow by 33.6%, and users in the digital payments market are expected to grow to 5.48 billion by 2027. Financial brands risk losing out potential clients and customers without a strong social selling strategy — building brand awareness is important, but users also want easy, streamlined ways to learn more and purchase financial products.
Dash Hudson strengthens and streamlines your social selling strategy — the Community Manager lets you connect with your audience in real-time, by replying to messages, comments, Story mentions and more from one convenient spot. Campaigns offers multi-channel reporting so you can measure the success of your campaigns across all platforms, and Influencer Relationship Measurement lets you track the ROI, earned media value and overall performance of your influencer marketing efforts.
When it comes to a social media marketing budget, there’s a big range of how much money is spent on marketing. Typically, it’s recommended to spend between 1-5% of your revenue on marketing — this can include web design, ads and promotions, social software and more. It’s important to define which paid social resources will help you achieve your goals when you plan your social media strategy
Some of the most popular creators to follow on financial TikTok — also known as ‘FinTok’ — specialize in budgeting, investing and overall financial planning advice. These creators include: