#BankSocial writes and interacts within the online community to discuss the challenges and concerns bankers have, when faced with new marketing strategies in social media.
Currently, both bank and credit union marketers alike face many social media challenges, so we wanted to tackle what we believe are the four biggest hurdles faced when executing a content strategy.
Creating Engaging Content
Engaging content is everywhere. Every post a bank creates is competing with articles posted by Huffington Post, or a status update from someones’ grandma. Along with that, if customers are going to share something, it needs to be engaging.
Currently, research shows that banks are having difficulty accomplishing this. The Financial Brand has reported that 87% of consumers find banks use of social media to be boring, annoying, or unhelpful.
In order to understand what is engaging to your customers you need to know what interests them. Once you know what they are talking about and interacting with, you can team up with your own experts to provide content that is useful and engaging.
Or think about it this way. Would you rather interact with a bank that uses Twitter as a platform to blast out information about products and services? Or would you like to Follow a bank that makes you laugh, addresses your concerns, and writes content that actually helps you with everyday problems you face?
Producing Enough Content
All too often we hear, “I try to post to Facebook once a week, but that’s all I can manage.” Trust us, we get it. Pumping out content is an extremely time consuming task, but in order to have a successful content strategy, tons of content needs to be created each and every day.
Think about it this way. Twitter’s viewership is based off of who you are following and is logged in chronological order. Because of this, Moz has reported that the average shelf life of a Tweet is 18 minutes. This means that if you post to Twitter, it’s effectiveness is heightened for those 18 minutes. After that point, it gets chewed up by every post that has come since then.
On Facebook, organic reach has dropped. Only around 6% of your audience sees your post. If you post once a week, you are helping it only get 6% exposure. However, if you post multiple times a day, you will have a greater chance of reaching more of your audience throughout the day. Research today also shows that a post expires within 4-5 hours of release. So if your bank only posts once a week, you’re only utilizing 4-5 hours out of an entire week that can be used for posting.
In order to tackle this problem, we suggest you dedicate more time to social media and content marketing. It helps to establish an editorial calendar as well. This makes sure that all content can be schedule ahead of time, and you can plan ahead. If you still don’t have the time to dedicate to pumping out content, reach out to an outside agency who can do this.
Budgets Are Tight
Money doesn’t grow on trees, and as small community banks budgets are already tight. The idea of adding money to social media and content marketing when their effectiveness is difficult to analyze, is daunting for many executives.
But in order to create large amounts of content, and to execute a strategy effectively, budgets need to increase.
We suggest that before you go ahead and drop tons of money into creating an additional social media budget, use what you have. Investigate into paid advertising and traditional forms of marketing. Are they effective, or are they out of date? If they aren’t up to snub, drop them and reallocate that money to something that is working. Also, use internal resources. Your community bank is full of networks to tap into and create engaging content, use them.
Content Has Become Repetitive
Have you ever seen a Twitter account that only pumps out information that is self-serving. After awhile, you don’t even bother reading the post because you know exactly what it is going to say, and you aren’t interested.
There are so many different types of content out there to make things interesting. For example, the fitness company Flywheel Sports has a blog. But not every post is the same. Some days they post success stories. Other days they post playlist inspiration. Additionally they post accomplishments from their instructors, as well as healthy eating options. The blog always seems fresh, because they provide all sorts of content.
Pull inspiration from all different sources. Your bank has a network of customers, listen to them so you can find out what different subjects interest them. In addition, use different platforms to promote different types of content. You might, add a picture to Instagram, post a video to YouTube, or write an article on a blog. Keep it entertaining, and keep people on their toes. Nobody likes seeing the same thing over and over again.
As you can see, these challenges are very real to banks and financial institutions. However, they can be overcome. We guarantee that once they are overcome, banks will see more interaction, and success with their marketing campaigns.