Have you set up your bank’s social media? Do you watch it like a hawk but still see little interaction? Do you see no added value to using it? While this may be happening, it’s wrong to assume that social media cannot affect your banks return on investment. Why? Because to get people to interact with your social media pages, you need to make them fall in love. That takes time. Falling in love with someone takes time. But when it happens, it happens quickly. The lesson here? Your bank may not see the results at first.
Most content marketers miss this key point. They quit too early. And their content and social media strategies are ineffective. Don’t be one of those marketers. Although, it does take time for banks to see ROI, it does happen. If you create and distribute consistent content, you will, with time, begin to see the positive effect social media content has on ROI.
These Are Ways It Will Affect Your Bank’s Bottom Line.
- Seventy-eight percent of small businesses attract new customers through social media. This means that your bank could increase its customer base due to the content provided on social media channels.
- Nurtured leads produce, on average, a 20% increase in sales opportunities versus non-nurtured leads. However, this requires banks to establish relationships with individuals rather than just paying for advertising space.
Increased Return On Investment
- Content Marketing produces 3 times more leads per dollar. Also inbound marketing, or the idea of aligning content to consumer interests to convert them into customers, cost 62% less per lead than traditional outbound marketing. If it costs less per lead—and produces more leads-then inbound marketing is working in the bank’s favor to increase your ROI.
But analyzing your ROI as soon as you create a post, or before you create any content at all, is worthless. Once the relationships have been established, the networks created, and the bank becomes looked at as a trustworthy source of information, then the results will begin to show.
An example further explains this. Say you just took out a traditional banner ad. The average banner ad has a click-through-rate of 0.1%. That means if your bank creates an ad and it reaches 1,000,000 people, only 1000 viewers will click through to your website. But if you create a network on social media, nurture those leads, and then release an advertisement through social media, your response rate would increase by 20%.
Social media might initially seem to hold little value. But it eventually leads to a nurtured customer who will use your services over others. The reason is simple. They return because of the content and resources you have provided them in the past. So whether you’re debating about setting up a social media strategy or have created one but haven’t seen results yet, hold your horses. First figure out what content your viewers want to interact with. Then your network will grow and, in turn, so will your ROI.