We’re willing to bet that when many of you watched the #TDThanksYou campaign on YouTube, you thought to yourselves if only your FI had a big budget like that, you’d be able to accomplish great things, right?
Unfortunately, money doesn’t grow on trees. And while sending people to Trinidad is nice, it’s not necessarily something banks with small budgets can do to get noticed. There are however, some universal social media tricks that can be used by bank marketers to receive maximum exposure while still adhering to tight budgets.
Get A Celebrity Endorsement
We aren’t talking Michael Jordan. Although that might be nice. There are many smaller hometown/homegrown celebrities that a bank could work with. Simply showing affiliation with a celebrity will help market your bank dramatically.
In today’s society consumers want to feel that the endorsement is genuine. So paying “x-amount” to a celebrity to read from a script isn’t going to work. Instead, look for ways celebrities can work with you to elevate your brand.
A bank that did this well is Fifth Third Bank. While promoting a Twitter campaign to raise money for Stand Up To Cancer, they were able to get a Tweet endorsement from Patrick Dempsey. This partnership with McDreamy dramatically increased their donations and that can be attributed to his large Twitter following.
Go To Your Target Don’t Ask Them To Come To You
If you specialize in small business loans, go hang out online in the places small businesses spend time. If there are LinkedIn groups dedicated to financial advice for small business owners, join them. Monitor those talking about small businesses using social media monitoring tools and then participate in the conversation.
Don’t sit around waiting for people to walk through your bank’s doors. They aren’t going to. Social media provides a large opportunity to network with a very specific target audience for little cost. Instead of paying high rates to attend events, engage in online conversation. It’s happening whether your bank is there or not.
Become An Expert
Ask yourself what your bank is an expert in. That’s what you should be talking about online. However, financial services can be dry and boring to many consumers. For that reason, the content produced by bank marketers need to be informative as well as entertaining.
While your financial institution may be the expert, if they aren’t creating content in a way that the consumer can and WANT to digest, they aren’t going to see you as one. Instead, you become simply a product that can be replaced by any other institution.
Creating a blog and using social media as distribution channels for your content elevates the bank brand and ensures that people see your content. The more followers you attract, the higher a bank will be regarded.
Consumers want to go to experts, especially when making financial decisions.
So while trips to Trinidad and giving out hundreds of thousands of dollars to customers certainly grabs people’s attention, it isn’t always feasible. However, if a bank uses these universal social media tools they can certainly make an impact without blowing their budgets.