Social media marketing is not for everyone—fintech companies will be the first to tell you this. Fintech organizations have not been the most successful on social media. For good reason too: It isn’t easy to adapt FinTech content for social media audiences.
That said, given the importance of many platforms today, it remains difficult to stay off social media. This means that you have to find ways to discuss what we do on social media that work both for you and for your audience.
Once you decide to use social media, the next hurdle is deciding on the platforms to target. Should you use Instagram? How’s Facebook working for other fintech companies? These and many others are common questions that pop up when we discuss fintech and social media, and it’s hard to find answers that work for everyone equally.
In general, social media marketing takes time and consistent effort. It’s a long game—you need to persist with it for some time to see results, and it could be a while. You also have to try a variety of things before you land on the right approach. So it’s important to remember that it is sometimes okay to say that social media is not for you, and focus on the channels that are working for you. But, before you make the decision, let us tell you some strategies can help you get the best out of social media. First, though, let us also understand why social media is important even for fintech organizations.
Why Should You Be On Social Media?
Simply put, social media channels are becoming the single source of information for a lot of people. We all love one social media platform or another and spend at least a few minutes scrolling through it every few hours. But there are more reasons—here are the top 2.
Evolving Formats and Audience
Social media is always evolving in terms of formats and audience. There is a social media platform that works for every one of us, depending on which content format you prefer. Video, audio, images, text—there are multiple platforms that cater to each of these formats. And gone are the days when only young people and college kids were using social media; you’ll find everyone from college students to veteran industrialists there. This is because social media has become a place for consuming news, following culture, and also learning new things.
You Need Multiple Touchpoints
It’s an omnichannel world. While the word might refer mostly to e-commerce platforms, it is also true for how people engage with brands and content. We are connected with the brands we love on more than one platform, and we are also likely to actively or passively research the things we want on those platforms. This means that, if you want to land a customer, you’ll have to make an effort on all fronts.
Let’s now look at the top 5 strategies that we think will give you the necessary traction on social media.
Make Content User Friendly
It is quite easy to scare your customer off with content. In the urge to give your customers valuable content (because that’s what everyone says, duh), we sometimes end up creating content that may be of solid value but is not exactly undemanding to consume. Fintech companies often deal with a lot of heavy content, and it is easy to fall into this trap.
Making content user-friendly is mostly about how you present it. There are many interesting formats that make content easier to consume. Think about infographics, comic strips, simple games, and other interesting formats. Don’t head straight for the jargon-riddled blog—try a quick sketch note instead.
Presenting content in such easy-to-use formats makes it easier to engage with, and, on social media, this kind of content tends to do much better than, say, a blog. Even if you decide to go with a blog, make it easy to understand, with less jargon and more visual content.
Videos are a great way to communicate with your audience. Your audience is watching a lot of videos too, and across all social media platforms. People now watch videos on IGTV and Facebook, not just YouTube. This makes using videos as a channel a good strategy.
Of course, there are many kinds of videos you can make: You can do explainer videos, case studies, interviews, product videos, and much more. For social media content, focus on videos that educate your audience about and engage them with the various aspects associated with what you do.
YouTube is a very important platform to focus on. Optimizing your YouTube marketing will give you great results in the long run. A lot of educational content gets shared on YouTube and those channels see great engagement too.
Now, creating videos may sound like a lot of effort, especially if you are a small business at the moment. The truth is, you just need a good phone and a decent microphone to get started. There are lots of tools that can help you create videos very quickly and effortlessly. Just remember to focus on good content and a minimum clarity of audio and video.
Leverage Influencers Wherever Possible
It is easy to overlook influencers when you are dealing with serious subjects like fintech. But there are influencers in all fields. The key is to find and leverage them effectively to get optimal results. Many of these influencers have built their following by making content engaging and lively for their audience. Working with them allows you to leverage their network, and also to create new formats of content that you may not have thought of yet. Influencers can help you convey important information, product reviews and recommendations, and much more.
Use Groups and Lists
One of the smartest ways to create engagement on your social channels is to use groups effectively. There may be pre-existing groups that are based on the content that you are discussing. Posting in these groups, and actively participating in discussions will put your brand and your content in front of your target audience.
A lot of these groups are used for recommendations, to share best practices, and also to discuss challenges the members are facing. These are all very contextual, and they will give you better results than simply just posting on your channels. You can also create groups like these if none already exist, but, be warned, it takes a lot of effort and time to build engagement in these groups.
Focus on Engagement And Not Just Reach
This is a critical thing to note while you are putting together the social media strategy for your company. Just focusing on reach will lead you to find ways to reach a lot of people but not derive any clear results from your efforts. However, focusing on engagement forces you to think about ways to interact with your target and not just push content. When you focus on engagement, you can:
- Define success in terms of actual, interested leads
- Optimize your content based on what’s “stickiest”
- Identify the groups and people who are potential champions for your product
This also involves a mindset change for the social media team. Focus on providing solutions, answering questions, and creating user-generated content—all these are ways to drive engagement. Seed some engagement on such content via your existing customers or people you know to get started.
Landing on the right strategy for your social media channels takes a bit of a trial and error. Trying different things, following the numbers closely, and optimizing consistently is key to successful social media engagement. You will find some things that work for you and many more that do not work for you in the process. Building a social media presence takes a lot of time and sustained effort. You may be tempted to pull the plug but remember that it is a part of marketing where slow and steady is the norm, especially for a sector as complex as fintech.
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Robb Fahrion is a Co-Founder and Partner of Flying V Group. He is passionate about helping businesses grow using the power of the internet. Robb graduated from Chapman University in Orange, CA and currently resides in Costa Mesa, CA. Robb enjoys writing about digital marketing, helping his clients turn their dreams into reality, and he is a HUGE Mike Trout fan.