Gone are the days when social media marketing was an option. Be it an apparel brand or an insurance provider – social media marketing is just as integral to every industry. According to statistics, in 2020, over 50% of India’s population accessed social media. The relevance of social media has enhanced globally. A recent media report suggests that in the past year, social media adoption has increased by as much as 12%.
Through social media marketing, Fintech brands can not only communicate with their consumers directly but also change the image of BFSI brands being too technical or drab. Here are a few tips that can help Fintech brands create an agile and engaging plan.
Storytelling plays an important role in helping brands stand out in the clutter. It helps brands make the consumers a part of a bigger experience while entertainingly communicating the message.
For instance, Admiral Insurance, a British BFSI brand, created an animated campaign, where the Admiral and her dog cruised, educating the consumers about their multi-cover insurance through an interesting story. Not only was the story cute and easy to understand, but it also offered an array of colours, helping the viewers understand a technical concept, rather simply.
Storytelling doesn’t necessarily have to be done in a video – it can be a series of static posts or a pictorial album. Brands, for example, can create a character or a mascot, who would share important messages or tips or learnings with the audience through quirky dialogues. These dialogues can be shared with a series of creatives daily.
Fintech brands by nature need an active CRM system, and social media can play a very important role in achieving this. Right from quickly resolving issues raised on tweets or in Facebook comments to actively tracking brand mentions and addressing consumer grievances – use social media to build a bridge between your product/services and consumers.
Great CRM on social media often leads to positive reviews and goodwill that can work wonders for the brand.
Being on social media or putting out regular posts isn’t enough. Your social media content needs to be discoverable and relevant. Leveraging trending moments can help you achieve this. In a day and age, where trends change every hour, there’s a lot of brands to bank on. IPL, for example, was a gold mine of trending moments – right from the double Super Over to Rahul Tewatia’s feat, brands could integrate the moment with their product or service, creating an innovative message.
Similarly, any big event or a small joke that becomes an internet trend stands a chance to become an impactful moment for a brand. However, make sure that the moment is relevant to your brand and the audience. A force fit never works and is likely to attract negative attention.
Video, Video, Video
Video forms an integral part of the social media ecosystem. Reports suggest that tweets with videos are likely to see 10X more engagement than those without and on LinkedIn a video post is 20X more likely to be shared than any other post formats.
Now, what can a Fintech brand communicate through a video? Well, many things. For one, videos are of immense help in educating consumers – right from product information to decoding a technical term or news. At the beginning of the lockdown, RBI extended EMI Moratorium. However, very few people knew what that exactly meant. A Fintech brand could create a short video explaining the concept to its users with Pros and Cons. A simple video solution right there.
Further, Fintech brands can use short videos to show their humane side and connect with consumers. These videos can be distributed through all their social media platforms, helping them create strong brand recall.
Track & React
One of the most important aspects of social media marketing for Fintech brands is agility. Creating a social media plan isn’t enough. One needs to step back periodically and understand what’s working and what’s not. Social media is a gold mine for analytics and data. Use this data to understand what your audience responds to and alter accordingly.
The world is changing at a quick pace, and Fintech brands need to adapt to it. Social media marketing is the way to go, and now you know how.Tags: Brand Marketing, Marketing strategy, Social CRM, Social Listening, Social Listening Tools, Social Listening Trends, Social Media Marketing, Social Media Strategy