The Role of Social Media in Fintech Branding
Social media marketing is a marketing strategy that has existed ever since the boom of the internet and the explosion of feed-based online applications and websites. Getting brand awareness on the largest known form of media is important for any brand, especially in the fintech industry filled to the brim with innovative startup competitors. Getting ahead of the industry can be a challenging process, but if done right can be rewarding for any fintech company or startup.
Fintech startups have long recognized the amount of opportunities the internet can bring to the future of digital payments and the leads and traffic social media can bring to their company. This rings especially true considering a key focal point of the fintech industry is digitalization. Social media has transformed the way digital banks and other businesses interact with their customers, with social media data playing an integral part in helping individuals find a loan, earn credit, or open a digital bank account. Customer service has also undergone an extensive transformation due to social media, allowing large volumes of customers to access financial professionals and feel more connected to the company they are doing business with.
For these reasons, social media marketing has driven a massive upheaval in traditional social marketing techniques and can no longer be ignored as just a trend in the fintech space. Financial technologies learning how to incorporate social media marketing into their overall company-wide marketing strategy have experienced exponential growth.
Building consumer trust takes planning, creativity, and time. However, once that trust is built and a good company image is set in place, global and industry-renowned brand recognition follows suit. According to GWI audience research company, 49% of internet consumers report they are more likely to purchase from brands they recognize from social media advertisements.
In order to reach potential fintech users most effectively, employing the following strategies will give fintech startups the greatest chances of success within their social media marketing central strategy:
To effectively build consumer trust, fintech companies have found that sharing high-quality content and information with social media followers, users, and potential users has immense benefits for the business. This information must be relevant to the company and relevant to the interest of the consumer audience, yet must be separate from product advertisement. An 80/20 rule, where 80% of posted social media information is non-promotional information, while the remaining 20% is promotional material, is helpful to employ in a fintech social media strategy. This approach allows the company to build trust and provide value to the consumer without the image of selling or pushing a product onto the user.
Humanizing Your Brand
Social media can be a crowded place, with thousands of company voices taking up advertisement spaces on numerous social media websites and applications. In order to stand out in a positive light, adding a human touch can allow a fintech company to stand out from the hundreds of other fintech competitors. By humanizing content displayed on a fintech startup’s social media page, through the use of appropriate humor or sharing relevant videos or articles, a company can stand out and seem less like a corporate brand or robot and more like a familiar influencer or individual. Providing a friendly, human tone of voice in your social media strategy can have outstanding benefits to a fintech brand.
Engagement and Participation
Engagement is one of the most important aspects of a social media marketing strategy. Not only does engagement boost the reach of a social media post or account, but it also helps to build trust with the consumer and humanize the brand. By responding to comments or questions left by users on social media posts, a fintech brand is able to personalize its content to the specifications of the users they are attempting to serve. Engagement also gives off the impression of two-way communication between two individuals rather than a company and an individual. Company employees can also interact with the content on their own social media accounts to boost post engagement and help expand the reach of the information to further corners of the internet.