Today we'd like to look at some financial firms who are doing a great job at using social media as a tool for reaching new customers, expanding their brand and promoting their services. After all, while it's nice to talk about the power of social media in theory, it's far more convincing to see how social media financial plays out in the real world.
Some examples:
- If you watch TV, you're probably familiar with Allstate's ad campaign featuring a guy in a suit called "Mayhem." Each commercial shows how he creates havoc and uncertainty in the lives of everyday people. So Allstate created @Mayhem and believe it or not, the handle has 50,000 followers. More importantly, the point here isn't to roll out a national ad campaign but to integrate visual components of your brand across social media platforms.
- In a great example of using a social media platform to convey expertise and attract visitors at the top of the sales purchasing funnel, Vanguard's @FinancialServices Twitter feed provides tips on investing and retirement. It has approximately 60,000 followers.
- American Express's "Small Business Saturday" Facebook page is a great case study on how to expand your brand with a special event or promotion, give it its own Facebook page and have it take on a life of its own. The page has 2.4 million Likes and counting. Furthermore, AmEx does a great job at having a visible presence on multiple social media channels, which, as the power of math suggests, will inevitably boost their visibility. For example, their Twitter account has 400,000 followers.
- Of course, there are other ways to grow your brand, one of which is to create a larger community around your company. In baseball, the Boston Red Sox have "Red Sox Nation," and in the world of insurance, State Farm has "State Farm Nation," which, according to their Facebook account, "is a place where you can enjoy the things you like the most while State Farm takes care of the rest." The page has very little do with insurance. There are ticket giveaways, NBA promotions and posts on upcoming music festivals. It's a great example "branding as a lifestyle" with an eye towards buyer personas.
- A year ago, Pinterest reported that only 54 banks and 61 credit unions were active on the network. We'd like to think those figures have risen since then, but in reality, financial firms seem to prefer Twitter and Facebook. That said, Capital One has perhaps the most followers on Pinterest among any financial brand, and it's easy to see why: they embrace the power of imagery to communicate their brand. Boards include tips for honeymooners, "Spring Getaways" and road trips. They too embrace "branding as a lifestyle" and avoid pushy sales tactics.
- Taken in total, these firms have one thing in common. They use social media financial less as a tool to actively sell to new customers and more as a platform to grow their brand. This logic is the underlying principle of inbound marketing: provide visitors with a cool experience, great content and a compelling depiction of your brand, and soon customers will follow.
Does your social media strategy effectively communicate your brand? Download our Brand Audit to find out.
