Social Media for Finance Marketers: 3 Steps for Getting Started

No matter what your industry, it's undeniable that social media has revolutionized the way that companies sell. 

With consumers spending more and more time on their phones, many brands are even going so far as to shift their marketing efforts and budgets to focus exclusively on social media platforms.

For marketers, this presents a unique (and cost-effective) opportunity to connect with potential clients, get feedback, and build relationships of trust. 

But in the heavily regulated finance industry, many are wary of the potential risks of excessive social media marketing publicity.

So how can finance marketers use social media effectively without facing regulatory trouble?

Here are three tips to get you started:

1.) Get familiar with the rules.

Before starting any social media marketing campaign, the first and most important thing is to make sure you understand the rules and regulations governing your industry. 

Make sure you work with a financial services marketing company, as they will be aware of the do's and don'ts, and get your compliance team involved from the get-go.

2.) Define your goals.

Before you even start creating any content, you must take the time to define your goals and objectives within the limits of the law. 

What are you hoping to achieve through your social media marketing? 

Some of the most common goals for finance marketers include:

• Building brand awareness. People want to do business with someone they know. By showing them what your company stands for and humanizing it, potential clients will be more likely to remember you when they're ready to invest.
• Building authority. You want to be seen as an expert in your field, and social media is a great way to share your knowledge. You can build trust and credibility with your audience by providing valuable insights and thought leadership pieces.
• Providing alternative channels for customer service. Social media is a great way to nurture relationships with your clients by offering quick and efficient customer service. You can turn a one-time client into a lifelong advocate by being responsive to queries and complaints. Also, everyone else on the platform can see that you're a company that cares about your customers.
• Generating qualified leads. Long gone are the days of cold-calling and buying lists of random names. By targeting your ideal client on social media, you can generate leads that are already interested in what you offer. A marketing agency for financial services will be able to guide you in understanding where your target market 'hangs out' online and how to reach them best.

3.) Remember the "social" in social media. 

At the end of the day, social media is not all about advertising. As the name suggests, it's about being social. So make sure you're engaging with your target market and not just talking at them. 

Use social media to build relationships, provide value, and be a thought leader in your industry. But make sure you engage, respond to comments and DMs, and show that there's a human behind the brand. 

When a user with a genuine grievance feels ignored, it'll do more damage to your reputation than any post or tweet could ever hope to fix.

The consumers of the finance industry today are no different than any others. To stay ahead of the curve, you need to be utilizing social media to reach your target audiences. 

Working with a financial advertising agency is an easy way to ensure that your campaigns are on brand, on strategy, and above all, compliant so that you can reap the rewards of these powerful platforms while avoiding the pitfalls.