Webinar Follow-Up - Common Social Media Mistakes Every Banker Should Avoid
How has customer behavior changed since lockdown?
Taking a look at the behavior of your customers now that most folks have shifted to a digital-first interaction with businesses (including banks), did you know online sales grew by 7.4% in July 2020 compared to March 2020 despite the easing of lockdown restrictions? Online shopping and sales started to become the new “norm” for most customers, making online buying a habit, not a decision (a habit is formed after 20 days). So being in lockdown for months on end made online purchasing a habit for most consumers, and we fully expect this trend to continue to influence banking behavior as well.
When looking for a business online, 50% of customers search local businesses on social media and 78% of local mobile searches lead to an in-store purchase. Social media search is right behind Google for a general search, whether that is shopping, looking for local restaurants, or even a bank!
Furthermore, according to a recent study from the folks at FIS, they found only about 40% of consumers indicated they will be shopping online more in the future, which we have to believe will have an impact on their “traditional banking” behavior as well, post-pandemic. That means your lobby traffic and “in-person” opportunities could be reduced permanently by up to 60% long-term. This further reinforces why your digital (and social) efforts need to step up to the plate!
You need to show up where your customers are...On Social!
Given that 71% of consumers are more likely to buy from a brand after a positive experience and 78% of consumers trust social media reviews as much as personal recommendations, it’s more important now than ever that your bank (and your employees) are participating in social media.
However, whether you’re empowering your staff to play a more active role to build personal relationships online, or you run the bank’s social channels, we suggest you take heed and avoid these following common mistakes.
Social Media Mistakes to Avoid
#1 Unsearchable business page and ignoring key information
- No address of physical location - Where are you located?
- No info about working hours - When are you open? Closed?
- No contact info - Who can I call? Or email?
- Not sing native “shop now’ - How do I get what I want quickly?
- Not using consistent branding across channels - Is there more than one brand (the bank, investments, lending subsidiary, etc. or just inconsistent branding across the various channels?
SOLUTION: Make your page searchable!
- Update address and embedded a map on your website
- Add contact info (more is better than none!)
- Upload images of the office, or maybe even key staff members at that office, etc. (Images should be a representation of the experience you provide customers!)
- Mention the types of services you provide, and if they are unique to a particular office (such as a loan or investment center that may not accept traditional banking transactions)
- Add “contact us” or “learn more” buttons to build engagement. Any Call-to-action will work!
#2 Posting irrelevant and poor content
- Not posting to your page(s) regularly - Be reliable! Posting every day makes you reliable. Try to at least do more than only once a week.
- Posting generic content that does not make the audience engage with you - Do not post stuff that does not make sense to you or your target audience. Engage them with their interests (and that does not mean talking about your products and services all the time)!
- Leverage interactive content formats (videos, surveys, polls, etc) - Post something that makes your customer want to engage with you! Whether that is an image, a GIF, or a video...Make it fun!
SOLUTION: Build posting consistency
- Build out a 100% “Bankified” content plan
- 40% of engaging content (questions, polls, and quotes)
- 30% of educational content (pieces of advice, tips, and hacks)
- 20% of curated content (Content from other industry experts)
- 10% of promotional content (special offers, and discounts)
- Post consistently
- On average, posts on Facebook on Thursdays and Fridays between 1:30-3:00 pm get the highest visibility
- Posts on Instagram between 9:00-11:00 am also seem to do better
- Pro Tip: Be sure to check YOUR metrics to see what days and times work best for YOUR audience!
- Set clear goals for your content
- Catchy slogans
- Clear call-to-actions
- Bright visuals
- Visuals featuring the offers
- Easy-to-find links (customized links are great!)
- Well-structured text
- Engaging emojis 😊 or GIFs
- Interactive format
- Mobile-first creative
#3 Not connecting with followers
- Not answering comments - People are more likely to buy from you if you spend your time helping them (90% of responses should be in 15 minutes or less)
- Not replying to reviews - Answer questions, address any negative comments honestly, thank your positive commenters
- Ignoring inbox and direct messages - Make your customers feel important. Respond to them as soon as possible
SOLUTION: Connect with followers
- Respond to the comments, direct messages, etc.
- Answer reviews, especially negative reviews - Your response to negative reviews are more important than positive reviews. Customers want to see what your customer service is like and how you are handling poor customer experiences
- Create a personalized dialogue
- Offer a nice and detailed response to a short question - Put in the extra effort, it will go a long way!
#4 Not using analytics tools
- Not tracking reach and engagement metrics
- Not staying in the loop of overall page performance
SOLUTION: Keep an eye on your performance
- Track post reach and engagement
- Check which posts perform best
- Use your post-performance to guide your future social content calendar
- “Tag” your post links with UTM parameters so you can see what content is generating the most traffic back to your bank’s website
Social Media Summary Checklist
- Have a social media strategy in place
- Make your business page visible
- Post regularly
- Add various content formats and types
- Answer messages, comments, and reviews
- Regularly check your page statistics and adjust accordingly
Now You Know!
With this information now top of mind, it’s time for you to hop over to your social channel(s) and see if there are areas where you can do better. If you are, that’s fine… nobody’s perfect. But now that you know some of the common things, you know what mistakes to avoid, and your social presence will only get better!