The financial industry was one of the first industries to use technology to gather data about consumers and clients. However, it fell short when it came to social media and digital marketing. Because the industry is always growing and social media is not anymore viewed as a trend, we are listing the reasons why financial services and banks should enhance their digital marketing and how they can benefit from online listening.
Digital marketing is inevitable for all industries
Maybe ten years ago we all thought social media was very new and playful. Many were, and still are, under the impression that digital media is there for individuals to share their memories and social events. That’s a false assumption. Today, social media is very mature. Large companies build a huge base of followers and clients by solely using digital marketing.
Digital marketing is neglected by the industry
The financial industry also tends to neglect digital marketing as a whole and we know why. With such a serious industry it is hard to maintain compliance with such a huge exposure provided by these platforms. Some banks and financial services firms tried to be more interactive and work on their online presence, but perhaps did not make the most out of it. Well, they have reached a point where they interact as if they’re reassuring their brand’s presence without really getting to the core of meeting their business objectives.
Many promotions and more accurate segmentation can be done through social media listening. While a firm can define their target segments and identify them through insights, they can work on a stronger strategy to meet their objectives and to make sure that the right content is reaching the right prospects.
Social media listening allows each company to know its audience and who’s interacting with competitors. Opening such an opportunity will allow companies to:
- Know more their prospects
- Identify their needs
- Tailor services for them
- Target them with online content and promotions
Complaints and financial news
Crises also can be managed through a social media listening tool. When people turn to social media platforms and express their dissatisfaction with a service or a brand, their posts can go viral and affect the choices of other prospects.
Such problems can be avoided simply by assigning certain keywords and behaviors that trigger an alert to relevant departments, and by having a good customer service department that can address such issues in a huge matter.
Alerts are also useful in tracking economic news related to finance, the stock market, and much more since this type of news spreads over social media quickly.
Many statistics show that more than 60% of complaints through social media are posted/tweeted after working hours. Social media listening tools monitor platforms 24/7 regardless of office hours. When complaints are received after-hours and none of the employees is there, they will receive a notification with the “risky” keywords that allow them to take action according to how crucial the situation is.
Social media is a pool of data
Financial services companies need a lot of data and insights about their customers. This point adds so much to their products and afterward their achievements and objectives. Social media listening tools are very accurate when it comes to users. Gender, location, sentiment, and much more are revealed through online listening platforms. Crowd Analyzer analyzes these insights in both different dialects of Arabic and English.
Anyone can create a page with a brand’s name. Social listening can monitor all these accounts and enable a brand to reclaim the brand’s authority and acquire the customers of these social accounts. Since the financial services industry relies heavily on security and trust, prohibiting fraud of these untrusted
pages becomes a must for all companies in the field. After all, prospects won’t seek to open an account or work with a bank or a company that has a bad reputation.
Other ways to utilize social media listening tools
Identifying topnotch leads’ content and inquiries allows a company to tailor their services and products to meet their expectations. Such leads may be influencers in the field and can add to the company’s credibility and reputation. On the other hand, monitoring conversations about the market can add to the marketing strategy of the company and urge it to provide more credible content that positions the brand in an authoritative place.