Financial institutions are not the friendliest of the places for people. They deal in serious business and want people to be serious with their lives too. Some people get in touch with financial institutions and bring changes to their lives whereas others make their lives worse than before. In any case, the connection between a financial institution and its customers is of a serious nature. However, this does not mean that these institutions cannot have online presence and that they have to feel left out from the online world.
Institutions that are forwarding loans and helping people with their financial matters can be just as friendly to their customers as other businesses are to theirs. They can use social media and form the basis of a relation that did not exist in the past. By using the power of social media these entities can not only have great online presence but also increase the number of customers they have. How these institutions are making use of the social media is no hidden fact if you look at some of the active ones on the internet. Here are some ways in which financial institutions are making great impact on their target market.
Communication Medium
Financial institutions are greatly using social media for having communication with their customers. In the past the customers came in contact with their banks, credit unions and other financial institutions only when they visited them physically, but that is not the case anymore. These institutions now have internet through which they can connect with their customers and keep them updated with the latest news and information. It does not matter how important or unimportant the shared information is, it just keeps them in the eyes of their customers and target market.
B2B Relationships
Social media opens great opportunities for businesses to connect with other businesses in completely unorthodox ways. Blogs are great ways for businesses to show the strength of their relations with their partners. For example, if you have blog you can use this blog to host content from your partners. This allows you to have a great PR in your field that is not only good for today but can play a huge role in the life of your business in future. Furthermore, content recommendation is another way for businesses to help each other out while creating more new customers.
Building Trust
The best thing that financial businesses can do with the help of social media is build trust by being present on the social media only. There has always been a gap between financial institutions and their customers in the past. It is a known fact that customers now like to go online and find information about businesses they want to do business with before making a decision. Blogs and social networking platforms play a huge role in changing or making their minds. Reviewing websites, YouTube reviewers and social networking platforms all serve as places for customers to see how trustable a business is.
Now, when a customer is looking for information about a financial institution and sees many websites talking about a particular business, he/she is convinced to do business with that business. The more there is talk on the internet about your business the more a customer will trust you for doing business. A rating above 3.5 on most reviewing websites is good enough for a customer to trust your company. If you are able to get a rating of more than 4 then you are surely going to win the trust of millions of customers around the world.
Finding New Customers
Social networking platforms have been created quite intelligently and with time they have become the best places for interaction between businesses and individuals. The concept of circles, communities, friends and followers has proved to be a great concept for businesses. What this means is that the target audience of a business is easy for that business to search and hit. A circle or community on a social networking platform means that anyone with a profile can put people under a certain category and talk to those people based on their interests, likes and dislikes.
If you are a business with social networking presence, you can target communities that are specifically for people who have financial issues and who would need your help. For example, many financial companies have used social networking platforms to get in touch with people who had bad credit or cibil score. By getting in touch with these people the business not only wins the loyalty of these people but also opens new ways for making new customers. This provides financial institutions with unlimited opportunities of creating new leads and making new customers without spending any money.
Diversified Communication
The best thing about communication through social media is that businesses are able to get in touch with their customers in way that is most effective. For example, videos are becoming quite a popular way of sharing information on the internet these days. Social networking platforms are introducing new features on their websites to facilitate video playing. Financial institutions can greatly benefit from this diversified communication. They don’t have to write text messages for their customers all the time. They now have the option of conveying their messages to their customers through interesting images and attention grabbing videos.
Listening
Proper actions can never be taken unless you have are doing the listening properly. Social media is not there for businesses to try to impress their audience with interesting and attractive ways of marketing. It is in fact a better medium for them to listen to their customers and work on things that they are lacking in. By listening to the customers i.e. what they think about your business, what they like and dislike in your services and products, you can improve your service and products to match with the needs and requirements of the customers. Furthermore, you can also know what your target audience thinks and likes about your competitors to improve your business strategies.
from Darlene Milligan http://ift.tt/1PTrNM7 via transformational marketing
from Tumblr http://ift.tt/1oyrayf
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