Marketing in the financial industry is one of the hardest things to do. Contact any marketing director in a financial company and they will tell you the same. The number of laws and regulations they need to consider can seriously damage the end product.
For example, many marketers had amazing advertisement ideas in the past, about creating engaging story-driven ads, but due to local restrictions, they had to narrow it down to a simple post or a very quick brand showcasing.
Due to these restrictions companies like Forex brokerages, CFD brokerages and even cryptocurrency platforms have to utilize the not-so-convenient affiliate programs, which is basically giving the marketing campaign to somebody not directly associated with their company.
Even though it may sound like a risk, this is how most platforms gain new customers. Through website reviews and various other banner placements.
However, a new wave of social media marketing has begun with these companies, which was spearheaded by eToro not too long ago. The company was notable for its fun and engaging ads on Facebook and Youtube and can be considered the pioneer of intense social media campaigning for Financial Institutions.
According to the infographic image above, there are about four social media websites that the companies use. But these websites have their own distinction in terms of usage and applications.
Let’s go through all of them one by one.
Facebook is one of the strongest resources for companies like this. Being able to target different age groups, interest and various other factors help narrow down the selection for an audience and make a marketing campaign much more effective than it would be without these tools.
Furthermore, Facebook is the ideal place to do this type of marketing as it does not have direct affiliations with personal branding, and can sometimes be associated with the best B2C platform in the world.
Due to the openness of Facebook users to being marketed to, it is the primary resource for brokerages and exchanges. And it shows in the statistics. Compared to the other three platforms, Facebook is much more heavy with results.
Youtube marketing can be considered pretty much the same as affiliate marketing. Due to the fact that most viewers prefer to watch individual creators rather than corporations make content, it is imperative for these companies to find Youtube influencers and use their audiences as potential customers.
As you can see in the infographic, none of the Youtube “campaigns” was able to generate enough views or likes as a company would like to.
The platform is usually used as a repository for previous ad campaigns and maybe some educational videos here and there.
Twitter is mostly used for brand recognition as it is the best platform to connect with the audience. It is not unheard of for a company to hire a specifically Twitter social media manager, whose main job will be to reply to customer queries, complaints or even engage in some personal conversation as well.
The best usage for this type of marketing is seen with Wendy’s where the corporation simply goes down to the level of the customer and talks to them like a person and not a company.
Instagram marketing can be compared to Youtube marketing. Very few people on Instagram enjoy watching company ads on their feeds. They would much rather see updates from people they follow and the influencers they listen to.
Therefore most companies employ IG influencers as their brand ambassadors rather than directly spearhead the marketing campaign. This is also an affiliate marketing strategy.
However, it is quite hard for a financial company to market a service on IG, which is more popular with beauty or clothing brands.
It is impossible to operate without a social media platform these days. The sheer fact of having a page is already testimony enough for most customers that the company is trustworthy.
Having a platform where they can directly connect to the company, rather than go through annoying contact forms and identity checks, is much more effective for building good brand loyalty and brand recognition. It also does wonders for the PR campaigns.
For more detailed information about statistics, for example, which companies have how many followers or likes, click here to view the source of this article.
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