November 2, 2021

Podcast: What’s New in Social Media Technology for Banks

A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

RESOURCES

LEARN
November 2, 2021

Podcast: What’s New in Social Media Technology for Banks

By
Denim Social

A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

Subscribe to our newsletter and get the latest sent to your inbox.
Thank you for subscribing!
Oops! Something went wrong while submitting the form.
SIMILAR POSTS:

Personal relationships are the bedrock of the financial advice industry. Nearly 75 percent of investors prioritize personal relationships when evaluating investment providers, Deloitte found. That’s why providers—even online brokers and robo-advisory firms—are taking care to preserve the human touch. Even with a growing trend toward digital automation to streamline trades and more, human connection is still paramount.

Bank marketers should reflect that by personalizing the digital experiences that they create for wealth management clients and prospects. Investors are accustomed to receiving personalized content online, including from their favorite retailers. They expect the same levels of customization from their service providers.

The benefits of customer personalization are mutual for investors and banks. When customers receive content tailored to their needs and financial situations, they understand their investment opportunities better and feel empowered to make the right financial decisions. And when they see wealth advisors addressing their specific needs—such as estate, retirement or education planning—they will naturally feel like those advisors understand their needs and can help them.

By contrast, when banks and advisors neglect personalization, they risk what Bain and Company calls “hidden defection,” or customers buying high-margin products such as loans, investments, and credit cards from competitors. Even if investors do not leave, they will go elsewhere to place their investments and purchase new financial products. Many customers who defect are attracted by personalized direct offers. That said, almost 80 percent of customers surveyed by Bain said they would have bought from their primary financial institutions if the banks had made equivalent offers.

It is clear that by creating improved digital experiences, banks can retain their clients’ business and even gain wallet share. So, how can they adjust their bank marketing strategies to prioritize customer personalization and build relationships?

1. Embrace a social selling strategy.

Whether financial advisors like it or not, their digital profiles affect how prospects view them. Almost 50 percent of investors say social media impacts whom they hire as a financial professional. And 33 percent report they seek financial advice online, according to Financial Advisor reporting on a Hartford Funds survey. Wealth advisors need to use social media to build rapport (and trust) with clients and prospects. When they demonstrate their value routinely, they’re more likely to be top of mind when customers are ready to purchase. That’s how strong digital profiles lay the foundation for social selling.

Social selling adheres to the same core principles as in-person selling: building relationships with customers, demonstrating knowledge, educating them and helping solve their problems. It all just happens online. Social selling empowers financial advisors to add value for customers through digital means when they wouldn’t have had the opportunity otherwise. Ultimately, sales reps who regularly share content are 45% more likely to exceed their quotas. So it is worth wealth advisors’ time to beef up their social profiles and engage with contacts.

2. Join customers on their preferred channels.

Investors are getting their information somewhere. it is essential to find out where that information comes from and to meet investors where they are.

Then, financial advisors should create profiles on those channels and organically engage with prospective clients. Why? Twenty percent of investors told Hartford Funds that a wealth advisor’s social media was their sole deciding factor when evaluating a financial professional.

For older investors, this might be traditional news channels’ Twitter or Facebook feeds. For younger investors, this could be newer channels such as TikTok. More than one-third of Gen Z Americans say they get financial advice from TikTok, and only 24 percent of investors in this age group get advice from financial advisors, according to a recent Vericast survey. That represents a big opportunity for financial advisors to win young investors’ business by meeting them through these channels. The key is to make any engagement enjoyable and authentic so that clients don’t feel like financial advisors are just trying to sell to them.

3. Create connected customer journeys.

Posting on social media is a great start, but if bank marketers want to drive ROI, they must create more robust digital journeys. The key to connected investor journeys is to avoid digital dead ends and always offer clear next steps.

At the start of the journey, wealth advisors must interact and create two-way dialogue online with existing audiences. They should then expand their audiences through tactics such as paid social media advertising, which can help them reach investors similar to their current customers or new target audiences.

In their social posts, financial advisors can drive audiences to content-driven landing pages that contain resources to download in exchange for contact information, which can help capture leads. Every step of the way, investors need to see the value, whether through educational content that wealth advisors share, access to more in-depth resources or complimentary consultations.

Banks benefit when they embrace customer personalization in their marketing strategies to keep customers engaged, build rapport and ultimately close more sales. That starts with giving wealth advisors access to the right processes and technology to deliver personalized education and offers. Once properly empowered, advisors can meet clients where they are, establish themselves as trustworthy, generate more leads and reduce the risk of “hidden defection” over time.

This article was originally published in ABA Bank Marketing.

The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via digital channels is essential to modern marketing strategies. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

Unsurprisingly, the vast majority of banks are active on social media, and at least 7 in 10 have been for five or more years. Banks understand that engaging on social media is table stakes. They have to be there, but how they do it will vary. Being active and being effective are often two separate things. A key question for banks today is how to move beyond using social media to promote and strengthen their brand, and harness these platforms to foster sales.

In this case study, Denim Social and American Bankers Association show how banks are using social media to ramp up digital engagement and build sales. Download your copy here.

The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via interactive digital channels is an essential tool and a cornerstone of marketing. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

In this case study by Denim Social and American Bankers Association, we take a look at how banks are using social media to ramp up digital engagement and build sales.

Banks that do not adapt to the digital world are leaving opportunities on the table. Organic social media is a great way to build a brand and awareness, but that is only a fraction of the potential that lies in fully integrated digital marketing. Banks that utilize omnichannel marketing create a seamless experience regardless of where leads are engaged and wherever they are in the buyer’s journey.

Omnichannel bank marketing is the future—bank marketers meeting people on the channel of their choice, and that means investing in social media. Most customers do not operate off a singular social channel. Rather, financial institutions win when they provide a seamless experience to customers across multiple social platforms in order to maximize their social marketing strategies.

Organic social media is great for creating awareness, but institutions need to be more purposeful in content engagement, consideration, and conversion stages. Rates are not what drive customers to change their financial institution. Emotions are more likely to be the impetus. This is why personalization in digital bank marketing is such a necessity.

There are four crucial steps to take to avoid falling behind the curve while answering the question: What does omnichannel marketing look like for banks?

1. Use paid advertising to engage your audience

Organic content is the foundation of a good social selling marketing strategy, but algorithms will often work against you. Paid social media advertising ensures your content makes it in front of the right eyes.

There is another benefit to going the paid route: Organic reach is often limited to those who are already aware of your institution in some capacity. Paid advertising lets you reach previously untapped audiences and guide them toward the top of your marketing funnel.

To increase your chances of success, use intelligent targeting to focus your ads on the customer’s specific needs. Paid advertising allows for extremely specific targeting, which should be factored into your strategy. Ads for first-time homebuyer mortgages should be in front of those 20- and 30-somethings looking into housing, while retirement ads are better off with the 55+ crowd. The best marketing in the world won’t work if it’s at the wrong time in the wrong place. Identify where in the funnel customers are and target them (on their preferred platform!) with paid advertisements tailor-made to their current need.

2. Guide the audience’s next steps

Social media marketing is just a singular step in a larger walk, so make sure you leave breadcrumbs for leads to follow. Social reach means little if you’re not actually creating conversions. Regardless of whether you use organic posts or paid, don’t forget to include some form of landing page to guide readers back to your brand’s website. There should be no “digital dead ends” in your social strategy. Every piece of the puzzle should connect your audience to another way to engage.

When deciding what landing page to use, curate the page to the post. If your advisor is posting about retirement funds, link to a specific ebook on the subject. Gated content will educate the customer while also providing you with the information needed to start nurturing a lead. It’s a win-win situation.

3. Retarget to convert and retain

Once customers have engaged with your institution, retain that data to inform future interactions, i.e., use retargeting to your advantage by connecting with consumers based on previous engagements. Sometimes, customers may need a nudge to close the conversion. Make sure your marketing allows for that. The right CRM tools will guide retargeting efforts by notifying customers ripe for retargeting. They can also automate messages to send out to your audience, such as email drip campaigns, making sure you reach out at just the right time.

Even after you’ve converted a lead, don’t stop nurturing. The customer journey is cyclical, and new customers will eventually become brand ambassadors in their own right if you give them an experience warranting it. You’ll retain loyal customers and potentially gain references through them.

4. Use technology to scale

Omnichannel marketing addresses the customer’s individual needs during each step of the journey. But undertaking personalization for every customer is a Herculean task, so it needs to be automated and streamlined. This can be more basic, such as setting up newsletters to nurture leads that are automatically sent out at regular intervals, but it doesn’t have to be. The right tools can create connections between your digital marketing strategies and CRM records and automatically keep each other updated.

You also need to consider regulatory compliance with social media posts. A proper social media manager should screen posts for you, flagging any that may contain non-compliant content. Social selling relies on empowering intermediaries to connect with customers directly, so having a good management software in place to oversee all this activity is essential. Technology allows for omnichannel marketing in banks of all sizes. The more tasks you can automate, the more time you allow for higher-level responsibilities.

Omnichannel marketing is a highly effective strategy, but only if it’s implemented wisely. By using technology to their advantage, banks can target a multitude of audiences, allowing for greater reach and more conversions. Effectively utilizing paid ads and understanding how omnichannel allows for more personalized messaging will keep your bank ahead of competitors.

This article was originally published in ABA Bank Marketing.

Social media for banks is a necessity. That’s a given. You meet customers where they are, and today, that’s online. But customers (and potential customers) are not just engaging and interacting with one bank’s website, apps and social accounts. They are seeing competitors’ accounts, too. Bank marketers must leverage social media analytics to understand what works for their competitors—and figure out how to do it better.

A competitive analysis of social media data in the banking industry can help guide your strategy by quantifying the successes and failures of your rivals. This is especially true of community banks, which may feel they are fighting an uphill digital battle against the resources of fintech companies and enterprise financial institutions. Thankfully, lots of competitor data is publicly available. Plenty of successes and blunders are out there for any savvy bank marketer to learn from. With the right social media analytics tool, this data could be the key to keeping up in today’s fast-paced environment.

There’s a lot of powerful data on social media, and banks can leverage this to their advantage. Analytics and competitive insights empower bank marketers—even at smaller institutions—to be smart and efficient with both their time and dollars. You cannot differentiate your institution unless you know and understand the stories your competitors are telling.

You also need to be aware of the quality of your competitors’ ads, calls to action and websites. If your marketing materials are not comparable you could lose customers. It is more than just optimizing a landing page—there needs to be a quality experience at every possible touchpoint. To start understanding competitors, consider these three tips when analyzing social media for banks:

1. Benchmark your strategy. Benchmarking is the foundation of any competitive marketing strategy because it shows how measuring your competitors’ performance can help you step up your bank’s marketing game.

With social listening tools that enable tracking competitors’ social media activity, leaders can see the organization’s performance benchmarked against competitors and get a clear picture of where social needs more investment to stay competitive.

For instance, if you’re working to understand how often your team should be posting to social media channels, look at how often a competitor is posting. Or if you’re aiming for 50 percent audience growth and see everyone else has 5 percent month-over-month, you know to adjust expectations to be more achievable.

2. Understand what is resonating. When financial institutions embrace social listening, they gain clear insight into how other brands are producing engagement on social channels and resonating with customers. One bank finding resonance could be an outlier, but if multiple competitors are using the same technique, your brand can use those trend insights to craft even more relevant messaging and maintain an advantage against the competition.

Track which trends and are getting high engagement for your competitors. Which topics that drive the most engagement? Certain aspects of storytelling? Or maybe specific kinds of posts, such as short-form videos, resonate best. Understanding what works for your competitors will teach you what works for you. Conversely, if they have posts that are driving little to no engagement, learn from their mistakes and avoid spending your time and dollars doing the same thing.

3. Identify proactive opportunities. Monitoring competitors on social media can provide unique insights and offer proactive opportunities for your institution to pick up a customer. For better or worse, social media gives us all a view into a brand’s dirty laundry. If you notice a competitor getting social media complaints on a particular service or product, this could be an opportunity for you to target that audience and tell them how you do it better.

Are people posting messages on your competitors’ pages about how hard it is to reach a customer service representative with them? Grab the opportunity and design a targeted paid campaign that emphasizes your institution’s excellent customer service.

These moments may not come often or easily, so stay vigilant to make the most of them.

Competitor social media analysis is a vital tool to help smaller financial institutions remain competitive. It keeps your finger on the pulse of what’s happening in the industry while identifying what’s working—and what’s not—for the bigger players.

This article was originally published on ABA Bank Marketing.

The ability to collect, interpret, and act on current customer data to cross-sell targeted products and services is a critical driver of revenue for banks, especially for mortgage lenders. Borrowers purchase an average of 11 mortgages in their lifetime, yet lenders retain fewer than 20 percent of past customers on average. That’s a lot of missed opportunity.

One survey of nearly 300 financial institutions found that 64 percent of respondents are not using data to cross-sell to existing customers. It makes sense: In today’s fast-paced landscape, many financial services marketers have enough on their hands.

Digital marketing changes at a breakneck pace, and it can be difficult to keep up with constant developments, let alone all the data. Many marketers do not know how to access or analyze customer data to capitalize on cross-selling opportunities. Further complicating the situation, significant structural barriers, such as siloed teams, can limit communication between data analysts and marketers.

Many marketers pour the time and resources they do have into new customer acquisition, but cross-selling within the ranks of existing customers is a much more lucrative strategy. Acquiring new customers is significantly more expensive than retaining existing ones. An increase in customer retention rates by a mere 5 percent can boost profits by 25 to 95 percent.

Social media marketing strategy for cross-selling in banking

Fortunately, collecting the right customer data to fuel cross-selling efforts does not have to be a daunting task. A strong social media marketing strategy is an excellent means of collecting and acting on valuable data, and with the right approach, can be easy to pull off at scale. Consider the following key principles to effectively gather and integrate data from social media and up your cross-selling game:

1. Understand your audience and what’s important to them. Social media is an excellent listening tool. By tracking likes, comments, shares and click-throughs, you can gain valuable insights about what content is resonating with existing customers and where your cross-selling opportunities lie. Remember that tracking existing customer engagement is key; while the probability of selling to a new lead is just 5 to 20 percent, the probability of cross-selling to a customer is 60 to 70 percent.

Consider, for example, you’ve shared a post with tips for first-time homebuyers. the post gets a lot of engagement from your current followers, many of which have accounts with you. This could indicate that those customers are interested in securing their first mortgage.

2. Target your messaging strategically. Social media is also a strong targeting tool. Once you’ve gathered engagement data, create custom lists within your customer roster, and retarget those customers with paid social media ads for relevant cross-selling opportunities. Retargeting is a great way to add power to your existing organic social media strategy. Building onto the example above, this could look like targeting ads for first-time mortgage seekers to the existing customers who engaged with your first-time homebuying post.

When targeting paid ads, remember that timing can go a long way toward effectiveness and efficiency. You want to personalize ads to land the right messages at the right time. For example, a year after someone closes a mortgage with your institution, you know that they already own a home, trust your institution, and may be looking to do some home renovations. You can capitalize on the cross-selling opportunity by serving them an ad about home equity loans for improvements right when they’re likely considering diving into a new project.

3. Use content to keep customers engaged. You can also use engagement data to see which customers have not engaged with your team lately. Use paid social as an opportunity to remind these customers why they chose you in the first place and show them what you still have to offer with valuable digital journeys. Re-engagement initiatives shouldn’t create digital dead ends—they should lead your customers to engage further with your brand.

Link to personalized landing pages from both paid and organic posts to guide customers to valuable content and gate the content behind contact submission forms to collect more valuable data from customers. For example, your homebuying tips post will pique the interest of customers who are looking to secure their first mortgage. Include a link in the post to a landing page on your website that houses a guidebook on first-time mortgage seekers. Customers can put their information into the contact submission form in exchange for the guide, and the form can alert your team to make a follow-up call. The customer gets valuable information, and your team gets a cross-selling opportunity right in their hands.

Combined, these principles aim to boost revenue and build stronger relationships. When you use data to understand your customers, deliver content when it matters most and personalize the digital journey, you can keep customers engaged and offer them more and more value through targeted cross-selling opportunities.

This article was originally published in ABA Bank Marketing.

Connect & Convert on Social

Successfully scale conversion optimized campaigns across all social media channels with built-in compliance, publishing tools, and more.
Book a Demo
GUIDES

Podcast: What’s New in Social Media Technology for Banks

A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

Thank you! Your submission has been received!
Download Guide
Oops! Something went wrong while submitting the form.
ALL GUIDES:

Paid social is one of the most effective ways to introduce people who aren’t yet following your producers, agents, loan officers, or advisors to your financial institution at the right place and the right time.

Paid social is complementary to organic. While organic social builds first-degree connections and facilitates awareness, engagement, and branding, paid social allows you to reach larger, more tailored audiences.

BOK Financial is a financial services partner for consumers, businesses and wealth clients with more than 150 users on the Denim Social platform.

In addition to building brand credibility and establishing loan officer expertise, Denim Social enables their mortgage loan officers to cultivate relationships in social media and organically source leads.

As financial marketers look to the coming year, most are wondering, “what’s next?” While no one can say for sure, our team of experts here at Denim Social are keeping a pulse on what’s new in digital marketing for financial institutions on social media. This guide will not only educate you on the latest trends, but help you make the case for increased investment in social selling and digital marketing strategies at your institution.

Whether you’re in banking, wealth management, insurance or mortgage, relationships are the bedrock of your business.

Considering clients in these industries are handing over the keys to their personal kingdoms, it’s no surprise that trust and connection matter. That’s why successful sales strategies for these industries are focused on building long-term, trusted relationships.

To truly unleash the potential of social, financial institutions need to use social media as a sales tool. It’s called social selling and it works.

The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via interactive digital channels is an essential tool and a cornerstone of marketing. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

In this case study by Denim Social and American Bankers Association, we take a look at how banks are using social media to ramp up digital engagement and build sales.

As any marketer worth their salt will tell you, analytics should drive your social strategy. The key to success is understanding how to link social media efforts to ROI metrics. Read this guide to learn how to gain insights that matter, optimize your strategy and prove your social success.

It’s no surprise that social media can help drive results for your mortgage business. In fact, the question for most marketers at mortgage lending institutions isn’t IF they should be doing more social media marketing - it’s HOW. Download to learn how to:

  • Scale your social selling program
  • Plan your content strategy
  • Train your loan officers

AnnieMac is one of the fastest-growing mortgage loan providers in the U.S., serving clients in 42 states. Learn how Denim Social helped their team to streamline its brand’s social media strategy and activate social selling for hundreds of loan officers in just four months.

Instant Download

Find out how more than 400 financial institutions across asset classes, geographies, and more used social media in 2020 to effectively support their business objectives. We’ve also outlined key trends to inform your social media future.

As mortgage demand surges to historic highs, home purchase and refinance markets remain hot. This is excellent news for loan officers, but it also means the environment is more competitive than ever.

So how can marketers ensure that their loan officers stand out? The answer is social media.

Read this guidebook from Denim Social to learn how you can help your loan officers build strong relationships, stand out from the crowd and win more business using social media.

Every Mortgage Marketer Should Ask Themselves

Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

Download this guidebook to learn how marketers are using social media to:

  • Drive business with the lowest digital spend compared to traditional media
  • Position employees as thought-leaders while leveraging their collective reach of their social media presence
  • Ultimately, build trust with their communities and customers that translates to positive business results

Read this guide if you’re asking yourself:

  • Is my social media policy current and comprehensive?
  • How do I ensure social media compliance during M&A?
  • What do I need to consider for direct messaging compliance?

In this guide we will help you think about your all important social media policy and thoughtfully consider how changes in social media tech and even your bank’s structure may impact compliance.

Download this guidebook to learn how marketers are using social media to:

  • Drive business with the lowest digital spend compared to traditional media
  • Position employees as thought-leaders while leveraging their collective reach of their social media presence
  • Ultimately, build trust with their communities and customers that translates to positive business results

Every Financial Services Marketer Should Ask Themselves

Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

Stronger Customer Relationships on Instagram

Financial Services companies should be marketing and advertising on Instagram. We break down why, and help you create a strategy to reach new customers- while continuing to build trust in your brand.

How 6 Financial Marketers Are Creating Value in Social Media

Ever wonder what everyone else is doing in social media? We talked to six leading financial marketers about how they’re succeeding today and planning for the next big thing.

Get their insights on strengthening your social strategies, unlocking the power of employee networks and creating next-level content that drives engagement.

Download this guidebook to learn how 3 mortgage lenders are using social media to:

  • Position themselves in a place the community is already looking ... their social media
  • Empower loan officers to engage in local conversations
  • Turn their institution's loan officers into the voice of their brand
  • Build trust within the community

Which roles do you fill when building your bank's marketing dream team? This guide will show you the following:

  • Who does what
  • The right structure to execute strategy
  • How compliance software can help

Enjoy!

Download this guidebook to learn how marketers are using social media to:

  • Drive business with the lowest digital spend compared to traditional media
  • Position employees as thought-leaders while leveraging their collective reach of their social media presence
  • Ultimately, build trust with their communities and customers that translates to positive business results

ABA Study: The Current State of Social Media

See what nearly 430 bank marketers had to say when asked questions such as:

  • Is it important to equip your sales personnel with social media accounts?
  • Does your bank measure the impact of your social media use?
  • COVID-19 & Bank Social Media

    Times are different and how you connect with customers and potential customers has changed drastically. In a socially distant world, learn to still build lasting relationships.

    Download and learn the guiding principles for using social media to serve both your customers and communities in the midst of a pandemic.

    Evolve Bank & Trust (“Evolve”) is an $700M+ asset institution with nearly 40 Home Loan Centers (HLC) and nearly 500 employees nationwide. See how Denim Social helped Evolve activate Home Loan Center Facebook pages over the course of just a few months.

    Download Here
    GUIDES

    Podcast: What’s New in Social Media Technology for Banks

    A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

    Download the Guide

    Thank you! Your submission has been received!
    Download Guide
    Oops! Something went wrong while submitting the form.
    Download Guide
    ALL GUIDES:

    Paid social is one of the most effective ways to introduce people who aren’t yet following your producers, agents, loan officers, or advisors to your financial institution at the right place and the right time.

    Paid social is complementary to organic. While organic social builds first-degree connections and facilitates awareness, engagement, and branding, paid social allows you to reach larger, more tailored audiences.

    BOK Financial is a financial services partner for consumers, businesses and wealth clients with more than 150 users on the Denim Social platform.

    In addition to building brand credibility and establishing loan officer expertise, Denim Social enables their mortgage loan officers to cultivate relationships in social media and organically source leads.

    As financial marketers look to the coming year, most are wondering, “what’s next?” While no one can say for sure, our team of experts here at Denim Social are keeping a pulse on what’s new in digital marketing for financial institutions on social media. This guide will not only educate you on the latest trends, but help you make the case for increased investment in social selling and digital marketing strategies at your institution.

    Whether you’re in banking, wealth management, insurance or mortgage, relationships are the bedrock of your business.

    Considering clients in these industries are handing over the keys to their personal kingdoms, it’s no surprise that trust and connection matter. That’s why successful sales strategies for these industries are focused on building long-term, trusted relationships.

    To truly unleash the potential of social, financial institutions need to use social media as a sales tool. It’s called social selling and it works.

    The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via interactive digital channels is an essential tool and a cornerstone of marketing. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

    In this case study by Denim Social and American Bankers Association, we take a look at how banks are using social media to ramp up digital engagement and build sales.

    As any marketer worth their salt will tell you, analytics should drive your social strategy. The key to success is understanding how to link social media efforts to ROI metrics. Read this guide to learn how to gain insights that matter, optimize your strategy and prove your social success.

    It’s no surprise that social media can help drive results for your mortgage business. In fact, the question for most marketers at mortgage lending institutions isn’t IF they should be doing more social media marketing - it’s HOW. Download to learn how to:

    • Scale your social selling program
    • Plan your content strategy
    • Train your loan officers

    AnnieMac is one of the fastest-growing mortgage loan providers in the U.S., serving clients in 42 states. Learn how Denim Social helped their team to streamline its brand’s social media strategy and activate social selling for hundreds of loan officers in just four months.

    Instant Download

    Find out how more than 400 financial institutions across asset classes, geographies, and more used social media in 2020 to effectively support their business objectives. We’ve also outlined key trends to inform your social media future.

    As mortgage demand surges to historic highs, home purchase and refinance markets remain hot. This is excellent news for loan officers, but it also means the environment is more competitive than ever.

    So how can marketers ensure that their loan officers stand out? The answer is social media.

    Read this guidebook from Denim Social to learn how you can help your loan officers build strong relationships, stand out from the crowd and win more business using social media.

    Every Mortgage Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Read this guide if you’re asking yourself:

    • Is my social media policy current and comprehensive?
    • How do I ensure social media compliance during M&A?
    • What do I need to consider for direct messaging compliance?

    In this guide we will help you think about your all important social media policy and thoughtfully consider how changes in social media tech and even your bank’s structure may impact compliance.

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Every Financial Services Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Stronger Customer Relationships on Instagram

    Financial Services companies should be marketing and advertising on Instagram. We break down why, and help you create a strategy to reach new customers- while continuing to build trust in your brand.

    How 6 Financial Marketers Are Creating Value in Social Media

    Ever wonder what everyone else is doing in social media? We talked to six leading financial marketers about how they’re succeeding today and planning for the next big thing.

    Get their insights on strengthening your social strategies, unlocking the power of employee networks and creating next-level content that drives engagement.

    Download this guidebook to learn how 3 mortgage lenders are using social media to:

    • Position themselves in a place the community is already looking ... their social media
    • Empower loan officers to engage in local conversations
    • Turn their institution's loan officers into the voice of their brand
    • Build trust within the community

    Which roles do you fill when building your bank's marketing dream team? This guide will show you the following:

    • Who does what
    • The right structure to execute strategy
    • How compliance software can help

    Enjoy!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    ABA Study: The Current State of Social Media

    See what nearly 430 bank marketers had to say when asked questions such as:

  • Is it important to equip your sales personnel with social media accounts?
  • Does your bank measure the impact of your social media use?
  • COVID-19 & Bank Social Media

    Times are different and how you connect with customers and potential customers has changed drastically. In a socially distant world, learn to still build lasting relationships.

    Download and learn the guiding principles for using social media to serve both your customers and communities in the midst of a pandemic.

    Evolve Bank & Trust (“Evolve”) is an $700M+ asset institution with nearly 40 Home Loan Centers (HLC) and nearly 500 employees nationwide. See how Denim Social helped Evolve activate Home Loan Center Facebook pages over the course of just a few months.

    Download Here
    GUIDES

    Podcast: What’s New in Social Media Technology for Banks

    A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

    Download the Guide

    Thank you! Your submission has been received!
    Download Guide
    Oops! Something went wrong while submitting the form.
    Download Guide
    ALL GUIDES:

    Paid social is one of the most effective ways to introduce people who aren’t yet following your producers, agents, loan officers, or advisors to your financial institution at the right place and the right time.

    Paid social is complementary to organic. While organic social builds first-degree connections and facilitates awareness, engagement, and branding, paid social allows you to reach larger, more tailored audiences.

    BOK Financial is a financial services partner for consumers, businesses and wealth clients with more than 150 users on the Denim Social platform.

    In addition to building brand credibility and establishing loan officer expertise, Denim Social enables their mortgage loan officers to cultivate relationships in social media and organically source leads.

    As financial marketers look to the coming year, most are wondering, “what’s next?” While no one can say for sure, our team of experts here at Denim Social are keeping a pulse on what’s new in digital marketing for financial institutions on social media. This guide will not only educate you on the latest trends, but help you make the case for increased investment in social selling and digital marketing strategies at your institution.

    Whether you’re in banking, wealth management, insurance or mortgage, relationships are the bedrock of your business.

    Considering clients in these industries are handing over the keys to their personal kingdoms, it’s no surprise that trust and connection matter. That’s why successful sales strategies for these industries are focused on building long-term, trusted relationships.

    To truly unleash the potential of social, financial institutions need to use social media as a sales tool. It’s called social selling and it works.

    The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via interactive digital channels is an essential tool and a cornerstone of marketing. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

    In this case study by Denim Social and American Bankers Association, we take a look at how banks are using social media to ramp up digital engagement and build sales.

    As any marketer worth their salt will tell you, analytics should drive your social strategy. The key to success is understanding how to link social media efforts to ROI metrics. Read this guide to learn how to gain insights that matter, optimize your strategy and prove your social success.

    It’s no surprise that social media can help drive results for your mortgage business. In fact, the question for most marketers at mortgage lending institutions isn’t IF they should be doing more social media marketing - it’s HOW. Download to learn how to:

    • Scale your social selling program
    • Plan your content strategy
    • Train your loan officers

    AnnieMac is one of the fastest-growing mortgage loan providers in the U.S., serving clients in 42 states. Learn how Denim Social helped their team to streamline its brand’s social media strategy and activate social selling for hundreds of loan officers in just four months.

    Instant Download

    Find out how more than 400 financial institutions across asset classes, geographies, and more used social media in 2020 to effectively support their business objectives. We’ve also outlined key trends to inform your social media future.

    As mortgage demand surges to historic highs, home purchase and refinance markets remain hot. This is excellent news for loan officers, but it also means the environment is more competitive than ever.

    So how can marketers ensure that their loan officers stand out? The answer is social media.

    Read this guidebook from Denim Social to learn how you can help your loan officers build strong relationships, stand out from the crowd and win more business using social media.

    Every Mortgage Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Read this guide if you’re asking yourself:

    • Is my social media policy current and comprehensive?
    • How do I ensure social media compliance during M&A?
    • What do I need to consider for direct messaging compliance?

    In this guide we will help you think about your all important social media policy and thoughtfully consider how changes in social media tech and even your bank’s structure may impact compliance.

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Every Financial Services Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Stronger Customer Relationships on Instagram

    Financial Services companies should be marketing and advertising on Instagram. We break down why, and help you create a strategy to reach new customers- while continuing to build trust in your brand.

    How 6 Financial Marketers Are Creating Value in Social Media

    Ever wonder what everyone else is doing in social media? We talked to six leading financial marketers about how they’re succeeding today and planning for the next big thing.

    Get their insights on strengthening your social strategies, unlocking the power of employee networks and creating next-level content that drives engagement.

    Download this guidebook to learn how 3 mortgage lenders are using social media to:

    • Position themselves in a place the community is already looking ... their social media
    • Empower loan officers to engage in local conversations
    • Turn their institution's loan officers into the voice of their brand
    • Build trust within the community

    Which roles do you fill when building your bank's marketing dream team? This guide will show you the following:

    • Who does what
    • The right structure to execute strategy
    • How compliance software can help

    Enjoy!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    ABA Study: The Current State of Social Media

    See what nearly 430 bank marketers had to say when asked questions such as:

  • Is it important to equip your sales personnel with social media accounts?
  • Does your bank measure the impact of your social media use?
  • COVID-19 & Bank Social Media

    Times are different and how you connect with customers and potential customers has changed drastically. In a socially distant world, learn to still build lasting relationships.

    Download and learn the guiding principles for using social media to serve both your customers and communities in the midst of a pandemic.

    Evolve Bank & Trust (“Evolve”) is an $700M+ asset institution with nearly 40 Home Loan Centers (HLC) and nearly 500 employees nationwide. See how Denim Social helped Evolve activate Home Loan Center Facebook pages over the course of just a few months.

    Download Here
    GUIDES

    Podcast: What’s New in Social Media Technology for Banks

    A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

    Download the Guide

    Thank you! Your submission has been received!
    Download Guide
    Oops! Something went wrong while submitting the form.
    ALL GUIDES:

    Paid social is one of the most effective ways to introduce people who aren’t yet following your producers, agents, loan officers, or advisors to your financial institution at the right place and the right time.

    Paid social is complementary to organic. While organic social builds first-degree connections and facilitates awareness, engagement, and branding, paid social allows you to reach larger, more tailored audiences.

    BOK Financial is a financial services partner for consumers, businesses and wealth clients with more than 150 users on the Denim Social platform.

    In addition to building brand credibility and establishing loan officer expertise, Denim Social enables their mortgage loan officers to cultivate relationships in social media and organically source leads.

    As financial marketers look to the coming year, most are wondering, “what’s next?” While no one can say for sure, our team of experts here at Denim Social are keeping a pulse on what’s new in digital marketing for financial institutions on social media. This guide will not only educate you on the latest trends, but help you make the case for increased investment in social selling and digital marketing strategies at your institution.

    Whether you’re in banking, wealth management, insurance or mortgage, relationships are the bedrock of your business.

    Considering clients in these industries are handing over the keys to their personal kingdoms, it’s no surprise that trust and connection matter. That’s why successful sales strategies for these industries are focused on building long-term, trusted relationships.

    To truly unleash the potential of social, financial institutions need to use social media as a sales tool. It’s called social selling and it works.

    The power of social media is undeniable. The ability of banks to engage with and influence customers and prospects via interactive digital channels is an essential tool and a cornerstone of marketing. Gone are the days when it was “nice to have” a presence on platforms such as Facebook, LinkedIn, Twitter and Instagram. Today, these pathways are helping banks to build relationships that were historically cultivated by tirelessly walking up and down Main Street, shaking hands and leaving behind business cards.

    In this case study by Denim Social and American Bankers Association, we take a look at how banks are using social media to ramp up digital engagement and build sales.

    As any marketer worth their salt will tell you, analytics should drive your social strategy. The key to success is understanding how to link social media efforts to ROI metrics. Read this guide to learn how to gain insights that matter, optimize your strategy and prove your social success.

    It’s no surprise that social media can help drive results for your mortgage business. In fact, the question for most marketers at mortgage lending institutions isn’t IF they should be doing more social media marketing - it’s HOW. Download to learn how to:

    • Scale your social selling program
    • Plan your content strategy
    • Train your loan officers

    AnnieMac is one of the fastest-growing mortgage loan providers in the U.S., serving clients in 42 states. Learn how Denim Social helped their team to streamline its brand’s social media strategy and activate social selling for hundreds of loan officers in just four months.

    Instant Download

    Find out how more than 400 financial institutions across asset classes, geographies, and more used social media in 2020 to effectively support their business objectives. We’ve also outlined key trends to inform your social media future.

    As mortgage demand surges to historic highs, home purchase and refinance markets remain hot. This is excellent news for loan officers, but it also means the environment is more competitive than ever.

    So how can marketers ensure that their loan officers stand out? The answer is social media.

    Read this guidebook from Denim Social to learn how you can help your loan officers build strong relationships, stand out from the crowd and win more business using social media.

    Every Mortgage Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Read this guide if you’re asking yourself:

    • Is my social media policy current and comprehensive?
    • How do I ensure social media compliance during M&A?
    • What do I need to consider for direct messaging compliance?

    In this guide we will help you think about your all important social media policy and thoughtfully consider how changes in social media tech and even your bank’s structure may impact compliance.

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    Every Financial Services Marketer Should Ask Themselves

    Compliance is complicated, but don’t let it stop your lending team from making the most of social media. Think you’re ready to start social selling? Ask yourself these five questions!

    Stronger Customer Relationships on Instagram

    Financial Services companies should be marketing and advertising on Instagram. We break down why, and help you create a strategy to reach new customers- while continuing to build trust in your brand.

    How 6 Financial Marketers Are Creating Value in Social Media

    Ever wonder what everyone else is doing in social media? We talked to six leading financial marketers about how they’re succeeding today and planning for the next big thing.

    Get their insights on strengthening your social strategies, unlocking the power of employee networks and creating next-level content that drives engagement.

    Download this guidebook to learn how 3 mortgage lenders are using social media to:

    • Position themselves in a place the community is already looking ... their social media
    • Empower loan officers to engage in local conversations
    • Turn their institution's loan officers into the voice of their brand
    • Build trust within the community

    Which roles do you fill when building your bank's marketing dream team? This guide will show you the following:

    • Who does what
    • The right structure to execute strategy
    • How compliance software can help

    Enjoy!

    Download this guidebook to learn how marketers are using social media to:

    • Drive business with the lowest digital spend compared to traditional media
    • Position employees as thought-leaders while leveraging their collective reach of their social media presence
    • Ultimately, build trust with their communities and customers that translates to positive business results

    ABA Study: The Current State of Social Media

    See what nearly 430 bank marketers had to say when asked questions such as:

  • Is it important to equip your sales personnel with social media accounts?
  • Does your bank measure the impact of your social media use?
  • COVID-19 & Bank Social Media

    Times are different and how you connect with customers and potential customers has changed drastically. In a socially distant world, learn to still build lasting relationships.

    Download and learn the guiding principles for using social media to serve both your customers and communities in the midst of a pandemic.

    Evolve Bank & Trust (“Evolve”) is an $700M+ asset institution with nearly 40 Home Loan Centers (HLC) and nearly 500 employees nationwide. See how Denim Social helped Evolve activate Home Loan Center Facebook pages over the course of just a few months.

    Download Here

    RESOURCES

    NEWS
    November 2, 2021

    Podcast: What’s New in Social Media Technology for Banks

    By
    Denim Social

    A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

    Subscribe to our newsletter and get the latest sent to your inbox.
    Thank you for subscribing!
    Oops! Something went wrong while submitting the form.
    OTHER NEWS:

    For any marketer planning a social selling program, proving return on investment to leadership is key to ongoing success. Sometimes proving the profitability of social media can be tricky, but there’s a solution. Paid social media advertising is an effective way to show clear, measurable results in real time. 

    Marketers looking to make the case for their budgets are often faced with questions about impact: whether time and money spent on social selling is actually bringing in leads or new business. After all, it takes training, resources, and ongoing user adoption to make it work. Smart marketers know that having their intermediaries engage on social media is useful for brand awareness and building connections, but paid advertising can show exactly how many new customers come directly from those efforts. 

    Some marketers might balk at the idea of paid social media advertising (it’s pay to play), but the right strategy is worth the investment. Paid ads will guide audiences along the buying journey, leading them to make the final purchase decision in a targeted, intentional way. With the help of metrics that paid ads provide, marketers can feel confident in promoting social selling as a viable and worthy strategy to leaders .

    Looking for the best way to prove value? Here are four paid social media advertising metrics that can help financial marketers to show off social selling success: . 

    1. Impressions: Impressions are the number of times content was seen on a given network. When marketers create paid advertisements, this is one of the first ways to assess the level of interest in a given campaign. Impressions are a clear measure that paid ads are getting eyeballs. It often takes multiple exposures before audiences start to recognize or notice content, so the more impressions, the better. For institutions with many social sellers, paid advertisements can multiply awareness across many regions and to an even wider audience. It may feel like posting content on social media networks is inconsequential; many marketers post and cross their fingers that it will be seen. With paid impressions, there’s no question about how often a paid ad is generating awareness and boosting social selling efforts. 
    2. Reach: Reach is the number of people who saw your content. While having a large number of impressions is important, it’s just as important to have those impressions spread across a wide audience. If an institution has agents, loan officers, advisors, or other intermediaries in a variety of geographic locations, reaching the right audiences supports social selling in a specialized way. The ability to target with paid content is one of the greatest strengths over organic publishing. For marketers, knowing the reach of an ad provides key insight into the number of available leads for any social seller’s campaign.
    3. Click Through Rate (CTR): CTR is the number of clicks on an ad divided by the number of impressions. Basically, it shows how often something was seen in order for an audience member to click the call to action. Even if an institution runs ads for many different social sellers, links and landing pages can be unique to each one, giving marketers more leverage to customize based on a variety of factors. Knowing the click through rate shows marketers how relevant an ad is to its audience. For financial services, a good CTR can be anywhere from 0.5%-3%; over time, this will clearly show how successful ads are at sparking interest and driving viewers to to take action. 
    4. Conversion Rate: Conversion rate is the percentage of audience members that saw an advertisement, clicked on it, and completely followed through with the call to action. More often than not, ads lead to a form or gated content to collect prospect information.This step is the most exciting for marketers and social sellers, because with these new leads come new opportunities to grow relationships and close more deals. This way, intermediaries know exactly how much their own business brings in from paid outreach. It’s also a step that requires patience and personalization, because it takes time and effort for the cumulative effect of impressions, reach, and clicks to drive audiences forward. For leadership, this is an important metric to prove that ads can and will bring the right business in at the brand and individual team member levels.

    It can be hard to prove ROI of a social selling program, but paid ads provide marketers with the metrics they need to prove success.  With the proof  paid advertisement metrics provide, leaders can rest easy  knowing that resources are being put to the best use possible. Even better, knowing these metrics can help to pivot based on performance, continually improving value. 

    Want to learn more about social media ads? Download our guide, Getting Started with Paid Advertising.

    Compliance regulations are the bedrock of the financial services market, and for good reason: They are the gateways to gaining customers’ trust. In today’s increasingly digital market, however, compliance comes with unique challenges. How can an institution position its brand honestly online?

    How can it effectively engage with customers while still maintaining strict compliance standards? As financial institutions continue to adopt digital marketing strategies in a complex and shifting environment, they are beginning to run into even more compliance challenges.

    Take J.P. Morgan Securities’ recent settlement over record-keeping violations, for example. U.S. regulators fined the company $200 million for failing to archive communications as employees conducted business over WhatsApp and other personal devices. The result was a significant penalty by the SEC and a reminder to digital marketers throughout the industry that compliance matters. As financial institutions dive deeper into social media marketing and become active on new platforms, teams need to be vigilant and nimble.

    Two trends are essential to watch. First, the digital rules of the road are changing: Government agencies are modernizing their financial marketing oversight. Though it took six decades, the SEC gave its marketing regulations for financial advisors a much-needed overhaul in 2021. The updated SEC playbook dictates how advisors can advertise, and these new rules are under enforcement as of Nov. 4. In addition, the updated rules signal that regulators are evolving to meet the demands of the current digital landscape.

    Disciplinary action is also on the rise. Existing rules are being enforced at a record pace as regulators “lace up their gloves.” For example, the Financial Industry Regulatory Authority issued 60 percent more fines in 2021 than in 2020, despite fewer overall cases. FINRA’s increase in “supersized” penalties serves as a reminder that regulators won’t tolerate marketing and communications noncompliance.

    Every financial institution is on a unique marketing path. Still, smart marketers are expanding their channel sets, increasing social media volumes, and growing the number of associates engaged in social selling. If your institution has not already, it is time to take a fresh look at compliance in the digital age.

    To stay ahead of the regulatory curve, it is essential to create collaboration among relevant departments, adopt supportive technology, and bring your teams along with updated training. Here’s how to do it:

    1. Open the lines of communication between marketing and compliance teams.

    Digital channel expansion shows no signs of slowing down. Marketing and compliance teams must work together if they want to adopt new channels and marketing tools at the same rate. Though financial institutions cannot control the evolution of the digital landscape, both marketing and compliance can and should control how institutions navigate it.

    Marketing and compliance teams should work together to find compliant approaches to new digital communications. There’s a lot to juggle in this process, including adapting to meet customer needs and expectations, keeping an eye on regulations and researching channels. Early and frequent communication is key.

    One way to improve that communication is by offering ongoing compliance education to the team. The right technology can help compliance send that feedback to marketing as the teams compliantly adopt new modes of customer communication.

    2. Adopt tech tools to help manage the change.

    Marketing teams need the right tools to manage effective digital marketing strategies. Social selling, which leverages associates to build relationships on social media, is a perfect example. The strategy is a great way to build organic reach, but financial institutions need to closely monitor associate activity to ensure posts are on-brand and compliant. In other words, financial institutions must ensure that posts are vetted to protect the institution against risk—no matter who posts or where posts appear.

    How can banks be certain that associates only post compliant marketing materials to their social media networks? Manual review is one way to monitor content, but it is inefficient and unscalable. Not to mention, it creates bottlenecks and delays in the review process. Smart software solutions can streamline content approvals and provide compliance protection at scale.

    In an ideal state of omnichannel marketing, a financial institution is posting to brand pages, targeting paid social advertising, empowering producers to social sell, responding to direct messages, and employing many other tactics. To be scalable—and avoid drawing attention from regulators— institutions need to consider how all these tactics are reviewed, approved and archived.

    3. Train associates to understand the part they play.

    Education remains a powerful solution to preventing problems. One of the best ways financial marketers can set themselves up for success is by sharing that knowledge with their peers and co-workers.

    Every associate needs to understand their unique role in digital marketing compliance. It’s a good practice to empower everyone through education on compliance-related topics, such as how to respond to direct messages, get approval for outgoing content and ensure all communications is archived.

    No matter the author or channel, noncompliant marketing materials should not see the light of day. It was true for Facebook posts five years ago and it’s equally relevant for TikTok videos today. The digital landscape will continue to change, but this industry truth will remain steadfast. By opening up communication, adding the right tech to your tool belt and empowering associates, you can continue engaging with your customers online without compliance getting in the way.

    *This article was originally published in ABA Bank Marketing Journal.

    For many financial marketers and social sellers, Twitter is something of an enigma. It has a different format and structure than other popular social media networks, so it can be difficult to create the right social selling strategy. 

    However, it is still a great place to connect with customers and share thought leadership, service offerings, and authentic, real-time content. 

    Follow these Twitter best practices to drive results and show up in a meaningful way. 

    Need more social media content? Check out our guidebook on social media trends for financial services.

    Instagram is a great way for financial institutions to showcase their authenticity and highlight the human side of the business, but have you incorporated best practices into your social selling strategy?

    There’s no doubt that this highly visual social media network is a great place to reach audiences and connect with customers, especially for social sellers like insurance agents, mortgage loan officers, and financial advisors. 

    As you plan content and interact with followers, be sure to follow these best practices for a better Instagram marketing strategy.

    Need more Instagram inspiration? Download our guidebook, Stronger Customer Relationships on Instagram.

    Algorithm updates from nearly every social media network — including Twitter, TikTok, and Instagram — have frustrated their share of users over the years, consumers included. If you fall into that group, it’s time to make peace with them. Social media algorithm changes don’t have to ruin your day — or your organic reach. You just have to know how to peacefully coexist with them as a digital marketer.

    We all have to accept and expect that social media networks will change their algorithms over time. Whether the latest LinkedIn update is messing with your reach or Apple iOS update is suddenly upending your paid advertising strategy, you must be ready to pivot and adapt. Sure, it’s frustrating to see your Facebook reach drop by 5% practically overnight, even if your marketing peers are in the same boat. But it’s important to remember that even with algorithm changes, integrated digital strategies provide incredible opportunities to reach the right target audiences at the right time with the right messages— all to drive business results.

     With an attitude of willingness to listen to the data, your team can navigate changes and optimize your strategies accordingly. Knowledge is power when it comes to optimizing the algorithm. Understanding social network changes is also an important consideration as you socialize results internally and advocate for a budget for your marketing efforts. You must be able to pinpoint how and when algorithmic changes impacted your results, so you can prove that it’s not a failure of your strategy but rather an opportunity to evolve.

    Ready to overcome today’s algorithm obstacles? Try these strategies:

    1. Drive greater reach and stronger engagement with social selling.

    When algorithm changes tank your brand’s organic social media reach and engagement, don’t waste time wishing you could turn back the clock. Take updates as a sign (and one of many!) that your institution should be empowering your intermediaries (think agents, loan officers, advisors, etc.) through social selling. The practice of social selling is just as it sounds: Using social media to sell a product or service. But social selling starts with relationship building, showcasing thought leadership, and building trust on social media through the voices of the folks driving business in their local communities.

    Social selling can simultaneously foster loyalty, humanize your brand, and supercharge your metrics in the face of algorithmic headwinds. Why? Employees’ social media accounts have 10 times the reach and drive double the engagement compared to their employers’ brand pages. Plus, sales reps who regularly share content are 57% more likely to generate leads. Social media networks prioritize content from individuals versus brands so that social selling can help your team bust through algorithmic barriers.

    2. Complement organic social selling with paid social advertising.

    All those algorithm changes might be causing engagement headaches. The cure is more straightforward than you might have assumed: paid social advertising. Paid social media advertisements, like in a PPC campaign, are terrific for funneling leads back to your landing pages. Once your ads are in place, you can target the audiences that matter most to your social sellers.

    By doubling up on organic and paid marketing tactics, you get a double-whammy effect that mitigates social media algorithm updates. Organic posts create a solid foundation for your social sellers, building credibility and reaching people who already follow your social sellers. Paid social media ads enable your team to strategically engage new audiences, filling your sales pipeline. Organic and paid work hand in hand to help your team break through on social.

    3. Make the most of every social media post.

    Every. Post. Counts. Although not every single thing you share on social will get the engagement you hoped for, being intentional and authentic is key. There are also three things you can do to make the most of each post that will play nice with algorithms, too:

    • First, include an image whenever you can. Social media posts with images often get more engagement. 
    • Second, schedule posts to publish at the ideal time for your desired audience. (Our team can tell you more about this!) 
    • Third, craft copy that encourages two-way communication, such as asking open-ended questions, soliciting feedback, or publishing polls. Thought-provoking copy encourages comments, and that’s where social selling really comes to life!

    Don’t forget that social posts should be the beginning of a digital journey for your followers. Not every post needs to include a direct call to action, but thoughtfully linking your followers to meaningful resources eventually paves the way for conversions. Whether it’s organic or paid, a social post can open the door to a digital journey that is beneficial for the customer and the intermediary looking to build that relationship.

    Algorithm updates might keep you on your toes, but they don’t have to ruin your marketing outcomes. You’ve got this! If you’re interested in further education about how organic and paid social work together, you’ll appreciate reading “How to Marry Organic and Paid Social Media Advertising Strategies.”

    Is your institution following  Facebook best practices?

    As the long-standing most popular social network, using Facebook is an important way for financial marketers and social sellers to reach a wide audience with timely content. Taking time to check for accuracy, updates, and more will go a long way in putting your best social selling  foot forward.

    Don’t forget these Facebook best practices as you build out a social selling program. 

    Want more social media ideas? Download our guidebook, Social Media Trends for Financial Institutions.

    Connect & Convert on Social

    Successfully scale conversion optimized campaigns across all social media channels with built-in compliance, publishing tools, and more.
    Book a Demo

    RESOURCES

    VISION
    November 2, 2021

    Podcast: What’s New in Social Media Technology for Banks

    By
    Denim Social

    A lot has changed in social media for banks this year. Denim Social CEO, Doug Wilber, recently joined the ABA Bank Marketing Podcast to talk change and new technology. Listen below to learn how banks are using social media to deepen relationships and close more deals. Get the scoop on what's new on the Denim Social platform too.

    Subscribe to our newsletter and get the latest sent to your inbox.
    Thank you for subscribing!
    Oops! Something went wrong while submitting the form.
    SIMILAR POSTS:

    For any marketer planning a social selling program, proving return on investment to leadership is key to ongoing success. Sometimes proving the profitability of social media can be tricky, but there’s a solution. Paid social media advertising is an effective way to show clear, measurable results in real time. 

    Marketers looking to make the case for their budgets are often faced with questions about impact: whether time and money spent on social selling is actually bringing in leads or new business. After all, it takes training, resources, and ongoing user adoption to make it work. Smart marketers know that having their intermediaries engage on social media is useful for brand awareness and building connections, but paid advertising can show exactly how many new customers come directly from those efforts. 

    Some marketers might balk at the idea of paid social media advertising (it’s pay to play), but the right strategy is worth the investment. Paid ads will guide audiences along the buying journey, leading them to make the final purchase decision in a targeted, intentional way. With the help of metrics that paid ads provide, marketers can feel confident in promoting social selling as a viable and worthy strategy to leaders .

    Looking for the best way to prove value? Here are four paid social media advertising metrics that can help financial marketers to show off social selling success: . 

    1. Impressions: Impressions are the number of times content was seen on a given network. When marketers create paid advertisements, this is one of the first ways to assess the level of interest in a given campaign. Impressions are a clear measure that paid ads are getting eyeballs. It often takes multiple exposures before audiences start to recognize or notice content, so the more impressions, the better. For institutions with many social sellers, paid advertisements can multiply awareness across many regions and to an even wider audience. It may feel like posting content on social media networks is inconsequential; many marketers post and cross their fingers that it will be seen. With paid impressions, there’s no question about how often a paid ad is generating awareness and boosting social selling efforts. 
    2. Reach: Reach is the number of people who saw your content. While having a large number of impressions is important, it’s just as important to have those impressions spread across a wide audience. If an institution has agents, loan officers, advisors, or other intermediaries in a variety of geographic locations, reaching the right audiences supports social selling in a specialized way. The ability to target with paid content is one of the greatest strengths over organic publishing. For marketers, knowing the reach of an ad provides key insight into the number of available leads for any social seller’s campaign.
    3. Click Through Rate (CTR): CTR is the number of clicks on an ad divided by the number of impressions. Basically, it shows how often something was seen in order for an audience member to click the call to action. Even if an institution runs ads for many different social sellers, links and landing pages can be unique to each one, giving marketers more leverage to customize based on a variety of factors. Knowing the click through rate shows marketers how relevant an ad is to its audience. For financial services, a good CTR can be anywhere from 0.5%-3%; over time, this will clearly show how successful ads are at sparking interest and driving viewers to to take action. 
    4. Conversion Rate: Conversion rate is the percentage of audience members that saw an advertisement, clicked on it, and completely followed through with the call to action. More often than not, ads lead to a form or gated content to collect prospect information.This step is the most exciting for marketers and social sellers, because with these new leads come new opportunities to grow relationships and close more deals. This way, intermediaries know exactly how much their own business brings in from paid outreach. It’s also a step that requires patience and personalization, because it takes time and effort for the cumulative effect of impressions, reach, and clicks to drive audiences forward. For leadership, this is an important metric to prove that ads can and will bring the right business in at the brand and individual team member levels.

    It can be hard to prove ROI of a social selling program, but paid ads provide marketers with the metrics they need to prove success.  With the proof  paid advertisement metrics provide, leaders can rest easy  knowing that resources are being put to the best use possible. Even better, knowing these metrics can help to pivot based on performance, continually improving value. 

    Want to learn more about social media ads? Download our guide, Getting Started with Paid Advertising.

    Compliance regulations are the bedrock of the financial services market, and for good reason: They are the gateways to gaining customers’ trust. In today’s increasingly digital market, however, compliance comes with unique challenges. How can an institution position its brand honestly online?

    How can it effectively engage with customers while still maintaining strict compliance standards? As financial institutions continue to adopt digital marketing strategies in a complex and shifting environment, they are beginning to run into even more compliance challenges.

    Take J.P. Morgan Securities’ recent settlement over record-keeping violations, for example. U.S. regulators fined the company $200 million for failing to archive communications as employees conducted business over WhatsApp and other personal devices. The result was a significant penalty by the SEC and a reminder to digital marketers throughout the industry that compliance matters. As financial institutions dive deeper into social media marketing and become active on new platforms, teams need to be vigilant and nimble.

    Two trends are essential to watch. First, the digital rules of the road are changing: Government agencies are modernizing their financial marketing oversight. Though it took six decades, the SEC gave its marketing regulations for financial advisors a much-needed overhaul in 2021. The updated SEC playbook dictates how advisors can advertise, and these new rules are under enforcement as of Nov. 4. In addition, the updated rules signal that regulators are evolving to meet the demands of the current digital landscape.

    Disciplinary action is also on the rise. Existing rules are being enforced at a record pace as regulators “lace up their gloves.” For example, the Financial Industry Regulatory Authority issued 60 percent more fines in 2021 than in 2020, despite fewer overall cases. FINRA’s increase in “supersized” penalties serves as a reminder that regulators won’t tolerate marketing and communications noncompliance.

    Every financial institution is on a unique marketing path. Still, smart marketers are expanding their channel sets, increasing social media volumes, and growing the number of associates engaged in social selling. If your institution has not already, it is time to take a fresh look at compliance in the digital age.

    To stay ahead of the regulatory curve, it is essential to create collaboration among relevant departments, adopt supportive technology, and bring your teams along with updated training. Here’s how to do it:

    1. Open the lines of communication between marketing and compliance teams.

    Digital channel expansion shows no signs of slowing down. Marketing and compliance teams must work together if they want to adopt new channels and marketing tools at the same rate. Though financial institutions cannot control the evolution of the digital landscape, both marketing and compliance can and should control how institutions navigate it.

    Marketing and compliance teams should work together to find compliant approaches to new digital communications. There’s a lot to juggle in this process, including adapting to meet customer needs and expectations, keeping an eye on regulations and researching channels. Early and frequent communication is key.

    One way to improve that communication is by offering ongoing compliance education to the team. The right technology can help compliance send that feedback to marketing as the teams compliantly adopt new modes of customer communication.

    2. Adopt tech tools to help manage the change.

    Marketing teams need the right tools to manage effective digital marketing strategies. Social selling, which leverages associates to build relationships on social media, is a perfect example. The strategy is a great way to build organic reach, but financial institutions need to closely monitor associate activity to ensure posts are on-brand and compliant. In other words, financial institutions must ensure that posts are vetted to protect the institution against risk—no matter who posts or where posts appear.

    How can banks be certain that associates only post compliant marketing materials to their social media networks? Manual review is one way to monitor content, but it is inefficient and unscalable. Not to mention, it creates bottlenecks and delays in the review process. Smart software solutions can streamline content approvals and provide compliance protection at scale.

    In an ideal state of omnichannel marketing, a financial institution is posting to brand pages, targeting paid social advertising, empowering producers to social sell, responding to direct messages, and employing many other tactics. To be scalable—and avoid drawing attention from regulators— institutions need to consider how all these tactics are reviewed, approved and archived.

    3. Train associates to understand the part they play.

    Education remains a powerful solution to preventing problems. One of the best ways financial marketers can set themselves up for success is by sharing that knowledge with their peers and co-workers.

    Every associate needs to understand their unique role in digital marketing compliance. It’s a good practice to empower everyone through education on compliance-related topics, such as how to respond to direct messages, get approval for outgoing content and ensure all communications is archived.

    No matter the author or channel, noncompliant marketing materials should not see the light of day. It was true for Facebook posts five years ago and it’s equally relevant for TikTok videos today. The digital landscape will continue to change, but this industry truth will remain steadfast. By opening up communication, adding the right tech to your tool belt and empowering associates, you can continue engaging with your customers online without compliance getting in the way.

    *This article was originally published in ABA Bank Marketing Journal.

    Paid social is one of the most effective ways to introduce people who aren’t yet following your producers, agents, loan officers, or advisors to your financial institution at the right place and the right time.

    Paid social is complementary to organic. While organic social builds first-degree connections and facilitates awareness, engagement, and branding, paid social allows you to reach larger, more tailored audiences.

    For many financial marketers and social sellers, Twitter is something of an enigma. It has a different format and structure than other popular social media networks, so it can be difficult to create the right social selling strategy. 

    However, it is still a great place to connect with customers and share thought leadership, service offerings, and authentic, real-time content. 

    Follow these Twitter best practices to drive results and show up in a meaningful way. 

    Need more social media content? Check out our guidebook on social media trends for financial services.

    Customer relationship-building is one of the greatest value drivers for insurance agents. A benchmark analysis from McKinsey & Co. found agents with deeper customer relationships have higher product density than those lacking in relationships — often cross-selling three or more products per customer.

    With that in mind, it’s essential that agents understand how to best leverage their humanity and personality to truly connect with their audiences. In today’s age, this extends to how agents present themselves and connect online.

    When prospective clients meet an agent for the first time, they’re asking themselves, “Is this person likable? Can I trust them?” Clients want to feel an authentic connection that gives them peace of mind and assures them that someone has their best interests at heart.

    This desire for connection isn’t limited to the insurance industry. In fact, 88% of consumers say that authenticity is a key factor when deciding the brands they like and support, and that trust is vitally important to entering working relationships. That desire for trust grows exponentially when it comes to insurance sales because the business is built around protecting clients’ futures.

    Insurance agents have a head start on this — their businesses have always been rooted in authenticity. But as digital transformation in the insurance industry continues, it’s more important than ever that agents assert themselves through authenticity on social media. It’s no different from what agents and other insurance professionals have been doing in person for years. It’s about conveying expertise, building trust, and showcasing industry knowledge — except now it’s within the digital universe. Social media provides a new platform for staying top of mind with customers and prospects alike.

    So, how should agents be more authentic on social media? Same as they would offline — with relationships.

    Good selling starts with genuinely listening to clients and being authentic, no matter what. Insurance agents are there to identify clients’ life needs and build a solution to protect them against loss. They must genuinely care about clients’ needs to find the right solutions and demonstrate that level of care to earn trust.

    Here’s how agents can bring that energy to social media:

    View social media as an opportunity to provide value. Marketers and agents alike already know that authenticity is important to customer acquisition. That same authenticity should show up in social media activity.

    Agents should still be themselves, just on digital channels. After all, in the insurance business, agents are selling a promise that a consumer may or may not ever see delivery on. If the client never has an accident, they’ll never make a claim.

    This means a lot of time can pass between a point of sale and delivery of promise.

    With the rise of social media, however, there is a growing opportunity to deliver value in the long term. Whether it’s sharing thought-leadership articles, checking in with clients on social media, or providing digital tools to help educate clients, the digital landscape provides ample opportunity to reinforce proof of agent value on an ongoing basis. Including both paid and organic social media marketing for insurance agents in the mix of sales practices is critical.

    This won’t replace traditional tools like phone, email and in-person meetings, but having a mix of organic and paid content alongside them will complement other relationship-building efforts, keep agents top of mind, and continually provide value to clients and prospects.

    Lean into the power of real-life experience. There’s a good chance that agents live and work in the communities they serve. Agents should use that advantage with prospective clients when building their authentic brands. Showing on social media what’s happening in their communities and their offices will help foster a sense of belonging and drive interest among followers.

    Need more marketing ideas for insurance agents? Look to everyday experiences. If an agent runs into someone at a local event, they should take a selfie and tag the person on Instagram, Facebook or LinkedIn. If a client drops off cookies, the agent should post a photo and a heartfelt message about what it meant to the team. Social media followers will connect with those real-life moments far more than they would with a branded post.

    Embrace storytelling. Too often, social media marketing for insurance agents consists only of market statistics or limited-time promotions. While this type of content can absolutely be useful and helpful, it’s not enough on its own. Think about the brands you follow: Would statistics and discounts be enough to get you engaged?

    Social media is about creating a narrative, not just posting facts or promotions.

    Agents should share the true picture of what it’s been like to grow a practice. Tell client stories about how they’ve benefited from your insurance products (with permission and privacy in mind, of course). When agents share authentically, they build trust with clients and prospects.

    Be themselves. If agents are only professional and stuffy, audiences won’t connect. Agents and marketers alike shouldn’t be afraid to let a little personality shine through on social media. Thought leadership can create credibility and demonstrate expertise, and it’s always better received when served up by a real-life person.

    That’s what social selling is all about.

    Posting is only one part of the strategy. Agents should also comment on and engage with clients’ posts as appropriate. Two-way communication is critical to building authenticity. Think about it as if you were having an in-person conversation; there would be plenty of back-and-forth throughout the discussion. Did a client become a grandparent? Their agent should congratulate them. Social selling is all about creating conversation, just like in real life.

    Engagement provides the added benefit of personalization. Customers don’t want to feel like marketing collateral. When agents engage with them honestly and authentically, they’re well on their way to creating deep, lasting consumer relationships.

    Building authenticity through social media is similar in principle to building authenticity in real life; it’s just using a different medium to do so. When intermediaries share personal stories and helpful content with clients in a way that reflects their true personalities, they’ll build lasting relationships both online and offline that will serve as the foundation of future sales.

    *This article was originally published in Insurance Journal.

    Instagram is a great way for financial institutions to showcase their authenticity and highlight the human side of the business, but have you incorporated best practices into your social selling strategy?

    There’s no doubt that this highly visual social media network is a great place to reach audiences and connect with customers, especially for social sellers like insurance agents, mortgage loan officers, and financial advisors. 

    As you plan content and interact with followers, be sure to follow these best practices for a better Instagram marketing strategy.

    Need more Instagram inspiration? Download our guidebook, Stronger Customer Relationships on Instagram.

    Connect & Convert on Social

    Successfully scale conversion optimized campaigns across all social media channels with built-in compliance, publishing tools, and more.
    Book a Demo

    Connect & Convert on Social

    Successfully scale conversion optimized campaigns across all social media channels with built-in compliance, publishing tools, and more.
    Book a Demo

    Connect & Convert on Social

    Successfully scale conversion optimized campaigns across all social media channels with built-in compliance, publishing tools, and more.
    Book a Demo