What Is Social Selling?

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. While this has traditionally been done in person for financial services, the digital landscape offers endless possibilities for relationship building. By now marketers and business leaders are familiar with social media and see the opportunity to build their brand, but most have only scratched the surface. 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.

Social selling is just what it sounds like: using social media to sell a product or service. It’s leveraging social to build personal relationships, showcase thought leadership, engage with prospects, interact with existing customers, and ultimately build trust and rapport that will eventually lead to sales.

Social selling is the perfect crossroads of marketing and sales. It enables intermediaries – like loan officers, financial advisors and insurance agents – to add value to the customer journey where there wouldn’t otherwise be an opportunity. Savvy marketing and sales teams unlock the power of relationships with social selling, enabling intermediaries to compliantly communicate, share and sell on the social channels of their choice.

Consider this: employees have 10x the reach and drive double the engagement compared to brand pages on social media. But it’s about more than likes and comments, social selling can transform social media into a revenue driver for your institution. Sales reps who regularly share content are 57% more likely to generate leads. The numbers check out, but social selling is also about building the intangible relationships that are the lifeblood of the industry.

The Intermediary is Here to Stay! Social Selling is a non-negotiable to drive a modern marketing strategy.

Products are increasingly digitized and direct-to-consumer business is on the rise, but that doesn’t mean the role of the intermediary is going away. It’s just changing. The way agents, loan officers and advisors interact with digital products will look different from the past, but the role of the advisor will always be needed. Human connection will remain a meaningful part of financial transactions. As expectations change, marketing and sales teams need to meet consumers on the channel of their choice. Social media isn’t going anywhere. It’s where consumers are interacting with each other, looking for advice, and looking for thought leadership on important life topics. This means intermediaries and producers have to be there.

My brand is on social media, so we’re social selling, right? 

Not quite. If your brand is active on social media, you’re off to a great start, but you’re leaving opportunity on the table if you’re not empowering agents, loan officers, advisors and more to share on social. If you only have brand pages, you’re not social selling yet.

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Watch Here: Beyond the Brand | Social Selling Best Practices

Forward-thinking marketers understand the power of social media at all stages of their marketing funnel. From awareness and consideration to loyalty and even advocacy, social and digital channels can and do inform purchase decisions. Financial institutions are catching on — more than 90% of the 50 largest banks are currently on Facebook, and 88% have active Twitter accounts — but being on social media doesn’t equate to a strong social media strategy. Today’s digital market requires an integrated strategy that meets target audiences throughout the buyer’s journey. This means investing in paid social campaigns alongside organic and driving deeper relationships with customers through social selling.

Sounds easy, right? While marketers may understand the strategies and costs associated with modern social success, senior decision makers may still need educating and persuading. That’s why it’s essential to be able to effectively communicate the benefits of integrated social media strategies. In addition to intangible benefits like building trust and humanizing your brand, both organic and paid social selling strategies offer metrics that enable marketers to prove value.

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The Intermediary is Here to Stay: Products are increasingly digitized and direct-to-consumer business is on the rise, but that doesn’t mean the role of the intermediary is going away. It’s just changing. The way agents, loan officers and advisors interact with digital products will look different from the past, but the role of the advisor will always be needed. Human connection will remain a meaningful part of financial transactions.

As expectations change, marketing and sales teams need to meet consumers on the channel of their choice. Social media isn’t going anywhere. It’s where consumers are interacting with each other, looking for advice, and looking for thought leadership on important life topics. This means intermediaries and producers have to be there. 

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Building A Social Selling Program

Being responsible for your team’s social selling strategy can be daunting, especially if you don’t have a plan or support. We see it firsthand at Denim Social – without a meaningful strategy, users may not be eager (or downright resistant) to jump on a new platform. So, how are others getting their teams onboard? We talked to a few Denim Social customers to learn how they’re making it happen and we saw four keys to adoption success.

Activate a hybrid distribution approach.

We find that teams that utilize social selling have the most empowered associates because they are able to create personalized, engaging content. However, we have also found that a hybrid distribution approach can be a great stepping stone to social selling. This usually includes the marketing team posting brand content on behalf of associates, and associates scheduling out pre-approved industry content from a content library, plus sprinkling in their own personal content. And rest assured, that personal content still goes through approval workflows.

Build a robust content library.

‍If you’re going to ask associates to post content, you’ve got to make it easy and compliant. Our platform offers content libraries filled with pre-approved posts. We see that when associates have lots of content to choose from, they post more frequently.

“We have implemented several resources and training opportunities to encourage users to stay engaged. We update libraries on a weekly basis and send a weekly content digest via email to remind our users to get into the system and schedule their posts, said Amy Leonard, officer digital marketing specialist at Johnson Financial Group.

Communicate the value of social media consistently.

‍Your teams need to be able to answer the age-old question, “what’s in it for me?” Your teams are busy and that means you need to help them see why spending their valuable time on social media is worth it.

“Whenever you bring on a new platform, user adoption can be a challenge. Once users embrace Denim Social, they see that it actually saves them time,” said Leonard.

Seth Reeks from Evolve Bank and Trust finds that communicating the benefits of social media AND Denim Social combined are the most impactful. He uses real information from top performers to show their peers why social media can help drive relationships and business.  He provides them with brand and industry focused content on an ongoing basis. Then he shows them how they can schedule out their content efficiently using Denim Social.

“I tell them if they put in just a little work at the beginning of the month, they’ll see big results,” said Reeks.   ‍

Train and Train Again‍

Baking social media and Denim Social training into the onboarding process is a great way to introduce new and motivated associates to a fresh way to drive their business.  It is also important to keep social media top of mind for ALL associates. An ongoing training program outlining compliance/social policy, the value of social media and Denim Social is a must, whether it be monthly or quarterly. Marketing is not often top of mind for salespeople, so it is important to continuously educate them on how to get involved and optimize their strategies.  

Allison Dickinson, social media specialist at AnnieMac Home Mortgage oversees the creation of their hugely successful mortgage loan officer training program, which includes a monthly new hire social media and compliance training course and Denim Social overview, a monthly Denim Social refresher training, a Quarterly Strategy Training, and ongoing 1:1 assistance for users.

“We have monthly Denim Refresh trainings to keep our users updated and knowledgeable about the platform. One thing we like to do is host one-on-one trainings to make sure they understand the workflow and that Denim is easy for them to use,” said Dickinson.

This training program is a well oiled machine, and keeps their social program growing by educating and informing users consistently.

If you’re struggling with adoption, these strategies can help. And of course, persistence pays off.

“Don’t give up! In the beginning, we had no users, no one managing their social media. Now we have over 100 users handling their own social media accounts,” said Reeks. “If we had quit back in the beginning when it was tough to get buy-in, we wouldn’t have the program that we have now.”

Social media is only as valuable as its users and that makes adoption key. If you’re struggling to motivate your team to hop on the social media bandwagon the right tools and support can make all the difference. 

Watch Here: Driving User Engagement on Social Media 

So you’re ready to launch a social selling program, but where do you start?

Developing a social selling strategy and launching a program can be daunting. As you know, marketing and sales teams are already juggling full plates. Adding social to the mix is a culture shift, and supporting hundreds or thousands of producers in weaving social into their everyday processes isn’t a small feat. Remember that social selling is more than marketing: It’s using social media as a digital relationship-building and sales tool. This mindset shift can take some time, and launching your strategy and program won’t happen overnight.  

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This is one of our favorites: LinkedIn’s 2022 State of Sales Report found the most successful sellers at large companies — those reaching more than 150% of quota — routinely use technology to build human connections with buyers.

Align with Your Team on the Definition of Social Selling

As a marketing pro, you know what social selling is by now, but what about your team? This step may sound obvious, but you need to work to define social selling in your organization and differentiate from brand social media. Intermediaries may have less experience with social selling. Take the time to talk about what social selling can do and educate your teams on using social media as a sales tool. This time spent learning a new marketing tactic is very much worth your loan officers’, advisors’ and agents’ time, too. Prove it to them by sharing meaningful stats on the benefits of social selling.

Educate Your Sales Team

Remember that social selling isn’t just marketing’s responsibility. It’s an effort that should be supported by both marketing and sales. If you’re in a marketing role looking to launch social selling for your advisors, loan officers and/or agents, take the time to educate your sales partners on social selling. Craft your elevator pitch on how social helps intermediaries meet customers where they are in the digital landscape and how enabling them on social helps amplify your brand messaging. Keep in mind that social media in a heavily regulated industry can feel risky, and adding it to the mix of sales tactics that have “always been done a certain way” can feel like a huge change. Patience is key! Own the narrative around social selling, build your group of internal champions to help with this culture shift, and invest time in change management and your communication plan.

Find Your Social Selling Technology

Once you’ve got your internal teams aligned on launching social selling for your producers, it’s important to find a tech solution to make it all easier! Seek a solution that creates efficiencies for the administrators of your program and your users. For instance, does your platform account for compliance coverage? Does your vendor understand the nuances of your industry? As you’re evaluating potential platforms, make sure to consider both the administrative and end-user experience, as well as both organic and paid capabilities. A holistic social selling platform will include all these things.

Identify Social Maturity

So you’re changing the narrative, gaining buy-in, and you’ve got the right tools to help you — what’s next? It’s time to dig into your user group to identify social maturity. You don’t have to do it all at once — a phased approach with folks of different social maturity levels will make this easier to learn and scale from. Start by simply searching for your intermediaries on social media. How easy is it to find them? Are their pages updated and on brand? Is their “about” info robust and accurate? Have their profile photos been updated in the last decade? If you are answering “yes” to a lot of these, you already have a great start. Those are your people. But if you aren’t, that’s OK — you’ll just need to start with some generalized social education and profile optimization to get your group started. Taking the time to deliver this education is critical in making social selling stick.

Train and Test Your User Group

Once you’ve identified agents, advisors or loan officers who are either already active on social or ready to be active, start communicating. Let your whole organization know that you’re launching a social selling program. The more folks who know, the more they can support your work. Then, communicate with your first user group; let them know what to expect throughout the launch, including your level of support and upcoming training to get them started. And finally... train! Depending on the level of social maturity of your launch group, this might mean starting with the basics of each social platform, as well as the basics of organic and paid social. If your users are super ready, it could mean jumping right into your social selling tech solution.

Measure Success and Optimize Over Time

Once you have momentum, fuel that success with regular content. It takes time: Start simply by creating versions of your brand content for individuals and add this content to your content planning processes (for instance, you might craft language your agents can use to share branded social posts). One of the perks of Denim Social? We curate your library with our content integration. Finally, measure your success and share it with your internal champions, teams, and leadership. Your measurement might just consist of basic content usage and engagement at first, but it will ultimately grow to measuring return on ad spend and leads generated. Take the time to celebrate small wins and educate your internal partners on the growth of your social selling program. Check in with your social sellers to make sure they’re understanding the value and celebrating with you.

Download: Social Selling Made Easy 

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Want to keep learning and training with your team?

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Social Selling Best Practices

If you are posting the same content on every social media network, you might be missing out on key engagement opportunities for your social selling strategy. What gets the most attention and engagement on Facebook, Instagram, Twitter, or LinkedIn isn’t universal, and financial marketers would be wise to seek a more nuanced strategy than just casting a wide net and hoping for the best. While there are general best practices to posting on social, making just a few distinctions to how you approach each of your networks can help you beat the dreaded social media algorithms and build credibility and expertise at the brand and individual producer levels. Let’s take a look at each network and how banks, wealth management firms, insurance agencies, and mortgage lenders can customize their strategies to the unique needs of each network to achieve growth and success.

Facebook: This is what you should know about our financial institution. 

Despite the emergence of new networks and the inevitable departure of Gen Z and Millennials, Facebook is still the most popular social media network, and it’s a non-negotiable for any business. For community banks and other smaller financial businesses, it is the perfect medium to connect with local communities. This network will be one of the first places many customers look for a business, so having updated and branded profile information is essential. It’s ideal for sharing important dates or events, announcements, or anything customers need to be in the know about. Utilize brand pages for general information, and allow your agents, advisors, or employees to curate more personalized content on their individual business pages. 

How To Succeed:

• Share a wide variety of content geared towards informing and connecting with audiences
• Post content related to the local community and partnerships with other business or organizations
• Take advantage of user-generated content to build and maintain relationships with customers at the brand and producer levels

Download: Best Practices for Building Your Facebook Page

Twitter: Talking about our #financialinstitution. 

Sometimes Twitter seems like a mystery with its unique format, hashtag content, and 280-character limit. Like any other network, customers and prospects will consult a company’s account to find information they need to know; but more importantly, Twitter is a network people go to in order to hear news and opinions - and share their own. It is primarily a resource for sharing thought leadership and staying informed about industry updates. To be set up for success, brands and producers should follow relevant accounts like competitors, local businesses, and industry leaders. Hashtags are a useful way to learn about the broader conversations happening- plus, they provide insight into the hashtags marketers should be incorporating as well. Like any other network, brands engaging in social selling will enjoy the benefit of more engagement and awareness opportunities. 

How To Succeed:

• Prioritize engaging in existing conversations, rather than creating original content
• Retweet relevant information for your customers and your brand, and utilize the mention function to increase visibility
• Follow and use hashtags related to your industry to stay connected to current events and other thought leaders

Download: Best Practices for Building Your Twitter Profile

LinkedIn: This is what our financial institution wants you to know, and why.

Branded as the professional social network, LinkedIn is perhaps the most important place for financial services brands and employees to be when it comes to social selling. This is a great way for brands to grow their reach by tapping into the power of user connections through sharing thought leadership and need-to-know information regarding their industry. Plus, authenticity is increasingly important on LinkedIn, with customers preferring to interact with brands that seem more relatable. Marketers and individual producers can use LinkedIn to share those values and insights into company culture that make people feel connected: photos, videos, and important awards or achievements can help boost engagement and brand awareness. With the power of a brand page combined with employee advocacy through social selling, LinkedIn should be a main focal point for any financial institution. 

How To Succeed:

• Share images of community and in-person interactions and events with context on what it means to your business
• Follow local businesses from your actual business page (such as: local library, schools, industry competitors, local figures) and engage with their posts from your business page
• Share high-performing posts from industry thought leaders and other local businesses; this boosts their engagement and gets visibility for both of you

Download: Best Practices for Building Your LinkedIn Profile

Instagram: Here’s a photo or video of what our financial institution values. 

As a highly popular and visually-appealing social media network, Instagram is ideal for demonstrating a more human side to any financial brand, which is especially important for connecting with younger customers. This network is meant to be fun and entertaining for followers, while also staying on brand for financial companies and still informative. Of all the networks, Instagram is going to be the easiest way to reach younger audiences and get creative with content. For brands engaging in social selling, it’s a fun way to give producers a chance to show their personality and connect with customers on a more casual level. Instagram is also very dynamic and visual: the Reels and Stories functions provide alternative ways to share and engage quickly with video, which provides more opportunities to get in front of audiences within the platform than image posts alone.

How To Succeed:

• Post images from community or in-person interactions; share important posts to brand and producer Stories, then save to Highlights
• Use emojis in copy and keep text light and fun; it’s all about the visuals on this network
• Follow other businesses/industry thought leaders; engage with their content and share posts to your own stories

Download: Best Practices for Building Your Instagram Profile

While every network has its own charms and best practices, there are a few overall things to keep in mind when launching a social selling program: stay authentic and non-salesy; keep compliance matters in mind; know how to maintain a balanced and informed feed; and finally, don’t forget that paid advertising can boost organic efforts on any network. Knowing what to post on each social media network can be overwhelming, but understanding the best way to approach social selling at the brand and individual levels on Facebook, Instagram, Twitter, and LinkedIn will translate to more engagement, better brand awareness, and increased trust from industry leaders and customers. With a little fine-tuning and support for your team, you can see the difference a network-based content approach can make for your financial institution.

Check Out These Social Media Network Best Practices for Social Selling:

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Let’s talk about social media compliance for financial institutions.

In today’s digital landscape, marketers know that social media is a key element to any successful strategy. Social selling is a smart approach to empower financial advisors, loan officers and associates in social media, but it comes with risks. After all, just one rogue post could land your financial institution in regulatory hot water. Compliance is complicated, but don’t let it stop your employees from making the most of social media. Think your team is ready to start social selling? Ask yourself these five questions:

Do I know who has social media access and control? 

Your social strategy won’t be compliant unless it’s properly governed, so start by clearly documenting who has access to and control over what social media channels. According to the FFIEC, your social media policy needs to clearly outline individual roles and responsibilities on social. When roles are clearly defined, you’ll eliminate authorization confusion and avoid regulatory trip wires

Is my social media policy well-documented? 

If you don’t already have a social media policy in place, then it’s time to put one together. If you already have one, check that it is up-to-date. Ensure the policy is easy for all employees to digest, understand and implement.

Am I tuned-in to what’s happening on my social channels? 

You should be monitoring all activity across your brand’s and employees’ social media channel to ensure posts and engagement is compliant. 

Am I prepared for an audit? 

Surprise! You’re being audited. Be sure you’re ready with a social media archive that captures all postings and engagement activity. 

Do I have a clear picture of my social media risks? 

You could be fined for a mistake that slipped through the cracks if you don’t have fail-safes, like approvals and compliance checks, in your workflows. Start with a social media risk assessment, and if you already have one, consider re-reviewing it regularly.

Trend Report: A Marketer’s Guide to Social Selling

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. Surely every marketer has found frustration in the often slower-than-average pace of digital adoption and change in the financial industry, but there can be benefits. Namely, financial marketers can look to more forward industries (like consumer brands and tech), to see what’s catching on and evolving. Even if you’re not quite ready to dive-in, as new trends emerge, financial marketers can begin to lay the groundwork with leaders for the future. Whether you’re in banking, mortgage, insurance or wealth management, we see a few key trends that every financial institution should begin preparing for.

But why change what’s working? If your institution hasn’t already come around to digital first marketing, let us put this gently – it’s time. In practice, this looks like moving marketing dollars from traditional media to social media centric digital strategies. Consumers in every age group are shifting to digital and it becomes more pronounced the younger the consumer. Younger generations are digital natives and their use of technology is rapidly increasing. In fact, about half of teens say they use the internet almost constantly, up from only about a quarter of teenagers who said the same less than 10 years ago. 

We get it, teens aren’t big revenue drivers for your institution… yet. Believe it or not, younger generation buyers now dominate the housing market, with Millennials representing 43% of home buyers. Housing is only the tip of the iceberg with younger audiences too. A massive generational transfer is underway as Baby Boomers age. Experts predict that $84 trillion will change hands in the next 25 years. All of this is to say, financial marketers need to be where their consumers are. Today, that means social media. Digital marketing and social media show no signs of slowing down, so financial institutions need to invest accordingly. 

Growth of Short-Form Video Content for Financial Services

Growth in short-form video is both changing what consumers watch and how they watch it. Even on other more traditional social media networks, attention spans are getting shorter. For example, short-form videos were just 21% of YouTube views in Q2 2021, but jumped to a whopping 57% of views in Q2 2022. Social media users are favoring videos in the 30 second to 1-minute range. 

The Rise of Financial Advice Influencers

Whether institutions like it or not, people are getting financial advice on social media. And it’s a trend that’s unlikely to change – Generation Z are almost five times more likely to get financial advice from social media platforms than people aged 41 or over. While this may feel like a challenge for financial marketers, at Denim Social, we see it as a massive opportunity. 

Increase in Personal Content and More Authenticity on Professional Channels

As more and more institutions adopt social selling strategies that put their people front and center, we’re seeing an increase in personal content. User-generated content is at the heart of a good social selling strategy because it is authentic. 

Enhanced Marketing Automation Connections

As institutions build out bigger social selling programs that include both paid and organic strategies, scale is always a challenge. Smart marketers are looking to increase marketing automations to help them effectively and efficiently manage digital marketing strategies. In fact, 63% of marketers plan to increase their marketing automation budgets. 

Social Media as Search Engine

Social media has long been viewed as an excellent brand-building tool, but today, financial institutions need to consider the value of social profiles for search discoverability. Increasingly audiences – especially younger ones – are using social media as a search engine. Recent Google research shows that nearly 40% of Gen Z prefers using TikTok and Instagram for search over Google.

The future of social media for financial institutions is bright and marketers who continue to advocate for increased social resources will reap the rewards. Whether you’re launching a social selling program or building your marketing automations, thinking long-term will help your team build toward a more connected and successful future. Remember this: You don’t have to be ready to dive into the next big thing right now, but it’s important to stay current with the social media trends of today so that you don’t get left behind tomorrow.

Content Strategy

Watch: Marketing Mix for an Informed & Healthy Social Media Feed

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Organic social media should still have a place in your strategy, especially in a social selling program. Cultivating organic posts from your associates' accounts is a great way to add context, richness, and humanity to your brand. For current customers, organic social media posts can be a way to demonstrate the heart and culture of your company as you provide “behind the scenes” and in-office content that speaks to the personalities and values of your employees and institution.

For prospective customers, organic social can serve as a "verifier." A strong social media presence signals to prospects that your company and employees are legitimate and lends more insight into your value proposition.

However, what’s missing in this social media marketing strategy is the value for top-of-funnel leads — those who don’t know anything about your institution yet. According to a recent study, only 2.2% of your followers see your posts on Facebook, 5.5% on LinkedIn, and 9.4% on Instagram. Paid social media advertising is one of the most effective ways to introduce people who aren’t yet following your producers, loan officers, or advisors to your institution at the right place and the right time.

Organic and Paid: Better Together

Organic and paid social have a symbiotic relationship. Organic social builds first-degree connections and facilitates awareness, engagement, and branding, while paid social allows you to reach larger, more tailored audiences.

For instance, if you’re working for a wealth management firm, your top-of-funnel leads are unlikely to find your firm by searching Facebook, but if they happen to be scrolling and see your Facebook ad for a financial advisor's retirement planning services, they are more likely to navigate to your social and landing pages. There, your organic posts, which have been building over time, can show off the legitimacy of your brand and your advisor's expertise.

The question, then, is how to marry existing organic strategies with paid campaigns in your social media strategy for the highest return. Start here:

1. Amplify what works (and drop what isn't).

With paid social media ads, you can see immediate results, which makes them great for testing. If a post is underperforming, use A/B testing to experiment with different images, copy, and calls to action to make improvements for the future. A/B testing helps you isolate what elements of your ads need to change by showing which ones resonate and which don’t.

This method can even be applied to previously organic content: Did an employee's post have unexpectedly high engagement? Use it as a blueprint to try to isolate why. A paid ad will bring the post in front of greater audiences, and changing a few aspects can help identify why it was so successful in the first place.

As you see what’s performing, invest more dollars into posts that convert while cutting or changing content that doesn’t. With paid social media ads, you can see immediate results versus organic’s longer-term commitment. That makes paid ads well-suited to testing.

2. Expand your audience base.

Both organic and paid social media can help increase your reach on social media, and it starts with activating advisors in addition to brand pages. A social selling approach can increase your results tenfold and drive higher engagement. Facebook ads reach 1.95 billion average monthly users, and an average user clicks 12 ads per month, so significant reach is up for grabs.

With an organic social selling strategy, you can reach more people in your existing social and professional communities. But with a complementary paid ad strategy on top of that, you can break through your first-degree social connections to reach second- and third-degree connections, who will include important professional referral sources.

Utilize paid amplification of employee posts to benefit. Your advisors should be your brand's ambassadors, so up your social selling game by maximizing the reach of their posts.

3. Drive leads into conversions.

Don't let your marketing funnel lead to dead ends. Make sure employees are linking back to your site or other relevant brand content. A well-crafted organic post that drives to a landing page can be the start of a meaningful digital experience that creates business results. Combine this with paid social media ads, which can generate leads by offering call-to-action options that get attention and clicks.

For instance, an organic post can drive a prospective customer to a first-time homebuyer guide. But a paid social post lets you experiment further with a call-to-action button that makes taking the next step easy for potential customers.

General Social Selling Advice

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Download: Denim Social Holiday Content Calendar

Above all else, social selling content should be personal, authentic, and tailored to both the community an institution serves and the audience they hope to reach. An institution’s or intermediary’s  social outreach should illustrate not a provider-to-customer relationship but a human-to-human relationship — after all, people buy from people. As the marketer, it’ll be your responsibility to help intermediaries understand how to do this. But your efforts will pay off in your social metrics: Content shared by employees receives eight times the engagement of posts from brand pages.

Social Selling Examples + Success Stories

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Watch: Social Sellers in the Wild 

Financial Institution Social Media Examples

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Financial Institution Social Selling Case Studies

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Evolve Bank & Trust

Evolve Bank & Trust (“Evolve”) is an $700M+ asset institution with nearly 40 Home Loan Centers (HLC) and nearly 500 employees nationwide. Recognizing the importance of social media in their overall marketing strategy, the team came to Denim Social to improve social media performance metrics across their brand, local Home Loan Centers and individual Home Loan Consultant and Advisor Facebook pages.

Like so many financial institutions, Evolve had begun organic social media efforts, but lacked sufficient resources to scale a robust social media strategy that drove meaningful results.

Denim Social helped Evolve activate HLC Facebook pages over the course of just a few months. But page launches were just the beginning of our full-service onboarding. Denim Social’s dedicated Customer Success team trained users on how to use (and make the most of) the Denim Social platform. Our social media experts provided content strategy guidance and curated content libraries made it easy for the Evolve team to post across numerous pages with limited resources.

Bolstered by stellar results in organic, Evolve continues to expand their strategy with paid social media. In addition to offering a platform that fully integrates organic social media management, Denim Social’s team also provides weekly strategy support. Paid social media continues to drive more likes, higher engagement and increased reach and impressions for Evolve.

“Our sales team wants to be selling, and they don’t want anything to get in the way of selling. With Denim Social they can schedule everything to post and the engage when the time is right. They can easily schedule content and get back to selling.” - Seth Reeks, Digital Marketing Coordinator at Evolve Bank & Trust

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BOK Financial: Scaling Social to Deepen Community Connection

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. 

Geographically dispersed across midwest and southwest, BOK Financial saw an opportunity to use loan officer social media to build their regional presence and community relationships. Recognizing the potential in a local-focused strategy, BOK Financial wanted hyper-local custom content to inspire follower engagement. 

Sounds simple, right? Like many financial institutions, the team faced competition for internal priority and a lack of support resources. Further, many seasoned loan officers didn’t understand the power of social media or functionally how to grow their followings. “The marketing team knew social media was a huge opportunity to engage local communities,” said Tiffany VanZandt, social media manager. 

“We noticed that loan officers were hesitant to post because of their lack of experience using social media networks. Finding time to schedule posts and coming up with content ideas was challenging for them, too.” BOK Financial found success in a two-pronged strategy to fire up loan officers’ feeds and local community engagement:

Posting on Behalf of Mortgage Loan Officers + Rallying Loan Officers to Get Active on Social

Recognizing the schedule crunch for mortgage loan officers, BOK Financial leveraged regional administrative teams to consistently schedule regional, company and industry content on behalf of mortgage loan officers. With Denim Social as its social media management platform, one administrative team member could easily post on behalf of many mortgage loan officers, all while staying in compliance. Localized content libraries made it simple for the central marketing team to distribute regionally relevant content to mortgage loan officers. 

While marketing support went a long way to getting loan officers active on social media, the BOK Financial team knew loan officers still needed to understand the potential in social media and how to personalize their feeds with hyper-local individual posts. Regional teams established a regular market leader communication that shared content ideas, examples of monthly top producers posts and showcased positive client reviews.

“Denim Social has drastically improved social media results for our mortgage team. Before we had this platform, only a few [loan officers] were actively using social media for business but today we have much more interest as the platform makes it less intimidating.” - Tiffany VanZandt, Social Media Manager at BOK Financial

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AnnieMac Home Mortgage: Streamlining Social Selling

AnnieMac is one of the fastest-growing mortgage loan providers in the U.S., serving clients in 42 states. The team came to Denim Social looking to streamline its brand’s social media strategy and activate social selling for hundreds of loan officers. With significant national reach and scale, the brand sought to produce consistent and compelling content for the field. Recognizing the value of social media, AnnieMac saw an opportunity to stand out in the hyper-competitive mortgage market. But AnnieMac’s top priority? Staying in compliance. With an eager and dispersed field of loan officers, the lender needed tools that would make compliance easy every step of the way

Denim Social helped AnnieMac activate Facebook pages for more than 200 team members in just four months. The full scope of the project eventually encompassed social selling pages for 175 loan officers and 47 branch-level brand pages across 25 states. Once the pages were live, Denim Social provided curated content to fuel the social selling strategy. Denim Social set-up loan officers with success through customized training and today, still provides monthly new user trainings for the growing group of social-savvy loan officers. 

With a deeply-integrated social strategy that activates at the brand, branch and loan officer levels, AnnieMac is driving significant results. In its first year, the AnnieMac brand Facebook audience increased its social following by more than 11% and followers are engaging with its social media content more than ever before. The Denim Social platform has empowered AnnieMac to unlock the power of social selling and followers are noticing. 

Every post whether from the brand, branches or loan officers is compliance approved, significantly reducing risk. What’s more, AnnieMac reports an anecdotal “compliance by osmosis” effect. Thanks to the tools provided by Denim Social, employees and loan officers are continually learning what does and doesn’t meet compliance standards. 

“Denim Social has allowed me to efficiently and effectively manage multiple social media channels. I no longer have to spend hours researching and creating posts that are relevant to my followers. With Denim Social, it now only takes a few minutes to have a month’s worth of fresh content that is inspiring, timely and informational.” - Alexis Zwiesler, Branch Marketing Assistant at AnnieMac

Download: How Six Financial Marketers Are Creating Value in Social Media

What are other financial institutions looking like on social media? 

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Your Social Selling Future is Bright

Unlimited Measures of Success

Your measures can evolve over time to include top performing agencies, agency highlights, highest performing content (based on engagement or adoption)

Ongoing Education

Consider hosting regular internal webinars on best practices, how to optimize content, how to start using paid advertising, and agency highlights and more. 

Merchandise Success Internally

Invite a social top performer to share relevant, real-life stories on how social has helped them grow their businesses and build and foster relationships

Drive Adoption 

Check in, check in, check in!  Set up regular check ins with your social sellers to make sure they’re seeing the value and keeping up with posting and responding to their audiences. 

Fuel Success with Content

Include intermediary content in your brand content planning. Start simple by tweaking your brand posts to sound like they’re coming from the voice of the agent.

Measure Your Success

Start small! Sometimes this just means basic adoption of your program. Are agents using it? Are their platforms connected to the technology you’ve invested in? Are they posting?

Download: Social Media Analytics Enhance Your Financial Institution’s Marketing Strategy

As any marketer worth their salt will tell you, analytics should drive your social strategy. While the “spray-and-pray” approach may have worked a decade ago, consumer

expectations for personalized experiences and C-suite demands for measurable results have raised the bar to a whole new level.

The good news is every social media post you publish is generating meaningful data about the audiences you are trying to connect with and convert. Indeed, social media marketing can have a huge reach — 83% of people say they discover new products on Instagram, and 54% of Gen Z say social media is their top influence channel. With the personal networks offered on the organic side and the advanced targeting of paid ads, social media is tough to beat as a customer acquisition tool.

Why is it, then, that so many digital marketers feel uncomfortable evaluating metrics and measuring ROI in social media marketing? Well, for starters, all the social media data in the world means nothing if you can’t transform it into meaningful insights in relation to business objectives.

Identifying meaningful insights around business objectives begins with setting specific, measurable goals for your campaigns. A great place to start is with your customers. You can easily develop goals when you ask questions like these:

• Which of my customer segments am I most likely to reach on social media?
• What types of content and experiences will resonate with them?
• What motivates them and makes them tick?

With questions like these in mind, it’s easier to know what data to collect and how to begin analyzing it to make meaningful decisions. 

1. Efficiency

Social media measurement in itself is nearly impossible to do manually. If you’re trying to get telling analytics with a spreadsheet, you won’t have much luck. Social media measurement, like most analytics, requires the right tools.

Quantify the time you spend on measurement to appeal to management. The right analytics tools can help you collect valuable marketing data faster and easier. Data shows that simplifying workflows with technology can free up 20–30% of employees’ time, so show leadership that with the right tools, you can up your efficiency to do more faster.

Another reason leaders might shy away from the idea of a robust social media marketing strategy is compliance. Financial services is a heavily regulated industry, and electronic communication is certainly not exempt from regulatory scrutiny. Again, the right tools can help. Denim Social’s platform, for example, enables marketers to keep social media compliant in an efficient way. Among other compliance features, the platform automates approval workflows so the right people can sign off on the right social content with ease before it ever goes live.‍

2. Targeting‍

As algorithms change and organic social media is no longer a promising strategy on its own, marketers need to persuade leadership teams to invest in paid social media. Not only will paid get your messages in front of the right people with direct targeting capabilities, but it can also provide more data to help you understand what your target audience groups want and need.

By tracking paid performance by target audience group, you can better understand who’s connecting with what content and hone your social media strategy to connect with more prospects. Show leadership teams that when every message lands in front of exactly the right people, you’re maximizing social media marketing budget dollars — instead of wasting them on irrelevant or unengaged audiences.

3. Competitor tracking‍

Help leaders understand that, while measuring your own social media performance offers valuable insights, measuring your competitors’ performance can take your marketing game to the next level.

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

What’s more, social listening tools offer financial institutions a clear line of sight into how other brands are resonating with customers and encouraging engagement on social. Your brand can use those insights to craft even more relevant messaging and keep a leg up on the competition at all times.‍

4. Conversion opportunities‍

Landing page linking strategies on social media drive conversions, and nothing is more compelling to a leadership team than a direct line from marketing spend to sales. Track form completion rates to present a clear picture of how many viewers have deemed your content valuable enough to exchange their information for. Then, tie that to sales data to see how many prospects who submitted their information and received follow-ups from sales teams eventually signed on.

When you can draw that clear line from social post all the way to conversion, the bottom-line impact is clear to see. Compare that to traditional marketing tactics — has your leadership team ever seen a recorded, data-backed customer conversion metric from a billboard? Not likely.

Marketers know that staying relevant in today’s digital world requires a strong approach to social media marketing. Show leaders how upping efficiency, performance metrics, and competitive insight can empower your marketing team to elevate a data-driven social media strategy that delivers clear, measurable results.

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Most of all, remember, you can do it! However, you don’t have to go it alone; we can help!

We believe social media is a very powerful sales tool and want to help you make social selling easy for your organization to implement.

Ready to learn more? Book a demo today. 

Your financial institution, loan officers, bankers, agents, or advisors have spent a lot of time and effort building a robust social selling program, driving brand and associate presence, and establishing a good flow between marketing, compliance, and sales. Then comes the announcement that your organization will be going through a merger or an acquisition. Now what?

While it can at first seem like the hard work that was put into your social selling strategy was wasted, there are measures you can take to preserve the progress in social media marketing you’ve made and set your institution up for success both during and after a transition.

‍Digital transformation is one of the leading drivers of M&A activity and social selling can help your institution stay ahead. The industry shows no signs of slowing down, so banks, investment and wealth management firms, DBAs and others, will be faced with more uncertainty and opportunity for M&A activity in the future.

So, how to prepare and sustain a social selling program during transition? Start with these steps to create a foundation in your digital marketing strategy that will weather any change.  

1. Be open and flexible as organizational shifts occur. Understanding what is changing and how it impacts various departments will make preserving or updating strategies more efficient. Don’t be afraid to ask questions and advocate for your social selling program as you navigate a new company environment.

2. Document your social selling program. When you're in the thick of day-to-day marketing activity, it's easy to skip documenting the key tenets of the program you've designed. Take the opportunity to get down on paper the stakeholders involved, the strategy in use, the outcomes expected, etc. so it's easy to advocate for resources.
3. Establish regular communication between compliance, marketing, and leadership. Get buy-in early and often from other departments. Sales should know why social selling is important to business, and legal and social media compliance should oversee that they are doing social selling safely. Progress and outcomes of the program should be made easily available, and setting regular meetings to keep everyone in the loop will make any transitions much easier and more adaptable.
4. Be prepared to show records of all social media activity and history. Where there is a merger or acquisition, there is sure to be an audit. Keeping your strategy, your posts, and user information all in one place that can be easily accessed will give credibility to your social selling program and build trust with any new leadership. When users post through a platform, it is a quick fix to pull any needed information for compliance purposes.
5. Get your budget in order. While budgets for marketing departments tend to be increasing, especially for social media, being faced with a merger might necessitate some budget rebalancing. Adopting a social selling strategy increases the value of your efforts, and multiplies what a brand can do alone, making it a budget-friendly approach.
6. Track performance. Having a solid grasp of social media ROI and social selling analytics can inform how to present a budget to leadership and make the most of what is available. With insight from analytics, you can prove to the company that output on social media is resulting in input from new business. And remember, frontline employee engagement in a program is a powerful metric to emphasize!

Throughout the merger and acquisition process, keep an open mind and expect changes. Having management on the same page while promoting and driving the social selling program will be instrumental to ongoing success. In the face of potential transitions, feel confident that your financial institution social media marketing can withstand the test of time by preparing now.  The right social media management tools can give you the confidence to successfully transition your program, while staying compliant. Ready to learn more? Talk to your customer success manager or book a demo with us today.

Forward-thinking marketers understand the power of social media at all stages of their marketing funnel. From awareness and consideration to loyalty and even advocacy, social and digital channels can and do inform purchase decisions. Financial institutions are catching on — more than 90% of the 50 largest banks are currently on Facebook, and 88% have active Twitter accounts — but being on social media doesn’t equate to a strong social media strategy. Today’s digital market requires an integrated strategy that meets target audiences throughout the buyer’s journey. This means investing in paid social campaigns alongside organic and driving deeper relationships with customers through social selling.

Sounds easy, right? While marketers may understand the strategies and costs associated with modern social success, senior decision makers may still need educating and persuading. That’s why it’s essential to be able to effectively communicate the benefits of integrated social media strategies. In addition to intangible benefits like building trust and humanizing your brand, both organic and paid social selling strategies offer metrics that enable marketers to prove value.

After all, people buy from people. So if you’re ready to advocate for an expanded social media strategy, start by asking yourself these questions. Not only will they help you decide on your strategic priorities, but they will also show you how to articulate the value of social media strategies to the people holding the budget strings. To prove the value of social media in financial services and get buy-in from senior leaders, marketers must ask themselves these questions:

Does Our Social Media Marketing Drive ROI?

Expanding a social media strategy often means increased spending — so you must be able to show decision makers the value of social. While financial marketers are already advocates — they know the power of paid social media efforts and have seen it in action — other leadership may not have that knowledge. It’s up to marketing teams to connect the dots on how their efforts are driving business results, and that means providing a strong argument based on metrics and concrete benefits.

Data tells a powerful story, so let it guide the conversation. And to further strengthen your case for expanded social media strategies, make sure to highlight these benefits:

• Targeting

While organic content is important, leaders must understand that it’s not enough to impact the bottom line without paid support. Paid social media gives more flexibility than organic content — you can target specific customer subsets, or even new audience bases, allowing for greater personalization and a higher ROI. It’s all about delivering relevant content to the right consumers at the right time.

• Feedback

Feedback may not always impact the bottom line, but social media itself does offer a direct line to consumers. With the lines of communication open, it becomes easier to listen and learn about their wants, needs, and interests. An open-ended post, for instance, can encourage comments, which provide qualitative feedback on any given topic. This will improve the trust in your institution; customers (and their followers!) will see the commitment to providing an ever-improving experience.

• Conversion

Social media is about more than likes: If you’re providing links on social media (and you should), you’re creating conversion opportunities. Direct consumers to a landing page — from there, you can collect lead information. All that’s left is a follow-up. If that landing page has a form, track completion rates. The icing on top? These interactions are all measurable. Prove value by comparing these metrics with traditional tactics. When did a leader ever see a recorded, data-backed conversion metric from a billboard?

• Efficiency

Measuring social media marketing ROI, like most analytics, requires technology — and the right technology, at that. Spreadsheets simply won’t cut it, and they’re not as accurate or efficient as the tools that fintech partners offer. That’s why the Denim Social platform was built with financial institutions in mind. Its analytics capabilities allow for a more efficient means of capturing results while also centralizing information. Data is readily available, which can simplify and improve the approval workflow. Improvements to the workflow process have been shown to free up 20% to 30% of employees’ time — so bring that statistic to decision makers to prove its necessity.

How Do You Use Social Media Analytics to Make Your Case?

Expanding marketing strategies means collecting more data, and that necessitates a robust social media management tool. Gathering data on any social media marketing campaign affords you the opportunity to measure its overall performance and gives you clear-cut evidence to support business measures related to those efforts.

Of course, data should be gathered based on specific criteria. Meaningful insights come from specific measurable goals related to your campaign and the goals of company decision makers. While the objectives of any social media strategy for financial services will vary from one institution to the next, any marketing effort can benefit from optimizing strategy through social media ROI metrics.

Use metrics to hone your messaging and audience. Every social media marketing post is a learning opportunity about what resonates with your audience. Analytics show what topics drive engagement, what calls to action inspire clicks, and so on. Then, fine-tune subsequent posts based on your findings. Mastering social is an iterative process. When speaking with upper management, highlight how this process delivers greater value over time by continuously evolving.

As you optimize your messaging, look to target audiences. Social media, and paid social in particular, allows you to target subsets of consumers. Vary your messaging and content, and you begin to understand what connects with whom. This allows you to maximize social media spend going forward — you’re not wasting time and effort putting messaging in front of an uninterested audience. When decision makers want to reach specific audiences, outline how putting money toward paid ad campaigns makes that happen.

Audience engagement with your posts isn’t the only important metric; they’re likely interacting with your competition, too. Denim Social’s social listening tools provide a simple — but comprehensive — snapshot of competitors. Use our built-in metrics comparisons to learn what’s working for others and where you’re ahead.

When you’re looking at your own metrics, be sure to pay attention to where the customer journey is going. Failure to guide customers to a landing page and other lead-generating tools will lead to dead ends, which isn’t the best use of these channels. Trackable links and analytics help marketers recognize the best avenues for using social media posts to capture leads that translate into sales. If you aren’t effectively working toward leads, it’ll be difficult to defend the necessity of your budget.

Finally, don’t measure your ROI too soon. If you’re going to connect the value of social to your broader business objectives, you need to sync your measurement time with your sales cycle or risk misunderstanding (and likely underestimating) the impact of social. Help leadership understand that ROI isn’t a one-and-done and it’s not instantaneous. That way, you’re guiding their expectations to the bigger picture of what your social media strategy is doing.

Troves of data are available from social media channels, and you’ll need the right technology to organize the information and arrive at a set of objectives that align with your larger business goals. The right measurement tool can build the confidence digital marketers need to foster social media marketing ROI success.

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What’s the Cost of Getting Social Media Compliance Wrong?

Social media compliance for financial institutions can feel challenging, especially today. SEC Chairman Gary Gensler has brought increased scrutiny to social media since his appointment, and it’s understandable for institutions to want to pull back efforts to mitigate compliance risks. Make sure your executives understand that this method loses more than they gain.

Consider that customers are increasingly using digital methods to meet financial needs. Can anyone afford to lose out on that audience base? You won’t reach new customers, and you’re losing valuable social selling opportunities with the ones you have. Social selling influences half of revenue for 14 major industries — and financial services is one of them.

Rather than scaling back social media efforts (and in the process, your revenue), work to mitigate compliance risks. When senior management airs concerns over compliance, counter with technology to automate compliance monitoring. Denim Social was built for compliance, so you can focus less on worrying if you’re compliant and more on fostering leads.

With Denim Social, you can use numerous tools that can help in ensuring:

• Protection. Problematic posts never see the light of day, as our platform not only establishes an approval workflow but also flags posts containing questionable keywords or phrases even before the review process.

• Education. Our platform can serve as an ongoing compliance education tool. Team members receive almost immediate feedback and can test the equipped filters to understand what might cause regulatory trouble.

• Enablement. Denim Social allows for the creation content libraries and curated, pre-approved posts. Team members can pull from these resources without the need for approvals, adding speed and efficiency to the process.

• Record-keeping. The potential of an audit hangs over every financial institution. Our platform archives all social media posts and interactions. It even does the same with comments. If regulators come knocking, you’ll have a report in no time.

• Notifications. Should a team member try to send a post through the approval process with a prohibited keyword or phrase, those flags send a notification directly to the individual. Employees quickly learn what can and cannot be posted.

• Profile locks. Rules can be built within the platform that can prevent team members from posting problematic content, helping to quell worries about social media compliance. The goal is to provide the controls necessary to avoid issues.

• Editing. Admins can edit or delete team members’ posts, comments, or direct messages right from the platform — across any connected social channel. In fact, the process is automated when prohibited keywords or phrases hit the network.

Social media compliance for financial institutions shouldn’t be more complicated than any other compliance for your operation. It all comes down to your choice of technology, and Denim Social has the experience and tools you need to make it a breeze.

What Do We Need in a Fintech Partner?

The social media marketing needs of financial institutions are unique. You’re not necessarily selling a product or a service but a relationship with a qualified professional, which calls for authenticity and empathy to establish a sense of trust. The tactics used by “traditional” brands simply aren’t as impactful in the financial services space.

Beyond that, social media compliance is complex. Without industry knowledge, it can be difficult for a marketing agency to navigate the nuances set by FINRA. Your fintech partner should fully appreciate the regulatory constraints and respect the concerns of your financial institution while still understanding how to drive real value with your social media strategy.

However, according to Cornerstone’s “What’s Going On In Banking 2021” report, financial institutions aren’t having much success finding these qualified and attentive partners, noting that FI “boards will tire of not seeing results [from fintech partnerships]." Executives are relying on your expertise to identify fintech partners with a proven ability to collaborate and create solutions. And because boards may be wary of partners, you must be able to outline exactly how that partner will help you reach your goals. Help executives understand these benefits.

• Customized onboarding.

Denim Social customizes our onboarding process to meet your specific needs, so executives know they’re getting an experience tailor-made for the company. No questions are left unanswered — we walk alongside you to always offer an explanation. On top of that, our team will help you craft the communication necessary to get employees to use the platform. Emails, messaging, toolkits, and more are available to encourage adoption, so upper-level management knows they’re investing in a tool that will see widespread use.

• Team training.

Depending on your size and needs, we provide kickoff and regular training to help team members make the most of the platform so that decision makers can rest easy knowing our software isn’t being underutilized. We can also provide train-the-trainer sessions to move training internal, and our recently launched Academy can help marketers become certified on our platform.

• Strategy consultation.

Our customer success team can help you identify tactics to move the needle on your social media strategy. Just ask, and we’ll provide best practices and industry-relevant comparisons to inform your tactics and optimize your social selling implementation.

• Content libraries.

We work directly with your institution and UpContent to ensure you can create a customized content library that matches the specific needs of your business and your customers.

In order to optimize a social media strategy, FI leaders and marketers must be able to sustain compliance at scale and understand social media measurement and analytics to see ROI. When you understand your metrics, you can bring that knowledge to decision makers, too. They’ll see the value you bring to the brand and associates (and match that value when it’s time to make budgets). Trusted fintech partners with dedicated customer success teams can help.

Bottom line: Social media is hard, but marketers don’t have to do it alone. With Denim Social, they have dedicated team members they can call to help.

Get in touch with us today to schedule a demo!

Denim Social is pleased to announce a new platform integration with American Bankers Association, which provides support and representation to banks of all sizes.

For financial services marketers, social media content curation can be tough. It is time-consuming, and compliance considerations can further complicate the need to produce interesting and timely content to customers. However, it’s an important aspect of any bank digital marketing strategy, with such a wide array of social media benefits for banks.

With this development, banks that are ABA members and Denim Social customers will be able to easily access social media content through this Shared Library. Bank marketers will be able to select from a wide range of content that can be shared at the brand, branch, or employee level. All resources will be relevant and compliant social media posts, thanks to Denim Social’s approval workflows.

When it comes to sharing content on social, it’s important to keep posts engaging and shareable, to help increase brand awareness and boost social selling efforts. ABA will keep content updated regularly, with evergreen, time-specific, and campaign-specific content. Even better, the ABA Shared Content Libraries can be built as often as needed, and users can quickly manage shared content and remove anything that is no longer relevant.

Here’s how it works:

• The publisher accesses the Denim Social platform
• The ABA creates and manages content in the shared library
• All ABA members and Denim Social users can access and share the available content to their connected networks
  

This partnership makes it easier than ever to accelerate your bank’s messaging, manage social content in real time, stay compliant, and remain relevant. Denim Social has helped financial institutions see a 78% increase in engagement, a 2,000% increase in brand-level impressions, and an 874% increase in reach across networks. Empower your institution and strengthen your digital banking customer journey to create and publish social content at scale by booking a demo with Denim Social today. Already a Denim Social customer? Talk to your Customer Success representative to get started.

Financial institutions face a number of hurdles in digital marketing, including lack of digital-first strategy, higher brand purpose, and the tendency to “dabble in digital.” Social media compliance for financial institutions is also a pressing issue, with the nuances of regulatory constraints demanding strict scrutiny over all electronic communication.

But unless a financial institution has significant scale, it’s unlikely to have the in-house talent and resources needed to build successful digital marketing strategies and solutions from the ground up. Instead, financial institutions need qualified and attentive fintech partners who understand their challenges and bring pointed solutions to their problems. According to a recent Cornerstone Advisors report, however, many aren’t succeeding in finding such partners. The report predicts that financial institution boards will soon tire of not seeing adequate results from fintech vendors. So what’s the problem?

As The Financial Brand article linked above noted, financial marketers at organizations of all sizes “crave assistance” to help them navigate problems and achieve successful digital marketing strategies. They need fintechs with dedicated customer success teams to offer specific expertise and a customized approach to reach their digital marketing goals.  

Ensuring Digital Marketing Success in the Banking Industry

Denim Social’s approach is consultative and collaborative from the start. Our customer success team works with every partner to create unique pathways to success, and our platform itself was designed from the ground up to meet a specific need for compliance in the heavily regulated financial services industry.  

With the following steps, Denim Social tailors service to help each client develop successful digital marketing strategies:

1. Customize onboarding and workflow setups.

Onboarding is an important part of starting any new relationship with a vendor. To help you reach your goals, your partner must first thoroughly understand what those goals are and the pain points that prevent you from reaching them. At Denim Social, our customer success team digs in to understand each client’s unique goals and challenges.

Financial institutions also have different workflows and processes to account for with digital marketing software. For example, those in charge of signing off on social media posts before they go live could vary greatly from one organization to another. Denim Social’s platform allows clients to build automated approval workflows to ensure every post is compliant and aligned with brand messaging before it goes live, and our customer success team helps customize those workflows to get in front of exactly the right people at the right time.  

2. Drive software adoption across the organization.

If employees don’t use new software, there’s little chance your financial institution will see a high return on your technology investment. One of the most critical pieces of the software adoption puzzle is earning buy-in from employees. Denim Social helps marketers learn how to communicate the “what’s in it for me” knowledge to help get and keep teams on board to use new tools. We provide messaging, emails, tool kits, and more to drive software adoption within financial institutions.

3. Evaluate performance and strategy consistently.

Financial institution leaders need to know how their digital marketing strategies compare to competing institutions, so they require consistent performance evaluation and strategy consultation based on analytics. Regularly scheduled executive business reviews that go over all the metrics tied to their success plan and guidance working toward those outcomes are a must.

At Denim Social, our experts help financial institutions identify strategies to arrive at stated priorities, provide best practices for executing on goals, and offer industry-relevant comparisons to get a read on the business landscape. All of that is backed by performance analytics.

4. Provide training for the whole team.

Social selling, or the practice of having loan officers, financial advisors, and other employees connect with audiences through their own professional social media accounts, is an excellent way to humanize financial brands and expand reach. But it does require training these employees on how to work with your marketing team to develop and share posts. Digital marketing fintech platforms can make this collaboration easier, but not without properly setting employees up for success first.

That’s why Denim Social’s customer success team is dedicated to training your people to succeed on the platform. For smaller clients, we can provide this training directly to employees. For larger enterprise clients, we can educate leaders on how to hold trainings within their own teams. We also just launched our Academy to help marketers get certified on the platform and share that knowledge throughout their organizations.

5. Curate custom content.

Even with proper training on digital marketing platforms, curating the right content to share can still be an intimidating part for marketing teams and employees. What information are your customers looking for? What will pique their interest and drive them to connect further with your brand?

At Denim Social, our dedicated team builds in-depth and ongoing relationships with clients to understand what content is most important to them and resonates best with their audiences. Our platform also integrates with UpContent, a content curation industry leader, to add relevant articles from trusted third-party sources to client content libraries. This way, marketers or employees are never empty-handed when it comes to valuable content.

The rise of fintech is impossible to deny, but not every fintech partnership will be an asset to your company. Seek vendors like Denim Social that dig in to understand your needs, customize solutions, and track progress along the way. To learn more about our customer success team and consultative approach, get in touch today.

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Digital-direct lenders have been staking out a larger and larger claim to the mortgage space. In 2019 alone, 58.9% of all U.S. mortgages originated from nonbank mortgage lenders. In 2020, that number jumped to 68.1%. People are increasingly adopting digital solutions, which is precisely what these lenders offer. They provide a fast and efficient means of securing a mortgage.

But speed and convenience aren’t everything, and traditional lenders still have at least one ace in their back pockets. Digital-direct lenders can’t establish human relationships like traditional mortgage loan officers can. Lenders will find their competitive advantage by building genuine connections and nurturing relationships over time.

With more than three-fourths of borrowers moving forward with the first lender they speak to, being the first in front of them to make an initial connection is the key to securing more mortgage business over time. In today’s increasingly digital world, social media is where loan officers can meet customers where they are and continue maintaining those relationships.

Mortgage marketers looking to make the most of their human resources and move the needle on deals closed will need a solid social media mortgage marketing strategy — one built on a path to scalability. The first step is creating a social media content plan.

Developing a Social Media Content Plan

Mortgage marketers need to activate loan officers on social media. Employee personal accounts have greater reach than brand pages alone, and consumers see posts from individuals as more authentic and trustworthy than those from companies.

Loan officers, however, aren’t marketers, and they’re busier than ever, as interest rates have been at historic lows. In other words, loan officers need support with their mortgage marketing efforts to execute social selling programs strategically.

Enter the social media content plan to detail when and what mortgage loan officers will post.

Consistency is critical with social media for mortgage loan officers. The post frequency you outline in your social media content plan will vary based on your resources and team, but Denim Social’s recent benchmark report can give you a good idea of how often your competitors are posting to get you started.

When it comes to the right content to include in your plan, social media marketing for mortgage loan officers should include the right mix of educational information, personalized posts, and promotional content. Denim Social’s platform can create curated content libraries from trusted third-party news sources, taking the time and effort of sourcing educational material out of loan officers’ and marketers’ hands.

Keep promotional content to a minimum, and when loan officers do share these types of posts, make them helpful and meaningful. Linking to personalized landing pages from promotional posts to guide prospects to the information they want and need is a great way to drive more value from social media.

Of course, educational and promotional content developed and scheduled by marketers and posted by loan officers only has so much power. Remember, the point of social media marketing for loan officers is to get the human element front and center. People prefer doing business with people, so loan officers should also be developing their own posts to showcase their distinct personalities, make connections, and build and strengthen customer relationships. For example, loan officers could share photos of closings or videos from community events.

While the right social media content plan and management tools will make social selling quick and easy for loan officers and marketers alike, marketers will still need to provide loan officers with some guidance. Social media training for loan officers will ensure every post is effective and compliant.‍

Social Media Training Tips‍

The average age of mortgage loan officers is 47, so chances are most members of your team aren’t digital natives. This doesn’t mean they’ll be opposed to learning or using social media, but social media training can help them get comfortable with platforms and use social strategies to their fullest potential.

While social media training programs won’t look the same for every organization, they should all explain the opportunity behind social selling and highlight the importance of consistent posting to build genuine connections. Share information about what social media marketing for mortgage loan officers can do to build brand awareness and generate leads. According to LinkedIn data, salespeople who maintain an active social media presence are 57% more like to generate leads and 45% more likely to reach quota than those who post less frequently. Considering that the average borrower purchases 11 mortgages in their lifetime, a strong social media presence can do wonders for securing business.

From there, explain why it’s essential to keep a consistent social media presence — but be sure to highlight how doing so won’t be a burden for loan officers. If loan officers don’t post regularly, social media platform algorithms may bury posts in users’ feeds and cause loan officers to drop off borrowers’ radars. But marketers can develop thoughtful social media content plans and schedule posts in advance to alleviate the pressure on loan officers to post frequently.

Marketers can handle educational and promotional posts, but loan officers do still need to add their own touch with personal content. Of course, electronic communication, including social media, is heavily regulated in financial services. Loan officers might be hesitant to create posts on their own due to social media compliance concerns. Marketers can ease their worries by assuring them that no post will go live without proper approval. Denim Social’s automatic approval workflow will get every post in front of the right people for appropriate review and sign-off.

‍Scaling Your Social Selling Tactics‍

For marketers overseeing hundreds or thousands of loan officers on social media, the idea of scaling effective and compliant social selling strategies can seem daunting or even impossible, especially if you’re still juggling different spreadsheets for login and posting information. If that sounds like you, you’re in luck: Denim Social enables you to post on various platforms from hundreds of loan officers’ profiles in just a few clicks — all from one easily-accessible dashboard.
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Denim Social can also help marketers scale compliance oversight. Whereas many social media management tools are aimed at consumer brands and small businesses that don’t have to worry about regulatory concerns, Denim Social’s platform has been designed specifically with financial institutions’ needs in mind — including compliance. Along with preapproved content libraries and automated approval workflows, the platform also enables marketers to filter for keywords that could raise compliance concerns to flag potentially problematic content before it makes it to the approval step, eliminating approval process bottlenecks. These elements allow mortgage marketers to scale compliance across every loan officers’ social media strategy with ease.

Scaling compliant educational, personal, and limited promotional posts for loan officers is crucial for social media mortgage marketing, but it’s not the only important component to consider. Changing social media algorithms have made organic posts less visible over time. While these posts can still gain some traction, strategies that include paid social media advertising will deliver the most impact.

‍Paid Social Media Advertising‍

While organic content might be less impactful on its own than it once was, pairing it with paid social media advertising can bring in significant returns. Marketers can target paid posts to show up in front of the right people at the right times. For example, a loan officer looking to secure more first-time mortgage business could target recent college graduates in the local community with educational, informative posts about buying their first home.

And just like with organic posts, marketers can pull off compliant and effective paid social media advertising at scale with Denim Social. Our social media management tool combines both organic and paid into one platform to streamline your planning and oversight efforts.

Today, an effective mortgage marketing strategy for traditional lenders looks like using social media to create and maintain relationships between loan officers and customers. Thoughtful social media content plans, social media training for loan officers, and the tools to scale efforts across as many loan officers as possible will bring impressive returns. It might seem like a massive effort at first, but the right technology partners can get your social media mortgage marketing strategy up and running quickly to drive results in no time. Schedule a demo with Denim Social to see how we can work for you.